Rogers started with a simple goal to connect communities... now it has become one of Canada's most reliable networks, supporting everything from smart cities to innovations in remote areas.

Recently, this network improved even more in Eastern Ontario. Thirty-four new 5G towers are now up and running, providing fast and reliable service to rural and Indigenous communities that previously had poor or no coverage. This is part of the EORN Cell Gap Project, a $300m public-private partnership to improve coverage in the region. With 222 active towers and upgrades at 311 existing sites, Rogers is creating a strong network that boosts public safety, economic growth, and digital access.

Rogers' Q3: Strong Connectivity, Softer Profit Tune

Telecom is more than just towers and cables—it's a part of daily life. For Rogers, Q3 25 was positive, with revenue increasing 4.3% y/y to about CAD 5.4bn. Its primary segments—Wireless, Cable, and Media each played a part. Wireless - nearly half of the business - struck the loudest note with CAD 2.1bn in service revenue, powered by 111,000 new mobile customers, taking the base to 12.2 million. Postpaid churn hit its best level in over two years at 0.99%, down by 13bp y/y—a sign of stickier subscribers.

Cable added 29,000 Internet customers and lifted revenue to roughly CAD 2bn, backed by sturdy margins. Media delivered the surprise crescendo: revenue surged 26% y/y to CAD 753m, buoyed by a strong Toronto Blue Jays season and the addition of Maple Leaf Sports & Entertainment Ltd. (MLSE), pointing to an annual run-rate near CAD 4bn.

Yet profitability hit a softer note—adjusted EBITDA slipped 1%, and the margin fell 206bp on seasonal MLSE softness, pulling adjusted net income down 5%. For investors, the melody remains growth, but the harmony of margin will be worth watching.

From towers to cash: Rogers lifts guidance for 2025

Rogers is turning up the volume on its outlook for FY 25: Management raised guidance ranges on the back of capital efficiencies and strategic investments. Total service revenue growth is now expected between +3% and +5%, while adjusted EBITDA is projected to rise by +3%. FCF is also set to climb, with expectations reaching CAD 3.3bn, underscoring confidence in the company's ability to convert network builds and acquisitions into shareholder returns.

Ringing in yields with a bullish buzz

Rogers Communications, valued at over CAD 27.4bn, is trading at a P/E ratio of 13.3x based on 2026 estimated earnings—well below its 5-year adjusted average of 17.5x. The company has a strong history of paying consistent dividends, with an average yield above 4% and around 4% expected in the future, providing steady returns to investors.

Adding to the appeal, analysts' are mainly positive about Rogers, with 12 buy ratings and the other three on hold, reflecting a bullish tilt. With an average target price of CAD 59.2, this implies 16.7% upside potential over the current share price, while the high-end target of CAD 71 suggests over 40.1% upside potential.

Strong signal, static risks

Rogers may be lighting up Eastern Ontario one tower at a time, but the road ahead isn't without potholes. Rising capex, integration risks around MLSE and satellite bets, regulatory scrutiny, and fierce competition could all crimp returns, even as earnings wobble with sports seasonality and macro headwinds. However, in April, Rogers secured a CAD 7bn equity investment from Blackstone and Canadian pension funds, reducing leverage by about one turn and freeing up capital for network expansion and shareholder returns.

For now, however, the story is clear: Rogers is betting big that the next wave of Canadian growth will ride on its networks—and investors are being asked to believe the signal will stay strong.