Here are 1-2 brief analogies for Rogers Communications (RCI):

• Canada's Verizon and Comcast combined.
• Like a Canadian AT&T, offering wireless, internet, TV, and sports media.

• Wireless Services: Provides mobile voice, text, and data connectivity for smartphones, tablets, and other wireless devices across Canada.
• Internet Services: Offers high-speed broadband internet access to residential and business customers.
• Television Services: Delivers cable television programming, including live TV, on-demand content, and PVR capabilities.
• Home Phone Services: Provides traditional home phone connectivity using VoIP technology.
• Media & Content: Owns and operates television and radio broadcasting stations, digital media properties, and sports entertainment assets.

Rogers Communications (symbol: RCI) primarily sells telecommunications and media services to individuals (residential consumers) and businesses across Canada. As the company sells primarily to individuals and a broad range of businesses rather than a few identifiable large corporate customers, its major customers can be categorized as follows:

• Residential Consumers: This is Rogers' largest customer base, consisting of individuals and households across Canada who subscribe to its wireless (mobile phone), internet, television, and home phone services.
• Small and Medium Businesses (SMBs): Rogers serves a significant number of small and medium-sized businesses with wireless services, high-speed internet connectivity, voice solutions, and other tailored business communication tools.
• Enterprise and Public Sector Clients: Rogers Business provides a range of telecommunications and IT services to larger corporations, government entities, and public sector organizations, including advanced connectivity solutions, managed IT services, and data centre solutions.

• Ericsson (NASDAQ: ERIC)
• Corning (NYSE: GLW)
• CommScope (NASDAQ: COMM)

Tony Staffieri, President and CEO

Tony Staffieri was appointed President and CEO of Rogers Communications in November 2021, becoming permanent in January 2022. Prior to this role, he served as the Chief Financial Officer (CFO) of Rogers for nine years. His career includes senior leadership positions at PricewaterhouseCoopers, Celestica International, and Bell Canada Enterprises. Staffieri played a significant role in the successful completion of the Rogers-Shaw merger.

Glenn Brandt, Chief Financial Officer

Glenn Brandt was appointed Chief Financial Officer of Rogers Communications in January 2022. He brings over 35 years of financial management experience, with 31 years of his career progression within Rogers. Before becoming CFO, he held roles such as Senior Vice President, Corporate Finance, and earlier, Vice President, Treasurer, where he led Investor Relations and Corporate Development. Brandt also previously served as CFO of Shaw Communications, Inc.

Colette Watson, President, Rogers Sports & Media

Colette Watson serves as the President of Rogers Sports & Media, overseeing the company's $2 billion sports and media business and approximately 2,800 employees. She has been with Rogers for over three decades, holding various senior roles across Media, Regulatory, and Cable divisions, having first joined in 1990. Watson briefly left Rogers in 2020 to lead CPAC (Cable Public Affairs Channel) as President & General Manager, a not-for-profit channel, before re-joining Rogers in January 2022. She has been instrumental in renewing the NHL partnership and securing significant content deals with NBCUniversal and Warner Bros Discovery.

Zoran Stakic, Chief Transformation Officer

Zoran Stakic was appointed Chief Transformation Officer of Rogers Communications in April 2023. Before joining Rogers, he served as Chief Operations Officer and Chief Technology Officer at Shaw Communications for five years. Stakic has 25 years of experience in network technology, product development, business and tech operations, supply chain, and information security, including prior work at Sprint Canada.

Marisa Wyse, Chief Legal Officer and Corporate Secretary

Marisa Wyse was appointed Chief Legal Officer and Corporate Secretary of Rogers in January 2022. In this role, she is responsible for leading the legal and governance affairs across all of Rogers and was instrumental in the Rogers-Shaw merger. Prior to joining Rogers, Marisa practiced as a tax lawyer at a Canadian law firm, with an emphasis on corporate transactions.

The key risks to Rogers Communications (RCI) include its substantial debt load, intense competition and the tight regulatory environment in the Canadian telecommunications market, and the potential for reputational damage due to service reliability issues.

1. High Debt Load: Rogers Communications carries a significant debt burden, which is frequently cited as a major financial risk, particularly following its recent acquisitions. The company's debt leverage ratio was 3.9x as of September 30, 2025. This high level of indebtedness, with a debt-to-equity ratio of approximately 2.65 as of Q3 2025, is higher than the industry median and could restrict Rogers' capacity for future investments and growth.
2. Intense Competition and Regulatory Environment: The Canadian wireless and cable markets are highly competitive, which limits Rogers' pricing power and affects its revenue and subscriber growth. Beyond market competition, Rogers operates within a tight regulatory environment. Regulatory scrutiny over the concentrated telecom market in Canada could lead to stricter tariffs or oversight, thereby constraining the company's pricing flexibility and overall profitability from bundled services. This external risk explicitly influenced Rogers to lower its expected 2025 capital expenditures.
3. Reputation Damage and Service Reliability: Rogers has experienced high-profile network outages that have negatively impacted its reputation for service reliability. Such incidents can lead to customer churn, potentially driving subscribers to rival providers like Bell and Telus, and hindering customer acquisition and retention efforts.

• Direct-to-device satellite communication: The emergence of satellite-based communication services that enable basic messaging and emergency calls directly to consumer smartphones, bypassing traditional cellular networks. Examples include Apple's Emergency SOS via Satellite and planned direct-to-cell services from Starlink (with T-Mobile) and AST SpaceMobile. This threatens the core value proposition of traditional cellular network coverage, particularly in remote or underserved areas, and could eventually impact revenue from basic connectivity services.
• Direct-to-consumer (DTC) streaming of premium live sports: A growing trend where sports leagues and content owners bypass traditional broadcasters like Rogers Media (Sportsnet) to offer their content directly to consumers via streaming subscriptions. Examples include Apple's MLS Season Pass and Amazon's exclusive NFL Thursday Night Football rights. This threatens Rogers' ability to secure exclusive rights, drives up content acquisition costs, and erodes the value proposition of their sports broadcasting assets.
• Expansion of low Earth orbit (LEO) satellite internet services: The increasing availability and performance of LEO satellite internet services, such as Starlink, which offer high-speed broadband directly to consumers and businesses. This presents a direct competitive threat to Rogers' wireline internet services, particularly in suburban, rural, and remote areas where traditional cable or fiber infrastructure may be less robust or non-existent.

Below are the addressable market sizes for Rogers Communications' main products and services in Canada:

• Wireless Services: The mobile services market in Canada represented 55.2% of total telecommunications revenues in 2023. The Canadian Telecom Mobile Network Operator (MNO) market size is estimated at USD 49.96 billion in 2025 and is projected to reach USD 63.51 billion by 2030. Mobile data service revenue is expected to increase from USD 13.6 billion in 2024 to USD 17.4 billion in 2029 in Canada.
• Fixed Internet Services: The fixed internet market in Canada constituted 28% of all telecommunications revenues in 2023. Fixed broadband revenue is expected to increase from USD 11.3 billion in 2024 to USD 14.4 billion by 2029 in Canada. The Canadian Telecom MNO market size for Data and Internet Services is projected to reach USD 34 billion by 2030.
• Cable TV/Broadcasting Services: The broadcasting and cable TV market in Canada generated a revenue of USD 19,275.7 million in 2024 and is expected to reach USD 24,854.8 million by 2030. The Canadian broadcasting and cable TV market had total revenues of USD 8.6 billion in 2022. Traditional TV platforms' subscription revenue in Canada was approximately USD 6.5 billion on an annual basis in 2024. The TV Broadcasting industry in Canada is valued at USD 2.7 billion in 2025.
• Media (Digital Media): The digital media market in Canada generated a revenue of USD 41,088.9 million in 2023 and is expected to reach USD 96,397.8 million by 2030. The broader Canadian media industry had total revenues of USD 27.6 billion in 2022.

Rogers Communications (symbol: RCI) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and ongoing business segment performance:

1. Continued Subscriber Growth in Wireless and Internet Services: Rogers has demonstrated consistent strength in attracting and retaining customers in its core wireless and internet segments. The company reported significant mobile phone and internet net additions in recent quarters, including 227,000 combined additions in Q3 2024 and 502,000 year-to-date. Furthermore, Rogers achieved 111,000 mobile phone subscribers and 29,000 retail Internet subscriber additions in Q3 2025. This growth is supported by improved customer loyalty, with postpaid wireless churn reaching its lowest in over two years at 0.99% in Q3 2025.
2. Realization of Synergies from the Shaw Communications Acquisition: The strategic acquisition of Shaw Communications, finalized in April 2023, significantly expanded Rogers' footprint in Western Canada's cable and internet markets. The integration of Shaw is projected to generate approximately $1 billion in annual synergies by the end of 2025, which is identified as a crucial factor for enhancing the company's financial performance.
3. Expansion and Monetization of Media Assets, including MLSE: Rogers views its growing Media segment, particularly through the acquisition of a majority stake (75% controlling interest) in Maple Leaf Sports & Entertainment (MLSE), as a significant new "pillar of growth". This investment has already contributed to substantial media revenue growth, with a 10% increase in Q2 2025 and a 26% surge in Q3 2025, driven by expanded content and strong performance from assets like the Toronto Blue Jays and NHL playoffs on Sportsnet. Rogers anticipates pro forma calendar 2025 Media revenue, including MLSE, to be around C$3.9 billion.
4. Ongoing Investment in Network Modernization and 5G Expansion: Rogers is continuously investing heavily in its network infrastructure, including the ongoing rollout of its 5G network across Canada. This commitment to technological advancement, such as the successful trials of DOCSIS 4 modem technology and the introduction of Wi-Fi 7 and 10G capabilities, is vital for maintaining a competitive edge, enhancing service quality, and enabling future product offerings. These network improvements are crucial for attracting and retaining high-value subscribers and supporting new product pipelines.

Share Repurchases

• Rogers Communications announced a Normal Course Issuer Bid (NCIB) on April 22, 2020, to purchase up to 35,758,662 Class B Non-Voting shares, representing approximately 10% of the public float, or for an aggregate purchase price of $500 million, expiring on April 23, 2021.
• Under its prior NCIB, as of April 20, 2020, Rogers had repurchased 7,723,244 Class B shares at a weighted average price of $64.74.

Share Issuance

• As part of the Shaw Communications acquisition, the Shaw Family Living Trust received 60% of their consideration in the form of 23.6 million Class B shares of Rogers.

Inbound Investments

• Blackstone, along with a group of Canadian institutional investors, completed a CDN$7 billion equity investment in a new subsidiary of Rogers Communications on June 20, 2025.
• This investment provided Blackstone with a non-controlling 49.9% equity interest and 20% voting interest in the subsidiary, which owns a portion of Rogers' wireless backhaul transport infrastructure.
• The proceeds from this transaction were used to repay a portion of Rogers' debt, contributing to a reduction in its debt leverage ratio.

Outbound Investments

• Rogers Communications acquired Shaw Communications in a transaction valued at approximately $26 billion (inclusive of $6 billion of Shaw debt), which was announced on March 15, 2021, and completed on April 3, 2023.
• As part of the Shaw acquisition, Rogers committed to investing $2.5 billion in 5G networks across Western Canada over five years.
• In September 2024, Rogers acquired an additional stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion, increasing its ownership to 75%.

Capital Expenditures

• Rogers Communications' capital expenditures for fiscal years ending December 2020 to 2024 averaged $2.439 billion, peaking at $3.051 billion in 2023 and reaching a 5-year low of $1.817 billion in 2020.
• The company's capital expenditure guidance for 2025 is approximately $3.7 billion.
• Primary focus areas for capital expenditures include network development, 5G deployment, fibre-to-the-home (FTTH) deployments, and expanding network footprint to rural and underserved communities.