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Rogers Communications Reports Third Quarter 2023 Results

Press Release

Rogers delivers strong results across the board as Canadians continue to choose Rogers more than any other carrier in Canada with record wireless net loading

• Mobile phone and Internet net adds of 279,000, up 52,000 from Q3 last year

• Q3 total mobile phone net adds of 261,000, up 40,000 from last year – best quarterly result ever

• Q3 postpaid mobile phone net adds of 225,000 – strongest loading on record

• Year to date postpaid mobile phone net adds of 490,000, up 39% year over year

• Q3 Internet net loading of 18,000, up 12,000 year over year with growth ramping in both East and West Shaw integration and synergy targets ahead of plan driven by continued strong execution

• Industry-leading Cable margins of 54.2% up 650 basis points from last year

• Systems, networks, Rogers branding, and overall operations continuing to be integrated and progressing ahead of plan

• Market share gains accelerating in the West supported by largest and best 5G network and only coast-to-coast Internet network

• Synergies realized year to date now at $188 million; Company anticipates $600 million run-rate by year-end – six months ahead of plan
Strong and industry-leading financials delivered across all parts of operations supported by strong execution

• Total service revenue up 40%; adjusted EBITDA up 52%

• Wireless service revenue up 15%; adjusted EBITDA up 18%; Wireless blended ARPU up 4%

• Cable service revenue up 105%; adjusted EBITDA up 132%

• Media revenue up 11%; adjusted EBITDA up 41% Company achieves debt leverage ratio of 4.9x ahead of schedule; now targeting 4.8x by year-end Company reaffirms industry-leading 2023 financial guidance across all metrics

• Reaffirming 2023 outlook for total service revenue growth of 26% to 30%, adjusted EBITDA growth of 33% to 36%, free cash flow expected to be at upper end of $2.2 billion to $2.5 billion, and capital expenditures target of $3.7 billion to $3.9 billion

TORONTO (November 9, 2023) – Rogers Communications Inc. today announced its unaudited financial and operating results for the third quarter ended September 30, 2023.

“We continued to deliver industry-leading results in the third quarter, reflecting seven straight quarters of growth and momentum,” said Tony Staffieri, President and CEO. “Six months into our Shaw integration, we’re tracking ahead of our synergy targets and deleveraging plans. At the same time, we continue to introduce new technology, new innovations, and new value propositions to Canadians. The team is firing on all cylinders and executing with discipline, I am very pleased with our progress.”

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