Financials Rogers Communications Inc.

Equities

RCI.B

CA7751092007

Wireless Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 02:30:00 06/12/2025 am IST			5-day change	1st Jan Change
51.87 ^CAD	-1.01%		-5.05%	+17.38%

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Projected Income Statement: Rogers Communications Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	13,916	14,655	15,396	19,308	20,604	21,493	22,692	22,900
Change	-	5.31%	5.06%	25.41%	6.71%	4.32%	5.58%	0.92%
EBITDA ¹	5,857	5,887	6,393	8,581	9,617	9,710	10,004	10,206
Change	-	0.51%	8.6%	34.22%	12.07%	0.97%	3.02%	2.03%
EBIT ¹	3,239	3,302	3,817	4,460	5,001	4,897	5,249	5,624
Change	-	1.95%	15.6%	16.85%	12.13%	-2.07%	7.17%	7.15%
Interest Paid ¹	-881	-849	-1,233	-2,047	-2,295	-2,047	-2,102	-2,032
Earnings before Tax (EBT) ¹	2,172	2,127	2,289	1,366	2,306	7,575	3,035	3,373
Change	-	-2.07%	7.62%	-40.32%	68.81%	228.49%	-59.93%	11.13%
Net income ¹	1,592	1,558	1,680	849	1,734	6,800	1,996	2,263
Change	-	-2.14%	7.83%	-49.46%	104.24%	292.17%	-70.65%	13.39%
Announcement Date	28/01/21	27/01/22	02/02/23	01/02/24	30/01/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	3,680	3,488	3,582	3,666	3,919	3,619	3,868	3,743	4,166	3,835	5,046	5,092	5,335	4,901	5,093	5,129	5,481	4,976	5,216	5,348	5,926	5,611	5,496	5,384
Change	-	-5.22%	2.69%	2.35%	6.9%	-7.66%	6.88%	-3.23%	11.3%	-7.95%	31.58%	0.91%	4.77%	-8.13%	3.92%	0.71%	6.86%	-9.21%	4.82%	2.53%	10.81%	-5.32%	-2.04%	-2.04%
EBITDA ¹	1,590	1,391	1,374	1,600	1,522	1,539	1,592	1,733	1,679	1,651	2,190	2,411	2,329	2,214	2,325	2,545	2,533	2,254	2,362	2,515	2,589	2,419	2,415	2,563
Change	-	-12.52%	-1.22%	16.45%	-4.88%	1.12%	3.44%	8.86%	-3.12%	-1.67%	32.65%	10.09%	-3.4%	-4.94%	5.01%	9.46%	-0.47%	-11.01%	4.79%	6.48%	2.93%	-6.56%	-0.17%	6.16%
EBIT ¹	924	753	727	958	864	893	954	1,089	1,031	1,020	1,032	1,251	1,157	1,065	1,189	1,388	1,359	1,088	1,178	1,285	1,326	1,016	940	1,281
Change	-	-18.51%	-3.45%	31.77%	-9.81%	3.36%	6.83%	14.15%	-5.33%	-1.07%	1.18%	21.22%	-7.51%	-7.95%	11.64%	16.74%	-2.09%	-19.94%	8.27%	9.08%	3.19%	-23.4%	-7.46%	36.3%
Charge d'intérêts ¹	-228	-218	-206	-207	-218	-258	-357	-331	-287	-296	-583	-600	-568	-580	-576	-568	-571	-579	-628	-252	-527	-	-	-
Earnings before Tax (EBT) ¹	621	489	413	668	557	545	544	504	696	696	136	12	522	335	528	727	716	380	321	6,020	859.3	-	-	-
Change	-	-21.26%	-15.54%	61.74%	-16.62%	-2.15%	-0.18%	-7.35%	38.1%	0%	-80.46%	-91.18%	4,250%	-35.82%	57.61%	37.69%	-1.51%	-46.93%	-15.53%	1,775.39%	-85.73%	-	-	-
Net income ¹	449	361	302	490	405	392	409	371	508	511	109	-99	328	256	394	526	558	280	157	5,754	530.1	348.6	292.8	543.8
Change	-	-19.6%	-16.34%	62.25%	-17.35%	-3.21%	4.34%	-9.29%	36.93%	0.59%	-78.67%	-190.83%	431.31%	-21.95%	53.91%	33.5%	6.08%	-49.82%	-43.93%	3,564.97%	-90.79%	-34.23%	-16.03%	85.74%
Announcement Date	28/01/21	21/04/21	21/07/21	21/10/21	27/01/22	20/04/22	27/07/22	09/11/22	02/02/23	26/04/23	26/07/23	09/11/23	01/02/24	24/04/24	24/07/24	24/10/24	30/01/25	23/04/25	23/07/25	23/10/25	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Rogers Communications Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	18,773	22,130	36,283	41,805	43,957	40,521	39,011	37,189
Change	-	17.88%	63.95%	15.22%	5.15%	-7.82%	-3.73%	-4.67%
Announcement Date	28/01/21	27/01/22	02/02/23	01/02/24	30/01/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Rogers Communications Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,312	2,788	3,075	3,934	4,041	3,730	3,699	3,671
Change	-	20.59%	10.29%	27.93%	2.72%	-7.69%	-0.84%	-0.74%
Free Cash Flow (FCF) ¹	2,366	1,373	1,773	2,414	3,045	3,254	3,314	3,531
Change	-	-41.97%	29.13%	36.15%	26.14%	6.86%	1.84%	6.56%
Announcement Date	28/01/21	27/01/22	02/02/23	01/02/24	30/01/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Rogers Communications Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	42.09%	40.17%	41.52%	44.44%	46.68%	45.18%	44.08%	44.57%
EBIT Margin (%)	23.28%	22.53%	24.79%	23.1%	24.27%	22.79%	23.13%	24.56%
EBT Margin (%)	15.61%	14.51%	14.87%	7.07%	11.19%	35.24%	13.38%	14.73%
Net margin (%)	11.44%	10.63%	10.91%	4.4%	8.42%	31.64%	8.8%	9.88%
FCF margin (%)	17%	9.37%	11.52%	12.5%	14.78%	15.14%	14.6%	15.42%
FCF / Net Income (%)	148.62%	88.13%	105.54%	284.33%	175.61%	47.85%	166.01%	156.01%
Profitability
ROA	4.2%	4.46%	3.92%	3.85%	3.87%	6.12%	3.08%	3.35%
ROE	16.77%	17.94%	18.57%	23.44%	26.09%	18.95%	15.43%	15.45%
Financial Health
Leverage (Debt/EBITDA)	3.21x	3.76x	5.68x	4.87x	4.57x	4.17x	3.9x	3.64x
Debt / Free cash flow	7.93x	16.12x	20.46x	17.32x	14.44x	12.45x	11.77x	10.53x
Capital Intensity
CAPEX / Current Assets (%)	16.61%	19.02%	19.97%	20.37%	19.61%	17.35%	16.3%	16.03%
CAPEX / EBITDA (%)	39.47%	47.36%	48.1%	45.85%	42.02%	38.41%	36.97%	35.97%
CAPEX / FCF (%)	97.72%	203.06%	173.43%	162.97%	132.71%	114.64%	111.62%	103.97%
Items per share
Cash flow per share ¹	8.54	8.241	8.879	9.851	10.62	10.98	12	-
Change	-	-3.5%	7.74%	10.94%	7.78%	3.45%	9.21%	-
Dividend per Share ¹	2	2	2	2	2	2	2.012	2.035
Change	-	0%	0%	0%	0%	0%	0.63%	1.12%
Book Value Per Share ¹	18.96	20.86	19.99	19.7	19.4	32.41	34.7	37.39
Change	-	10.02%	-4.18%	-1.45%	-1.48%	67.01%	7.08%	7.74%
EPS ¹	3.13	3.07	3.32	1.62	3.2	12.4	3.803	4.141
Change	-	-1.92%	8.14%	-51.2%	97.53%	287.36%	-69.32%	8.89%
Nbr of stocks (in thousands)	5,04,925	5,04,925	5,04,925	5,30,021	5,36,101	5,40,225	5,40,225	5,40,225
Announcement Date	28/01/21	27/01/22	02/02/23	01/02/24	30/01/25	-	-	-