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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 dateCapital expenditures of $524 million and capital intensity of 9.6%, down 840 basis points and amongst the lowest in the industry Executes on sports and media strategy; becomes 100% owner of MLSE on October 1 and turns to process to sell minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports)

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 17,000Mobile phone ARPU of $55.22; postpaid mobile phone churn of 1.03%Cable service revenue of $2.0 billion, stable year over yearCable adjusted EBITDA up 1%; adjusted EBITDA margin up 40 basis points to 59%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 contractAnnounced 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) -- 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.

"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. "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."

Consolidated Financial Highlights

(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended September 30
 Nine months ended September 30
  2026 2025% Chg  2026 2025% Chg        Total revenue 5,443 5,3482  16,540 15,5406 Total service revenue 4,780 4,7391  14,747 13,8546 Adjusted EBITDA1 2,535 2,5151  7,341 7,1313 Net income 495 5,768(91) 312 6,196(95)Net income attributable to RCI shareholders 482 5,714(92) 194 6,151(97)Adjusted net income1 701 726(3) 1,884 1,901(1)Adjusted net income attributable to RCI shareholders1 704 740(5) 1,894 1,903—        Diluted earnings per share attributable to RCI shareholders$0.88$10.54(92)$0.33$11.38(97)Adjusted diluted earnings per share attributable to RCI shareholders1$1.29$1.37(6)$3.46$3.52(2)       Cash provided by operating activities 1,658 1,5159  4,670 4,4076 Free cash flow1 1,370 82965  3,128 2,34034  _______________________________________ 
1 Adjusted EBITDA is a total of segments measure. Free cash flow and debt leverage ratio are capital management measures. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q3 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. 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.

Strategic Highlights

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. Below are some highlights for the quarter.

Build the biggest and best networks in the country

Expanded our 5G/5G+ network nationally, including in New Brunswick and Quebec.Completed 350 new wireless sites and upgraded 300 existing sites as part of the $300 million Eastern Ontario Regional Network Cell Gap Project.Leveraged Rogers Satellite capabilities to offer free Rogers Satellite to all Rogers wireless customers in British Columbia during the state of emergency caused by wildfires. Deliver easy to use, reliable products and services

Added exclusive Sportsnet+ content, including Monday Night Hockey, for Rogers Xfinity customers at no additional cost.Introduced new wireless product lineups from Apple and Samsung Galaxy.Carried 510 terabytes of mobile data on our 5G+ network at stadiums and fan zones in Toronto and Vancouver on FIFA World Cup match days. Be the first choice for Canadians

Drew an American League-leading over 3.3 million fans to Toronto Blue Jays games at the Rogers Centre this season - more than 97% of capacity, the club's best attendance since 2016, and third-highest in the MLB.Earned the number-one ranking for Rogers radio stations among adults aged 25-53 in Toronto, Edmonton, and Vancouver, as reported by Numeris. 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. 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. For more information, see "Managing our Liquidity and Financial Resources" in our Q3 Management's Discussion and Analysis (MD&A). Upon completing this transaction, we have obtained a 100% ownership interest in MLSE.

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

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

Quarterly Financial Highlights

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

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

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.

Adjusted EBITDA and margins
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.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 68%, up 130 basis points.

Cable adjusted EBITDA increased by 1% as a result of various efficiency initiatives. This gave rise to an adjusted EBITDA margin of 59%, up 40 basis points. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

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. 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.

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

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

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). 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. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q3 2026 MD&A, available at www.sedarplus.ca, for more information about these measures.

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. 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.

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). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the MLSE minority interest acquisition are to our acquisition of the remaining 25% interest in MLSE from Kilmer Sports Inc., which was completed on October 1, 2026 (see "Update on sports and entertainment assets"). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at October 22, 2026 and was approved by RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or third quarter refer to the three months ended September 30, 2026, first quarter refers to the three months ended March 31, 2026, second quarter refers to the three months ended June 30, 2026, and year to date refers to the nine months ended September 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Summary of Consolidated Financial Results

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except margins and per share amounts) 2026  2025 % Chg  2026  2025 % Chg        Revenue      Wireless 2,688  2,661 1  7,819  7,745 1 Cable 1,987  1,981 —  5,919  5,884 1 Media 821  753 9  2,964  2,052 44 Corporate items and intercompany eliminations (53) (47)13  (162) (141)15 Revenue 5,443  5,348 2  16,540  15,540 6 Total service revenue1 4,780  4,739 1  14,747  13,854 6        Adjusted EBITDA      Wireless 1,383  1,374 1  4,019  3,990 1 Cable 1,164  1,153 1  3,444  3,408 1 Media 84  75 12  153  20 n/m Corporate items and intercompany eliminations (96) (87)10  (275) (287)(4)Adjusted EBITDA 2,535  2,515 1  7,341  7,131 3 Adjusted EBITDA margin2 46.6% 47.0%(0.4 pts) 44.4% 45.9%(1.5 pts)       Net income3: 495  5,768 (91) 312  6,196 (95)Net income attributable to RCI shareholders 482  5,714 (92) 194  6,151 (97)Earnings per share attributable to RCI shareholders3:      Basic$0.89 $10.58 (92)$0.36 $11.41 (97)Diluted$0.88 $10.54 (92)$0.33 $11.38 (97)       Adjusted net income 701  726 (3) 1,884  1,901 (1)Adjusted net income attributable to RCI shareholders 704  740 (5) 1,894  1,903 — Adjusted earnings per share attributable to RCI shareholders:      Basic2$1.30 $1.37 (5)$3.51 $3.53 (1)Diluted$1.29 $1.37 (6)$3.46 $3.52 (2)       Capital expenditures 524  964 (46) 2,027  2,773 (27)Cash provided by operating activities 1,658  1,515 9  4,670  4,407 6 Free cash flow 1,370  829 65  3,128  2,340 34  n/m - not meaningful
1 As defined. See "Key Performance Indicators". 
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic earnings per share attributable to RCI shareholders is a non-GAAP ratio (of which adjusted net income attributable to RCI shareholders is a component). This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.
3 Net income and earnings per share for the three and nine months ended September 30, 2025 include a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg        Revenue      Service revenue from external customers1,996 2,029 (2)5,947 6,004 (1)Service revenue from internal customers37 30 23 107 80 34 Service revenue2,033 2,059 (1)6,054 6,084 — Equipment revenue from external customers655 602 9 1,765 1,661 6 Revenue2,688 2,661 1 7,819 7,745 1        Operating costs      Cost of equipment579 569 2 1,623 1,605 1 Other operating costs726 718 1 2,177 2,150 1 Operating costs1,305 1,287 1 3,800 3,755 1        Adjusted EBITDA1,383 1,374 1 4,019 3,990 1        Adjusted EBITDA margin168.0%66.7%1.3 pts 66.4%65.6%0.8 pts Capital expenditures171 367 (53)638 1,139 (44) 1 Calculated using service revenue.

Wireless Subscriber Results 1

 Three months ended September 30
 Nine months ended September 30
 (In thousands, except churn and mobile phone ARPU) 2026  2025 Chg
  2026  2025 Chg
        Postpaid mobile phone      Gross additions 347  385  (38) 1,109  1,084  25 Net additions 6  62  (56) 56  108  (52)Total postpaid mobile phone subscribers2 11,051  10,961  90  11,051  10,961  90 Churn (monthly) 1.03% 0.99%0.04 pts
  1.06% 1.00%0.06 pts
 Prepaid mobile phone      Gross additions 186  149  37  534  416  118 Net additions 11  49  (38) 34  98  (64)Total prepaid mobile phone subscribers2 1,234  1,205  29  1,234  1,205  29 Churn (monthly) 4.77% 2.86%1.91 pts
  4.60% 3.14%1.46 pts
 Mobile phone ARPU (monthly)3$55.22 $56.70  ($1.48)$55.05 $56.40  ($1.35) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% decrease in service revenue this quarter was 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 CRTC's decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Service revenue year to date was in line with the prior year.

The decreases in postpaid gross and net additions this quarter, and net additions year to date, were primarily a result of promotional discipline and lower overall market activity in Canada.

The increase in postpaid gross additions year to date was a result of the highly promotional and competitive Canadian market activity in the first quarter.

Equipment revenue
The 9% increase in equipment revenue this quarter and 6% increase year to date were primarily a result of:

a continued shift in the product mix towards higher-value devices;higher device upgrades by existing customers; anddisciplined pricing; partially offset bya decrease in new subscribers purchasing devices. Operating costs
Cost of equipment
The 2% increase in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs
The 1% increases in other operating costs this quarter and year to date were a result of higher commissions and higher costs related to Rogers Satellite.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg        Revenue      Service revenue from external customers1,961 1,957 — 5,835 5,808 — Service revenue from internal customers18 17 6 56 51 10 Service revenue1,979 1,974 — 5,891 5,859 1 Equipment revenue from external customers8 7 14 28 25 12 Revenue1,987 1,981 — 5,919 5,884 1        Operating costs823 828 (1)2,475 2,476 —        Adjusted EBITDA1,164 1,153 1 3,444 3,408 1        Adjusted EBITDA margin58.6%58.2%0.4 pts 58.2%57.9%0.3 pts Capital expenditures315 477 (34)1,090 1,327 (18)
Cable Subscriber Results 1

 Three months ended September 30
 Nine months ended September 30
 (In thousands, except ARPA and penetration) 2026  2025 Chg
  2026  2025 Chg
        Homes passed2 10,683  10,438  245  10,683  10,438  245 Customer relationships      Net (losses) additions (2) 20  (22) 4  40  (36)Total customer relationships2 4,860  4,845  15  4,860  4,845  15 ARPA (monthly)3$135.72 $136.05 ($0.33)$134.80 $136.47 ($1.67)       Penetration2 45.5% 46.4%(0.9 pts
) 45.5% 46.4%(0.9 pts
)       Retail Internet      Net additions 10  29  (19) 34  78  (44)Total retail Internet subscribers2 4,531  4,475  56  4,531  4,475  56 Video      Net losses (35) (36) 1  (89) (93) 4 Total Video subscribers2 2,414  2,524  (110) 2,414  2,524  (110)Home Monitoring      Net additions 5  7  (2) 10  15  (5)Total Home Monitoring subscribers2 163  148  15  163  148  15 Home Phone      Net losses (26) (31) 5  (82) (86) 4 Total Home Phone subscribers2 1,307  1,421  (114) 1,307  1,421  (114) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter was in line with the prior year. The 1% increase year to date was a result of:

retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.

Operating costs
The 1% decrease in operating costs this quarter was a result of:

ongoing efficiency and productivity initiatives; partially offset byincreased licensing rights associated with changes to our bundled service offerings. Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

MEDIA

Media Financial Results

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except margins)2026 2025 % Chg 2026 2025 % Chg        Revenue from external customers750 678 11 2,741 1,820 51 Revenue from internal customers71 75 (5)223 232 (4)Revenue821 753 9 2,964 2,052 44        Operating costs737 678 9 2,811 2,032 38        Adjusted EBITDA84 75 12 153 20 n/m        Adjusted EBITDA margin10.2%10.0%0.2 pts 5.2%1.0%4.2 pts Capital expenditures46 75 (39)165 136 21 
Revenue
The 9% increase in revenue this quarter was a result of:

higher sports revenue, including:
higher game day attendance at the Toronto Blue Jays;
the NHL regular season beginning in September this year; and
higher sports league and other revenue related to other sporting events held at our venues;
higher advertising revenue on Sportsnet; and
higher subscriber revenue from the Warner Bros. Discovery suite of channels; partially offset by
lower advertising revenue as a result of ongoing softness in non-sports media advertising. The 44% increase in revenue year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.79 billion in revenue in the first and second quarters of 2026. Excluding the consolidation of MLSE, organic revenue growth was 6% year to date as a result of higher game day attendance at the Toronto Blue Jays and higher subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.

Operating costs
The 9% increase in operating costs this quarter was a result of:

higher player salaries and related costs at the Toronto Blue Jays and the Toronto Maple Leafs, including as a result of the NHL regular season beginning in September this year; andhigher programming costs. The 38% increase year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.64 billion in costs in the first and second quarters of 2026. Excluding the consolidation of MLSE, the organic increase in operating costs was 7% year to date and primarily reflects higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.

Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except capital intensity)2026 2025 % Chg 2026 2025 % Chg        Wireless171 367 (53)638 1,139 (44)Cable315 477 (34)1,090 1,327 (18)Media46 75 (39)165 136 21 Corporate(8)45 (118)134 171 (22)       Capital expenditures1524 964 (46)2,027 2,773 (27)       Capital intensity29.6%18.0%(8.4 pts)12.3%17.8%(5.5 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects. In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral, cancellation, or sale of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $133 million and $223 million (2025 - $13 million and $13 million), respectively, of proceeds received on the sale of certain network assets, which reduced capital expenditures. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. We also sold certain cable network assets for $86 million and $132 million (2025 - nil and $47 million) this quarter and year to date, respectively, the proceeds from which reduced capital expenditures. The sold assets were associated with under-construction rural fibre network projects we have deprioritized in the current environment. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The decrease in capital expenditures in Media this quarter was a result of lower modernization costs at Scotiabank Arena as construction nears completion. The increase year to date reflects higher costs in the first half of the year related to the continued modernization of Rogers Centre and Scotiabank Arena.

Corporate
The decreases in capital expenditures in Corporate this quarter and year to date primarily reflect the impact of $55 million (2025 - nil and $5 million) of proceeds received on the sale of certain real estate (land and building) assets.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 % Chg 2026 2025 % Chg        Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 Deduct (add):      Depreciation and amortization1,202 1,230 (2)3,617 3,580 1 Restructuring, acquisition and other104 51 104 364 416 (13)Finance costs623 252 147 1,631 1,459 12 Gain on disposition of assets(67)— — (97)— — Other (income) expense1(22)(4,998)(100)993 (5,005)n/m Income tax expense200 212 (6)521 485 7        Net income495 5,768 (91)312 6,196 (95) 1 Other income for the three and nine months ended September 30, 2025 includes a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Depreciation and amortization

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 % Chg 2026 2025 % Chg            Depreciation of property, plant and equipment927 971 (5)2,815 2,835 (1)Depreciation of right-of-use assets140 117 20 384 328 17 Amortization135 142 (5)418 417 —            Total depreciation and amortization1,202 1,230 (2)3,617 3,580 1 
Restructuring, acquisition and other

 Three months ended September 30 Nine months ended September 30 (In millions of dollars)20262025 20262025        Restructuring, acquisition and other excluding Shaw Transaction integration-related costs9735 342338 Shaw Transaction integration-related costs716 2278        Total restructuring, acquisition and other10451 364416 
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the third quarter and year to date in 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in the second quarter of 2026. Year to date in 2026, we also incurred costs associated with certain litigation.

In 2025, the third quarter costs also included expenses related to closing the MLSE Transaction and real estate rationalization programs. Year to date in 2025, the costs also included expenses directly related to completing the network transaction and an unfavourable regulatory decision related to retransmission of distant signals.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Finance costs

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 % Chg 2026 2025 % Chg        Interest on borrowings, net1497 481 3 1,481 1,480 — Interest on lease liabilities42 37 14 122 109 12 Interest on post-employment benefits(2)(1)100 (5)(4)25 Gain on redemption of long-term debt2— (151)(100)— (151)(100)(Gain) loss on foreign exchange(7)43 n/m 30 (43)n/m Change in fair value of derivative instruments4 (62)n/m (31)10 n/m Change in fair value of subsidiary equity derivative instruments338 (134)n/m (83)(41)102 Capitalized interest(8)(7)14 (22)(24)(8)Deferred transaction costs and other59 46 28 139 123 13        Total finance costs623 252 147 1,631 1,459 12  1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the net gain on the redemption of long-term debt purchased in the third quarter of 2025 (see "Managing our Liquidity and Financial Resources" in our Q3 MD&A for more information).
3 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q3 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other (income) expense
The other expense year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026, as a result of the July 2026 agreement to complete the MLSE minority interest acquisition (see "Update on sports and entertainment assets"). In 2025, the other income primarily reflected a $5 billion non-cash gain to recognize our interest in MLSE at fair value, which was required as a result of the MLSE Transaction.

Income tax expense

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except tax rates)2026 2025 2026 2025      Statutory income tax rate26.2%26.2%26.2%26.2%Income before income tax expense695 5,980 833 6,681      Computed income tax expense182 1,567 218 1,751 Increase (decrease) in income tax expense resulting from:    Non-taxable gain on revaluation of MLSE investment— (1,304)— (1,304)Non-(taxable) deductible stock-based compensation(2)7 (6)6 Non-taxable portion of equity income— (4)(3)(3)Non-deductible loss on revaluation of MLSE put liability— — 274 — Non-deductible (taxable) portion of capital losses (gains)10 (31)— 13 Unrealized capital losses for which no deferred tax asset is recognized13 4 32 49 Recognition of previously unrecognized capital loss carryforwards— (10)— (10)Other items(3)(17)6 (17)     Total income tax expense200 212 521 485      Effective income tax rate28.8%3.5%62.5%7.3%Cash income taxes paid48 234 414 548 
Cash income taxes paid decreased this quarter and year to date due to timing of installments.

Net income

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except per share amounts) 2026  2025 % Chg  2026  2025 % Chg            Net income 495  5,768 (91) 312  6,196 (95)Net income attributable to RCI shareholders 482  5,714 (92) 194  6,151 (97)Basic earnings per share attributable to RCI shareholders$0.89 $10.58 (92)$0.36 $11.41 (97)Diluted earnings per share attributable to RCI shareholders$0.88 $10.54 (92)$0.33 $11.38 (97)
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars, except per share amounts) 2026  2025 % Chg  2026  2025 % Chg        Adjusted EBITDA 2,535  2,515 1  7,341  7,131 3 Deduct (add):      Depreciation and amortization1 1,029  1,020 1  3,091  2,929 6 Finance costs2 585  537 9  1,714  1,651 4 Other income3 (22) (22)—  (41) (29)41 Income tax expense4 242  254 (5) 693  679 2        Adjusted net income 701  726 (3) 1,884  1,901 (1)Adjusted net income attributable to RCI shareholders 704  740 (5) 1,894  1,903 —        Adjusted earnings per share attributable to RCI shareholders:      Basic$1.30 $1.37 (5)$3.51 $3.53 (1)Diluted$1.29 $1.37 (6)$3.46 $3.52 (2) 1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and nine months ended September 30, 2026 of $173 million and $526 million (2025 - $210 million and $651 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $38 million and $83 million (2025 - $134 million and $41 million) change in fair value of subsidiary equity derivative instruments for the three and nine months ended September 30, 2026. Finance costs also exclude the $151 million gain on repayment of long-term debt for the three and nine months ended September 30, 2025.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability for the nine months ended September 30, 2026 (see "Update on sports and entertainment assets" for more information). Other income also excludes a $4,976 million gain on revaluation of our investment in MLSE as a result of the MLSE Transaction for the three and nine months ended September 30, 2025.
4 Income tax expense excludes recoveries of $42 million and $172 million (2025 - recoveries of $42 million and $194 million), respectively, for the three and nine months ended September 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Millimetre Wave (mmWave) Spectrum Licence Auction
On September 24, 2026, Innovation, Science and Economic Development Canada announced that the mmWave spectrum licence auction originally scheduled to start on October 19, 2027 has been rescheduled to start on January 25, 2028.

Sovereign Internet
On September 15, 2026, the Government of Canada announced its intention to support the development of a new Internet network to provide sovereign connectivity across Canada, including northern and Arctic regions, and to establish more direct international links to Europe and Asia. The initiative forms part of the government's broader strategy to strengthen Canada's digital sovereignty, enhance network resilience, reduce reliance on foreign infrastructure, and support growing demand for connectivity and data-intensive applications such as artificial intelligence. Governance, ownership, and funding models have yet to be determined.

Self-service Mechanisms
On April 24, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-78, Enhancing self-service mechanisms, requiring service providers to, among other things, ensure customers can modify and cancel their plans through a self-service mechanism. The definition of "self-service" includes any mechanism that is easy to use and enables a customer to perform actions in relation to their service plan, including modification and cancellation, without interacting with a live customer service representative. The new requirements will come into effect on April 26, 2027.

Prohibition of Fees
On March 12, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments - Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues were due to the CRTC by August 31, 2026, with replies due by September 10, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Further, on September 10, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-238, Making it easier for consumers to shop for Internet services, requiring Internet service providers covered by the Internet Code to post additional information about Internet services by advertising and contractually disclosing (i) typical download and upload speeds, including ensuring customers receive at least 95% of those committed speeds during "peak hours" (defined as weekdays between 7:00pm and 11:00pm) and 100% of those speeds outside peak hours and (ii) a latency range for each service plan using defined categories (less than 50 ms, 51-150 ms, or greater than 151 ms). The CRTC has required this information be provided in contracts, critical information summaries, and marketing materials. The new requirements will come into effect on March 10, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this MD&A. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports (see "Update on sports and entertainment assets") and use the proceeds therefrom to repay debt. While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations. Any sale of a minority interest in Rogers Sports, if completed, may be at a valuation that is less than expected or may not raise the anticipated proceeds and may not unlock significant value from our sports assets. Additionally, we may use the proceeds from the sale of a minority interest in Rogers Sports, if completed, for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises and venues has increased.

Government broadband subsidy programs
We have agreements related to the Government of Canada's Universal Broadband Fund (UBF) and the Government of Ontario's Accelerated High-Speed Internet Program (AHSIP) under which we have committed to building networks capable of delivering Internet services to unserved or underserved regions. We have assigned the construction of certain of these lots to various third parties who have agreed, among other things, to complete construction in accordance with the standards and timelines contained within our agreements with the governments. Notwithstanding these third-party arrangements, we remain responsible for the obligations to the respective government. Should these entities be unable to fulfill their obligations, we would be required to take steps to ensure construction is completed, which could cause us to incur additional capital expenditures or reprioritize other projects to ensure these timelines are met.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A), are not measurements in accordance with IFRS. They include:

subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 2026 2025      Net income495 5,768 312 6,196 Add (deduct):    Income tax expense200 212 521 485 Finance costs623 252 1,631 1,459 Depreciation and amortization1,202 1,230 3,617 3,580 EBITDA2,520 7,462 6,081 11,720 Add (deduct):    Other (income) expense(22)(4,998)993 (5,005)Restructuring, acquisition and other104 51 364 416 Gain on disposition of assets(67)— (97)—      Adjusted EBITDA2,535 2,515 7,341 7,131 
Reconciliation of adjusted net income

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 2026 2025      Net income495 5,768 312 6,196 Add (deduct):    Restructuring, acquisition and other104 51 364 416 Change in fair value of subsidiary equity derivative instruments38 (134)(83)(41)Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 Gain on repayment of long-term debt— (151)— (151)Gain on revaluation of MLSE investment— (4,976)— (4,976)Loss on revaluation of MLSE put liability— — 1,034 — Gain on disposition of assets(67)— (97)— Income tax impact of above items(42)(42)(172)(194)     Adjusted net income701 726 1,884 1,901 
Reconciliation of adjusted net income attributable to RCI shareholders

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 2026 2025      Net income attributable to RCI shareholders482 5,714 194 6,151 Add (deduct):    Restructuring, acquisition and other104 51 364 416 Change in fair value of subsidiary equity derivative instruments38 (134)(83)(41)Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 Gain on repayment of long-term debt— (151)— (151)Gain on revaluation of MLSE investment— (4,976)— (4,976)Loss on revaluation of MLSE put liability— — 1,034 — Gain on disposition of assets(67)— (97)— Revaluation of subsidiary US dollar-denominated balances119 68 150 47 Income tax impact of above items(45)(42)(194)(194)     Adjusted net income attributable to RCI shareholders704 740 1,894 1,903  1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow

 Three months ended September 30
 Nine months ended September 30
 (In millions of dollars)2026 2025 2026 2025      Cash provided by operating activities1,658 1,515 4,670 4,407 Add (deduct):    Capital expenditures(524)(964)(2,027)(2,773)Interest on borrowings, net and capitalized interest(489)(474)(1,459)(1,456)Interest paid592 543 1,600 1,533 Restructuring, acquisition and other104 51 364 416 Program rights amortization(14)(15)(100)(65)Change in net operating assets and liabilities194 133 513 244 Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)Net cash proceeds on subsidiary equity derivatives15 — 39 — Post-employment benefit contributions, net of expense(18)(19)(52)(55)Cash flows relating to other operating activities(29)75 (66)110 Other investment income— (2)(2)(7)     Free cash flow1,370 829 3,128 2,340  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)

 Three months ended September 30
 Nine months ended September 30
   2026  2025  2026  2025      Revenue 5,443  5,348  16,540  15,540      Operating expenses:    Operating costs 2,908  2,833  9,199  8,409 Depreciation and amortization 1,202  1,230  3,617  3,580 Restructuring, acquisition and other 104  51  364  416 Finance costs 623  252  1,631  1,459 Gain on disposition of assets (67) —  (97) — Other (income) expense (22) (4,998) 993  (5,005)     Income before income tax expense 695  5,980  833  6,681 Income tax expense 200  212  521  485      Net income for the period 495  5,768  312  6,196      Net income for the period attributable to:    RCI shareholders 482  5,714  194  6,151 Non-controlling interest 13  54  118  45      Earnings per share attributable to RCI shareholders:    Basic $0.89  $10.58  $0.36  $11.41 Diluted $0.88  $10.54  $0.33  $11.38  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)

 As at
September 30 As at
December 31  2026 2025      Assets    Current assets:    Cash and cash equivalents3,152 1,344 Accounts receivable5,815 6,105 Inventories544 550 Current portion of contract assets158 151 Other current assets1,286 1,239 Current portion of derivative instruments500 99 Total current assets11,455 9,488      Property, plant and equipment26,087 26,307 Intangible assets29,666 28,898 Investments1,308 1,291 Derivative instruments652 746 Financing receivables1,080 1,198 Other long-term assets2,170 2,052 Goodwill20,032 20,032      Total assets92,450 90,012      Liabilities and equity    Current liabilities:    Short-term borrowings1,322 4,000 Accounts payable and accrued liabilities4,679 4,831 Income tax payable77 — Other current liabilities4,838 3,831 Contract liabilities1,031 1,114 Current portion of long-term debt4,362 1,186 Current portion of lease liabilities827 690 Total current liabilities17,136 15,652      Provisions54 55 Long-term debt37,470 35,872 Lease liabilities2,657 2,428 Other long-term liabilities2,939 2,225 Deferred tax liabilities9,476 9,494 Total liabilities69,732 65,726      Equity    Equity attributable to RCI shareholders16,533 17,751 Non-controlling interest6,185 6,535 Equity22,718 24,286      Total liabilities and equity92,450 90,012  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)

 Three months ended September 30
 Nine months ended September 30
  2026 2025 2026 2025 Operating activities:    Net income for the period495 5,768 312 6,196 Adjustments to reconcile net income to cash provided by operating activities:    Depreciation and amortization1,202 1,230 3,617 3,580 Program rights amortization14 15 100 65 Finance costs623 252 1,631 1,459 Income tax expense200 212 521 485 Post-employment benefits contributions, net of expense18 19 52 55 Income from associates and joint ventures(22)(20)(39)(22)Gain on revaluation of MLSE investment— (4,976)— (4,976)Gain on disposition of assets(67)— (97)— Loss on revaluation of MLSE put liability— — 1,034 — Other29 (75)66 (110)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,492 2,425 7,197 6,732 Change in net operating assets and liabilities(194)(133)(513)(244)Income taxes paid(48)(234)(414)(548)Interest paid, net(592)(543)(1,600)(1,533)     Cash provided by operating activities1,658 1,515 4,670 4,407      Investing activities:    Capital expenditures(524)(964)(2,027)(2,773)Additions to program rights and other intangible assets(32)(21)(173)(69)Changes in non-cash working capital related to investing activities116 (51)(79)(107)Acquisitions and other strategic transactions, net of cash acquired— (4,499)(85)(4,499)Other9 (3)— 5      Cash used in investing activities(431)(5,538)(2,364)(7,443)     Financing activities:    Net (repayment of) proceeds received from short-term borrowings(917)1,972 (2,708)636 Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 Transaction costs incurred(26)(4)(55)(103)Principal payments of lease liabilities(161)(147)(458)(414)Dividends paid to RCI shareholders(270)(270)(810)(643)Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)Issuance of subsidiary shares to non-controlling interest— — — 6,656 Other(1)— (3)(4)     Cash provided by (used in) financing activities199 (1,428)(498)3,650      Change in cash and cash equivalents1,426 (5,451)1,808 614 Cash and cash equivalents, beginning of period1,726 6,963 1,344 898      Cash and cash equivalents, end of period3,152 1,512 3,152 1,512  About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information

typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:

revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;
the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, amount, and use of proceeds therefrom and the value it may unlock from our sports assets; andall other statements that are not historical facts.    Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:

general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability.    Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:

regulatory changes;
technological changes;
economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
unanticipated changes in content or equipment costs;
changing conditions in the sports, media, entertainment, information, and communications industries;
performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;
the integration of acquisitions;
litigation and tax matters;the level of competitive intensity;
the emergence of new opportunities;
external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
the anticipated benefits of the MLSE Transaction and the MLSE minority interest acquisition may not be realized;
we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds and may not unlock significant value from our sports assets;if completed, we may use the proceeds from the sale of a minority interest in Rogers Sports for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; andthe other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.    These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections of this earnings release entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community Contact
Media Contact
  David Naccarato
416.987.0264
[email protected] Schmidt
647.643.6397
[email protected]   Quarterly Investment Community Teleconference

Our third quarter 2026 results teleconference with the investment community will be held on:

October 23, 2026 
8:00 a.m. Eastern Time
webcast available at about.rogers.com/investor-relations
media are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

Rogers Communication (RCI - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 23. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis communications and media company is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of -13.1%.

Revenues are expected to be $3.79 billion, down 2.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.54% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Rogers Communication?For Rogers Communication, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.39%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Rogers Communication will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Rogers Communication would post earnings of $0.8 per share when it actually produced earnings of $0.83, delivering a surprise of +3.75%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Rogers Communication appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

3 Low P/E Stocks: Separating Multibaggers From a Value TrapRogers Communication NYSE: RCI CFO Glenn Brandt said the Canadian wireless market showed signs of greater pricing discipline during the second and third quarters after heavy discounting earlier in the year contributed to higher churn across the sector.

Speaking at a CIBC conference, Brandt said Rogers launched its back-to-school promotions in July and emphasized feature-rich premium offerings at familiar market price points rather than deeper discounts. He said subscriber volumes during the back-to-school period have been more muted than in previous years, reflecting a decline in the international student population and lower overall new-customer activity.

Get Rogers Communication alerts:

Rogers Communication Stock Should Be Launching Higher “In that environment, there’s no sense chasing volume,” Brandt said, describing the company’s focus as base management, penetration gains and measured price actions. Rogers’ churn was roughly flat year over year, though modestly higher because of a price action taken during the quarter, he said.

Wireless Fees and Satellite Coverage Brandt said regulatory restrictions on subscriber setup fees will pressure industry average revenue per user, or ARPU, during the current quarter and likely into the fourth quarter. Rogers and other operators are evaluating ways to recover some of the underlying costs associated with setting up phones and delivering devices without “shocking the buyer,” he said.

While the sector remains competitive, Brandt said reduced discounting and Rogers’ pricing actions have contributed to greater market stability than in prior quarters.

On satellite connectivity, Brandt said Rogers views SpaceX as a complementary technology rather than a direct competitor. Rogers has an arrangement with SpaceX to provide satellite-to-mobile backup coverage between the 49th and 58th parallels, from the Pacific to the Atlantic.

Rogers’ mobile network covers roughly 99% of Canada’s population but about 12% of the country’s land mass, according to Brandt. Satellite connectivity can extend service into remote areas where building wireless towers would be less economical. The current offering supports texting, maps, applications and calls through WhatsApp, he said, while a future version is expected to provide 5G satellite-to-mobile backup for direct calling outside traditional wireless coverage areas.

Brandt said satellite service has limitations in dense urban environments and indoor settings because users need a clear path to a satellite. He also said satellite capacity would be insufficient to serve a city or town with a large population at the same level as terrestrial cell towers.

Bundling, Fixed Wireless and Cable Growth Brandt said the Shaw acquisition has expanded Rogers’ ability to bundle wireline and wireless services across British Columbia, Alberta, Ontario and Atlantic Canada. On Rogers’ own networks, the company can offer both services to about 60% of homes, he said, while fixed wireless can reach nearly all of the remaining 40%.

He characterized the bundle as an advantage relative to Canadian peers whose wireline footprints are more regionally concentrated. Rogers has found modest cable revenue growth through bundling, base management and selective price actions, Brandt said. He said cable revenue had been declining by nearly 4% when the Rogers-Shaw transaction closed but is now generally growing at about 1%.

Fixed wireless represents a significant expansion opportunity, Brandt said, although the company must continue to add spectrum and radio capacity to accommodate rising data usage and new customers. He said Rogers is not able to serve every home in a region through fixed wireless but can use the technology to create additional greenfield growth opportunities across the country.

AI, MLSE and Capital Spending Brandt said Rogers is in the early stages of deploying artificial intelligence across network operations and customer service. Potential uses include summarizing customer account histories, helping call-center employees identify possible solutions and improving network management. The company’s emphasis is on service improvements and cost reduction, he said.

He also said Rogers expects to close its acquisition of Kilmer Sports Inc.’s remaining 25% interest in Maple Leaf Sports & Entertainment, subject to league approvals, potentially early in the fourth quarter. Rogers already controls MLSE through its 75% interest and would own the company outright after closing.

Brandt said the company then plans to combine its Rogers Sports & Media operations, including Sportsnet and Sportsnet+, with the Toronto Blue Jays, Rogers Centre and MLSE assets. He cited potential revenue and cost synergies from operating major Toronto sports franchises and entertainment venues within one organization.

Finally, Brandt reiterated Rogers’ 2026 capital-spending guidance of C$2.5 billion to C$2.7 billion and said the lower capital intensity is expected to be sustained. He said future large-scale infrastructure projects, including potential national fiber initiatives, may increasingly draw on outside infrastructure capital rather than Rogers’ balance sheet.

About Rogers Communication (NYSE:RCI)Rogers Communications Inc is a Canadian communications and media company headquartered in Toronto, Ontario. Through its wireless and cable businesses, the company provides mobile voice and data services, high-speed internet, television, home phone and related connectivity services to consumers, businesses and public-sector organizations across Canada.

Rogers also operates media and entertainment businesses, including Sportsnet television and digital networks, radio stations and related publishing and digital properties.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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 | Source: Rogers Communications Canada Inc.

TVA Sports to broadcast up to 350 regular-season NHL games

Montréal Canadiens: 32 regular-season games and exclusive rights to Stanley Cup Playoffs games in French

TORONTO, Sept. 03, 2026 (GLOBE NEWSWIRE) -- Rogers Communications and Quebecor today announced a new 12-year sublicensing agreement for French-language national NHL games, beginning with the 2026-27 season. As an official French-language NHL broadcaster, TVA Sports and TVA Sports Direct will distribute all games covered by the new agreement, with the illico+ platform joining the broadcast ecosystem.

Starting with the 2026-27 season, Quebecor will hold the French broadcasting rights for up to 350 regular season NHL games per season, including 32 Montréal Canadiens regular-season games and all Montréal Canadiens games in the Stanley Cup Playoffs. This includes 10 more regular-season Montréal games than under the previous agreement; six of the eight First Round series of the Stanley Cup Playoffs; three of the four Second Round series; the Conference Finals and Stanley Cup Final; and all NHL tentpole events.

"Quebecor's executive leadership and Board of Directors are proud to carry on a long-standing tradition that brings together French-speaking Canadians around the NHL and the Montréal Canadiens," said Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor, also thanking the League and Rogers for recognizing what we have been building together since 2014. "Premium sports content, such as NHL hockey and Montréal Canadiens games, remains a unique driver for rallying audiences in real time. We consider ourselves fortunate to be a partner in our national sport and to offer French-speaking Canadians even more Habs games on our local platforms. We are also grateful for the close collaboration of the Montréal Canadiens organization.”

"For Rogers, ensuring hockey fans have comprehensive French-language coverage of NHL games is a top priority,” said Tony Staffieri, President and CEO, Rogers. “We have had a terrific partnership with TVA Sports for many years, and we look forward to continuing to work together to deliver more NHL games to more French-speaking Quebecers and Canadians.”

“For the past 12 seasons, TVA Sports’ French-language broadcasts have connected our game with millions of passionate hockey fans across Quebec and Canada,” said Gary Bettman, Commissioner, NHL. “Our expanded partnership with Rogers and Quebecor reflects our shared commitment to serving fans, growing the game, and ensuring that hockey’s biggest moments are available to all audiences.”

Last year, Rogers and the NHL announced a 12-year agreement for the national media rights to NHL games on all platforms in Canada, from the 2026-27 through the 2037-38 seasons.

About Rogers Communications Inc.
Rogers is Canada’s communications, sports and entertainment company, and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or investors.rogers.com.

About Quebecor
Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best-performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor’s subsidiaries and brands are differentiated by their high-quality, multiplatform, convergent products and services.

Québec-based Quebecor (TSX: QBR.A, QBR.B) employs more than 11,000 people in Canada.

A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations in the vital fields of culture, health, education, the environment and entrepreneurship.

Media Contacts:
Rogers, [email protected]
Quebecor, [email protected]
NHL, Jennifer Neziol, [email protected]

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today filed its Form 10-Q and reported results for the fiscal 2026 third quarter ended June 30, 2026.

Summary Financials (in millions, except EPS)

3Q26

3Q25

9M26

9M25

Total revenues

$73.9

$71.1

$213.5

$208.5

EPS

$0.83

$0.46

$0.16

$1.84

Non-GAAP EPS1

$0.90

$0.77

$2.41

$2.23

Impairments and other charges, net

$0.0

$2.3

$7.9

$2.2

Net cash provided by operating activities

$11.3

$13.8

$29.0

$35.7

Free cash flow1

$10.6

$13.3

$25.7

$32.3

Net income attributable to RCIHH common stockholders

$6.4

$4.1

$1.3

$16.3

Adjusted EBITDA1

$16.9

$15.3

$48.2

$45.2

Weighted average shares used in computing EPS – basic and diluted

7.65

8.79

7.90

8.86

1 See “Non-GAAP Financial Measures” below.

Summary (Comparisons are to year-ago periods unless indicated otherwise)

Travis Reese, Interim President and CEO, said: "We're pleased to report another quarter of improved performance in many key metrics. Sales, EPS, non-GAAP EPS, net income attributable to RCIHH common stockholders, and adjusted EBITDA all increased, while we used our strong cash position to continue to buy back shares and reduce debt."

“Bombshells' performance was driven by new locations and same-store sales growth of 4.7%, while increased activity related to high-profile professional basketball and soccer events benefited Nightclubs as well as Bombshells. These factors helped offset cautious discretionary spending earlier in 3Q26 due to geopolitical uncertainty and its impact on inflation. Results also reflected lower impairment and insurance costs.”

X Spaces Conference Call at 4:30 PM ET Today

Call link: https://x.com/i/spaces/1RJjppmBLPVKw/ (X log in required). Presentation link: https://www.rcihospitality.com/investor-relations/. To ask questions: Participants must join the X Space using a mobile device. To listen only: Participants can access the X Space from a computer. There will be no other types of telephone or webcast access. 3Q26 Results (Comparisons are to year-ago periods unless indicated otherwise)

Nightclubs segment: Revenues of $63.0 million increased by 1.0%. Four newly acquired, opened and reformatted clubs generated $4.0 million sales and the 52 clubs in same-store sales produced $58.5 million, more than offsetting $1.2 million in sales from four clubs closed subsequent to the year-ago quarter.2 By revenue type, service increased 7.6%; food, merchandise and other declined 1.4%; and alcoholic beverages declined 4.2%.

Impairments and other charges, net were immaterial compared to $2.3 million. Operating income was $19.6 million compared to $17.9 million or 31.2% of segment revenues compared to 28.6%. Non-GAAP operating income, which excludes impairments and other net charges, was $20.2 million compared to $20.8 million or 32.1% of segment revenues compared to 33.3%.

Bombshells segment: Revenues of $10.8 million increased 25.4%. Three new locations generated $2.6 million in sales and the nine locations in same-store sales produced $8.2 million. The new locations are Denver, CO (opened January 2025), Lubbock, TX (July 2025), and Rowlett, TX (June 2026).2 By revenue type, alcoholic beverages increased 33.6% and food and other increased 16.6%.

Operating income was $759,000 compared to $67,000 or 7.0% of segment revenues compared to 0.8%. Non-GAAP operating income, which excludes other net charges, was $801,000 compared to $80,000 or 7.4% of segment revenues compared to 0.9%.

Corporate segment: Expenses totaled $7.3 million compared to $9.1 million or 9.9% of total revenues compared to 12.9%. Non-GAAP expenses totaled $7.3 million compared to $8.7 million or 9.9% of total revenues compared to 12.3%. GAAP and non-GAAP expenses reflected lower insurance expense compared to the prior-year period.

Impairments and other charges, net within consolidated operations were insignificant compared to $2.3 million.

Income tax was an expense of $2.1 million compared to $0.7 million or an effective rate of 24.7% compared to 15.3%.

Weighted average shares outstanding of 7.65 million declined 13.0% due to share buybacks.

Debt of $240.1 million at June 30, 2026 declined $8.6 million or 3.5% from $248.7 million at March 31, 2026, primarily reflecting debt paydowns. Compared to a year ago, debt declined $1.2 million or 0.5%.

Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because they describe the operating performance of the Company and help management and investors gauge our ability to generate cash flow, excluding (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

Non-GAAP Operating Income and Non-GAAP Operating Margin. We calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) impairment of assets, (c) settlement of lawsuits, net of recoveries, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, and (f) stock-based compensation. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.

Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income or loss attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) impairment of assets, (c) settlement of lawsuits, net of recoveries, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) stock-based compensation, (g) premium on stock repurchase, (h) gains or losses on lease termination, and (i) the income tax effect of the above-described adjustments. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at approximately 23.2% and 17.4% effective tax rate of the pre-tax non-GAAP income before taxes for the nine months ended June 30, 2026, and 2025, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities.

Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income or loss attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense, (c) net interest expense, (d) impairment of assets, (e) settlement of lawsuits, net of recoveries, (f) gains or losses on sale of businesses and assets, (g) gains or losses on insurance, (h) stock-based compensation, (i) premium on stock repurchase, and (j) gains or losses on lease termination. We believe that adjusting for such items helps management and investors better understand our operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for federal, state and local taxes which have considerable variation between domestic jurisdictions. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.

We also use certain non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy.

Accounting Standards Update (ASU) 2023-07

The Company has adopted Accounting Standards Update (ASU) 2023-07, which requires enhanced reportable segment disclosures. As a result, certain prior-year segment information has been recast.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc)

With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars-restaurants. See all our brands at www.rcihospitality.com.

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from those indicated, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult entertainment, sports bar or restaurant business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the Company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) our ability to maintain compliance with the filing requirements of the U.S. Securities and Exchange Commission (“SEC”) and the Nasdaq Stock Market, and (vii) numerous other factors such as laws governing the operation of adult entertainment, sports bar or restaurant businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2025, as well as its other filings with the SEC. The Company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share, number of shares, and percentage data)

Three Months Ended

Nine Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Revenues

Sales of alcoholic beverages

$

31,159

42.1

%

$

30,780

43.3

%

$

90,115

42.2

%

$

91,834

44.0

%

Sales of food and merchandise

10,690

14.5

%

10,037

14.1

%

30,195

14.1

%

29,554

14.2

%

Service revenues

27,079

36.6

%

25,169

35.4

%

78,338

36.7

%

72,262

34.7

%

Other

5,011

6.8

%

5,159

7.3

%

14,841

7.0

%

14,854

7.1

%

Total revenues

73,939

100.0

%

71,145

100.0

%

213,489

100.0

%

208,504

100.0

%

Operating expenses

Cost of goods sold

Alcoholic beverages sold

5,655

18.1

%

5,580

18.1

%

16,397

18.2

%

16,630

18.1

%

Food and merchandise sold

3,984

37.3

%

3,519

35.1

%

11,171

37.0

%

10,264

34.7

%

Service and other

44

0.1

%

36

0.1

%

161

0.2

%

133

0.2

%

Total cost of goods sold (exclusive of items shown below)

9,683

13.1

%

9,135

12.8

%

27,729

13.0

%

27,027

13.0

%

Salaries and wages

21,860

29.6

%

20,916

29.4

%

64,545

30.2

%

61,971

29.7

%

Selling, general and administrative

25,372

34.3

%

26,140

36.7

%

73,273

34.3

%

75,247

36.1

%

Depreciation and amortization

4,030

5.5

%

3,892

5.5

%

12,234

5.7

%

11,237

5.4

%

Impairments and other charges, net

26

0.0

%

2,349

3.3

%

7,892

3.7

%

2,232

1.1

%

Total operating expenses

60,971

82.5

%

62,432

87.8

%

185,673

87.0

%

177,714

85.2

%

Income from operations

12,968

17.5

%

8,713

12.2

%

27,816

13.0

%

30,790

14.8

%

Other income (expenses)

Interest expense

(4,454

)

(6.0

)%

(4,032

)

(5.7

)%

(13,319

)

(6.2

)%

(12,232

)

(5.9

)%

Interest income

86

0.1

%

117

0.2

%

267

0.1

%

435

0.2

%

Non-operating gains (losses), net

31

0.0

%

(5

)

0.0

%

(9,850

)

(4.6

)%

974

0.5

%

Income before income taxes

8,631

11.7

%

4,793

6.7

%

4,914

2.3

%

19,967

9.6

%

Income tax expense

2,130

2.9

%

733

1.0

%

3,281

1.5

%

3,648

1.7

%

Net income

6,501

8.8

%

4,060

5.7

%

1,633

0.8

%

16,319

7.8

%

Net income attributable to noncontrolling interests

(150

)

(0.2

)%

(2

)

0.0

%

(342

)

(0.2

)%

(6

)

0.0

%

Net income attributable to RCIHH common shareholders

$

6,351

8.6

%

$

4,058

5.7

%

$

1,291

0.6

%

$

16,313

7.8

%

Earnings per share

Basic and diluted

$

0.83

$

0.46

$

0.16

$

1.84

Weighted average shares used in computing earnings per share

Basic and diluted

7,653,000

8,793,809

7,898,831

8,859,028

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)

Three Months Ended

Nine Months Ended

June 30,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Revenues

Nightclubs

$

62,981

$

62,336

$

185,565

$

181,601

Bombshells

10,793

8,609

27,533

26,425

Other

165

200

391

478

$

73,939

$

71,145

$

213,489

$

208,504

Income (loss) from operations

Nightclubs

$

19,635

$

17,859

$

49,115

$

53,244

Bombshells

759

67

353

1,767

Other

(83

)

(70

)

(345

)

(344

)

Corporate

(7,343

)

(9,143

)

(21,307

)

(23,877

)

$

12,968

$

8,713

$

27,816

$

30,790

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Nine Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

6,501

$

4,060

$

1,633

$

16,319

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

4,030

3,892

12,234

11,237

Impairment of assets

—

—

8,433

1,780

Deferred income tax benefit

—

(958

)

(2,223

)

(2,200

)

Stock-based compensation

—

392

589

980

Loss (gain) on sale of businesses and assets

108

22

292

(1,226

)

Amortization of debt discount and issuance costs

112

130

377

420

Noncash lease expense

754

676

2,233

2,002

Gain on insurance

(107

)

(729

)

(294

)

(1,879

)

Credit loss expense (reversal) on notes receivable

—

27

(11

)

27

Premium on stock repurchase

—

—

9,885

—

Changes in operating assets and liabilities, net of business acquisitions:

Receivables

(280

)

(443

)

465

1,271

Inventories

(437

)

26

(325

)

90

Prepaid expenses, other current, and other assets

2,300

930

1,091

400

Accounts payable, accrued, and other liabilities

(1,703

)

5,768

(5,404

)

6,463

Net cash provided by operating activities

11,278

13,793

28,975

35,684

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of businesses and assets

1

1

1,676

1,086

Proceeds from insurance

107

743

291

1,893

Proceeds from notes receivable

63

76

170

223

Payments for property and equipment and intangible assets

(1,525

)

(3,681

)

(5,724

)

(12,289

)

Acquisition of businesses, net of cash acquired

—

(7,000

)

—

(13,000

)

Net cash used in investing activities

(1,354

)

(9,861

)

(3,587

)

(22,087

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from debt obligations

200

779

2,453

9,175

Payments on debt obligations

(8,960

)

(4,110

)

(21,745

)

(14,431

)

Payment of loan origination costs

13

(9

)

(27

)

(80

)

Purchase of treasury stock

(1,026

)

(3,044

)

(13,295

)

(9,158

)

Payment of dividends

(611

)

(614

)

(1,773

)

(1,856

)

Investment from noncontrolling partner

—

—

1,800

—

Payments to noncontrolling interests

(26

)

—

(106

)

—

Net cash used in financing activities

(10,410

)

(6,998

)

(32,693

)

(16,350

)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(486

)

(3,066

)

(7,305

)

(2,753

)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

26,890

32,663

33,709

32,350

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

26,404

$

29,597

$

26,404

$

29,597

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2026

September 30, 2025

June 30, 2025

ASSETS

Current assets

Cash and cash equivalents

$

26,404

$

33,709

$

29,347

Receivables, net

2,871

3,940

4,606

Inventories

5,182

4,857

4,746

Prepaid expenses and other current assets

4,060

4,968

3,214

Assets held for sale

—

3,394

3,394

Total current assets

38,517

50,868

45,307

Property and equipment, net

276,856

279,027

282,246

Operating lease right-of-use assets

23,560

25,781

26,641

Notes receivable, net of current portion

4,285

3,849

3,939

Goodwill

62,242

62,725

70,236

Intangibles, net

161,650

171,948

166,942

Other assets

2,550

2,737

2,101

Total assets

$

569,660

$

596,935

$

597,412

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$

6,457

$

5,836

$

5,406

Accrued liabilities

30,004

32,607

21,764

Current portion of debt obligations, net

29,088

21,198

18,623

Current portion of operating lease liabilities

3,370

3,314

3,249

Total current liabilities

68,919

62,955

49,042

Deferred tax liability, net

19,466

21,689

20,493

Debt, net of current portion and debt discount and issuance costs

210,997

214,583

222,638

Operating lease liabilities, net of current portion

24,801

27,320

28,171

Other long-term liabilities

8,119

9,509

7,765

Total liabilities

332,302

336,056

328,109

Commitments and contingencies

Equity

Preferred stock

—

—

—

Common stock

76

87

87

Additional paid-in capital

25,844

50,908

53,244

Retained earnings

208,834

210,106

216,216

Total RCIHH stockholders' equity

234,754

261,101

269,547

Noncontrolling interests

2,604

(222

)

(244

)

Total equity

237,358

260,879

269,303

Total liabilities and equity

$

569,660

$

596,935

$

597,412

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share, number of shares, and percentage data)

Three Months Ended June 30,

Nine Months Ended June 30,

2026

2025

2026

2025

Reconciliation of GAAP net income to Adjusted EBITDA

Net income attributable to RCIHH common stockholders

$

6,351

$

4,058

$

1,291

$

16,313

Income tax expense

2,130

733

3,281

3,648

Interest expense, net

4,368

3,915

13,052

11,797

Depreciation and amortization

4,030

3,892

12,234

11,237

Impairment of assets

—

—

8,433

1,780

Settlement of lawsuits, net of recoveries

92

3,281

(503

)

3,587

Stock-based compensation

—

392

589

980

Loss (gain) on sale of businesses and assets

41

202

292

(984

)

Gain on insurance

(107

)

(1,134

)

(330

)

(2,151

)

Premium on stock repurchase

—

—

9,885

—

Gain on lease termination

—

—

—

(979

)

Adjusted EBITDA

$

16,905

$

15,339

$

48,224

$

45,228

Adjusted EBITDA as a percentage of revenues

22.9

%

21.6

%

22.6

%

21.7

%

Reconciliation of GAAP net income to non-GAAP net income

Net income attributable to RCIHH common stockholders

$

6,351

$

4,058

$

1,291

$

16,313

Amortization of intangibles

618

576

1,853

1,733

Impairment of assets

—

—

8,433

1,780

Settlement of lawsuits, net of recoveries

92

3,281

(503

)

3,587

Stock-based compensation

—

392

589

980

Loss (gain) on sale of businesses and assets

41

202

292

(984

)

Gain on insurance

(107

)

(1,134

)

(330

)

(2,151

)

Premium on stock repurchase

—

—

9,885

—

Gain on lease termination

—

—

—

(979

)

Net income tax effect

(130

)

(562

)

(2,466

)

(515

)

Non-GAAP net income

$

6,865

$

6,813

$

19,044

$

19,764

Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share

Diluted shares

7,653,000

8,793,809

7,898,831

8,859,028

GAAP diluted earnings per share

$

0.83

$

0.46

$

0.16

$

1.84

Amortization of intangibles

0.08

0.07

0.23

0.20

Impairment of assets

—

—

1.07

0.20

Settlement of lawsuits, net of recoveries

0.01

0.37

(0.06

)

0.40

Stock-based compensation

—

0.04

0.07

0.11

Loss (gain) on sale of businesses and assets

0.01

0.02

0.04

(0.11

)

Gain on insurance

(0.01

)

(0.13

)

(0.04

)

(0.24

)

Premium on stock repurchase

—

—

1.25

—

Gain on lease termination

—

—

—

(0.11

)

Net income tax effect

(0.02

)

(0.06

)

(0.31

)

(0.06

)

Non-GAAP diluted earnings per share

$

0.90

$

0.77

$

2.41

$

2.23 

Three Months Ended June 30,

Nine Months Ended June 30,

2026

2025

2026

2025

Reconciliation of GAAP operating income to non-GAAP operating income

Income from operations

$

12,968

$

8,713

$

27,816

$

30,790

Amortization of intangibles

618

576

1,853

1,733

Impairment of assets

—

—

8,433

1,780

Settlement of lawsuits, net of recoveries

92

3,281

(503

)

3,587

Stock-based compensation

—

392

589

980

Loss (gain) on sale of businesses and assets

41

202

292

(984

)

Gain on insurance

(107

)

(1,134

)

(330

)

(2,151

)

Non-GAAP operating income

$

13,612

$

12,030

$

38,150

$

35,735

Reconciliation of GAAP operating margin to non-GAAP operating margin

GAAP operating margin

17.5

%

12.2

%

13.0

%

14.8

%

Amortization of intangibles

0.8

%

0.8

%

0.9

%

0.8

%

Impairment of assets

—

%

0.0

%

4.0

%

0.9

%

Settlement of lawsuits, net of recoveries

0.1

%

4.6

%

(0.2

)%

1.7

%

Stock-based compensation

0.0

%

0.6

%

0.3

%

0.5

%

Loss (gain) on sale of businesses and assets

0.1

%

0.3

%

0.1

%

(0.5

)%

Gain on insurance

(0.1

)%

(1.6

)%

(0.2

)%

(1.0

)%

Non-GAAP operating margin

18.4

%

16.9

%

17.9

%

17.1

%

Reconciliation of net cash provided by operating activities to free cash flow

Net cash provided by operating activities

$

11,278

$

13,793

$

28,975

$

35,684

Less: Maintenance capital expenditures

640

454

3,238

3,341

Free cash flow

$

10,638

$

13,339

$

25,737

$

32,343

Free cash flow as a percentage of revenues

14.4

%

18.7

%

12.1

%

15.5

%

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$

19,635

$

759

$

(83

)

$

(7,343

)

$

12,968

$

17,859

$

67

$

(70

)

$

(9,143

)

$

8,713

Amortization of intangibles

617

—

—

1

618

572

1

—

3

576

Settlement of lawsuits, net of recoveries

67

25

—

—

92

3,281

—

—

—

3,281

Stock-based compensation

—

—

—

—

—

—

—

—

392

392

Loss (gain) on sale of businesses and assets

7

17

—

17

41

191

12

—

(1

)

202

Gain on insurance

(105

)

—

—

(2

)

(107

)

(1,134

)

—

—

—

(1,134

)

Non-GAAP operating income (loss)

$

20,221

$

801

$

(83

)

$

(7,327

)

$

13,612

$

20,769

$

80

$

(70

)

$

(8,749

)

$

12,030

GAAP operating margin

31.2

%

7.0

%

(50.3

)%

(9.9

)%

17.5

%

28.6

%

0.8

%

(35.0

)%

(12.9

)%

12.2

%

Non-GAAP operating margin

32.1

%

7.4

%

(50.3

)%

(9.9

)%

18.4

%

33.3

%

0.9

%

(35.0

)%

(12.3

)%

16.9

%

Nine Months Ended June 30, 2026

Nine Months Ended June 30, 2025

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$

49,115

$

353

$

(345

)

$

(21,307

)

$

27,816

$

53,244

$

1,767

$

(344

)

$

(23,877

)

$

30,790

Amortization of intangibles

1,848

—

—

5

1,853

1,718

3

—

12

1,733

Impairment of assets

8,433

—

—

—

8,433

1,780

—

—

—

1,780

Settlement of lawsuits, net of recoveries

(618

)

115

—

—

(503

)

3,557

30

—

—

3,587

Stock-based compensation

—

—

—

589

589

—

—

—

980

980

Loss (gain) on sale of businesses and assets

247

23

—

22

292

300

(1,189

)

—

(95

)

(984

)

Gain on insurance

(328

)

—

—

(2

)

(330

)

(2,151

)

—

—

—

(2,151

)

Non-GAAP operating income (loss)

$

58,697

$

491

$

(345

)

$

(20,693

)

$

38,150

$

58,448

$

611

$

(344

)

$

(22,980

)

$

35,735

GAAP operating margin

26.5

%

1.3

%

(88.2

)%

(10.0

)%

13.0

%

29.3

%

6.7

%

(72.0

)%

(11.5

)%

14.8

%

Non-GAAP operating margin

31.6

%

1.8

%

(88.2

)%

(9.7

)%

17.9

%

32.2

%

2.3

%

(72.0

)%

(11.0

)%

17.1

%

More News From RCI Hospitality Holdings, Inc.

Rogers Communication (RCI - Free Report) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.8 per share. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.75%. A quarter ago, it was expected that this communications and media company would post earnings of $0.73 per share when it actually produced earnings of $0.74, delivering a surprise of +1.37%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Rogers Communication, which belongs to the Zacks Diversified Communication Services industry, posted revenues of $4.06 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.45%. This compares to year-ago revenues of $3.77 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Rogers Communication shares have lost about 8.9% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Rogers Communication?While Rogers Communication has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Rogers Communication was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.86 on $3.86 billion in revenues for the coming quarter and $3.36 on $16.15 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Diversified Communication Services is currently in the bottom 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Liberty Global Ltd (LBTYA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.

This company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of +96.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Liberty Global Ltd's revenues are expected to be $1.3 billion, up 2.4% from the year-ago quarter.

Rogers reports strong growth in consolidated service revenue and adjusted EBITDA, alongside decline in capital intensity strengthening free cash flow; company completes next stage of sports monetization strategy with agreement to buy remaining 25% minority stake in iconic Maple Leaf Sports & Entertainment (MLSE)

Total service revenue up 8% to $5.1 billion; adjusted EBITDA up 3% to $2.4 billionFree cash flow of $1.0 billion, up 6%Capital intensity improves 350 basis points to 12.4%, lowest capital intensity ratio since the first quarter of 2008Expects remaining minority stake purchase of MLSE to close in the fourth quarter Delivers adjusted EBITDA growth in Wireless and Cable; robust base management performance drives notable churn reduction while adding 57,000 combined mobile phone and retail Internet net additions

Wireless service revenue stable; adjusted EBITDA up 1% with adjusted EBITDA margin up 70 basis points to 66%Cable service revenue and adjusted EBITDA both up 1% with adjusted EBITDA margin up 10 basis points to 58%Postpaid mobile phone churn of 0.94%, mobile phone ARPU of $54.25Added 40,000 mobile phone net additions, including 22,000 postpaidRetail Internet net additions of 17,000 Robust sports and media financial results, agreement to purchase remaining minority stake in MLSE position company well for intended sports monetization opportunity

Revenue of $1.2 billion, up 53%; organic sports and media revenue up 13% excluding impact from MLSEAdjusted EBITDA of $69 million, an improvement of $61 millionFollowing close of minority stake purchase, investors to be offered minority stake in the consolidated Rogers world-class sports and media holdings to unlock significant value for company Company reaffirms its 2026 outlook

Total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of $2.5 billion to $2.7 billion, and free cash flow of $4.1 billion to $4.3 billion TORONTO, July 22, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2026.

"Our second quarter results reflect strong execution, delivering growth across our three lines of business," said Tony Staffieri, President and CEO. "We’re excited to bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations and unlock long-term value for our shareholders."

Consolidated Financial Highlights

(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended June 30
 Six months ended June 30 2026
 2025
 % Chg 2026
 2025
 % Chg
         Total revenue5,615 5,216 8 11,097 10,192 9 Total service revenue5,055 4,668 8 9,967 9,115 9 Adjusted EBITDA12,442 2,362 3 4,806 4,616 4 Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Adjusted net income1633 632 —
 1,183 1,175 1 Adjusted net income attributable to RCI shareholders1640 620 3 1,190 1,163 2           Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)0.79 n/m Adjusted diluted earnings per share attributable to RCI shareholders1$1.15 $1.14 1 $2.17 2.14 1           Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow1982 925 6 1,758 1,511 16  n/m - not meaningful

_______________________________________
1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. 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.

Strategic Highlights 

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. Below are some highlights for the quarter.

Build the biggest and best networks in the country

Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup. Deliver easy to use, reliable products and services

Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses. Be the first choice for Canadians

More Canadians continued to choose Rogers Wireless and Internet over any other provider.Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent. Be a strong national company investing in Canada

Invested $695 million in capital expenditures.Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport. Be the growth leader in our industry

Grew total service revenue by 8% and adjusted EBITDA by 3%.Generated strong free cash flow of $982 million and cash flow from operating activities of $1,517 million. Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

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. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.

________________________________________
2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and "Non-GAAP and Other Financial Measures" in this earnings release for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2026 MD&A for a reconciliation of available liquidity.

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second 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 Second 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.

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). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Summary of Consolidated Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins and per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Wireless2,540 2,540 — 5,131 5,084 1 Cable1,984 1,968 1 3,932 3,903 1 Media1,155 757 53 2,143 1,299 65 Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 Revenue5,615 5,216 8 11,097 10,192 9 Total service revenue15,055 4,668 8 9,967 9,115 9        Adjusted EBITDA      Wireless1,313 1,305 1 2,636 2,616 1 Cable1,158 1,147 1 2,280 2,255 1 Media69 8 n/m 69 (55)n/m Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Adjusted EBITDA margin243.5%45.3%(1.8 pts)43.3%45.3%(2.0 pts)       Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m (Loss) earnings per share attributable to RCI shareholders:        Basic($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted($1.37)$0.29 n/m ($0.55)$0.79 n/m         Adjusted net income2633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders2640 620 3 1,190 1,163 2 Adjusted earnings per share attributable to RCI shareholders2:      Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1        Capital expenditures695 831 (16)1,503 1,809 (17)Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow982 925 6 1,758 1,511 16  1 As defined. See "Key Performance Indicators".
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,954 1,972 (1)3,951 3,975 (1)Service revenue from internal customers36 27 33 70 50 40 Service revenue1,990 1,999 — 4,021 4,025 — Equipment revenue from external customers550 541 2 1,110 1,059 5 Revenue2,540 2,540 — 5,131 5,084 1        Operating costs      Cost of equipment503 528 (5)1,044 1,036 1 Other operating costs724 707 2 1,451 1,432 1 Operating costs1,227 1,235 (1)2,495 2,468 1        Adjusted EBITDA1,313 1,305 1 2,636 2,616 1        Adjusted EBITDA margin166.0%65.3%0.7 pts 65.6%65.0%0.6 pts Capital expenditures188 365 (48)467 772 (40) 1 Calculated using service revenue.

Wireless Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except churn and mobile phone ARPU)2026
 2025
 Chg 2026
 2025
 Chg        Postpaid mobile phone      Gross additions333 362 (29)762 699 63 Net additions22 35 (13)50 46 4 Total postpaid mobile phone subscribers211,045 10,910 135 11,045 10,910 135 Churn (monthly)0.94%1.00%(0.06 pts) 1.08%1.01%0.07 pts Prepaid mobile phone      Gross additions199 135 64 348 267 81 Net additions18 26 (8)23 49 (26)Total prepaid mobile phone subscribers21,223 1,160 63 1,223 1,160 63 Churn (monthly)5.01%3.23%1.78 pts 4.52%3.28%1.24 pts Mobile phone ARPU (monthly)3$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:

a continued shift in the product mix towards higher-value devices; partially offset bya decrease in new subscribers purchasing devices. The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment

The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs

The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:

costs associated with our new satellite-to-mobile product offering; andhigher costs associated with marketing and advertising initiatives. Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,952 1,944 — 3,874 3,851 1 Service revenue from internal customers22 17 29 38 34 12 Service revenue1,974 1,961 1 3,912 3,885 1 Equipment revenue from external customers10 7 43 20 18 11 Revenue1,984 1,968 1 3,932 3,903 1        Operating costs826 821 1 1,652 1,648 —        Adjusted EBITDA1,158 1,147 1 2,280 2,255 1        Adjusted EBITDA margin58.4%58.3%0.1 pts 58.0%57.8%0.2 pts Capital expenditures367 404 (9)775 850 (9)
Cable Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except ARPA and penetration)2026
 2025
 Chg 2026
 2025
 Chg        Homes passed210,624 10,354 270 10,624 10,354 270 Customer relationships      Net additions9 16 (7)6 20 (14)Total customer relationships24,862 4,825 37 4,862 4,825 37 ARPA (monthly)3$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)       Penetration245.8%46.6%(0.8 pts) 45.8%46.6%(0.8 pts)       Retail Internet      Net additions17 26 (9)24 49 (25)Total retail Internet subscribers24,521 4,446 75 4,521 4,446 75 Video      Net losses(22)(25)3 (54)(57)3 Total Video subscribers22,449 2,560 (111)2,449 2,560 (111)Home Monitoring      Net additions1 3 (2)5 8 (3)Total Home Monitoring subscribers2158 141 17 158 141 17 Home Phone      Net losses(26)(29)3 (56)(55)(1)Total Home Phone subscribers21,333 1,452 (119)1,333 1,452 (119) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:

 retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

Operating costs
The 1% increase in operating costs this quarter was a result of:

increased licensing rights associated with changes to our bundled service offerings; partially offset byother efficiency and productivity initiatives. Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.

MEDIA

Media Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg
 2026
 2025
 % Chg         Revenue from external customers1,075 679 58 1,991 1,142 74 Revenue from internal customers80 78 3 152 157 (3)Revenue1,155 757 53 2,143 1,299 65         Operating costs1,086 749 45 2,074 1,354 53         Adjusted EBITDA69 8 n/m 69 (55)n/m         Adjusted EBITDA margin6.0%1.1%4.9 pts
 3.2%(4.2)%7.4 pts Capital expenditures43 26 65 119 61 95 
Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:

approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; andexcluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising. Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:

approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; andthe combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs. Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except capital intensity)2026
 2025
 % Chg 2026
 2025
 % Chg        Wireless188 365 (48)467 772 (40)Cable367 404 (9)775 850 (9)Media43 26 65 119 61 95 Corporate97 36 169 142 126 13        Capital expenditures1695 831 (16)1,503 1,809 (17)       Capital intensity212.4%15.9%(3.5 pts)13.5%17.7%(4.2 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):      Depreciation and amortization1,194 1,184 1 2,415 2,350 3 Restructuring, acquisition and other211 238 (11)260 365 (29)Finance costs565 628 (10)1,008 1,207 (16)Gain on disposition of assets(30)— — (30)— — Other expense (income)1,019 (9)n/m 1,015 (7)n/m Income tax expense148 173 (14)321 273 18        Net (loss) income(665)148 n/m (183)428 n/m 
Depreciation and amortization

 Three months ended June 30
 Six months ended June 30 (In millions of dollars)2026
 2025
 % Chg
 2026
 2025
 % Chg
              Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 Depreciation of right-of-use assets122 113 8 244 211 16 Amortization141 138 2 283 275 3              Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other

 Three months ended June 30 Six months ended June 30 (In millions of dollars)2026
 2025 2026
 2025
          Restructuring, acquisition and other excluding Shaw Transaction integration-related costs207 213 245 303 Shaw Transaction integration-related costs4 25 15 62          Total restructuring, acquisition and other211 238 260 365 
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Finance costs

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Interest on borrowings, net1502 488 3 984 999 (2)Interest on lease liabilities41 36 14 80 72 11 Interest on post-employment benefits(1)(1)— (3)(3)— Loss (gain) on foreign exchange30 (75)n/m 37 (86)n/m Change in fair value of derivative instruments(23)59 n/m (35)72 n/m Change in fair value of subsidiary equity derivative instruments2(16)93 n/m (121)93 n/m Capitalized interest(8)(8)— (14)(17)(18)Deferred transaction costs and other40 36 11 80 77 4        Total finance costs565 628 (10)1,008 1,207 (16) 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q2 2026 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense

The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense

 Three months ended June 30
 Six months ended June 30(In millions of dollars, except tax rates)2026
 2025
 2026
 2025
      Statutory income tax rate26.2%26.2%26.2%26.2%(Loss) income before income tax expense(517)321 138 701      Computed income tax (recovery) expense(135)84 36 184 Increase (decrease) in income tax expense resulting from:    Non-(taxable) deductible stock-based compensation(7)1 (4)(1)Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 Non-deductible loss on revaluation of MLSE put liability274 — 274 — Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 Other items8 (2)9 —      Total income tax expense148 173 321 273      Effective income tax rate(28.6)%
53.9%232.6%38.9%Cash income taxes paid166 126 366 314           Cash income taxes paid increased this quarter and year to date due to timing of installments.

Net (loss) income

 Three months ended June 30
 Six months ended June 30 (In millions of dollars, except per share amounts)2026
 2025 % Chg
 2026
 2025 % Chg
            Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)$0.79 n/m 
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg
         Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):       Depreciation and amortization11,022 972 5 2,062 1,909 8 Finance costs2581 535 9 1,129 1,114 1 Other income3(15)(9)67 (19)(7)171 Income tax expense4221 232 (5)451 425 6         Adjusted net income633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders640 620 3 1,190 1,163 2         Adjusted earnings per share attributable to RCI shareholders:       Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1  1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4 Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this earnings release. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:

subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Income tax expense148 173 321 273 Finance costs565 628 1,008 1,207 Depreciation and amortization1,194 1,184 2,415 2,350 EBITDA1,242 2,133 3,561 4,258 Add (deduct):    Other expense (income)1,019 (9)1,015 (7)Restructuring, acquisition and other211 238 260 365 Gain on disposition of assets(30)— (30)—      Adjusted EBITDA2,442 2,362 4,806 4,616 
Reconciliation of adjusted net income

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Income tax impact of above items(73)(59)(130)(152)     Adjusted net income633 632 1,183 1,175 
Reconciliation of pro forma trailing 12-month adjusted EBITDA

 As at
December 31 (In millions of dollars)2025    Trailing 12-month adjusted EBITDA9,820 Add (deduct):  MLSE adjusted EBITDA - January to June 2025166    Pro forma trailing 12-month adjusted EBITDA9,986 
Reconciliation of adjusted net income attributable to RCI shareholders

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income attributable to RCI shareholders(726)157 (288)437 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Revaluation of subsidiary US dollar-denominated balances180 (21)131 (21)Income tax impact of above items(85)(59)(149)(152)     Adjusted net income attributable to RCI shareholders640 620 1,190 1,163  1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Cash provided by operating activities1,517 1,596 3,012 2,892 Add (deduct):    Capital expenditures(695)(831)(1,503)(1,809)Interest on borrowings, net and capitalized interest(494)(480)(970)(982)Interest paid456 395 1,008 990 Restructuring, acquisition and other211 238 260 365 Program rights amortization(33)(31)(86)(50)Change in net operating assets and liabilities160 28 319 111 Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Net cash proceeds on subsidiary equity derivatives12 — 24 — Post-employment benefit contributions, net of expense(18)(19)(34)(36)Cash flows relating to other operating activities(16)38 (37)35 Other investment income(1)(9)(2)(5)     Free cash flow982 925 1,758 1,511  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
      Revenue5,615 5,216 11,097 10,192      Operating expenses:    Operating costs3,173 2,854 6,291 5,576 Depreciation and amortization1,194 1,184 2,415 2,350 Restructuring, acquisition and other211 238 260 365 Finance costs565 628 1,008 1,207 Gain on disposition of assets(30)— (30)— Other expense (income)1,019 (9)1,015 (7)     (Loss) income before income tax expense(517)321 138 701 Income tax expense148 173 321 273      Net (loss) income for the period(665)148 (183)428      Net (loss) income for the period attributable to:    RCI shareholders(726)157 (288)437 Non-controlling interest61 (9)105 (9)     (Loss) earnings per share attributable to RCI shareholders:    Basic($1.34)$0.29 ($0.53)$0.81 Diluted($1.37)$0.29 ($0.55)$0.79  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)

 As at
June 30 As at
December 31  2026 2025      Assets    Current assets:    Cash and cash equivalents1,726 1,344 Accounts receivable5,728 6,105 Inventories553 550 Current portion of contract assets153 151 Other current assets1,341 1,239 Current portion of derivative instruments303 99 Total current assets9,804 9,488      Property, plant and equipment26,286 26,307 Intangible assets28,771 28,898 Investments1,292 1,291 Derivative instruments960 746 Financing receivables1,065 1,198 Other long-term assets2,093 2,052 Goodwill20,032 20,032      Total assets90,303 90,012      Liabilities and equity    Current liabilities:    Short-term borrowings2,237 4,000 Accounts payable and accrued liabilities4,375 4,831 Other current liabilities4,838 3,831 Contract liabilities952 1,114 Current portion of long-term debt4,855 1,186 Current portion of lease liabilities728 690 Total current liabilities17,985 15,652      Provisions56 55 Long-term debt35,191 35,872 Lease liabilities2,687 2,428 Other long-term liabilities2,063 2,225 Deferred tax liabilities9,471 9,494 Total liabilities67,453 65,726      Equity    Equity attributable to RCI shareholders16,559 17,751 Non-controlling interest6,291 6,535 Equity22,850 24,286      Total liabilities and equity90,303 90,012  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
 Operating activities:    Net (loss) income for the period(665)148 (183)428 Adjustments to reconcile net income to cash provided by operating activities:    Depreciation and amortization1,194 1,184 2,415 2,350 Program rights amortization33 31 86 50 Finance costs565 628 1,008 1,207 Income tax expense148 173 321 273 Post-employment benefits contributions, net of expense18 19 34 36 Income from associates and joint ventures(14)— (17)(2)Gain on disposition of assets(30)— (30)— Loss on revaluation of MLSE put liability1,034 — 1,034 — Other16 (38)37 (35)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 Change in net operating assets and liabilities(160)(28)(319)(111)Income taxes paid(166)(126)(366)(314)Interest paid, net(456)(395)(1,008)(990)     Cash provided by operating activities1,517 1,596 3,012 2,892      Investing activities:    Capital expenditures(695)(831)(1,503)(1,809)Additions to program rights and other intangible assets(43)(24)(141)(48)Changes in non-cash working capital related to investing activities(83)(68)(195)(56)Acquisitions and other strategic transactions, net of cash acquired— — (85)— Other(6)7 (9)8      Cash used in investing activities(827)(916)(1,933)(1,905)     Financing activities:    Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)Net (repayment) issuance of long-term debt— (2,178)2,169 424 Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 Transaction costs incurred(2)(61)(29)(99)Principal payments of lease liabilities(141)(134)(297)(267)Dividends paid to RCI shareholders(270)(188)(540)(373)Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 Other(1)(3)(2)(4)     Cash (used in) provided by financing activities(350)3,603 (697)5,078      Change in cash and cash equivalents340 4,283 382 6,065 Cash and cash equivalents, beginning of period1,386 2,680 1,344 898      Cash and cash equivalents, end of period1,726 6,963 1,726 6,963  About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information

typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:

revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; andall other statements that are not historical facts. Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:

general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability.
Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:

regulatory changes;technological changes;economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;unanticipated changes in content or equipment costs;changing conditions in the sports, media, entertainment, information, and communications industries;performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;the integration of acquisitions;litigation and tax matters;the level of competitive intensity;the emergence of new opportunities;external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all; the anticipated benefits of the MLSE minority interest acquisition may not be realized;we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies; changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.
These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community ContactMedia Contact  Paul CarpinoSarah Schmidt647.435.6470647.643.6397paul.carpino@[email protected]
Quarterly Investment Community Teleconference

Our second quarter 2026 results teleconference with the investment community will be held on:

July 22, 20268:00 a.m. Eastern Timewebcast available at about.rogers.com/investor-relationsmedia are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.