Rogers (ROG) can be described with the following analogies:

• Like a Canadian Comcast or Charter Communications, offering mobile phone, internet, and television services.
• Imagine Verizon's robust wireless network merged with Comcast's cable and internet services, all operating as a leading Canadian company.

• Wireless Communication Services: Provides mobile voice, text, and data plans along with mobile device sales and financing to consumers and businesses.
• Internet Services: Offers high-speed internet access, including cable and fiber-to-the-home connections, for residential and business customers.
• Television Services: Delivers cable and IPTV television packages, featuring various channels, on-demand content, and PVR capabilities.
• Home Phone Services: Provides digital landline telephone services for residential use.
• Media Broadcasting (Television & Radio): Operates a portfolio of conventional television stations (Citytv) and specialty channels, alongside numerous radio stations across Canada.
• Sports & Entertainment: Owns and manages the Toronto Blue Jays Major League Baseball team, Rogers Centre stadium, and operates Sportsnet, a national sports media brand.
• Business Connectivity & IT Services: Offers a suite of services for enterprises, including network connectivity, voice solutions, data centre services, and managed IT services.

Rogers Communications (Symbol: ROG)

Rogers Communications primarily serves individual consumers and households across Canada. While the company does have a significant business segment providing telecommunications and media solutions to other companies, the bulk of its revenue and customer base comes from its direct-to-consumer services.

Therefore, Rogers primarily sells to individuals, and its major customer categories include:

• Wireless Subscribers: Individuals who subscribe to mobile phone services (talk, text, and data plans) through Rogers' various brands, including Rogers, Fido, and Chatr.
• Residential Internet Subscribers: Households and individuals who subscribe to Rogers' high-speed home internet services.
• Residential TV and Home Phone Subscribers: Households and individuals who subscribe to Rogers' cable television services and/or home phone services, often bundled with internet subscriptions.

• Ericsson (ERIC)
• Nokia Corporation (NOK)
• Cisco Systems, Inc. (CSCO)
• CommScope Holding Company, Inc. (COMM)

1. Execution Risk of Operational Restructuring and Turnaround: Rogers Corporation is undergoing significant operational restructuring and a turnaround effort, which presents substantial execution risk. These initiatives involve streamlining operations, optimizing manufacturing footprints, and implementing cost controls, leading to potential financial strain, one-time charges, and short-term earnings volatility. The successful execution of these strategies is critical for the company's profitability and future performance.
2. Intense Market Competition and Economic Uncertainties: The company operates in a highly competitive industry characterized by continuous technological advancements and pricing pressures. Rogers Corporation also faces threats from broader economic uncertainties, such as potential U.S.-China supply chain decoupling and fluctuations in foreign currency exchange rates, which can impact its performance. The company has experienced declines in net sales, reflecting a challenging market environment.
3. Global Supply Chain Vulnerabilities and Regulatory Environment: Rogers Corporation's reliance on global manufacturing operations and supply chains exposes it to various risks, including political instability, trade policy changes, and potential disruptions. Additionally, the company must navigate a complex regulatory landscape, with changes in environmental laws and trade policies, and has previously faced challenges, such as a terminated merger due to a lack of regulatory approval.

• Fixed Wireless Access (FWA) as a Broadband Alternative: Competitors such as Bell and Telus are aggressively deploying and marketing 5G Fixed Wireless Access (FWA) services. These wireless internet solutions directly compete with Rogers' traditional cable internet offerings by providing a viable, often high-speed, alternative without requiring extensive wireline infrastructure to individual homes, thus challenging Rogers' core broadband market share.
• Direct-to-Device (D2D) Satellite Connectivity: Companies like Starlink (in partnership with T-Mobile) and AST SpaceMobile are actively developing and testing technology to enable standard smartphones to connect directly to satellites for basic cellular services (e.g., text, low-bandwidth data). While in early stages, this emerging technology has the potential to bypass traditional terrestrial cellular networks for basic connectivity, particularly in remote areas, and could disrupt established mobile revenue streams over the long term.
• Accelerated Shift of Advertising Revenue to Digital Platforms: Rogers' Media division faces an intensifying threat from the ongoing and accelerating migration of advertising spending from traditional broadcast media (TV and radio) to diverse digital platforms. This includes not only major tech giants but also the rapidly growing ecosystem of short-form video, social media, and user-generated content platforms (e.g., TikTok, YouTube Shorts), which increasingly capture audience attention and advertising budgets, directly impacting Rogers' media revenue streams.

For the public company Rogers (symbol: ROG), which refers to Rogers Corporation, the addressable markets for its main products and services are as follows:

• Advanced Connectivity Solutions (ACS): This segment focuses on high-performance materials used in wireless infrastructure, automotive radar systems, aerospace and defense, and advanced communication networks.
  • Market size for 5G Infrastructure (components and materials): The global 5G infrastructure market size was estimated at USD 24.33 billion in 2024 and is projected to reach USD 172.93 billion by 2030.
  • Market size for Automotive Radar Systems (components and materials): The global automotive radar market size was valued at USD 5.17 billion in 2023 and is expected to grow to USD 14.8 billion by 2032.
• Elastomeric Material Solutions (EMS): This segment provides innovative elastomeric materials for cushioning, sealing, vibration management, and impact protection in various industries including automotive, transportation, construction, aerospace, footwear, and portable electronics.
  • Market size for Technical Elastomers (global): The global technical elastomers market size was valued at USD 101.4 billion in 2022 and is projected to reach USD 161.4 billion by 2032.
  • Market size for Foam and Silicone Materials (relevant sub-segments for cushioning/sealing/impact protection): The global silicone market size was estimated at USD 19.3 billion in 2022 and is projected to reach USD 34.6 billion by 2032. The global polyurethane foam market size was valued at USD 51.5 billion in 2023 and is projected to reach USD 85.9 billion by 2033.
• Power Electronics Solutions (PES): This segment delivers advanced materials for power management and thermal management, including ceramic substrates and busbars, used in applications such as electric vehicles (EV/HEV), renewable energy systems, and industrial equipment.
  • Market size for Power Electronics in EV/HEV (components and materials): The global power electronics market for EV/HEV applications was valued at USD 12.02 billion in 2023 and is projected to reach USD 71.04 billion by 2033.
  • Market size for Ceramic Substrates for Power Modules (global): The global ceramic substrates market, which includes power modules, was estimated at USD 1.12 billion in 2023 and is projected to reach USD 1.83 billion by 2032.
  • Market size for Busbars (global, relevant for power distribution): The global busbar market size was valued at USD 16.4 billion in 2022 and is projected to reach USD 27.2 billion by 2032.

Rogers Corporation (NYSE: ROG) is expected to experience future revenue growth over the next two to three years driven by several key factors:

• Growth in Electric Vehicle (EV) and Renewable Energy Markets: Rogers Corporation is strategically focusing on growth opportunities within the electric vehicle and renewable energy sectors. This includes making measured investments in capacity and capabilities, such as the establishment of a new power substrate factory in China, to capitalize on these expanding markets.
• Operational Efficiency and Cost Reduction Initiatives: The company is prioritizing operational improvements, enhanced product mix, and diligent expense management. Ongoing cost containment actions are projected to generate at least $13 million in additional annual savings by 2026, contributing to margin improvements. Initiatives like shifting manufacturing to lower-cost Asian regions are also expected to improve financial flexibility and lead to structural margin gains.
• Expansion in High-Value Advanced Materials: Rogers is looking to expand its presence in high-value advanced materials. This strategic focus is anticipated to offset potential margin risks associated with restructuring and competitive pressures, thereby contributing to overall revenue growth.
• Return to Profitability and Strong Earnings Growth: Analysts forecast Rogers to achieve profitability within the next three years, with an anticipated annual earnings jump of over 161%. This significant improvement in financial performance is expected to bolster the company's ability to invest in further growth initiatives and strengthen its market position.

Share Repurchases

• Rogers repurchased $10.0 million of its shares in the third quarter of 2025.
• In the second quarter of 2025, the company repurchased $28.1 million in shares.
• As of the third quarter of 2025, approximately $66 million remained authorized under its existing share repurchase program.

Share Issuance

• Information explicitly detailing dollar amounts of shares issued for cash was not readily available in the provided timeframe. The company's outstanding shares decreased from 18.5 million in Q3 2024 to 17.9 million in Q3 2025, indicating a net reduction primarily due to repurchases.

Inbound Investments

• Starboard Value and its affiliates disclosed beneficial ownership of 6.7% of Rogers' shares as of October 24, 2025, acquired through open market purchases totaling over $79 million.

Capital Expenditures

• Rogers' capital expenditures were $7.7 million in the third quarter of 2025 and $8.1 million in the second quarter of 2025.
• The company forecasts total capital expenditures for the full year 2025 to be between $30 million and $40 million.
• In prior years, capital expenditures were $56.1 million in 2024, $57 million in 2023, and $116.788 million in 2022. These expenditures have focused on ERP implementation, maintenance, new capacity, and expansion of the curamik facility in China.