Rogers Communications : Supplemental Info (Rogers Supplemental Financial Information Q3 2025 Final)

Supplemental Financial Information

Third Quarter 2025

TSX: RCI NYSE: RCI

‌Rogers Communications Inc. Consolidated Financial Results (unaudited) 2025 2024

(In millions of dollars, except per share amounts) Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24

Revenue
Wireless	2,661	2,540 2,544	10,595	2,981 2,620 2,466 2,528
Cable	1,981	1,968 1,935	7,876	1,983 1,970 1,964 1,959
Media	753	757 542	2,242	547 597 679 419
Corporate items and intercompany eliminations	(47)	(49) (45)	(109)	(30) (58) (16) (5)
Revenue	5,348	5,216 4,976	20,604	5,481 5,129 5,093 4,901
Total service revenue 1	4,739	4,668 4,447	18,066	4,543 4,567 4,599 4,357
Adjusted EBITDA
Wireless	1,374	1,305 1,311	5,312	1,367 1,365 1,296 1,284
Cable	1,153	1,147 1,108	4,518	1,169 1,133 1,116 1,100
Media	75	8 (63)	88	55 136 (2) (101)
Corporate items and intercompany eliminations	(87)	(98) (102)	(301)	(58) (89) (85) (69)
Adjusted EBITDA 2	2,515	2,362 2,254	9,617	2,533 2,545 2,325 2,214
Deduct (add):
Depreciation and amortization	1,230	1,184 1,166	4,616	1,174 1,157 1,136 1,149
Restructuring, acquisition and other	51	238 127	406	83 91 90 142
Finance costs	252	628 579	2295	571 568 576 580
Other (income) expense	(5,038)	(9) 2	(6)	(11) 2 (5) 8
Net income before income tax expense	6,020	321 380	2,306	716 727 528 335
Income tax expense	212	173 100	572	158 201 134 79
Net income	5,808	148 280	1,734	558 526 394 256
Net income attributable to RCI shareholders	5,754	157 280	1,734	558 526 394 256
Earnings per share attributable to RCI shareholders:
Basic	$ 10.66	$ 0.29 $ 0.52	$ 3.25	$ 1.04 $ 0.99 $ 0.74 $ 0.48
Diluted	$ 10.62	$ 0.29 $ 0.50	$ 3.20	$ 1.02 $ 0.98 $ 0.73 $ 0.46
Net income	5,808	148 280	1,734	558 526 394 256
Add (deduct):
Restructuring, acquisition and other	51	238 127	406	83 91 90 142
Change in fair value of subsidiary equity derivative instruments	(134)	93 -	-	- - - -
Depreciation and amortization on fair value increment of Shaw
Transaction-related assets	210	212 229	917	228 227 220 242
Gain on repayment of long-term debt	(151)	- -	-	- - - -
Gain on revaluation of MLSE investment	(5,016)	- -	-	- - - -
Income tax impact of above items	(42)	(59) (93)	(338)	(75) (82) (81) (100)
Adjusted net income 2	726	632 543	2,719	794 762 623 540
Adjusted net income attributable to RCI shareholders 2	740	620 543	2,719	794 762 623 540
Adjusted earnings per share attributable to RCI shareholders: 2
Basic	$ 1.37	$ 1.15 $ 1.01	$ 5.09	$ 1.48 $ 1.43 $ 1.17 $ 1.02
Diluted	$ 1.37	$ 1.14 $ 0.99	$ 5.04	$ 1.46 $ 1.42 $ 1.16 $ 0.99

1As defined. See "Key Performance Indicators".

2 Adjusted EBITDA is a total of segments measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted basic and adjusted diluted earnings per share) are non-GAAP financial measures. 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 Q3 2025 MD&A for more information about these measures, available at https://www.sedarplus.ca and at investors.rogers.com.

1 Rogers Communications Inc.

Supplemental Financial Information - Third Quarter 2025

‌Rogers Communications Inc.

Additional Information

(unaudited)

	2025			2024
(In millions of dollars, except capital intensity and per share amounts)	Q3'25	Q2'25	Q1'25	Annual	Q4'24 Q3'24 Q2'24 Q1'24
Capital expenditures Wireless Cable Media Corporate	367 477 75 45	365 407 404 446 26 35 36 90		1,596 1,939 259 247	446 350 396 404 439 511 509 480 57 36 47 119 65 80 47 55
Capital expenditures 1	964	831 978		4,041	1,007 977 999 1,058
Capital intensity 2 Wireless Cable Media Consolidated Adjusted EBITDA Deduct: Capital expenditures 1 Interest on borrowings, net and capitalized interest Cash income taxes paid Distributions paid by subsidiaries to non-controlling interest	13.8 % 24.1 % 10.0 % 18.0 % 2,515 964 474 234 14	14.4 % 16.0 % 20.5 % 23.0 % 3.4 % 6.5 % 15.9 % 19.7 % 2,362 2,254 831 978 480 502 126 188 - -		15.1 % 24.6 % 11.6 % 19.6 % 9,617 4,041 1,986 545 -	15.0 % 13.4 % 16.1 % 16.0 % 22.1 % 25.9 % 25.9 % 24.5 % 10.4 % 6.0 % 6.9 % 28.4 % 18.4 % 19.0 % 19.6 % 21.6 % 2,533 2,545 2,325 2,214 1,007 977 999 1,058 491 497 502 496 157 156 158 74 - - - -
Free cash flow 2	829	925 586		3,045	878 915 666 586
Dividends declared 3 Dividends per share	270 $ 0.50	270 269 $ 0.50 $ 0.50		1,068 $ 2.00	269 267 266 266 $ 0.50 $ 0.50 $ 0.50 $ 0.50

1Includes additions to property, plant and equipment net of proceeds on disposition, 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. Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" in our Q3 2025 MD&A for more information about these measures, available at https://www.sedarplus.ca and at investors.rogers.com.

3Under the terms of our dividend reinvestment plan, a portion of the dividends declared in Q1 2025 and earlier have been settled through the issuance of RCI Class B Non-Voting Shares.

‌Rogers Communications Inc.

Free Cash Flow

(unaudited)

	2025			2024
(In millions of dollars)	Q3'25	Q2'25	Q1'25	Annual	Q4'24	Q3'24	Q2'24	Q1'24
Cash provided by operating activities	1,515	1,596	1,296	5,680	1,135	1,893	1,472	1,180
Add (deduct):
Capital expenditures	(964)	(831)	(978)	(4,041)	(1,007)	(977)	(999)	(1,058)
Interest on borrowings, net and capitalized interest	(474)	(480)	(502)	(1,986)	(491)	(497)	(502)	(496)
Interest paid, net	543	395	595	2,087	465	593	474	555
Restructuring, acquisition and other	51	238	127	406	83	91	90	142
Program rights amortization	(15)	(31)	(19)	(63)	(11)	(13)	(23)	(16)
Change in net operating assets and liabilities	133	28	83	876	667	(200)	120	289
Distributions paid by subsidiaries to non-controlling interests	(14)	-	-	-	-	-	-	-
Other adjustments 1	54	10	(16)	86	37	25	34	(10)
Free cash flow	829	925	586	3,045	878	915	666	586

1Consists of post-employment benefit contributions, net of expense (Q3 2025 - ($19 million)), cash flows relating to other operating activities (Q3 2025 - $75 million), and other investment income

(Q3 2025 - ($2 million)) from our financial statements.

‌Rogers Communications Inc.

Adjusted Net Debt

(unaudited)

	2025		2024
(In millions of dollars, except ratios)	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Current portion of long-term debt	1,599	955	2,256	3,696	2,600	2,619	1,355
Long-term debt	36,723	39,897	42,196	38,200	37,694	37,966	38,965
Deferred transaction costs and discounts	826	983	966	951	987	1,023	1,055
	39,148	41,835	45,418	42,847	41,281	41,608	41,375
Add (deduct):
Adjustment of US dollar-denominated debt to hedged rate	(1,753)	(1,464)	(2,744)	(2,855)	(1,312)	(1,640)	(1,404)
Subordinated notes adjustment 1	(3,484)	(3,444)	(3,549)	(1,540)	(1,506)	(1,514)	(1,508)
Short-term borrowings	3,613	1,600	2,102	2,959	2,893	3,039	3,066
Deferred government grant liability 2	80	76	56	39	-	-	-
Current portion of lease liabilities	612	611	603	587	566	560	531
Lease liabilities	2,415	2,342	2,195	2,191	2,162	2,159	2,136
Cash and cash equivalents	(1,512)	(6,963)	(2,680)	(898)	(802)	(451)	(764)
Adjusted net debt 3	39,119	34,593	41,401	43,330	43,282	43,761	43,432
Divided by: trailing 12-month adjusted EBITDA	9,664	9,694	9,657	9,617	9,413	9,279	9,144
Debt leverage ratio 3	4.0	3.6	4.3	4.5	4.6	4.7	4.7
Divided by: pro forma trailing 12-month adjusted EBITDA 3	9,914
Pro forma debt leverage 3	3.9

1For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

2For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.

3Adjusted net debt and debt leverage ratio are capital management measures. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and a component of pro

forma debt leverage ratio. 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 Q3 2025 MD&A for more information about these measures, available at https://www.sedarplus.ca and at investors.rogers.com.

‌Rogers Communications Inc.

Consolidated Statements of Financial Position

(unaudited)

	2025		2024
(In millions of dollars)	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
ASSETS
Current assets:
Cash and cash equivalents	1,512	6,963	2,680	898	802	451	764
Accounts receivable	5,590	5,386	5,176	5,478	4,903	4,853	4,810
Inventories	481	549	562	641	472	512	506
Current portion of contract assets	157	160	165	171	183	185	170
Other current assets	1,298	990	1,080	849	835	849	1,121
Current portion of derivative instruments	166	69	274	336	77	105	99
Assets held for sale	166	-	-	-	137	137	137
Total current assets	9,370	14,117	9,937	8,373	7,409	7,092	7,607
Property, plant and equipment	26,218	25,288	25,191	25,072	24,812	24,691	24,530
Intangible assets	28,868	17,581	17,725	17,858	17,981	18,098	17,768
Investments	1,169	593	596	615	602	605	603
Derivative instruments	825	697	1,095	997	791	821	794
Financing receivables	1,055	1068	1131	1189	976	1006	1075
Other long-term assets	1,864	1561	1,167	1,027	910	725	759
Goodwill	20,246	16,280	16,280	16,280	16,280	16,280	16,280
Total assets	89,615	77,185	73,122	71,411	69,761	69,318	69,416
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	3,613	1,600	2,102	2,959	2,893	3,039	3,066
Accounts payable and accrued liabilities	4,368	3,906	3,616	4,059	3,721	3,631	3,780
Income tax payable	-	12	18	26	-	-	-
Other current liabilities	3,777	476	500	482	369	358	351
Contract liabilities	1,105	737	871	800	690	749	845
Current portion of long-term debt	1,599	955	2,256	3,696	2,600	2,619	1,355
Current portion of lease liabilities	612	611	603	587	566	560	531
Liabilities associated with assets held for sale	49	-	-	-	-	-	-
Total current liabilities	15,123	8,297	9,966	12,609	10,839	10,956	9,928
Provisions	58	62	62	61	61	62	62
Long-term debt	36,723	39,897	42,196	38,200	37,694	37,966	38,965
Lease liabilities	2,415	2,342	2,195	2,191	2,162	2,159	2,136
Other long-term liabilities	2,243	2,513	1,805	1,666	1,507	1,361	1,378
Deferred tax liabilities	9,423	6,207	6,270	6,281	6,232	6,197	6,338
Total liabilities	65,985	59,318	62,494	61,008	58,495	58,701	58,807
Equity
Equity attributable to RCI shareholders	16,943	11,220	10,628	10,403	11,266	10,617	10,609
Non-controlling interest	6,687	6,647	-	-	-	-	-
Equity	23,630	17,867	10,628	10,403	11,266	10,617	10,609
Total liabilities and equity	89,615	77,185	73,122	71,411	69,761	69,318	69,416

‌Rogers Communications Inc. Consolidated Statements of Cash Flows (unaudited) 2025 2024

(In millions of dollars) Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24

Cash provided by (used in):
Operating activities:
Net income for the period	5,808	148 280		1,734	558	526	394	256
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,230	1,184 1,166		4,616	1,174	1,157	1,136	1,149
Program rights amortization	15	31 19		63	11	13	23	16
Finance costs	252	628 579		2295	571	568	576	580
Income tax expense	212	173 100		572	158	201	134	79
Post-employment benefits contributions, net of expense	19	19 17		82	28	19	20	15
(Income) losses from associates and joint ventures	(20)	- (2)		(8)	(9)	2	-	(1)
Gain on revaluation of MLSE investment	(5,016)	- -		-	-	-	-	-
Other	(75)	(38) 3		(166)	(67)	(44)	(59)	4
Cash provided by operating activities before changes in net operating assets and
liabilities, income taxes paid, and interest paid	2,425	2,145	2,162	9,188	2,424	2,442	2,224	2,098
Change in net operating assets and liabilities	(133)	(28)	(83)	(876)	(667)	200	(120)	(289)
Income taxes paid	(234)	(126)	(188)	(545)	(157)	(156)	(158)	(74)
Interest paid	(543)	(395)	(595)	(2087)	(465)	(593)	(474)	(555)
Cash provided by operating activities	1,515	1,596	1,296	5,680	1,135	1,893	1,472	1,180
Investing activities:
Capital expenditures	(964)	(831) (978)		(4,041)	(1,007)	(977)	(999)	(1,058)
Additions to program rights	(21)	(24) (24)		(72)	(16)	(33)	(10)	(13)
Changes in non-cash working capital related to capital expenditures and
intangible assets	(51)	(68) 12		136	167	(70)	(48)	87
Acquisitions and other strategic transactions, net of cash acquired	(4,499)	- -		(475)	-	-	(380)	(95)
Other	(3)	7 1		(3)	(14)	(1)	(1)	13
Cash used in investing activities	(5,538)	(916)	(989)	(4,455)	(870)	(1,081)	(1,438)	(1,066)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings	1,972	(483)	(853)	1,138	19	(142)	(43)	1,304
Net (repayment) issuance of long-term debt	(2,928)	(2,178)	2,602	(1,103)	5	18	(18)	(1,108)
Net (payments) proceeds on settlement of debt derivatives and forward contracts	(37)	(6)	83	107	110	(25)	24	(2)
Transaction costs incurred	(4)	(61)	(38)	(47)	(1)	-	(4)	(42)
Principal payments of lease liabilities	(147)	(134)	(133)	(478)	(120)	(127)	(119)	(112)
Dividends paid to RCI shareholders	(270)	(188)	(185)	(739)	(181)	(186)	(182)	(190)
Distributions paid by subsidiaries to non-controlling interests	(14)	-	-	-	-	-	-	-
Issuance of subsidiary shares to non-controlling interest	-	6,656	-	-	-	-	-	-
Other	-	(3)	(1)	(5)	(1)	1	(5)	-
Cash (used in) provided by financing activities	(1,428)	3,603	1,475	(1,127)	(169)	(461)	(347)	(150)
Change in cash and cash equivalents	(5,451)	4,283	1,782	98	96	351	(313)	(36)
Cash and cash equivalents, beginning of period	6,963	2,680	898	800	802	451	764	800
Cash and cash equivalents, end of period	1,512	6,963	2,680	898	898	802	451	764

‌Rogers Communications Inc. Wireless (unaudited) 2025 2024

(In millions of dollars, except margins) Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24

Revenue Service revenue from external customers Service revenue from internal customers	2,029 30	1,972 27	2,003 23	8,041 67	2,038 20	2,038 28	1,979 9	1,986 10
Service revenue Equipment revenue from external customers	2,059 602	1,999 541	2,026 518	8,108 2,487	2,058 923	2,066 554	1,988 478	1,996 532
Revenue	2,661	2,540	2,544	10,595	2,981	2,620	2,466	2,528
Operating costs
Cost of equipment	569	528	508	2,489	913	545	492	539
Other operating costs	718	707	725	2,794	701	710	678	705
Operating costs	1,287	1,235	1,233	5,283	1,614	1,255	1,170	1,244
Adjusted EBITDA	1,374	1,305	1,311	5,312	1,367	1,365	1,296	1,284
Adjusted EBITDA margin 1	66.7 %	65.3 %	64.7 %	65.5 %	66.4 %	66.1 %	65.2 %	64.3 %
Capital expenditures	367	365	407	1,596	446	350	396	404

1Calculated using service revenue.

Subscriber Results 1

(In thousands, except churn and mobile phone ARPU)

Postpaid mobile phone
Gross additions	385	362	337	1,914	561	459	451	443
Net additions	62	35	11	380	69	101	112	98
Total postpaid mobile phone subscribers 2,3	10,961	10,910	10,779	10,768	10,768	10,699	10,598	10,486
Churn (monthly)	0.99 %	1.00 %	1.01 %	1.21 %	1.53 %	1.12 %	1.07 %	1.10 %
Prepaid mobile phone
Gross additions	149	135	132	534	117	185	148	84
Net additions (losses)	49	26	23	132	26	93	50	(37)
Total prepaid mobile phone subscribers 2,3	1,205	1,160	1,129	1,106	1,106	1,161	1,068	1,018
Churn (monthly)	2.86 %	3.23 %	3.34 %	3.17 %	2.80 %	2.80 %	3.20 %	3.90 %
Mobile phone ARPU (monthly) 4	$56.70	$55.45	$56.94	$57.98	$58.04	$58.57	$57.24	$58.06

1Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".

2As at end of period.

3Effective April 1, 2025, and on a prospective basis, we adjusted our mobile phone subscriber bases to add 96,000 postpaid subscribers and 5,000 prepaid subscribers associated with the completion of the migration of customers from brands we had previously stopped selling. We believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our mobile phone business.

Further, during the third quarter, 11,000 postpaid mobile phone and 4,000 prepaid mobile phone customers impacted by the ongoing decommissioning of our 3G network have been excluded from our customer base and churn metrics above.

4 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2025 MD&A for an explanation as to the composition of this measure, available at https://www.sedarplus.ca and at investors.rogers.com.

‌Rogers Communications Inc.

Cable

(unaudited)

	2025			2024
(In millions of dollars, except margins)	Q3'25	Q2'25	Q1'25	Annual	Q4'24 Q3'24 Q2'24 Q1'24
Revenue Service revenue from external customers Service revenue from internal customers	1,957 17	1,944 1,907 17 17		7,750 75	1,950 1,930 1,935 1,935 18 32 13 12
Service revenue Equipment revenue from external customers	1,974 7	1,961 1,924 7 11		7,825 51	1,968 1,962 1,948 1,947 15 8 16 12
Revenue	1,981	1,968 1,935		7,876	1,983 1,970 1,964 1,959
Operating costs	828	821 827		3,358	814 837 848 859
Adjusted EBITDA	1,153	1,147 1,108		4,518	1,169 1,133 1,116 1,100
Adjusted EBITDA margin Capital expenditures	58.2 % 477	58.3 % 57.3 % 404 446		57.4 % 1,939	59.0 % 57.5 % 56.8 % 56.2 % 439 511 509 480

Subscriber Results 1
(In thousands, except ARPA and penetration)
Homes passed 2 Customer relationships Net additions Total customer relationships 2,3 ARPA (monthly) 4 Penetration 2	10,438 20 4,845 $136.05 46.4 %	10,354 10,270 16 4 4,825 4,687 $135.74 $136.97 46.6 % 45.6 %	10,205 47 4,683 $140.12 45.9 %	10,205 10,145 10,061 9,992 14 13 13 7 4,683 4,669 4,656 4,643 $140.31 $140.36 $139.62 $140.10 45.9 % 46.0 % 46.3 % 46.5 %
Retail Internet Net additions Total retail Internet subscribers 2,3 Video Net losses Total Video subscribers 2 Home Monitoring Net additions (losses) Total Home Monitoring subscribers 2 Home Phone Net losses Total Home Phone subscribers 2	29 4,475 (36) 2,524 7 148 (31) 1,421	26 23 4,446 4,296 (25) (32) 2,560 2,585 3 5 141 138 (29) (26) 1,452 1,481	111 4,273 (134) 2,617 44 133 (122) 1,507	26 33 26 26 4,273 4,247 4,214 4,188 (35) (39) (33) (27) 2,617 2,652 2,691 2,724 13 19 13 (1) 133 120 101 88 (27) (29) (31) (35) 1,507 1,534 1,563 1,594

1Subscriber results are key performance indicators. See "Key Performance Indicators".

2As at end of period.

3Effective April 1, 2025, and on a prospective basis, we added 122,000 customer relationships and 124,000 retail Internet subscribers to reflect the completion of the migration of subscribers from legacy Fido Internet plans that we had previously removed when we stopped selling new plans for this service. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our retail Internet business.

4 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2025 MD&A for an explanation as to the composition of this measure, available at https://www.sedarplus.ca and at investors.rogers.com.

‌Rogers Communications Inc. Media (unaudited) 2025 2024

(In millions of dollars, except margins) Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24

Revenue from external customers	678	679	463	1,973	480	530	608	355
Revenue from internal customers	75	78	79	269	67	67	71	64
Revenue	753	757	542	2,242	547	597	679	419
Operating costs	678	750	604	2,154	492	461	681	520
Adjusted EBITDA	75	8	(63)	88	55	136	(2)	(101)
Adjusted EBITDA margin	10.0 %	1.1 %	(11.6)%	3.9 %	10.1 %	22.8 %	0.0%	(24.1)%
Capital expenditures	75	26	35	259	57	36	47	119

‌Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2024 Annual MD&A and our Q3 2025 MD&A. 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 non-GAAP or other financial measures (see "Non-GAAP and Other Financial Measures" in our Q3 2025 MD&A), are not measurements in accordance with IFRS. They include:

• subscriber counts;

  • Wireless;

  • Cable; and

  • homes 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; and

• total service revenue.