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  4. [6-K] ROGERS COMMUNICATIONS INC Current Report (Foreign Issuer)

Rogers Q3 net income falls 91% to C$495 million

New CRTC requirements for covered Internet providers on speed and latency disclosures take effect March 10, 2027.

Filing Impact
(Moderate)
Filing Sentiment

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Form Type
6-K

Rhea-AI Filing Summary

Rogers Communications Inc. reported third-quarter 2026 revenue of $5.443 billion, up 2%, and total service revenue of $4.780 billion, up 1%, year over year. All dollar amounts are in Canadian dollars. Adjusted EBITDA was $2.535 billion, up 1%, while adjusted net income was $701 million, down 3%. Net income was $495 million versus $5.768 billion a year earlier; the prior-year result included a $5 billion non-cash gain from revaluing its existing MLSE interest and a $151 million gain on debt redemption.

Cash provided by operating activities rose 9% to $1.658 billion, and free cash flow increased 65% to $1.370 billion. On October 1, 2026, Rogers completed its $4.35 billion cash acquisition of MLSE’s remaining 25% interest, funded through short-term credit facilities, bringing its ownership to 100%. Rogers is pursuing a sale of a minority interest in its sports, media and entertainment assets by the first half of 2027, with proceeds expected to repay debt; any sale would require approval from the leagues governing its professional teams and is not guaranteed.

1 point · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

How the balance works

Positive

  • Moderate pointCash provided by operating activities rose 9% to $1.658 billion.

Negative

  • Moderate pointQ3 net income fell 91% to $495 million.

Filing Explained

The acquisition borrowing matures in September twenty twenty-seven, while the September thirtieth liquidity snapshot predates the facilities’ full draw.

For the completed MLSE purchase, Rogers borrowed $4,367 million under facilities that mature in September 2027, setting the disclosed repayment date for this acquisition financing.

Separately, Rogers received $2,000 million in net proceeds from its September 2026 subordinated-note issuance and intends to use them to redeem $2,000 million of notes due in 2081 in December 2026; that redemption is planned, not reported as completed.

The $8,289 million available-liquidity figure is as of September 30, 2026 and excludes the $4.35 billion facilities, which Rogers says were drawn in full on October 1, 2026.

Revenue $5.443 billion Three months ended September 30, 2026; up 2% year over year
Total service revenue $4.780 billion Three months ended September 30, 2026; up 1% year over year
Adjusted EBITDA $2.535 billion Three months ended September 30, 2026; up 1% year over year
Adjusted net income $701 million Three months ended September 30, 2026; down 3% year over year
Net income $495 million Three months ended September 30, 2026; down 91% year over year
Cash provided by operating activities $1.658 billion Three months ended September 30, 2026; up 9% year over year
Free cash flow $1.370 billion Three months ended September 30, 2026; up 65% year over year
MLSE minority interest acquisition price $4.35 billion in cash Completed October 1, 2026, for the remaining 25% interest
Adjusted EBITDA financial
"Consolidated adjusted EBITDA increased 1% this quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"free cash flow of $1,370 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Debt leverage ratio financial
"Our debt leverage ratio was 3.7 as at September 30, 2026"
Debt leverage ratio measures how much a company borrows compared with the size of its balance sheet — typically shown as debt divided by equity or by total assets. Think of it like a household mortgage ratio: higher leverage means more borrowing relative to what you own, which can boost returns when things go well but increases interest costs and the chance of trouble if revenue falls. Investors watch it to judge financial risk, borrowing capacity and potential impact on earnings and share value.
Subordinated notes financial
"we issued three tranches of subordinated notes"
Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was RCI's revenue in the third quarter of 2026?
Rogers reported revenue of $5.443 billion for the three months ended September 30, 2026, up 2% year over year. Total service revenue was $4.780 billion, up 1%.

How much did RCI pay for its remaining interest in MLSE?
Rogers completed the acquisition of Kilmer Sports Inc.’s remaining 25% interest in MLSE on October 1, 2026, for $4.35 billion in cash, funded through short-term credit facilities. Rogers then held 100% ownership of MLSE.

What dividend did RCI declare in October 2026?
The board declared a quarterly dividend of $0.50 per Class A Voting common share and Class B Non-Voting common share on October 22, 2026. It is payable January 5, 2027, to shareholders of record December 8, 2026.

How much available liquidity did RCI report at September 30, 2026?
Rogers reported $8.3 billion of available liquidity as at September 30, 2026, including $3.2 billion in cash and cash equivalents and $5.1 billion available under bank and other credit facilities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →
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Available on EDGAR Accepted by SEC EDGAR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 ________________________________________________

FORM 6-K
 ________________________________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 ________________________________________________
For the month of October, 2026
Commission File Number 001-10805
 ________________________________________________
ROGERS COMMUNICATIONS INC.
(Translation of registrant’s name into English)
 ________________________________________________
333 Bloor Street East
10th Floor
Toronto, Ontario M4W 1G9
Canada
(Address of principal executive offices)
________________________________________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F  o             Form 40-F  þ


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ROGERS COMMUNICATIONS INC.
By:/s/ Glenn Brandt
Name: Glenn Brandt
Title: Chief Financial Officer
Date: October 23, 2026


Exhibit Index
 
Exhibit Number  Description of Document
99.1  Management's Discussion and Analysis of Rogers Communications Inc. for the third quarter ended September 30, 2026
99.2Interim Condensed Consolidated Financial Statements of Rogers Communications Inc. for the third quarter ended September 30, 2026
99.3Earnings Release of Rogers Communications Inc. for the third quarter ended September 30, 2026



MANAGEMENT'S DISCUSSION AND ANALYSIS    Exhibit 99.1

This Management's Discussion and Analysis (MD&A) contains important information about our business and our performance for the three and nine months ended September 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This MD&A should be read in conjunction with our Third Quarter 2026 Interim Condensed Consolidated Financial Statements (Third Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the MLSE minority interest acquisition are to our acquisition of the remaining 25% interest in MLSE from Kilmer Sports Inc., which was completed on October 1, 2026 (see "Update on sports and entertainment assets"). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this MD&A are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This MD&A is current as at October 22, 2026 and was approved by RCI's Board of Directors (the Board) on that date.

We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

In this MD&A, this quarter, the quarter, or third quarter refer to the three months ended September 30, 2026, first quarter refers to the three months ended March 31, 2026, second quarter refers to the three months ended June 30, 2026, and year to date refers to the nine months ended September 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this MD&A are owned or used under licence by Rogers Communications Inc. or an affiliate. This MD&A may also include trademarks of other third parties. The trademarks referred to in this MD&A may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes
Rogers Communications Inc.
1
Third Quarter 2026

to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Where to find it
2
Strategic Highlights
29
Commitments and Contractual Obligations
3
Quarterly Financial Highlights
29
Regulatory Developments
4
Summary of Consolidated Financial Results
30
Updates to Risks and Uncertainties
5
Results of our Reportable Segments
31
Material Accounting Policies and Estimates
11
Review of Consolidated Performance
32
Financial Guidance
14
Managing our Liquidity and Financial Resources
32
Key Performance Indicators
21
Overview of Financial Position
33
Non-GAAP and Other Financial Measures
22
Financial Condition
37
Other Information
25
Financial Risk Management
39
About Forward-Looking Information

Strategic Highlights

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country
•Expanded our 5G/5G+ network nationally, including in New Brunswick and Quebec.
•Completed 350 new wireless sites and upgraded 300 existing sites as part of the $300 million Eastern Ontario Regional Network Cell Gap Project.
•Leveraged Rogers Satellite capabilities to offer free Rogers Satellite to all Rogers wireless customers in British Columbia during the state of emergency caused by wildfires.

Deliver easy to use, reliable products and services
•Added exclusive Sportsnet+ content, including Monday Night Hockey, for Rogers Xfinity customers at no additional cost.
•Introduced new wireless product lineups from Apple and Samsung Galaxy.
•Carried 510 terabytes of mobile data on our 5G+ network at stadiums and fan zones in Toronto and Vancouver on FIFA World Cup match days.

Be the first choice for Canadians
•Drew an American League-leading over 3.3 million fans to Toronto Blue Jays games at the Rogers Centre this season - more than 97% of capacity, the club's best attendance since 2016, and third-highest in the MLB.
•Earned the number-one ranking for Rogers radio stations among adults aged 25-53 in Toronto, Edmonton, and Vancouver, as reported by Numeris.

Be a strong national company investing in Canada
•Signed an agreement with Kilmer Sports Inc. to acquire its remaining 25% stake in MLSE on October 1.
•Donated $1 million to Alberta children's charities through the Rogers Charity Classic.
•Renewed Mobi by Rogers through 2029 with Vancouver Bike Share to connect riders across the city.

Be the growth leader in our industry
•Grew total service revenue by 1% and adjusted EBITDA by 1%.
•Generated strong free cash flow1 of $1,370 million and cash flow from operating activities of $1,658 million.

Update on sports and entertainment assets
On October 1, 2026, we completed the MLSE minority interest acquisition for $4.35 billion in cash, which we funded through short-term credit facilities (see "Managing our Liquidity and Financial Resources" for more information). Upon completing this transaction, we have obtained a 100% ownership interest in MLSE.

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. On completion of the MLSE minority interest acquisition, MLSE became a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

1 Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" for more information about this measure.
Rogers Communications Inc.
2
Third Quarter 2026

We are pursuing the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors by the first half of 2027, the proceeds from which we expect to use to repay debt and further improve our balance sheet. We remain committed to unlocking what we view as significant unrecognized value in our sports assets.

Quarterly Financial Highlights

Revenue
Total revenue increased by 2% and total service revenue increased by 1% this quarter, primarily as a result of revenue growth in Media.

Wireless service revenue decreased by 1% this quarter primarily as a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the Canadian Radio-television and Telecommunications Commission's (CRTC) decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Wireless equipment revenue increased by 9%, primarily as a result of a continued shift in the product mix towards higher-value devices, higher device upgrades by existing customers, and disciplined pricing.

Cable service revenue this quarter was in line with the prior year as the impact of retail Internet subscriber growth and base management activities was offset by declines in our Home Phone and Video subscriber bases. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.

Media revenue increased by 9% this quarter, primarily as a result of higher sports revenue and subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 1% this quarter, driven by EBITDA growth across all our businesses, and our adjusted EBITDA margin decreased by 40 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 68%, up 130 basis points.

Cable adjusted EBITDA increased by 1% as a result of various efficiency initiatives. This gave rise to an adjusted EBITDA margin of 59%, up 40 basis points. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

Media adjusted EBITDA increased by 12%, primarily due to the flow-through impact of the aforementioned revenue impacts and associated costs.

Net income and adjusted net income
Adjusted net income decreased by 3% this quarter, primarily as a result of higher finance costs, partially offset by higher adjusted EBITDA. Net income decreased by $5,273 million this quarter as it was also impacted by a $5 billion non-cash gain in the prior year to recognize our existing 37.5% interest in MLSE at fair value, which was required as a result of the MLSE Transaction, and the $151 million gain on the redemption of long-term debt in the prior year.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,658 million (2025 - $1,515 million), which increased as a result of lower income taxes paid, and free cash flow of $1,370 million (2025 - $829 million), which increased as a result of lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at September 30, 2026, we had $8.3 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $3.2 billion in cash and cash equivalents and $5.1 billion available under our bank and other credit facilities. In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date (see "Managing our Liquidity and Financial Resources"). The $4.35 billion of credit facilities we entered into in September 2026 (see "Managing our Liquidity and Financial Resources") are not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see "Update on sports and entertainment assets").
2 Available liquidity and debt leverage ratio are capital management measures. See "Non-GAAP and Other Financial Measures" and "Financial Condition" for more information about these measures.
Rogers Communications Inc.
3
Third Quarter 2026


Our debt leverage ratio2 was 3.7 as at September 30, 2026 (December 31, 2025 - 4.0, which reflects the combined results of Rogers including MLSE for the period from the MLSE Transaction closing date (July 1, 2025) to December 31, 2025, and standalone Rogers results prior to July 2025 in trailing 12-month adjusted EBITDA). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on October 22, 2026.

Summary of Consolidated Financial Results
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins and per share amounts)20262025% Chg20262025% Chg
Revenue
Wireless2,688 2,661 1 7,819 7,745 1 
Cable1,987 1,981 — 5,919 5,884 1 
Media821 753 9 2,964 2,052 44 
Corporate items and intercompany eliminations(53)(47)13 (162)(141)15 
Revenue5,443 5,348 2 16,540 15,540 6 
Total service revenue 1
4,780 4,739 1 14,747 13,854 6 
Adjusted EBITDA
Wireless1,383 1,374 1 4,019 3,990 1 
Cable1,164 1,153 1 3,444 3,408 1 
Media84 75 12 153 20 n/m
Corporate items and intercompany eliminations(96)(87)10 (275)(287)(4)
Adjusted EBITDA 2
2,535 2,515 1 7,341 7,131 3 
Adjusted EBITDA margin 2
46.6 %47.0 %(0.4 pts)44.4 %45.9 %(1.5 pts)
Net income 3:
495 5,768 (91)312 6,196 (95)
Net income attributable to RCI shareholders482 5,714 (92)194 6,151 (97)
Earnings per share attributable to RCI shareholders 3:
Basic$0.89 $10.58 (92)$0.36 $11.41 (97)
Diluted$0.88 $10.54 (92)$0.33 $11.38 (97)
Adjusted net income 2
701 726 (3)1,884 1,901 (1)
Adjusted net income attributable to RCI shareholders 2
704 740 (5)1,894 1,903 — 
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$1.30 $1.37 (5)$3.51 $3.53 (1)
Diluted
$1.29 $1.37 (6)$3.46 $3.52 (2)
Capital expenditures524 964 (46)2,027 2,773 (27)
Cash provided by operating activities1,658 1,515 9 4,670 4,407 6 
Free cash flow1,370 829 65 3,128 2,340 34 
n/m - not meaningful
1    As defined. See "Key Performance Indicators".
2    Adjusted EBITDA is a total of segments measure. Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders) are non-GAAP financial measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures.
3    Net income and earnings per share for the three and nine months ended September 30, 2025 include a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Rogers Communications Inc.
4
Third Quarter 2026


Results of our Reportable Segments

WIRELESS

Wireless Financial Results
Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,996 2,029 (2)5,947 6,004 (1)
Service revenue from internal customers37 30 23 107 80 34 
Service revenue
2,033 2,059 (1)6,054 6,084 — 
Equipment revenue from external customers
655 602 9 1,765 1,661 6 
Revenue
2,688 2,661 1 7,819 7,745 1 
Operating costs
Cost of equipment579 569 2 1,623 1,605 1 
Other operating costs
726 718 1 2,177 2,150 1 
Operating costs
1,305 1,287 1 3,800 3,755 1 
Adjusted EBITDA1,383 1,374 1 4,019 3,990 1 
Adjusted EBITDA margin 1
68.0 %66.7 %1.3 pts66.4 %65.6 %0.8 pts
Capital expenditures
171 367 (53)638 1,139 (44)
1    Calculated using service revenue.

Wireless Subscriber Results 1
  Three months ended September 30Nine months ended September 30
(In thousands, except churn and mobile phone ARPU)20262025Chg20262025Chg
Postpaid mobile phone
Gross additions347 385 (38)1,109 1,084 25 
Net additions6 62 (56)56 108 (52)
Total postpaid mobile phone subscribers 2
11,051 10,961 90 11,051 10,961 90 
Churn (monthly)1.03 %0.99 %0.04 pts1.06 %1.00 %0.06 pts
Prepaid mobile phone
Gross additions186 149 37 534 416 118 
Net additions11 49 (38)34 98 (64)
Total prepaid mobile phone subscribers 2
1,234 1,205 29 1,234 1,205 29 
Churn (monthly)4.77 %2.86 %1.91 pts4.60 %3.14 %1.46 pts
Mobile phone ARPU (monthly) 3
$55.22 $56.70 ($1.48)$55.05 $56.40 ($1.35)
1    Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

Service revenue
The 1% decrease in service revenue this quarter was a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the CRTC's decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Service revenue year to date was in line with the prior year.

The decreases in postpaid gross and net additions this quarter, and net additions year to date, were primarily a result of promotional discipline and lower overall market activity in Canada.

The increase in postpaid gross additions year to date was a result of the highly promotional and competitive Canadian market activity in the first quarter.
Rogers Communications Inc.
5
Third Quarter 2026


Equipment revenue
The 9% increase in equipment revenue this quarter and 6% increase year to date were primarily a result of:
•a continued shift in the product mix towards higher-value devices;
•higher device upgrades by existing customers; and
•disciplined pricing; partially offset by
•a decrease in new subscribers purchasing devices.

Operating costs
Cost of equipment
The 2% increase in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs
The 1% increases in other operating costs this quarter and year to date were a result of higher commissions and higher costs related to Rogers Satellite.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

Rogers Communications Inc.
6
Third Quarter 2026


CABLE

Cable Financial Results
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,961 1,957 — 5,835 5,808 — 
Service revenue from internal customers18 17 6 56 51 10 
Service revenue
1,979 1,974 — 5,891 5,859 1 
Equipment revenue from external customers
8 7 14 28 25 12 
Revenue1,987 1,981 — 5,919 5,884 1 
Operating costs
823 828 (1)2,475 2,476 — 
Adjusted EBITDA1,164 1,153 1 3,444 3,408 1 
Adjusted EBITDA margin58.6 %58.2 %0.4 pts58.2 %57.9 %0.3 pts
Capital expenditures315 477 (34)1,090 1,327 (18)

Cable Subscriber Results 1
  Three months ended September 30Nine months ended September 30
(In thousands, except ARPA and penetration)20262025Chg20262025Chg
Homes passed 2
10,683 10,438 245 10,683 10,438 245 
Customer relationships
Net (losses) additions(2)20 (22)4 40 (36)
Total customer relationships 2
4,860 4,845 15 4,860 4,845 15 
ARPA (monthly) 3
$135.72 $136.05 ($0.33)$134.80 $136.47 ($1.67)
Penetration 2
45.5 %46.4 %(0.9 pts)45.5 %46.4 %(0.9 pts)
Retail Internet
Net additions10 29 (19)34 78 (44)
Total retail Internet subscribers 2
4,531 4,475 56 4,531 4,475 56 
Video
Net losses(35)(36)1 (89)(93)4 
Total Video subscribers 2
2,414 2,524 (110)2,414 2,524 (110)
Home Monitoring
Net additions5 7 (2)10 15 (5)
Total Home Monitoring subscribers 2
163 148 15 163 148 15 
Home Phone
Net losses(26)(31)5 (82)(86)4 
Total Home Phone subscribers 2
1,307 1,421 (114)1,307 1,421 (114)
1    Subscriber results are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

Service revenue
Service revenue this quarter was in line with the prior year. The 1% increase year to date was a result of:
•retail Internet subscriber growth; and
•base management activities, including adjustments to subscriber rates and bundled service offerings; partially offset by
•declines in our Home Phone and Video subscriber bases.

Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.

Rogers Communications Inc.
7
Third Quarter 2026


Operating costs
The 1% decrease in operating costs this quarter was a result of:
•ongoing efficiency and productivity initiatives; partially offset by
•increased licensing rights associated with changes to our bundled service offerings.

Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

Rogers Communications Inc.
8
Third Quarter 2026


MEDIA

Media Financial Results
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue from external customers750 678 11 2,741 1,820 51 
Revenue from internal customers71 75 (5)223 232 (4)
Revenue
821 753 9 2,964 2,052 44 
Operating costs
737 678 9 2,811 2,032 38 
Adjusted EBITDA84 75 12 153 20 n/m
Adjusted EBITDA margin10.2 %10.0 %0.2 pts5.2 %1.0 %4.2 pts
Capital expenditures46 75 (39)165 136 21 

Revenue
The 9% increase in revenue this quarter was a result of:
•higher sports revenue, including:
•higher game day attendance at the Toronto Blue Jays;
•the NHL regular season beginning in September this year; and
•higher sports league and other revenue related to other sporting events held at our venues;
•higher advertising revenue on Sportsnet; and
•higher subscriber revenue from the Warner Bros. Discovery suite of channels; partially offset by
•lower advertising revenue as a result of ongoing softness in non-sports media advertising.

The 44% increase in revenue year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.79 billion in revenue in the first and second quarters of 2026. Excluding the consolidation of MLSE, organic revenue growth was 6% year to date as a result of higher game day attendance at the Toronto Blue Jays and higher subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.

Operating costs
The 9% increase in operating costs this quarter was a result of:
•higher player salaries and related costs at the Toronto Blue Jays and the Toronto Maple Leafs, including as a result of the NHL regular season beginning in September this year; and
•higher programming costs.

The 38% increase year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.64 billion in costs in the first and second quarters of 2026. Excluding the consolidation of MLSE, the organic increase in operating costs was 7% year to date and primarily reflects higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.

Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

Rogers Communications Inc.
9
Third Quarter 2026


CAPITAL EXPENDITURES
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except capital intensity)20262025% Chg20262025% Chg
Wireless171 367 (53)638 1,139 (44)
Cable315 477 (34)1,090 1,327 (18)
Media46 75 (39)165 136 21 
Corporate(8)45 (118)134 171 (22)
Capital expenditures 1
524 964 (46)2,027 2,773 (27)
Capital intensity 2
9.6 %18.0 %(8.4 pts)12.3 %17.8 %(5.5 pts)
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects. In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral, cancellation, or sale of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $133 million and $223 million (2025 - $13 million and $13 million), respectively, of proceeds received on the sale of certain network assets, which reduced capital expenditures. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. We also sold certain cable network assets for $86 million and $132 million (2025 - nil and $47 million) this quarter and year to date, respectively, the proceeds from which reduced capital expenditures. The sold assets were associated with under-construction rural fibre network projects we have deprioritized in the current environment. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The decrease in capital expenditures in Media this quarter was a result of lower modernization costs at Scotiabank Arena as construction nears completion. The increase year to date reflects higher costs in the first half of the year related to the continued modernization of Rogers Centre and Scotiabank Arena.

Corporate
The decreases in capital expenditures in Corporate this quarter and year to date primarily reflect the impact of $55 million (2025 - nil and $5 million) of proceeds received on the sale of certain real estate (land and building) assets.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.
Rogers Communications Inc.
10
Third Quarter 2026


Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Deduct (add):
Depreciation and amortization1,202 1,230 (2)3,617 3,580 1 
Restructuring, acquisition and other104 51 104 364 416 (13)
Finance costs623 252 147 1,631 1,459 12 
Gain on disposition of assets
(67)— — (97)— — 
Other (income) expense 1
(22)(4,998)(100)993 (5,005)n/m
Income tax expense200 212 (6)521 485 7 
Net income495 5,768 (91)312 6,196 (95)
1    Other income for the three and nine months ended September 30, 2025 includes a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Depreciation and amortization
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Depreciation of property, plant and equipment927 971 (5)2,815 2,835 (1)
Depreciation of right-of-use assets140 117 20 384 328 17 
Amortization135 142 (5)418 417 — 
Total depreciation and amortization1,202 1,230 (2)3,617 3,580 1 

Restructuring, acquisition and other
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs
97 35 342 338 
Shaw Transaction integration-related costs
7 16 22 78 
Total restructuring, acquisition and other104 51 364 416 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the third quarter and year to date in 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in the second quarter of 2026. Year to date in 2026, we also incurred costs associated with certain litigation.

In 2025, the third quarter costs also included expenses related to closing the MLSE Transaction and real estate rationalization programs. Year to date in 2025, the costs also included expenses directly related to completing the network transaction and an unfavourable regulatory decision related to retransmission of distant signals.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Rogers Communications Inc.
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Third Quarter 2026


Finance costs
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Interest on borrowings, net 1
497 481 3 1,481 1,480 — 
Interest on lease liabilities42 37 14 122 109 12 
Interest on post-employment benefits
(2)(1)100 (5)(4)25 
Gain on redemption of long-term debt 2
— (151)(100)— (151)(100)
(Gain) loss on foreign exchange(7)43 n/m30 (43)n/m
Change in fair value of derivative instruments4 (62)n/m(31)10 n/m
Change in fair value of subsidiary equity derivative instruments 3
38 (134)n/m(83)(41)102 
Capitalized interest(8)(7)14 (22)(24)(8)
Deferred transaction costs and other59 46 28 139 123 13 
Total finance costs623 252 147 1,631 1,459 12 
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2    Reflects the net gain on the redemption of long-term debt purchased in the third quarter of 2025 (see "Managing our Liquidity and Financial Resources" for more information).
3    Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other (income) expense
The other expense year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026, as a result of the July 2026 agreement to complete the MLSE minority interest acquisition (see "Update on sports and entertainment assets"). In 2025, the other income primarily reflected a $5 billion non-cash gain to recognize our interest in MLSE at fair value, which was required as a result of the MLSE Transaction.

Income tax expense
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except tax rates)2026202520262025
Statutory income tax rate26.2 %26.2 %26.2 %26.2 %
Income before income tax expense695 5,980 833 6,681 
Computed income tax expense182 1,567 218 1,751 
Increase (decrease) in income tax expense resulting from:
Non-taxable gain on revaluation of MLSE investment— (1,304)— (1,304)
Non-(taxable) deductible stock-based compensation(2)7 (6)6 
Non-taxable portion of equity income— (4)(3)(3)
Non-deductible loss on revaluation of MLSE put liability— — 274 — 
Non-deductible (taxable) portion of capital losses (gains)10 (31)— 13 
Unrealized capital losses for which no deferred tax asset is recognized13 4 32 49 
Recognition of previously unrecognized capital loss carryforwards
— (10)— (10)
Other items(3)(17)6 (17)
Total income tax expense200 212 521 485 
Effective income tax rate28.8 %3.5 %62.5 %7.3 %
Cash income taxes paid48 234 414 548 

Cash income taxes paid decreased this quarter and year to date due to timing of installments.

Rogers Communications Inc.
12
Third Quarter 2026


Net income
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Net income495 5,768 (91)312 6,196 (95)
Net income attributable to RCI shareholders482 5,714 (92)194 6,151 (97)
Basic earnings per share attributable to RCI shareholders$0.89 $10.58 (92)$0.36 $11.41 (97)
Diluted earnings per share attributable to RCI shareholders$0.88 $10.54 (92)$0.33 $11.38 (97)

Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:
Three months ended September 30Nine months ended September 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Deduct (add):
Depreciation and amortization 1
1,029 1,020 1 3,091 2,929 6 
Finance costs 2
585 537 9 1,714 1,651 4 
Other income 3
(22)(22)— (41)(29)41 
Income tax expense 4
242 254 (5)693 679 2 
Adjusted net income
701 726 (3)1,884 1,901 (1)
Adjusted net income attributable to RCI shareholders
704 740 (5)1,894 1,903 — 
Adjusted earnings per share attributable to RCI shareholders:
Basic
$1.30 $1.37 (5)$3.51 $3.53 (1)
Diluted
$1.29 $1.37 (6)$3.46 $3.52 (2)
1    Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and nine months ended September 30, 2026 of $173 million and $526 million (2025 - $210 million and $651 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2    Finance costs exclude the $38 million and $83 million (2025 - $134 million and $41 million) change in fair value of subsidiary equity derivative instruments for the three and nine months ended September 30, 2026. Finance costs also exclude the $151 million gain on repayment of long-term debt for the three and nine months ended September 30, 2025.
3    Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability for the nine months ended September 30, 2026 (see "Update on sports and entertainment assets" for more information). Other income also excludes a $4,976 million gain on revaluation of our investment in MLSE as a result of the MLSE Transaction for the three and nine months ended September 30, 2025.
4    Income tax expense excludes recoveries of $42 million and $172 million (2025 - recoveries of $42 million and $194 million), respectively, for the three and nine months ended September 30, 2026 related to the income tax impact for adjusted items.

Rogers Communications Inc.
13
Third Quarter 2026


Managing our Liquidity and Financial Resources

Operating, investing, and financing activities
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,492 2,425 7,197 6,732 
Change in net operating assets and liabilities(194)(133)(513)(244)
Income taxes paid(48)(234)(414)(548)
Interest paid, net(592)(543)(1,600)(1,533)
Cash provided by operating activities1,658 1,515 4,670 4,407 
Investing activities:
Capital expenditures(524)(964)(2,027)(2,773)
Additions to program rights and other intangible assets
(32)(21)(173)(69)
Changes in non-cash working capital related to investing activities
116 (51)(79)(107)
Acquisitions and other strategic transactions, net of cash acquired— (4,499)(85)(4,499)
Other9 (3)— 5 
Cash used in investing activities(431)(5,538)(2,364)(7,443)
Financing activities:
Net (repayment of) proceeds received from short-term borrowings(917)1,972 (2,708)636 
Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 
Transaction costs incurred(26)(4)(55)(103)
Principal payments of lease liabilities (161)(147)(458)(414)
Dividends paid to RCI shareholders
(270)(270)(810)(643)
Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)
Issuance of subsidiary shares to non-controlling interest— — — 6,656 
Other(1)— (3)(4)
Cash provided by (used in) financing activities199 (1,428)(498)3,650 
Change in cash and cash equivalents
1,426 (5,451)1,808 614 
Cash and cash equivalents, beginning of period1,726 6,963 1,344 898 
Cash and cash equivalents, end of period3,152 1,512 3,152 1,512 

Operating activities
This quarter, cash provided by operating activities increased primarily as a result of lower income taxes paid. Year to date, cash provided by operating activities increased primarily as a result of higher adjusted EBITDA and lower income taxes paid, partially offset by a higher net investment in net operating assets and liabilities.

Investing activities
Capital expenditures
During the quarter and year to date, we incurred $524 million and $2,027 million (2025 - $964 million and $2,773 million) on capital expenditures before changes in non-cash working capital items. See "Capital Expenditures" for more information.

Financing activities
During the quarter and year to date, we received net amounts of $750 million and $1,125 million (2025 - paid net amounts of $997 million and $1,931 million) on our short-term borrowings, long-term debt, and related derivatives, including
Rogers Communications Inc.
14
Third Quarter 2026


transaction costs. See "Financial Risk Management" for more information on the cash flows relating to our derivative instruments.

Short-term borrowings
Our short-term borrowings consist of amounts outstanding under our receivables securitization program, our US dollar-denominated commercial paper (US CP) program, and our non-revolving credit facilities. Below is a summary of our short-term borrowings as at September 30, 2026 and December 31, 2025.
As at
September 30		As at
December 31
(In millions of dollars)20262025
Receivables securitization program1,200 2,000 
US commercial paper program (net of the discount on issuance)122 — 
Non-revolving credit facility borrowings (net of the discount on issuance)— 2,000 
Total short-term borrowings1,322 4,000 

The tables below summarize the activity relating to our short-term borrowings for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended
September 30, 2026
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization— 650 
Repayment of receivables securitization(400)(1,450)
Net repayment of receivables securitization(400)(800)
Proceeds received from US commercial paper228 1.408 321 2,317 1.380 3,197 
Repayment of US commercial paper(595)1.408 (838)(2,242)1.385 (3,105)
Net (repayment of) proceeds received from US commercial paper(517)92 
Repayment of non-revolving credit facilities (Cdn$)— (2,000)
Total repayment of non-revolving credit facilities— (2,000)
Net repayment of short-term borrowings(917)(2,708)
Three months ended
September 30, 2025		Nine months ended
September 30, 2025
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Repayment of receivables securitization— (400)
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper218 1.376 300 517 1.410 729 
Repayment of US commercial paper(219)1.365 (299)(835)1.413 (1,180)
Net proceeds received from (repayment of) US commercial paper1 (451)
Proceeds received from non-revolving credit facilities (US$) 1
4,352 1.375 5,982 5,397 1.386 7,479 
Repayment of non-revolving credit facilities (US$) 1
(2,906)1.380 (4,011)(4,303)1.393 (5,992)
Net proceeds received from non-revolving credit facilities1,971 1,487 
Net proceeds received from short-term borrowings1,972 636 
1    Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Rogers Communications Inc.
15
Third Quarter 2026


Concurrent with our US CP issuances and US dollar-denominated non-revolving credit facility borrowings (in 2025), we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings. See "Financial Risk Management" for more information.

In September 2026, to fund the MLSE minority interest acquisition (see "Update on sports and entertainment assets"), we entered into four non-revolving credit facilities with an aggregate limit of $4.35 billion that mature in September 2027. In October 2026, we borrowed US$3,077 million ($4,367 million) under these facilities upon closing the MLSE minority interest acquisition. Concurrent with the borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings.

Long-term debt
Our long-term debt consists of amounts outstanding under our bank and letter of credit facilities and the senior notes, debentures, and subordinated notes we have issued. The tables below summarize the activity relating to our long-term debt for the three and nine months ended September 30, 2026 and 2025.
Three months ended
 September 30, 2026		Nine months ended
September 30, 2026
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)190 240 
Credit facility repayments (Cdn$)— (165)
Net borrowings under credit facilities190 75 
Senior note repayments (Cdn$)(500)(500)
Total senior notes repayments(500)(500)
Subordinated note issuances (Cdn$)600 1,850 
Subordinated note issuances (US$)1,000 1.380 1,380 1,750 1.379 2,414 
Total issuances of subordinated notes1,980 4,264 
Net issuance of long-term debt1,670 3,839 
Rogers Communications Inc.
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Third Quarter 2026


Three months ended
September 30, 2025		Nine months ended
September 30, 2025
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)134 196 
Credit facility borrowings (US$)1,325 1.367 1,811 1,325 1.367 1,811 
Total credit facility borrowings1,945 2,007 
Credit facility repayments (US$)(1,325)1.361 (1,803)(1,325)1.361 (1,803)
Total credit facility repayments(1,803)(1,803)
Net borrowings under credit facilities142 204 
Term loan facility net borrowings (US$) 1
— — — 1 n/m6 
Term loan facility net repayments (US$) 1
— — — (697)1.380 (962)
Net repayments under term loan facility— (956)
Senior note repayments (Cdn$)(1,147)(2,397)
Senior note repayments (US$)(1,412)1.362 (1,923)(2,412)1.394 (3,362)
Total senior notes repayments(3,070)(5,759)
Net repayment of senior notes(3,070)(5,759)
Subordinated note issuances (Cdn$)— 1,000 
Subordinated note issuances (US$)— — — 2,100 1.432 3,007 
Total issuances of subordinated notes— 4,007 
Net repayment of long-term debt(2,928)(2,504)
1    Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Long-term debt, beginning of period40,046 40,852 37,058 41,896 
Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)
Discount on principal amount of senior notes repurchased in connection with tender offer
— (504)— (504)
Decrease (increase) in government grant liability related to Canada Infrastructure Bank facility1 (5)2 (43)
Long-term debt acquired through the MLSE Transaction
— 298 — 298 
Loss (gain) on foreign exchange102 447 883 (951)
Deferred transaction costs (incurred) derecognized(24)131 (48)31 
Amortization of deferred transaction costs37 31 98 99 
Long-term debt, end of period
41,832 38,322 41,832 38,322 

In June 2025, we repaid the $1 billion outstanding under the April 2026 tranche of our $6 billion term loan and terminated the facility.

In 2025, in connection with the network transaction, we paid an aggregate of approximately $30 million to the consenting holders of our outstanding senior notes for their consent to certain clarifying amendments to the indentures governing those securities concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs are being amortized into finance costs over the remaining terms of the underlying notes using the effective interest method.

In July 2025, to partially fund the MLSE Transaction, we borrowed US$1.3 billion ($1.8 billion) under our revolving credit facility (which was subsequently repaid using the proceeds from the network transaction) and US$1.5 billion ($2 billion) under two new $1 billion non-revolving credit facilities that matured in July 2026.
Rogers Communications Inc.
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Third Quarter 2026


In July 2026, we amended the terms of our $4 billion revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to July 2031, from September 2030, and the $1 billion tranche to July 2029, from September 2028.

Issuance of subordinated notes and related debt derivatives
Below is a summary of the subordinated notes we issued during the three and nine months ended September 30, 2026 and 2025.
(In millions of dollars, except interest rates and discounts)
Issue price per $1,000 principal amount
Total gross

proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issuedPrincipal amountDue dateInterest rate
2026 issuances
March 27, 2026 (subordinated) 3
US750 20566.875 %1,000.00 1,034 13 
March 27, 2026 (subordinated) 3
1,250 20566.250 %1,000.00 1,250 13 
September 23, 2026 (subordinated) 3
US500 20577.150 %1,000.00 690 8 
September 23, 2026 (subordinated) 3
US500 20577.400 %1,000.00 690 8 
September 23, 2026 (subordinated) 3
600 20576.000 %1,000.00 600 6 
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21 
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19 
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11 
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The subordinated notes due 2056 can be redeemed at par on July 31, 2031, or on any subsequent interest payment date. The three issuances of subordinated notes due 2057 can be redeemed at par on October 31, 2031, October 31, 2036, and October 31, 2031, respectively, or on any subsequent interest payment date. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.

2026
In March 2026, we issued two tranches of subordinated notes, consisting of:
•US$750 million due 2056 with an initial coupon of 6.875% for the first five years; and
•$1.25 billion due 2056 with an initial coupon of 6.250% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.3 billion from the issuance, and we used the proceeds to repay debt.

In September 2026, we issued three tranches of subordinated notes, consisting of:
•US$500 million due 2057 with an initial coupon of 7.150% for the first five years;
•US$500 million due 2057 with an initial coupon of 7.400% for the first ten years; and
•$600 million due 2057 with an initial coupon of 6.000% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.0 billion from the issuance, and we intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date.

Each of the $600 million and US$500 million 7.15% subordinated notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$500 million 7.4% subordinated notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2025
In February 2025, we issued three tranches of subordinated notes, consisting of:
•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;
•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and
•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances.
Rogers Communications Inc.
18
Third Quarter 2026


The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

Repayment of senior notes and related derivative settlements
2026
In September 2026, we repaid the entire outstanding principal of our $500 million 5.65% senior notes at maturity. There were no derivatives associated with these senior notes.

2025
In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives.

In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.

During the three months ended September 30, 2025, we purchased $1,205 million principal amount of our Canadian dollar-denominated senior notes and US$1,738 million principal amount of our US dollar-denominated senior notes, paying the note holders $1,147 million and US$1,411 million, respectively, plus accrued interest, for the purchase of those senior notes. In connection with our purchase of the US dollar-denominated senior notes, we also partially settled the associated debt derivatives.

Dividends
Below is a summary of the dividends declared and paid on RCI's outstanding Class A Voting common shares (Class A Shares) and Class B Non-Voting common shares (Class B Non-Voting Shares) in 2026 and 2025. On October 22, 2026, the Board declared a quarterly dividend of $0.50 per Class A Share and Class B Non-Voting Share, to be paid on January 5, 2027, to shareholders of record on December 8, 2026.
Dividends paid (in millions of dollars)
Number of
Class B
Non-Voting
Shares issued
(in thousands) 1
Declaration dateRecord datePayment date
Dividend per
share (dollars)
In cash
In Class B
Non-Voting
Shares
Total
January 28, 2026March 10, 2026April 2, 20260.50 270 — 270 — 
April 21, 2026June 9, 2026July 6, 20260.50 270 — 270 — 
July 21, 2026September 8, 2026October 2, 20260.50 270 — 270 — 
January 29, 2025March 10, 2025April 2, 20250.50 188 81 269 2,181 
April 22, 2025June 9, 2025July 3, 20250.50 270— 270 — 
July 22, 2025September 8, 2025October 3, 20250.50 270— 270 — 
October 22, 2025December 8, 2025January 2, 20260.50 270 — 270 — 
1    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan.

Rogers Communications Inc.
19
Third Quarter 2026


Free cash flow
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Deduct (add):
Capital expenditures 1
524 964 (46)2,027 2,773 (27)
Interest on borrowings, net and capitalized interest489 474 3 1,459 1,456 — 
Cash income taxes 2
48 234 (79)414 548 (24)
Distributions paid by subsidiaries to non-controlling interests119 14 n/m352 14 n/m
Net cash proceeds on subsidiary equity derivatives 3
(15)— n/m(39)— n/m
Free cash flow1,370 829 65 3,128 2,340 34 
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Cash income taxes are net of refunds received.
3    Reflects the impact of the subsidiary equity derivatives, which we entered into to economically hedge the distributions to non-controlling interests. See "Financial Risk Management" for more information.

Free cash flow increased this quarter and year to date as a result of lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, partially offset by distributions to non-controlling interests.

Rogers Communications Inc.
20
Third Quarter 2026


Overview of Financial Position
As atAs at
September 30December 31
(In millions of dollars)20262025$ Chg% ChgExplanation of significant changes
Assets
Current assets:
Cash and cash equivalents3,152 1,344 1,808 135 See "Managing our Liquidity and Financial Resources".
Accounts receivable5,815 6,105 (290)(5)Reflects business seasonality.
Inventories544 550 (6)(1)n/m
Current portion of contract assets158 151 7 5 n/m
Other current assets1,286 1,239 47 4 Primarily reflects an increase in prepaid expenses related to our annual Wireless spectrum licence renewal fees and certain program rights.
Current portion of derivative instruments500 99 401 n/mReflects the reclassification to current of our debt derivatives associated with our US$1.3 billion of senior notes due March 2027 and the change in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Total current assets11,455 9,488 1,967 21 
Property, plant and equipment26,087 26,307 (220)(1)Reflects depreciation expense related to our asset base, partially offset by net capital expenditures incurred and new right-of-use assets.
Intangible assets29,666 28,898 768 3 Primarily reflects program rights recognized as a result of the renewal of our national media rights agreement with the NHL that will be amortized over the contract term.
Investments1,308 1,291 17 1 n/m
Derivative instruments652 746 (94)(13)Reflects the reclassification to current of our debt derivatives associated with our US$1.3 billion of senior notes due March 2027 and the change in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Financing receivables1,080 1,198 (118)(10)Reflects lower financing receivables as a result of business seasonality.
Other long-term assets2,170 2,052 118 6 Primarily reflects an increase in player-related deferred compensation.
Goodwill20,032 20,032 — — n/m
Total assets92,450 90,012 2,438 3 
Liabilities and equity
Current liabilities:
Short-term borrowings1,322 4,000 (2,678)(67)See "Managing our Liquidity and Financial Resources".
Accounts payable and accrued liabilities4,679 4,831 (152)(3)Reflects business seasonality.
Income tax payable77 — 77 — Reflects an increase in taxes owed.
Other current liabilities4,838 3,831 1,007 26 Primarily reflects a $1,034 million increase in the fair value of the MLSE put liability.
Contract liabilities1,031 1,114 (83)(7)Primarily reflects revenue recognized on customer service prepayments and subscriptions.
Current portion of long-term debt4,362 1,186 3,176 n/mReflects the reclassification to current of our $300 million, $1.5 billion, and US$1.3 billion of senior notes due March 2027, and the repayment at maturity of $500 million of senior notes in September 2026.
Current portion of lease liabilities827 690 137 20 Reflects liabilities for new leases entered into.
Total current liabilities17,136 15,652 1,484 9 
Provisions54 55 (1)(2)n/m
Long-term debt37,470 35,872 1,598 4 Primarily reflects the reclassification to current of our $300 million, $1.5 billion, and US$1.3 billion of senior notes due March 2027, partially offset by the issuance of US$750 million and $1.25 billion of subordinated notes in March 2026 and the issuance of US$1 billion and $600 million of subordinated notes in September 2026.
Lease liabilities2,657 2,428 229 9 Reflects liabilities for new leases entered into.
Other long-term liabilities2,939 2,225 714 32 Primarily reflects liabilities for program rights recognized associated with the renewal of our national media rights agreement with the NHL.
Deferred tax liabilities9,476 9,494 (18)— n/m
Total liabilities69,732 65,726 4,006 6 
Equity
22,718 24,286 (1,568)(6)Primarily reflects changes in retained earnings and equity reserves.
Total liabilities and equity
92,450 90,012 2,438 3 

Rogers Communications Inc.
21
Third Quarter 2026


Financial Condition

Available liquidity
Below is a summary of our available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings as at September 30, 2026 and December 31, 2025.
As at September 30, 2026Total sourcesDrawnLetters of credit
US CP program 1
Net available
(In millions of dollars)
Cash and cash equivalents3,152 — — — 3,152 
Bank credit facilities 2:
Revolving4,260 190 10 123 3,937 
Non-revolving300 300 — — — 
Outstanding letters of credit75 — 75 — — 
Receivables securitization 2
2,400 1,200 — — 1,200 
Total10,187 1,690 85 123 8,289 
1    The US CP program amounts are gross of the discount on issuance.
2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2025Total sourcesDrawnLetters of creditNet available
(In millions of dollars)
Cash and cash equivalents1,344 — — 1,344 
Bank credit facilities 1:
Revolving4,260 115 10 4,135 
Non-revolving2,300 2,300 — — 
Outstanding letters of credit45 — 45 — 
Receivables securitization 1
2,400 2,000 — 400 
Total
10,349 4,415 55 5,879 
1    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.

In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date (see "Managing our Liquidity and Financial Resources").

Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This quarter and year to date, we borrowed nil under this facility.

The $4.35 billion of credit facilities we entered into in September 2026 (see "Managing our Liquidity and Financial Resources") are also not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see "Update on sports and entertainment assets").

Weighted average cost of borrowings
Our weighted average cost of all borrowings was 5.02% as at September 30, 2026 (December 31, 2025 - 4.78%) and our weighted average term to maturity was 8.3 years (December 31, 2025 - 8.6 years). These figures reflect the expected repayment of our subordinated notes on their respective at-par redemption dates or first interest reset dates, as applicable.

Rogers Communications Inc.
22
Third Quarter 2026


Adjusted net debt and debt leverage ratio
We use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and to make capital structure-related decisions.
As at
September 30		As at
December 31
(In millions of dollars, except ratios)20262025
Current portion of long-term debt4,362 1,186 
Long-term debt37,470 35,872 
Deferred transaction costs and discounts746 795 
42,578 37,853 
Add (deduct):
Adjustment of US dollar-denominated debt to hedged rate
(2,183)(1,394)
Subordinated notes adjustment 1
(4,698)(3,456)
Short-term borrowings1,322 4,000 
Deferred government grant liability 2
77 79 
Current portion of lease liabilities827 690 
Lease liabilities2,657 2,428 
Cash and cash equivalents(3,152)(1,344)
Adjusted net debt 3
37,428 38,856 
Divided by: trailing 12-month adjusted EBITDA 4
10,030 9,820 
Debt leverage ratio 4
3.7 4.0 
1    For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes, excluding our $2.0 billion subordinated notes due 2081 which we intend to redeem in December 2026, is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2    For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.
3    Adjusted net debt is a capital management measure. See "Non-GAAP and Other Financial Measures" for more information about this measure.
4 As at December 31, 2025, trailing 12-month adjusted EBITDA reflects the combined results of Rogers including MLSE for the period from the MLSE Transaction closing date (July 1, 2025) to December 31, 2025, and standalone Rogers results prior to July 2025.

For the purposes of calculating adjusted net debt and debt leverage ratio as at September 30, 2026, we adjusted 50% of the value of all our subordinated notes except for our $2.0 billion subordinated notes due 2081, which we intend to redeem in December 2026 using the net proceeds from our issuance of subordinated notes in September 2026 (see "Managing our Liquidity and Financial Resources"). This treatment is aligned with the approach commonly used to evaluate debt leverage by rating agencies.

We intend to manage our debt leverage ratio primarily through combined operational synergies (cost savings and revenue enhancements to be achieved in the context of business acquisitions), organic growth in adjusted EBITDA, proceeds from asset sales and monetizations (including a sale of a minority interest in Rogers Sports), equity financing, and debt repayment, as applicable. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

Credit ratings
Below is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at September 30, 2026.
IssuanceS&P Global Ratings ServicesMoody'sDBRS Morningstar
Senior unsecured debtBBB-Baa3BBB (low)
Subordinated debtBBBa1/Ba2
BB 1
US commercial paperA-3P-3
N/A 1
OutlookNegativeStablePositive
1    We have not sought a rating from DBRS Morningstar for our subordinated debt issued before March 31, 2022 or for our short-term obligations.

Rogers Communications Inc.
23
Third Quarter 2026


Outstanding common shares
As at
September 30		As at
December 31
  20262025
Common shares outstanding 1
Class A Voting Shares111,148,720 111,152,011 
Class B Non-Voting Shares429,076,558 429,073,267 
Total common shares540,225,278 540,225,278 
Options to purchase Class B Non-Voting Shares
Outstanding options11,402,142 11,766,094 
Outstanding options exercisable8,086,481 7,322,180 
1    Holders of Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.

Rogers Communications Inc.
24
Third Quarter 2026

Financial Risk Management

This section should be read in conjunction with "Financial Risk Management" in our 2025 Annual MD&A. We use derivative instruments to manage financial risks related to our business activities. We only use derivatives to manage risk and not for speculative purposes. We also manage our exposure to both fixed and fluctuating interest rates and had fixed the interest rate on 96.0% of our outstanding debt, including short-term borrowings, as at September 30, 2026 (December 31, 2025 - 89.1%).

Debt derivatives
We use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings. We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings, with the exception of the interest rate swaps acquired in the MLSE Transaction, have not been designated as hedges for accounting purposes.

Credit facilities and US CP
Below is a summary of the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended
September 30, 2026
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rate
Notional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
US commercial paper program
Debt derivatives entered228 1.408 321 2,317 1.380 3,197 
Debt derivatives settled592 1.405 832 2,231 1.385 3,089 
Net cash received on settlement10 13 
Three months ended September 30, 2025Nine months ended
September 30, 2025
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Credit facilities
Debt derivatives entered5,677 1.373 7,793 9,825 1.394 13,695 
Debt derivatives settled4,231 1.374 5,814 9,427 1.396 13,156 
Net cash received (paid) on settlement13 (55)
US commercial paper program
Debt derivatives entered218 1.376 300 517 1.410 729 
Debt derivatives settled218 1.367 298 831 1.414 1,175 
Net cash paid on settlement(3)(1)

As at September 30, 2026, we had US$86 million notional amount of debt derivatives outstanding relating to our US CP program (December 31, 2025 - nil), at an average rate of $1.400/US$ (December 31, 2025 - nil/US$).

Rogers Communications Inc.
25
Third Quarter 2026

Subordinated notes
Below is a summary of the debt derivatives we entered into related to subordinated notes during the three and nine months ended September 30, 2026 and 2025.
(In millions of dollars, except interest rates)
US$Hedging effect
Effective datePrincipal/Notional amount (US$)Maturity dateCoupon rate
Fixed hedged (Cdn$) interest rate 1
Equivalent (Cdn$)
2026 issuances
March 27, 2026750 20566.875 %6.193 %1,034 
September 23, 202650020577.150 %6.127 %690 
September 23, 202650020577.400 %6.598 %690 
2025 issuances
February 12, 20251,100 20557.000 %5.440 %1,575 
February 12, 20251,00020557.125 %5.862 %1,432 
1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at September 30, 2026, we had US$17,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.296/US$ (December 31, 2025 - $1.287/US$).

In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives.

In July 2025, in connection with the offers to repurchase certain of our US dollar-denominated senior notes, we partially settled the associated debt derivatives on the accepted senior notes.

Lease liabilities
Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended September 30, 2026
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered56 1.393 78 147 1.395 205 
Debt derivatives settled65 1.369 89 197 1.360 268 
Net cash paid on settlement(2)(3)
Three months ended September 30, 2025Nine months ended September 30, 2025
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered66 1.379 91 180 1.389 250 
Debt derivatives settled62 1.355 84 182 1.352 246 
Net cash received on settlement— 5 

As at September 30, 2026, we had US$360 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2025 - US$410 million) with terms to maturity ranging from October 2026 to September 2029 (December 31, 2025 - January 2026 to December 2028) at an average rate of $1.377/US$ (December 31, 2025 - $1.365/US$).

See "Mark-to-market value" for more information about our debt derivatives.

Expenditure derivatives
We use foreign currency forward contracts and option contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs".
Rogers Communications Inc.
26
Third Quarter 2026

The following table provides further details on our outstanding foreign currency forward contracts and options as at September 30, 2026 and December 31, 2025.
As at September 30As at December 31
(in millions of dollars)20262025
Type of hedgeAmount to receive (US$)Amount to pay (Cdn$)Amount to receive (US$)Amount to pay (Cdn$)MaturityHedged item
Cash flow330 451 1,429 1,955 2026Anticipated purchases
Cash flow1,369 1,857 609 826 2027Anticipated purchases
Cash flow160 216 40 54 2028Anticipated purchases
Cash flow25 34 — — 2029Anticipated purchases
Cash flow292 380 305 397 2027-2039Future Toronto Blue Jays player compensation
Economic— — 216 285 2026Anticipated purchases
Economic100 137 420 565 2027Anticipated purchases
Economic85 117 205 275 2028Anticipated purchases
Economic45 61 45 61 2029Anticipated purchases

See "Mark-to-market value" for more information about our expenditure derivatives.

Equity derivatives
We use total return swaps (equity derivatives) to hedge the market price appreciation risk of the Class B Non-Voting Shares granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes.

As at September 30, 2026, we had equity derivatives outstanding for 6.5 million (December 31, 2025 - 5.5 million) Class B Non-Voting Shares with a weighted average price of $48.20 (December 31, 2025 - $46.81).

In March 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23.

In April 2026, we reset the pricing on 0.2 million existing equity derivatives, resulting in net proceeds of $0.6 million. We also executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2027 (from April 2026). The weighted average cost was adjusted to $48.20 per share.

See "Mark-to-market value" for more information about our equity derivatives.

Subsidiary equity derivatives
We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis.

See "Mark-to-market value" for more information about our subsidiary equity derivatives.

Cash settlements on debt derivatives and subsidiary equity derivatives
Below is a summary of the net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives during the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30Nine months ended September 30
(In millions of dollars)
2026202520262025
Credit facilities— 13 — (55)
US commercial paper program10 (3)13 (1)
Senior and subordinated notes— (48)— 47 
Lease liabilities
(2)— (3)5 
Subsidiary equity derivatives 15 1 39 44 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 

Rogers Communications Inc.
27
Third Quarter 2026

Mark-to-market value
We record our derivatives using an estimated credit-adjusted, mark-to-market valuation, calculated in accordance with IFRS.
  As at September 30, 2026
(In millions of dollars, except exchange rates)
Notional
amount
(US$)
Exchange
rate
Notional
amount
(Cdn$)
Fair value 
(Cdn$) 
Debt derivatives accounted for as cash flow hedges:
As assets10,442 1.2634 13,192 1,034 
As liabilities7,579 1.3442 10,188 (640)
MLSE interest rate swap— — 300 (1)
Debt derivatives not accounted for as hedges:
As assets86 1.3953 120 2 
Net mark-to-market debt derivative asset395 
Expenditure derivatives accounted for as cash flow hedges:
As assets2,176 1.3497 2,937 90 
Expenditure derivatives not accounted for as hedges:
As liabilities230 1.3696 315 (3)
Net mark-to-market expenditure derivative asset87 
Equity derivatives not accounted for as hedges:
As assets— — 81 17 
As liabilities— — 232 (46)
Net mark-to-market equity derivative liability(29)
Subsidiary equity derivatives not accounted for as hedges:
As assets1,500 1.3833 2,075 9 
As liabilities3,350 1.3848 4,639 (4)
Net mark-to-market subsidiary equity derivative asset5 
Virtual power purchase agreement not accounted for as a hedge:
As liabilities— — — (5)
Net mark-to-market virtual power purchase agreement liability(5)
Net mark-to-market asset453 
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Third Quarter 2026

As at December 31, 2025
(In millions of dollars, except exchange rates)
Notional
amount
(US$)
Exchange
rate
Notional
amount
(Cdn$)
Fair value 
(Cdn$) 
Debt derivatives accounted for as cash flow hedges:
As assets8,559 1.2373 10,590 787 
As liabilities7,763 1.3449 10,440 (645)
MLSE interest rate swap300 (7)
Net mark-to-market debt derivative asset135 
Expenditure derivatives accounted for as cash flow hedges:
As assets1,122 1.3275 1,489 20 
As liabilities1,261 1.3816 1,742 (28)
Expenditure derivatives not accounted for as hedges:
As liabilities886 1.3386 1,186 (17)
Net mark-to-market expenditure derivative liability(25)
Equity derivatives not accounted for as hedges:
As assets— — 173 37 
As liabilities— — 84 (9)
Net mark-to-market equity derivative asset28 
Subsidiary equity derivatives not accounted for as hedges:
As assets750 1.3827 1,037 1
As liabilities4,100 1.3846 5,677 (36)
Net mark-to-market subsidiary equity derivative liability(35)
Virtual power purchase agreement not accounted for as a hedge:
As liabilities— — — (6)
Net mark-to-market virtual power purchase agreement liability(6)
Net mark-to-market asset97 

Commitments and Contractual Obligations

See our 2025 Annual MD&A for a summary of our obligations under firm contractual arrangements, including commitments for future payments under long-term debt arrangements and lease arrangements as at December 31, 2025. These are also discussed in notes 3, 19, and 32 of our 2025 Annual Audited Consolidated Financial Statements.

Except as otherwise disclosed in this MD&A, as at September 30, 2026, there have been no material changes to our material contractual obligations, as identified in our 2025 Annual MD&A, since December 31, 2025.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Millimetre Wave (mmWave) Spectrum Licence Auction
On September 24, 2026, Innovation, Science and Economic Development Canada announced that the mmWave spectrum licence auction originally scheduled to start on October 19, 2027 has been rescheduled to start on January 25, 2028.

Sovereign Internet
On September 15, 2026, the Government of Canada announced its intention to support the development of a new Internet network to provide sovereign connectivity across Canada, including northern and Arctic regions, and to establish more direct international links to Europe and Asia. The initiative forms part of the government's broader strategy to strengthen Canada's digital sovereignty, enhance network resilience, reduce reliance on foreign infrastructure, and support growing demand for connectivity and data-intensive applications such as artificial intelligence. Governance, ownership, and funding models have yet to be determined.

Self-service Mechanisms
On April 24, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-78, Enhancing self-service mechanisms, requiring service providers to, among other things, ensure customers can modify and cancel their plans through a self-service mechanism. The definition of "self-service" includes any mechanism that is easy to use and enables a customer to
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Third Quarter 2026

perform actions in relation to their service plan, including modification and cancellation, without interacting with a live customer service representative. The new requirements will come into effect on April 26, 2027.

Prohibition of Fees
On March 12, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments - Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues were due to the CRTC by August 31, 2026, with replies due by September 10, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Further, on September 10, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-238, Making it easier for consumers to shop for Internet services, requiring Internet service providers covered by the Internet Code to post additional information about Internet services by advertising and contractually disclosing (i) typical download and upload speeds, including ensuring customers receive at least 95% of those committed speeds during "peak hours" (defined as weekdays between 7:00pm and 11:00pm) and 100% of those speeds outside peak hours and (ii) a latency range for each service plan using defined categories (less than 50 ms, 51-150 ms, or greater than 151 ms). The CRTC has required this information be provided in contracts, critical information summaries, and marketing materials. The new requirements will come into effect on March 10, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this MD&A. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports (see "Update on sports and entertainment assets") and use the proceeds therefrom to repay debt. While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations. Any sale of a minority interest in Rogers Sports, if completed, may be at a valuation that is less than expected or may not raise the anticipated proceeds and may not unlock significant value from our sports assets. Additionally, we may use the proceeds from the sale of a minority interest in Rogers Sports, if completed, for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises and venues has increased.

Government broadband subsidy programs
We have agreements related to the Government of Canada's Universal Broadband Fund (UBF) and the Government of Ontario's Accelerated High-Speed Internet Program (AHSIP) under which we have committed to building networks
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Third Quarter 2026

capable of delivering Internet services to unserved or underserved regions. We have assigned the construction of certain of these lots to various third parties who have agreed, among other things, to complete construction in accordance with the standards and timelines contained within our agreements with the governments. Notwithstanding these third-party arrangements, we remain responsible for the obligations to the respective governments. Our results and financial condition could be adversely affected if these third parties do not fulfill the obligations assigned to them as we would need to take steps to ensure construction is completed as required, which steps could include us incurring additional capital expenditures (and additional indebtedness to fund those capital expenditures) or deferring or cancelling other projects.

Material Accounting Policies and Estimates

See our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements and notes thereto for a discussion of the accounting policies and estimates that are critical to the understanding of our business operations and the results of our operations.

New accounting pronouncements adopted in 2026
We adopted the following IFRS amendments in 2026. They did not have a material effect on our consolidated financial statements.
•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems.

Recent accounting pronouncements not yet adopted
The IASB has not issued any new or amended accounting pronouncements in 2026.

The IASB has issued the following new standard that will become effective in future years:
•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.

We are continuing to assess the impacts IFRS 18 will have on our consolidated financial statements. We expect our consolidated statements of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows.

Transactions with related parties
We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for the three and nine months ended September 30, 2026 and 2025.

We have also entered into certain transactions with our controlling shareholder and companies it controls. These transactions are subject to formal agreements approved by the Audit and Risk Committee. Total amounts paid to these related parties were less than $1 million for the three and nine months ended September 30, 2026 and 2025.

We have also entered into certain transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three and nine months ended September 30, 2026 and 2025 were less than $1 million.

In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million and $9 million of which was paid during the three and nine months ended September 30, 2026, respectively. The remaining liability of $77 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next twelve months) or "other long-term liabilities".

We recognized these transactions at the amounts agreed to by the related parties, which were also approved by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and generally due for payment in cash within one month of the date of the transaction.

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Third Quarter 2026

Controls and procedures
There have been no changes in our internal controls over financial reporting this quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Seasonality
Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses. For specific discussions of the seasonal trends affecting our reportable segments, refer to our 2025 Annual MD&A.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this MD&A. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:
•subscriber counts;
•Wireless;
•Cable; and
•homes passed (Cable);
•Wireless subscriber churn (churn);
•Wireless mobile phone average revenue per user
(ARPU);
•Cable average revenue per account (ARPA);
•Cable customer relationships;
•Cable market penetration (penetration);
•capital intensity; and
•total service revenue.



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Third Quarter 2026

Non-GAAP and Other Financial Measures

We use the following "non-GAAP financial measures" and other "specified financial measures" (each within the meaning of applicable Canadian securities law). These are reviewed regularly by management and the Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as indicators of our operating performance, of our ability to incur and service debt, and as measurements to value companies in the telecommunications sector. These are not standardized measures under IFRS, so may not be reliable ways to compare us to other companies.

Non-GAAP financial measures
Specified financial measureHow it is usefulHow we calculate itMost directly
comparable
IFRS financial
measure
Adjusted net
income		●To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Net (loss) income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes.Net income (loss)
Adjusted net income attributable to RCI shareholders●To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Net (loss) income attributable to RCI shareholders add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; revaluation of subsidiary US dollar-denominated balances; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes.Net income (loss) attributable to RCI shareholders
Non-GAAP ratios
Specified financial measureHow it is usefulHow we calculate it
Adjusted basic
earnings per
share

Adjusted diluted
earnings per
share		●To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.
Adjusted net income attributable to RCI shareholders
divided by
basic weighted average shares outstanding.

Adjusted net income attributable to RCI shareholders including the dilutive effect of stock-based compensation
divided by
diluted weighted average shares outstanding.
Total of segments measures
Specified financial measureMost directly comparable IFRS financial measure
Adjusted EBITDA
Net income
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Third Quarter 2026

Capital management measures
Specified financial measureHow it is useful
Free cash flow●To show how much cash we generate that is available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance.
●We believe that some investors and analysts use free cash flow to value a business and its underlying assets.
Adjusted net debt●We believe this helps investors and analysts analyze our debt and cash balances while taking into account the economic impact of debt derivatives on our US dollar-denominated debt.
Debt leverage ratio●We believe this helps investors and analysts analyze our ability to service our debt obligations.
Available liquidity●To help determine if we are able to meet all of our commitments, to execute our business plan, and to mitigate the risk of economic downturns.
Supplementary financial measures
Specified financial measureHow we calculate it
Adjusted EBITDA marginAdjusted EBITDA
divided by
revenue.
Wireless mobile phone average revenue per user (ARPU)Wireless service revenue
divided by
average total number of Wireless mobile phone subscribers for the relevant period.
Cable average revenue per account (ARPA)Cable service revenue
divided by
average total number of customer relationships for the relevant period.
Capital intensityCapital expenditures
divided by
revenue.

Reconciliation of adjusted EBITDA
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income495 5,768 312 6,196 
Add (deduct):
Income tax expense200 212 521 485 
Finance costs623 252 1,631 1,459 
Depreciation and amortization1,202 1,230 3,617 3,580 
EBITDA2,520 7,462 6,081 11,720 
Add (deduct):
Other (income) expense(22)(4,998)993 (5,005)
Restructuring, acquisition and other104 51 364 416 
Gain on disposition of assets
(67)— (97)— 
Adjusted EBITDA2,535 2,515 7,341 7,131 

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Third Quarter 2026

Reconciliation of adjusted net income
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income495 5,768 312 6,196 
Add (deduct):
Restructuring, acquisition and other104 51 364 416 
Change in fair value of subsidiary equity derivative instruments38 (134)(83)(41)
Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 
Gain on repayment of long-term debt
— (151)— (151)
Gain on revaluation of MLSE investment
— (4,976)— (4,976)
Loss on revaluation of MLSE put liability— — 1,034 — 
Gain on disposition of assets(67)— (97)— 
Income tax impact of above items(42)(42)(172)(194)
Adjusted net income701 726 1,884 1,901 

Reconciliation of adjusted net income attributable to RCI shareholders
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income attributable to RCI shareholders482 5,714 194 6,151 
Add (deduct):
Restructuring, acquisition and other104 51 364 416 
Change in fair value of subsidiary equity derivative instruments
38 (134)(83)(41)
Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 
Gain on repayment of long-term debt
— (151)— (151)
Gain on revaluation of MLSE investment
— (4,976)— (4,976)
Loss on revaluation of MLSE put liability— — 1,034 — 
Gain on disposition of assets(67)— (97)— 
Revaluation of subsidiary US dollar-denominated balances 1
19 68 150 47 
Income tax impact of above items(45)(42)(194)(194)
Adjusted net income attributable to RCI shareholders
704 740 1,894 1,903 
1    Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

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Third Quarter 2026

Reconciliation of free cash flow
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Cash provided by operating activities1,658 1,515 4,670 4,407 
Add (deduct):
Capital expenditures(524)(964)(2,027)(2,773)
Interest on borrowings, net and capitalized interest(489)(474)(1,459)(1,456)
Interest paid592 543 1,600 1,533 
Restructuring, acquisition and other104 51 364 416 
Program rights amortization(14)(15)(100)(65)
Change in net operating assets and liabilities194 133 513 244 
Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)
Net cash proceeds on subsidiary equity derivatives15 — 39 — 
Post-employment benefit contributions, net of expense(18)(19)(52)(55)
Cash flows relating to other operating activities(29)75 (66)110 
Other investment income— (2)(2)(7)
Free cash flow1,370 829 3,128 2,340 

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Third Quarter 2026

Other Information

Consolidated financial results - quarterly summary
Below is a summary of our consolidated results for the past eight quarters.
202620252024
(In millions of dollars, except per share amounts)Q3Q2Q1Q4Q3Q2Q1Q4
Revenue
Wireless2,688 2,540 2,591 2,970 2,661 2,540 2,544 2,981 
Cable1,987 1,984 1,948 1,984 1,981 1,968 1,935 1,983 
Media821 1,155 988 1,236 753 757 542 547 
Corporate items and intercompany eliminations(53)(64)(45)(18)(47)(49)(45)(30)
Total revenue5,443 5,615 5,482 6,172 5,348 5,216 4,976 5,481 
Total service revenue4,780 5,055 4,912 5,250 4,739 4,668 4,447 4,543 
Adjusted EBITDA
Wireless1,383 1,313 1,323 1,374 1,374 1,305 1,311 1,367 
Cable1,164 1,158 1,122 1,177 1,153 1,147 1,108 1,169 
Media84 69 — 221 75 8 (63)55 
Corporate items and intercompany eliminations(96)(98)(81)(83)(87)(98)(102)(58)
Adjusted EBITDA
2,535 2,442 2,364 2,689 2,515 2,362 2,254 2,533 
Deduct (add):
Depreciation and amortization1,202 1,194 1,221 1,222 1,230 1,184 1,166 1,174 
Restructuring, acquisition and other104 211 49 23 51 238 127 83 
Finance costs623 565 443 584 252 628 579 571 
Other (income) expense(22)1,019 (4)(16)(4,998)(9)2 (11)
Gain on disposition of assets(67)(30)— (69)— — — — 
Net income (loss) before income tax695 (517)655 945 5,980 321 380 716 
Income tax expense200 148 173 235 212 173 100 158 
Net income (loss)495 (665)482 710 5,768 148 280 558 
Net income (loss) attributable to RCI shareholders482 (726)438 743 5,714 157 280 558 
Earnings (loss) per share attributable to RCI shareholders:
Basic$0.89($1.34)$0.81$1.38$10.58$0.29$0.52$1.04
Diluted$0.88($1.37)$0.80$1.37$10.54$0.29$0.50$1.02
Net income (loss)495 (665)482 710 5,768 148 280 558 
Add (deduct):
Restructuring, acquisition and other104 211 49 23 51 238 127 83 
Change in fair value of subsidiary equity derivative instruments38 (16)(105)32 (134)93 — — 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 172 181 178 210 212 229 228 
Gain on repayment of long-term debt— — — — (151)— — — 
Gain on revaluation of MLSE investment— — — — (4,976)— — — 
Loss on revaluation of MLSE put liability— 1,034 — — — — — — 
Gain on disposition of assets(67)(30)— (69)— — — — 
Income tax impact of above items(42)(73)(57)(55)(42)(59)(93)(75)
Adjusted net income
701 633 550 819 726 632 543 794 
Adjusted net income attributable to RCI shareholders704 640 550 818 740 620 543 794 
Adjusted earnings per share attributable to RCI shareholders:
Basic$1.30$1.19$1.02$1.51$1.37$1.15$1.01$1.48
Diluted$1.29$1.15$1.01$1.51$1.37$1.14$0.99$1.46
Capital expenditures524 695 808 934 964 831 978 1,007 
Cash provided by operating activities1,658 1,517 1,495 1,652 1,515 1,596 1,296 1,135 
Free cash flow1,370 982 776 1,016 829 925 586 878 

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Third Quarter 2026

Summary of financial information of long-term debt guarantor
Our outstanding senior notes and debentures, amounts drawn on our bank credit and letter of credit facilities, and derivatives are unsecured obligations of RCI, as obligor, and RCCI, as either co-obligor or guarantor, as applicable.

The selected unaudited consolidating summary financial information for RCI for the periods identified below, presented with a separate column for: (i) RCI, (ii) RCCI, (iii) our non-guarantor subsidiaries on a combined basis, (iv) consolidating adjustments, and (v) the total consolidated amounts, is set forth as follows:
Three months ended September 30
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		2026202520262025202620252026202520262025
Selected Statements of Income data measure:
Revenue395 454 4,505 4,460 1,417 1,429 (874)(995)5,443 5,348 
Net income (loss)
496 5,767 270 9,500 189 4,744 (460)(14,243)495 5,768 
Net income (loss) attributable to RCI shareholders496 5,767 270 9,500 176 4,690 (460)(14,243)482 5,714 
Nine months ended September 30
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		2026202520262025202620252026202520262025
Selected Statements of Income data measure:
Revenue1,178 454 13,217 13,092 4,774 3,207 (2,629)(1,213)16,540 15,540 
Net income (loss)312 6,196 1,001 10,049 507 4,753 (1,508)(14,802)312 6,196 
Net income (loss) attributable to RCI shareholders312 6,196 1,001 10,049 389 4,708 (1,508)(14,802)194 6,151 
As at period end
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		Sep. 30
2026		Dec. 31
2025		Sep. 30
2026		Dec. 31
2025		Sep. 30
2026		Dec. 31
2025		Sep. 30
2026		Dec. 31
2025		Sep. 30
2026		Dec. 31
2025
Selected Statements of
Financial Position data measure:
Current assets54,336 52,780 59,681 59,158 12,940 12,524 (115,502)(114,974)11,455 9,488 
Non-current assets77,656 76,883 49,847 50,107 32,229 30,885 (78,737)(77,351)80,995 80,524 
Current liabilities58,781 57,303 56,037 56,800 10,385 9,780 (108,067)(108,231)17,136 15,652 
Non-current liabilities49,519 47,551 8,831 8,724 8,566 7,368 (14,321)(13,569)52,595 50,074 
1    For the purposes of this table, investments in subsidiary companies are accounted for by the equity method.
2    Amounts recorded in current liabilities and non-current liabilities for RCCI do not include any obligations arising as a result of being a guarantor or co-obligor, as the case may be, under any of RCI's long-term debt.

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Third Quarter 2026

About Forward-Looking Information

This MD&A includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this MD&A. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information
•typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;
•includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and
•was approved by our management on the date of this MD&A.

Our forward-looking information in this MD&A includes forecasts and projections related to the following items, among others:
•revenue;
•total service revenue;
•adjusted EBITDA;
•capital expenditures;
•cash income tax payments;
•free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);
•dividend payments;
•the growth of new products and services;
•expected growth in subscribers and the services to which they subscribe;
•the cost of acquiring and retaining subscribers and deployment of new services;
•continued cost reductions and efficiency improvements;
•our debt leverage ratio and how we intend to manage that ratio;
•the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, amount, and use of proceeds therefrom and the value it may unlock from our sports assets; and
•all other statements that are not historical facts.

Our conclusions, forecasts, and projections in this MD&A are based on a number of estimates, expectations, assumptions, and other factors, including, among others:
•general economic and industry conditions, including the effects of inflation;
•currency exchange rates and interest rates;
•product pricing levels and competitive intensity;
•subscriber growth;
•pricing, usage, and churn rates;
•changes in government regulation;
•technology and network deployment;
•availability of devices;
•timing of new product launches;
•content and equipment costs;
•the integration of acquisitions; and
•industry structure and stability.

Except as otherwise indicated, this MD&A and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this MD&A as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:
•regulatory changes;
•technological changes;
•economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
•unanticipated changes in content or equipment costs;
•changing conditions in the sports, media, entertainment, information, and communications industries;
•performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;
•sports-related work stoppages or cancellations and labour disputes;
•the integration of acquisitions;
•litigation and tax matters;
•the level of competitive intensity;
•the emergence of new opportunities;
•external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
Rogers Communications Inc.
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Third Quarter 2026

•the anticipated benefits of the MLSE Transaction and the MLSE minority interest acquisition may not be realized;
•we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;
•if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds and may not unlock significant value from our sports assets;
•if completed, we may use the proceeds from the sale of a minority interest in Rogers Sports for other purposes, whether due to alternative opportunities
or requirements, general economic and market conditions, or other internal or external considerations;
•new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;
•changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and
•the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this MD&A.

These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this MD&A is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections of this MD&A entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this MD&A.

# # #
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Third Quarter 2026

Exhibit 99.2
rogerslogohires.jpg




Rogers Communications Inc.



INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Three and nine months ended September 30, 2026 and 2025

















Rogers Communications Inc.
1
Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)
    Three months ended September 30Nine months ended September 30
  Note2026202520262025
Revenue5 5,443 5,348 16,540 15,540 
Operating expenses:
Operating costs62,908 2,833 9,199 8,409 
Depreciation and amortization1,202 1,230 3,617 3,580 
Restructuring, acquisition and other7104 51 364 416 
Finance costs8623 252 1,631 1,459 
Gain on disposition of assets20(67)— (97)— 
Other (income) expense9(22)(4,998)993 (5,005)
Income before income tax expense695 5,980 833 6,681 
Income tax expense200 212 521 485 
Net income for the period495 5,768 312 6,196 
Net income for the period attributable to:
RCI shareholders482 5,714 194 6,151 
Non-controlling interest13 54 118 45 
Earnings per share attributable to RCI shareholders:
Basic10$0.89$10.58$0.36$11.41
Diluted10$0.88$10.54$0.33$11.38
The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Rogers Communications Inc.
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Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Comprehensive Income
(In millions of Canadian dollars, unaudited)
  Three months ended September 30Nine months ended September 30
  2026202520262025
Net income for the period495 5,768 312 6,196 
Other comprehensive (loss) income:
Items that will not be reclassified to income:
Defined benefit pension plans:
Remeasurements— — — 67 
Related income tax expense— — — (18)
Defined benefit pension plans— — — 49 
Equity investments measured at fair value through other comprehensive income (FVTOCI):
(Decrease) increase in fair value(5)1 7 (23)
Related income tax (expense) recovery(1)1 (2)3 
Equity investments measured at FVTOCI(6)2 5 (20)
Items that will not be reclassified to income(6)2 5 29 
Items that may subsequently be reclassified to income:
Cash flow hedging derivative instruments:
Unrealized (loss) gain in fair value of derivative instruments(97)629 411 7 
Reclassification to net income of (gain) loss on debt derivatives(97)(299)(872)1,080 
Reclassification to net income or property, plant and equipment of gain on expenditure derivatives(9)(16)(11)(54)
Reclassification to net income for accrued interest(27)(22)(71)(80)
Related income tax (expense) recovery(3)(54)(64)13 
Cash flow hedging derivative instruments(233)238 (607)966 
Items that may subsequently be reclassified to income(233)238 (607)966 
Other comprehensive (loss) income for the period(239)240 (602)995 
Comprehensive income (loss) for the period256 6,008 (290)7,191 
Comprehensive income for the period attributable to:
RCI shareholders243 5,954 (408)7,146 
Non-controlling interest13 54 118 45 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.
 
Rogers Communications Inc.
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Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)
As at
September 30		As at
December 31
  Note20262025
Assets
Current assets:
Cash and cash equivalents3,152 1,344 
Accounts receivable125,815 6,105 
Inventories544 550 
Current portion of contract assets158 151 
Other current assets1,286 1,239 
Current portion of derivative instruments11 500 99 
Total current assets11,455 9,488 
Property, plant and equipment26,087 26,307 
Intangible assets29,666 28,898 
Investments13 1,308 1,291 
Derivative instruments11 652 746 
Financing receivables121,080 1,198 
Other long-term assets2,170 2,052 
Goodwill20,032 20,032 
Total assets92,450 90,012 
Liabilities and equity
Current liabilities:
Short-term borrowings14 1,322 4,000 
Accounts payable and accrued liabilities4,679 4,831 
Income tax payable77 — 
Other current liabilities9 4,838 3,831 
Contract liabilities1,031 1,114 
Current portion of long-term debt15 4,362 1,186 
Current portion of lease liabilities16 827 690 
Total current liabilities17,136 15,652 
Provisions54 55 
Long-term debt15 37,470 35,872 
Lease liabilities16 2,657 2,428 
Other long-term liabilities2,939 2,225 
Deferred tax liabilities9,476 9,494 
Total liabilities69,732 65,726 
Equity
Equity attributable to RCI shareholders16,533 17,751 
Non-controlling interest6,185 6,535 
Equity1722,718 24,286 
Total liabilities and equity92,450 90,012 
Subsequent events9, 14, 17

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Rogers Communications Inc.
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Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Changes in Equity
(In millions of Canadian dollars, except number of shares, unaudited)
Attributable to RCI shareholders
Class A
Voting Shares
Class B
Non-Voting Shares
Nine months ended September 30, 2026Amount
Number
of shares
(000s)
Amount
Number
of shares
(000s)
Retained
earnings
FVTOCI investment reserve
Hedging
reserve
Equity
investment reserve
TotalNon-
controlling
interest		Total
equity
Balances, January 1, 202671 111,152 2,415 429,073 16,528 32 (1,305)10 17,751 6,535 24,286 
Net income for the period
— — — — 194 — — — 194 118 312 
Other comprehensive income:
FVTOCI investments, net of tax— — — — — 5 — — 5 — 5 
Derivative instruments accounted for as hedges, net of tax— — — — — — (607)— (607)— (607)
Total other comprehensive income— — — — — 5 (607)— (602)— (602)
Comprehensive income for the period— — — — 194 5 (607)— (408)118 (290)
Transactions with shareholders recorded directly in equity:
Dividends declared— — — — (810)— — — (810)— (810)
Share class exchange— (3)— 3 — — — — — — — 
Dividends declared by a subsidiary to non-controlling interests (note 17)
— — — — — — — — — (468)(468)
Total transactions with shareholders— (3)— 3 (810)— — — (810)(468)(1,278)
Balances, September 30, 202671 111,149 2,415 429,076 15,912 37 (1,912)10 16,533 6,185 22,718 
Attributable to RCI shareholders
Class A
Voting Shares
Class B
Non-Voting Shares
Nine months ended September 30, 2025Amount
Number
of shares
(000s)
Amount
Number
of shares
(000s)
Retained
earnings
FVTOCI investment reserve
Hedging
reserve
Equity
investment reserve
TotalNon-
controlling
interest		Total
equity
Balances, January 1, 202571 111,152 2,250 424,949 10,630 (7)(2,551)10 10,403 — 10,403 
Net income for the period— — — — 6,151 — — — 6,151 45 6,196 
Other comprehensive income:
Defined benefit pension plans, net of tax— — — — 49 — — — 49 — 49 
FVTOCI investments, net of tax— — — — — (20)— — (20)— (20)
Derivative instruments accounted for as hedges, net of tax— — — — — — 966 — 966 — 966 
Total other comprehensive income (loss)— — — — 49 (20)966 — 995 — 995 
Comprehensive income (loss) for the period
— — — — 6,200 (20)966 — 7,146 45 7,191 
Transactions with shareholders recorded directly in equity:
Dividends declared— — — — (809)— — — (809)— (809)
Share price change on DRIP dividends
— — — — (2)— — — (2)— (2)
Non-controlling interests in shares of a subsidiary— — — — — — — — — 6,656 6,656 
Dividends declared by a subsidiary to non-controlling interests
— — — — — — — — — (14)(14)
Shares issued as settlement of dividends (note 17)
— — 165 4,124 — — — — 165 — 165 
Total transactions with shareholders— — 165 4,124 (811)— — — (646)6,642 5,996 
Balances, September 30, 202571 111,152 2,415 429,073 16,019 (27)(1,585)10 16,903 6,687 23,590 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Rogers Communications Inc.
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Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)
    Three months ended September 30Nine months ended September 30
  Note2026202520262025
Operating activities:
Net income for the period495 5,768 312 6,196 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,202 1,230 3,617 3,580 
Program rights amortization14 15 100 65 
Finance costs8 623 252 1,631 1,459 
Income tax expense200 212 521 485 
Post-employment benefits contributions, net of expense18 19 52 55 
Income from associates and joint ventures9 (22)(20)(39)(22)
Gain on revaluation of MLSE investment9 — (4,976)— (4,976)
Gain on disposition of assets(67)— (97)— 
Loss on revaluation of MLSE put liability9 — — 1,034 — 
Other29 (75)66 (110)
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,492 2,425 7,197 6,732 
Change in net operating assets and liabilities20 (194)(133)(513)(244)
Income taxes paid(48)(234)(414)(548)
Interest paid, net(592)(543)(1,600)(1,533)
Cash provided by operating activities1,658 1,515 4,670 4,407 
Investing activities:
Capital expenditures20 (524)(964)(2,027)(2,773)
Additions to program rights and other intangible assets(32)(21)(173)(69)
Changes in non-cash working capital related to investing activities116 (51)(79)(107)
Acquisitions and other strategic transactions, net of cash acquired— (4,499)(85)(4,499)
Other9 (3)— 5 
Cash used in investing activities(431)(5,538)(2,364)(7,443)
Financing activities:
Net (repayment of) proceeds received from short-term borrowings14 (917)1,972 (2,708)636 
Net issuance (repayment) of long-term debt15 1,670 (2,928)3,839 (2,504)
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives11 23 (37)49 40 
Transaction costs incurred15 (26)(4)(55)(103)
Principal payments of lease liabilities16 (161)(147)(458)(414)
Dividends paid to RCI shareholders17 (270)(270)(810)(643)
Distributions paid by subsidiaries to non-controlling interests17 (119)(14)(352)(14)
Issuance of subsidiary shares to non-controlling interest17 — — — 6,656 
Other(1)— (3)(4)
Cash provided by (used in) financing activities199 (1,428)(498)3,650 
Change in cash and cash equivalents1,426 (5,451)1,808 614 
Cash and cash equivalents, beginning of period1,726 6,963 1,344 898 
Cash and cash equivalents, end of period3,152 1,512 3,152 1,512 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Rogers Communications Inc.
6
Third Quarter 2026

NOTE 1: NATURE OF THE BUSINESS

Rogers Communications Inc. is Canada's communications, sports and entertainment company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

During the nine months ended September 30, 2026, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and Maple Leaf Sports & Entertainment Ltd. (MLSE). Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Our operating results are subject to seasonal fluctuations that materially impact quarter-to-quarter operating results and thus, one quarter's operating results are not necessarily indicative of a subsequent quarter's operating results. These typical fluctuations are described in note 1 to our annual audited consolidated financial statements for the year ended December 31, 2025 (2025 financial statements).

References in these financial statements to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see note 3 to our 2024 financial statements. References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in MLSE on July 1, 2025. For additional details, see "MLSE Transaction" in our 2025 Annual Management's Discussion and Analysis (MD&A) and our 2025 financial statements. References to the MLSE minority interest acquisition are to our acquisition of the remaining 25% interest in MLSE from Kilmer Sports Inc., which was completed on October 1, 2026. For additional details, see "Update on sports and entertainment assets" in our Q3 2026 MD&A. References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network. For additional details, see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 financial statements.

Statement of Compliance
We prepared our interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 (third quarter 2026 interim financial statements) in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), following the same accounting policies and methods of application as those disclosed in our 2025 financial statements. These third quarter 2026 interim financial statements were approved by RCI's Board of Directors (the Board) on October 22, 2026.

NOTE 2: MATERIAL ACCOUNTING POLICIES

Basis of Presentation
The notes presented in these third quarter 2026 interim financial statements include only material transactions and changes occurring for the nine months since our year-end of December 31, 2025 and do not include all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These third quarter 2026 interim financial statements should be read in conjunction with the 2025 financial statements.

All dollar amounts are in Canadian dollars unless otherwise stated.

Rogers Communications Inc.
7
Third Quarter 2026

New Accounting Pronouncements Adopted in 2026
We adopted the following IFRS amendments in 2026. They did not have a material effect on our consolidated financial statements.
•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems.

Recent Accounting Pronouncements Not Yet Adopted
The IASB has not issued any new or amended accounting pronouncements in 2026.

The IASB has issued the following new standard that will become effective in future years:
•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.

We are continuing to assess the impacts IFRS 18 will have on our consolidated financial statements. We expect our consolidated statements of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows.

NOTE 3: CAPITAL RISK MANAGEMENT

Key Metrics and Ratios
We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the interim condensed consolidated financial statements.

Adjusted net debt and debt leverage ratio
We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. While our debt leverage ratio has increased as a result of the MLSE Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. As at September 30, 2026 and December 31, 2025, we met our objectives for these metrics.

For the purposes of calculating adjusted net debt and debt leverage ratio as at September 30, 2026, we adjusted 50% of the value of all our subordinated notes except for our $2.0 billion subordinated notes due 2081, which we intend to redeem in December 2026 using the net proceeds from our issuance of subordinated notes in September 2026 (see note 15). This treatment is aligned with the approach commonly used to evaluate debt leverage by rating agencies.

Rogers Communications Inc.
8
Third Quarter 2026

As at
September 30		As at
December 31
(In millions of dollars, except ratios)20262025
Adjusted net debt 1,2
37,428 38,856 
Divided by: trailing 12-month adjusted EBITDA10,030 9,820 
Debt leverage ratio3.7 4.0 
1    For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes, excluding our $2.0 billion subordinated notes due 2081 which we intend to redeem in December 2026, is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2    For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.

Free cash flow
We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.
  Three months ended September 30Nine months ended September 30
(In millions of dollars)Note2026202520262025
Adjusted EBITDA42,535 2,515 7,341 7,131 
Deduct (add):
Capital expenditures 1
20 524 964 2,027 2,773 
Interest on borrowings, net and capitalized interest8489 474 1,459 1,456 
Cash income taxes 2
48 234 414 548 
Distributions paid by subsidiaries to non-controlling interests
17119 14 352 14 
Net cash proceeds on subsidiary equity derivatives 3
17(15)— (39)— 
Free cash flow1,370 829 3,128 2,340 
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Cash income taxes are net of refunds received.
3    Reflects the impact of the subsidiary equity derivatives, which we entered into to economically hedge the distributions to non-controlling interests (see note 11).

  Three months ended September 30Nine months ended September 30
(In millions of dollars)Note2026202520262025
Cash provided by operating activities1,658 1,515 4,670 4,407 
Add (deduct):
Capital expenditures20(524)(964)(2,027)(2,773)
Interest on borrowings, net and capitalized interest8(489)(474)(1,459)(1,456)
Interest paid592 543 1,600 1,533 
Restructuring, acquisition and other7104 51 364 416 
Program rights amortization(14)(15)(100)(65)
Change in net operating assets and liabilities20194 133 513 244 
Distributions paid by subsidiaries to non-controlling interests17(119)(14)(352)(14)
Net cash proceeds on subsidiary equity derivatives1715 — 39 — 
Post-employment benefit contributions, net of expense(18)(19)(52)(55)
Cash flows relating to other operating activities(29)75 (66)110 
Other investment income9— (2)(2)(7)
Free cash flow1,370 829 3,128 2,340 

Available liquidity
Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire
Rogers Communications Inc.
9
Third Quarter 2026

spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at September 30, 2026 and December 31, 2025, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date (see note 15).

Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. During the three and nine months ended September 30, 2026, we borrowed nil (2025 - $9 million and $71 million) under this facility.

The $4.35 billion of credit facilities we entered into in September 2026 (see note 14) are also not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see note 9).
As at September 30, 2026Total sourcesDrawnLetters of credit
US CP program 1
Net available
(In millions of dollars)Note
Cash and cash equivalents3,152 — — — 3,152 
Bank credit facilities 2:
Revolving154,260 190 10 123 3,937 
Non-revolving15300 300 — — — 
Outstanding letters of credit75 — 75 — — 
Receivables securitization 2
142,400 1,200 — — 1,200 
Total10,187 1,690 85 123 8,289 
1    The US CP program amounts are gross of the discount on issuance.
2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2025Total sourcesDrawnLetters of creditNet available
(In millions of dollars)Note
Cash and cash equivalents1,344 — — 1,344 
Bank credit facilities 1:
Revolving154,260 115 10 4,135 
Non-revolving
14, 15
2,300 2,300 — — 
Outstanding letters of credit45 — 45 — 
Receivables securitization 1
142,400 2,000 — 400 
Total
10,349 4,415 55 5,879 
1    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.

NOTE 4: SEGMENTED INFORMATION

Our reportable segments are Wireless, Cable, and Media. All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments, corporate administrative functions, and eliminations of inter-segment revenues and costs. Effective July 2025, TSC was transferred from the Media segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results. We follow the same accounting policies for our segments as those described in note 2 of our 2025 financial statements. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis. We account for transactions between reportable segments in the same way we account for transactions with external parties, however eliminate them on consolidation.

Rogers Communications Inc.
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Third Quarter 2026

The Chief Executive Officer and Chief Financial Officer of RCI are, collectively, our chief operating decision maker and regularly review our operations and performance by segment. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other (income) expense; and income tax expense.

Information by Segment
Three months ended September 30, 2026NoteWirelessCableMediaCorporate items
and eliminations		Consolidated
totals
(In millions of dollars)
Revenue from external customers5 2,651 1,969 750 73 5,443 
Revenue from internal customers37 18 71 (126)— 
Total revenue2,688 1,987 821 (53)5,443 
Operating costs61,305 823 737 43 2,908 
Adjusted EBITDA1,383 1,164 84 (96)2,535 
Depreciation and amortization1,202 
Restructuring, acquisition and other7104 
Finance costs8623 
Gain on disposition of assets20(67)
Other income9(22)
Income before income taxes695 
Three months ended September 30, 2025NoteWirelessCableMedia
Corporate items
and eliminations
Consolidated
totals
(In millions of dollars)
Revenue from external customers5 2,631 1,964 678 75 5,348 
Revenue from internal customers30 17 75 (122)— 
Total revenue2,661 1,981 753 (47)5,348 
Operating costs61,287 828 678 40 2,833 
Adjusted EBITDA1,374 1,153 75 (87)2,515 
Depreciation and amortization1,230 
Restructuring, acquisition and other751 
Finance costs8252 
Other income9(4,998)
Income before income taxes5,980 
Rogers Communications Inc.
11
Third Quarter 2026

Nine months ended September 30, 2026NoteWirelessCableMediaCorporate items
and eliminations		Consolidated
totals
(In millions of dollars)
Revenue from external customers5 7,712 5,863 2,741 224 16,540 
Revenue from internal customers107 56 223 (386)— 
Total revenue7,819 5,919 2,964 (162)16,540 
Operating costs63,800 2,475 2,811 113 9,199 
Adjusted EBITDA4,019 3,444 153 (275)7,341 
Depreciation and amortization3,617 
Restructuring, acquisition and other7364 
Finance costs81,631 
Gain on disposition of assets20(97)
Other expense9993 
Income before income taxes833 
Nine months ended September 30, 2025NoteWirelessCableMedia
Corporate items
and eliminations
Consolidated
totals
(In millions of dollars)
Revenue from external customers5 7,665 5,833 1,820 222 15,540 
Revenue from internal customers80 51 232 (363)— 
Total revenue7,745 5,884 2,052 (141)15,540 
Operating costs63,755 2,476 2,032 146 8,409 
Adjusted EBITDA3,990 3,408 20 (287)7,131 
Depreciation and amortization3,580 
Restructuring, acquisition and other7416 
Finance costs81,459 
Other income9(5,005)
Income before income taxes6,681 

Rogers Communications Inc.
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Third Quarter 2026

NOTE 5: REVENUE
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Wireless
Service revenue from external customers
1,996 2,029 5,947 6,004 
Service revenue from internal customers37 30 107 80 
Service revenue
2,033 2,059 6,054 6,084 
Equipment revenue from external customers
655 602 1,765 1,661 
Total Wireless2,688 2,661 7,819 7,745 
Cable
Service revenue from external customers1,961 1,957 5,835 5,808 
Service revenue from internal customers18 17 56 51 
Service revenue
1,979 1,974 5,891 5,859 
Equipment revenue from external customers8 7 28 25 
Total Cable1,987 1,981 5,919 5,884 
Media
Revenue from external customers
750 678 2,741 1,820 
Revenue from internal customers
71 75 223 232 
Total Media821 753 2,964 2,052 
Corporate items
Revenue from external customers73 75 224 222 
Revenue from internal customers 4 11 20 28 
Total corporate items
77 86 244 250 
Intercompany eliminations
(130)(133)(406)(391)
Total revenue5,443 5,348 16,540 15,540 
Total service revenue4,780 4,739 14,747 13,854 
Total equipment revenue663 609 1,793 1,686 
Total revenue5,443 5,348 16,540 15,540 

Rogers Communications Inc.
13
Third Quarter 2026

NOTE 6: OPERATING COSTS
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Cost of equipment sales585 577 1,642 1,626 
Merchandise for resale62 67 186 160 
Goods and services purchased 1,606 1,479 5,226 4,745 
Employee salaries, benefits, and stock-based compensation655 710 2,145 1,878 
Total operating costs2,908 2,833 9,199 8,409 

NOTE 7: RESTRUCTURING, ACQUISITION AND OTHER
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs97 35 342 338 
Shaw Transaction integration-related costs7 16 22 78 
Total restructuring, acquisition and other104 51 364 416 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs for the three and nine months ended September 30, 2026 and 2025 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program during the nine months ended September 30, 2026. In the nine months ended September 30, 2026, we also incurred costs associated with certain litigation.

During the three months ended September 30, 2025, the costs also included expenses related to closing the MLSE Transaction and real estate rationalization programs. During the nine months ended September 30, 2025, the costs also included expenses directly related to completing the network transaction and an unfavourable regulatory decision related to retransmission of distant signals.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

NOTE 8: FINANCE COSTS
  Three months ended September 30Nine months ended September 30
(In millions of dollars)Note2026202520262025
Interest on borrowings, net 1
497 481 1,481 1,480 
Interest on lease liabilities1642 37 122 109 
Interest on post-employment benefits
(2)(1)(5)(4)
Gain on redemption of long-term debt 2
15— (151)— (151)
(Gain) loss on foreign exchange(7)43 30 (43)
Change in fair value of derivative instruments4 (62)(31)10 
Change in fair value of subsidiary equity derivative instruments 3
11 38 (134)(83)(41)
Capitalized interest(8)(7)(22)(24)
Deferred transaction costs and other59 46 139 123 
Total finance costs623 252 1,631 1,459 
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the net gain on the redemption of long-term debt purchased during the three months ended September 30, 2025.
3    Reflects the change in fair value of derivatives entered into related to the network transaction.

Rogers Communications Inc.
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Third Quarter 2026

NOTE 9: OTHER (INCOME) EXPENSE
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Income from associates and joint ventures(22)(20)(39)(22)
Gain on revaluation of MLSE investment 1
— (4,976)— (4,976)
Loss on revaluation of MLSE put liability— — 1,034 — 
Other investment (income) losses— (2)(2)(7)
Total other (income) expense(22)(4,998)993 (5,005)
1    Includes a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

In July 2025, as a result of the MLSE Transaction, we recognized a $5 billion non-cash gain to recognize our existing 37.5% interest in MLSE at fair value, which was required as a result of the MLSE Transaction.

In July 2026, we announced we had entered into an agreement to pursue the MLSE minority interest acquisition for $4.35 billion in cash. As a result of this agreement, we recognized a $1,034 million non-cash loss related to the change in the fair value of the MLSE put liability, from $3.3 billion to $4.35 billion as at June 30, 2026, during the nine months ended September 30, 2026.

On October 1, 2026, we closed the MLSE minority interest acquisition and became 100% owners of MLSE. Upon closing, we borrowed US$3,077 million ($4,367 million) under our non-revolving credit facilities (see note 14) and settled the MLSE put liability included in "other current liabilities".

NOTE 10: EARNINGS PER SHARE
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except per share amounts)2026202520262025
Numerator (basic) - Net income attributable to RCI shareholders for the period482 5,714 194 6,151 
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic540 540 540 539 
Effect of dilutive securities (in millions):
Employee stock options and restricted share units2 2 2 1 
Weighted average number of shares outstanding - diluted542 542 542 540 
Earnings per share attributable to RCI shareholders:
Basic$0.89 $10.58 $0.36 $11.41 
Diluted$0.88 $10.54 $0.33 $11.38 

For the three and nine months ended September 30, 2026 and 2025, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the three and nine months ended September 30, 2026 was reduced by $5 million and $16 million (2025 - nil and $4 million), respectively, in the diluted earnings per share calculation.

For the three and nine months ended September 30, 2026, a total of 8,758,089 options (2025 - 9,078,991) were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

NOTE 11: FINANCIAL INSTRUMENTS

Derivative Instruments
We use derivative instruments to manage financial risks related to our business activities. These include debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives. We only use derivatives to manage risk and not for speculative purposes.

All of our currently outstanding debt derivatives related to our senior notes, senior debentures, subordinated notes, and lease liabilities, as well as our expenditure derivatives have been designated as hedges for accounting purposes.

Rogers Communications Inc.
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Third Quarter 2026

Debt derivatives
We use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings (see note 15). We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings, with the exception of the interest rate swaps acquired in the MLSE Transaction, have not been designated as hedges for accounting purposes.

Credit facilities and US CP
The tables below summarize the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended
September 30, 2026
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rate
Notional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
US commercial paper program
Debt derivatives entered228 1.408 321 2,317 1.380 3,197 
Debt derivatives settled592 1.405 832 2,231 1.385 3,089 
Net cash received on settlement10 13 
Three months ended September 30, 2025Nine months ended
September 30, 2025
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Credit facilities
Debt derivatives entered5,677 1.373 7,793 9,825 1.394 13,695 
Debt derivatives settled4,231 1.374 5,814 9,427 1.396 13,156 
Net cash received (paid) on settlement13 (55)
US commercial paper program
Debt derivatives entered218 1.376 300 517 1.410 729 
Debt derivatives settled218 1.367 298 831 1.414 1,175 
Net cash paid on settlement(3)(1)

As at September 30, 2026, we had US$86 million notional amount of debt derivatives outstanding relating to our US CP program (December 31, 2025 - nil), at an average rate of $1.400/US$ (December 31, 2025 - nil/US$).

Subordinated notes
Below is a summary of the debt derivatives we entered into related to subordinated notes during the three and nine months ended September 30, 2026 and 2025.
(In millions of dollars, except interest rates)
US$Hedging effect
Effective datePrincipal/Notional amount (US$)Maturity dateCoupon rate
Fixed hedged (Cdn$) interest rate 1
Equivalent (Cdn$)
2026 issuances
March 27, 2026750 20566.875 %6.193 %1,034 
September 23, 202650020577.150 %6.127 %690 
September 23, 202650020577.400 %6.598 %690 
2025 issuances
February 12, 20251,100 20557.000 %5.440 %1,575 
February 12, 20251,00020557.125 %5.862 %1,432 
1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at September 30, 2026, we had US$17,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.296/US$ (December 31, 2025 - $1.287/US$).
Rogers Communications Inc.
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Third Quarter 2026

In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives.

In July 2025, in connection with the offers to repurchase certain of our US dollar-denominated senior notes, we partially settled the associated debt derivatives on the accepted senior notes (see note 15).

Lease liabilities
Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended September 30, 2026
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered56 1.393 78 147 1.395 205 
Debt derivatives settled65 1.369 89 197 1.360 268 
Net cash paid on settlement(2)(3)
Three months ended September 30, 2025Nine months ended September 30, 2025
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered66 1.379 91 180 1.389 250 
Debt derivatives settled62 1.355 84 182 1.352 246 
Net cash received on settlement— 5 

As at September 30, 2026, we had US$360 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2025 - US$410 million) with terms to maturity ranging from October 2026 to September 2029 (December 31, 2025 - January 2026 to December 2028) at an average rate of $1.377/US$ (December 31, 2025 - $1.365/US$).

Expenditure derivatives
We use foreign currency forward contracts and option contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs".

The following table provides further details on our outstanding foreign currency forward contracts and options as at September 30, 2026 and December 31, 2025.
As at September 30As at December 31
(in millions of dollars)20262025
Type of hedgeAmount to receive (US$)Amount to pay (Cdn$)Amount to receive (US$)Amount to pay (Cdn$)MaturityHedged item
Cash flow330 451 1,429 1,955 2026Anticipated purchases
Cash flow1,369 1,857 609 826 2027Anticipated purchases
Cash flow160 216 40 54 2028Anticipated purchases
Cash flow25 34 — — 2029Anticipated purchases
Cash flow292 380 305 397 2027-2039Future Toronto Blue Jays player compensation
Economic— — 216 285 2026Anticipated purchases
Economic100 137 420 565 2027Anticipated purchases
Economic85 117 205 275 2028Anticipated purchases
Economic45 61 45 61 2029Anticipated purchases

Equity derivatives
We use total return swaps (equity derivatives) to hedge the market price appreciation risk of the RCI Class B Non-Voting common shares (Class B Non-Voting Shares) granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes.

Rogers Communications Inc.
17
Third Quarter 2026

As at September 30, 2026, we had equity derivatives outstanding for 6.5 million (December 31, 2025 - 5.5 million) Class B Non-Voting Shares with a weighted average price of $48.20 (December 31, 2025 - $46.81).

During the nine months ended September 30, 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23. We also reset the pricing on 0.2 million existing equity derivatives, resulting in net proceeds of $0.6 million. Finally, we executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2027 (from April 2026). The weighted average cost was adjusted to $48.20 per share.

During the nine months ended September 30, 2025, we settled 1.5 million equity derivatives at a weighted average price of $35.32 resulting in a net payment of $22 million on settlement. We also reset the pricing on 2.3 million existing equity derivatives, resulting in a net payment of $38 million. Finally, we executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2026 (from April 2025).

Subsidiary equity derivatives
We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis.

Cash settlements on debt derivatives and subsidiary equity derivatives
The table below summarizes the net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives during the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Credit facilities— 13 — (55)
US commercial paper program10 (3)13 (1)
Senior and subordinated notes— (48)— 47 
Lease liabilities
(2)— (3)5 
Subsidiary equity derivatives
15 1 39 44 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 

Fair Values of Financial Instruments
The carrying value of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term nature of these financial instruments. The carrying value of our lease liabilities approximates their fair value because the discount rate used to calculate them approximates our current borrowing rate. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or using market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of derivatives in an asset position, the credit adjustment for the financial institution counterparty is added to the risk-free value to determine the estimated credit-adjusted value for each derivative. For those derivatives in a liability position, our credit adjustment is added to the risk-free value for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

The fair value of the MLSE put liability is based on the agreed-upon amount to purchase the remaining 25% interest in MLSE from the non-controlling interest holder (see note 9).

Rogers Communications Inc.
18
Third Quarter 2026

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:
•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;
•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and
•Level 3 valuations are based on inputs that are not based on observable market data.

There were no financial instruments in Level 1 as at September 30, 2026 or December 31, 2025. There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended September 30, 2026 or 2025.

Below is a summary of the carrying values and fair values of our financial instruments as at September 30, 2026 and December 31, 2025.
Carrying valueFair value (Level 2)Fair value (Level 3)
As at
Sept. 30		As at
Dec. 31		As at
Sept. 30		As at
Dec. 31		As at
Sept. 30		As at
Dec. 31
(In millions of dollars)202620252026202520262025
Financial assets
Investments, measured at FVTOCI:
Investments in private companies
219 212 — — 219 212 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges1,034 787 1,034 787 — — 
Debt derivatives not accounted for as hedges2 — 2 — — — 
Expenditure derivatives accounted for as cash flow hedges90 20 90 20 — — 
Equity derivatives not accounted for as hedges17 37 17 37 — — 
Subsidiary equity derivatives not accounted for as hedges9 1 9 1 — — 
Total financial assets1,371 1,057 1,152 845 219 212 
Financial liabilities
Long-term debt (including current portion)
41,832 37,058 40,044 36,523 — — 
MLSE put liability4,350 3,316 — — 4,350 3,316 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges640 645 640 645 — — 
MLSE interest rate swap1 7 1 7 — — 
Expenditure derivatives accounted for as cash flow hedges— 28 — 28 — — 
Expenditure derivatives not accounted for as hedges3 17 3 17 — — 
Equity derivatives not accounted as hedges46 9 46 9 — — 
Subsidiary equity derivatives not accounted for as hedges4 36 4 36 — — 
Virtual power purchase agreement not accounted for as a hedge5 6 5 6 — — 
Total financial liabilities46,881 41,122 40,743 37,271 4,350 3,316 

NOTE 12: FINANCING RECEIVABLES

Financing receivables represent amounts owed to us under device or accessory financing agreements that have not yet been billed. Our financing receivable balances are included in "accounts receivable" (when they are to be billed and collected within twelve months) and "financing receivables" on our interim condensed consolidated statements of financial position. Below is a breakdown of our financing receivable balances.
As at
September 30		As at
December 31
(In millions of dollars)20262025
Current financing receivables2,317 2,448 
Long-term financing receivables1,080 1,198 
Total financing receivables3,397 3,646 

Rogers Communications Inc.
19
Third Quarter 2026

NOTE 13: INVESTMENTS
As at
September 30
As at
December 31
(In millions of dollars)20262025
Investments in private companies, measured at FVTOCI
219 212 
Investments, associates and joint ventures1,089 1,079 
Total investments1,308 1,291 

NOTE 14: SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at September 30, 2026 and December 31, 2025.
As at
September 30
As at
December 31
(In millions of dollars)20262025
Receivables securitization program1,200 2,000 
US commercial paper program (net of the discount on issuance)122 — 
Non-revolving credit facility borrowings (net of the discount on issuance)— 2,000 
Total short-term borrowings1,322 4,000 

The tables below summarize the activity relating to our short-term borrowings for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended September 30, 2026
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Proceeds received from receivables securitization— 650 
Repayment of receivables securitization(400)(1,450)
Net repayment of receivables securitization(400)(800)
Proceeds received from US commercial paper228 1.408 321 2,317 1.380 3,197 
Repayment of US commercial paper(595)1.408 (838)(2,242)1.385 (3,105)
Net (repayment of) proceeds received from US commercial paper(517)92 
Repayment of non-revolving credit facilities (Cdn$)— (2,000)
Total repayment of non-revolving credit facilities— (2,000)
Net repayment of short-term borrowings(917)(2,708)
Rogers Communications Inc.
20
Third Quarter 2026

Three months ended September 30, 2025Nine months ended September 30, 2025
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Repayment of receivables securitization— (400)
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper218 1.376 300 517 1.410 729 
Repayment of US commercial paper(219)1.365 (299)(835)1.413 (1,180)
Net proceeds received from (repayment of) US commercial paper1 (451)
Proceeds received from non-revolving credit facilities (Cdn$) 1
— — 
Proceeds received from non-revolving credit facilities (US$) 1
4,352 1.375 5,982 5,397 1.386 7,479 
Total proceeds received from non-revolving credit facilities5,982 7,479 
Repayment of non-revolving credit facilities (Cdn$) 1
— — 
Repayment of non-revolving credit facilities (US$) 1
(2,906)1.380 (4,011)(4,303)1.393 (5,992)
Total repayment of non-revolving credit facilities(4,011)(5,992)
Net proceeds received from non-revolving credit facilities1,971 1,487 
Net proceeds received from short-term borrowings1,972 636 
1    Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Receivables Securitization Program
Below is a summary of our receivables securitization program as at September 30, 2026 and December 31, 2025.
As at
September 30
As at
December 31
(In millions of dollars)20262025
Receivables sold to buyer as security3,493 3,251 
Short-term borrowings from buyer(1,200)(2,000)
Overcollateralization2,293 1,251 

Below is a summary of the activity related to our receivables securitization program for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Receivables securitization program, beginning of period1,600 1,600 2,000 2,000 
Net repayment of receivables securitization(400)— (800)(400)
Receivables securitization program, end of period1,200 1,600 1,200 1,600 

The terms of our receivables securitization program are committed until its expiry, which we extended in August 2026 to an expiration date of July 31, 2029.

Rogers Communications Inc.
21
Third Quarter 2026

US Commercial Paper Program
The tables below summarize the activity relating to our US CP program for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30, 2026Nine months ended September 30, 2026
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
US commercial paper program, beginning of period449 1.419 637 — — — 
Net (repayment of) proceeds received from US commercial paper(367)1.409 (517)75 1.227 92 
Discounts on issuance 1
4 n/m5 11 n/m15 
(Gain) loss on foreign exchange 1
(3)15 
US commercial paper program, end of period86 1.419 122 86 1.419 122 
n/m - not meaningful
1 Included in finance costs.

Three months ended September 30, 2025Nine months ended September 30, 2025
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
US commercial paper program, beginning of period— — — 314 1.439 452 
Net proceeds received from (repayment of) US commercial paper(1)n/m1 (318)1.418 (451)
Discounts on issuance 1
1 n/m2 4 
n/m
6 
Gain on foreign exchange 1
(3)(7)
US commercial paper program, end of period— — — — — — 
1 Included in finance costs.

Concurrent with the commercial paper issuances, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 11). We have not designated these debt derivatives as hedges for accounting purposes.

Non-Revolving Credit Facilities
Below is a summary of the activity relating to our non-revolving credit facilities for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Non-revolving credit facility, beginning of period— — 2,000 507 
Net proceeds received from (repayment of) non-revolving credit facility— 1,971 (2,000)1,487 
Loss on foreign exchange 1
— 43 — 20 
Non-revolving credit facility, end of period— 2,014 — 2,014 
1 Included in finance costs.

Concurrent with our US dollar-denominated borrowings under our credit facilities in 2025, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 11).

In September 2026, to fund the MLSE minority interest acquisition, we entered into four non-revolving credit facilities with an aggregate limit of $4.35 billion that mature in September 2027. In October 2026, we borrowed US$3,077 million ($4,367 million) under these facilities upon closing the MLSE minority interest acquisition (see note 9). Concurrent with the borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings.

Rogers Communications Inc.
22
Third Quarter 2026

NOTE 15: LONG-TERM DEBT
Principal
amount		Interest
rate		As at
September 30		As at
December 31
(In millions of dollars, except interest rates)Par call dateDue date  20262025
Bank credit facilities (Cdn$ portion)Floating490 415 
Canada Infrastructure Bank credit facility20521.000 %134 134 
Senior notesn/aSep 2026500 5.650 %— 500 
Senior notesAug 2026Nov 2026US500 2.900 %712 686 
Senior notes 1
Dec 2026Mar 2027300 3.800 %300 300 
Senior notesJan 2027Mar 20271,500 3.650 %1,500 1,500 
Senior notesFeb 2027Mar 2027US1,300 3.200 %1,850 1,784 
Senior notesAug 2028Sep 20281,000 5.700 %1,000 1,000 
Senior notes 1
Aug 2028Nov 2028500 4.400 %500 500 
Senior notesJan 2029Feb 2029US1,250 5.000 %1,779 1,716 
Senior notesFeb 2029Apr 20291,000 3.750 %1,000 1,000 
Senior notesFeb 2029May 2029700 3.250 %700 700 
Senior notes 1
Sep 2029Dec 2029159 3.300 %159 159 
Senior notesJul 2030Sep 2030500 5.800 %500 500 
Senior notes 1
Sep 2030Dec 2030210 2.900 %210 210 
Senior notesDec 2031Mar 2032US2,000 3.800 %2,846 2,745 
Senior notesJan 2032Apr 20321,000 4.250 %1,000 1,000 
Senior debentures 2
n/aMay 2032US200 8.750 %285 275 
Senior notesJun 2033Sep 20331,000 5.900 %1,000 1,000 
Senior notesNov 2033Feb 2034US1,250 5.300 %1,779 1,716 
Senior notesn/aAug 2038US350 7.500 %498 480 
Senior notesn/aNov 2039500 6.680 %500 500 
Senior notes 1
n/aNov 20391,450 6.750 %1,450 1,450 
Senior notesFeb 2040Aug 2040800 6.110 %800 800 
Senior notesSep 2040Mar 2041400 6.560 %400 400 
Senior notesSep 2041Mar 2042US750 4.500 %1,067 1,029 
Senior notesSep 2042Mar 2043US382 4.500 %543 524 
Senior notesApr 2043Oct 2043US650 5.450 %925 892 
Senior notesSep 2043Mar 2044US752 5.000 %1,070 1,032 
Senior notesAug 2047Feb 2048US506 4.300 %720 694 
Senior notesNov 2048May 2049US630 4.350 %898 865 
Senior notesMay 2049Nov 2049US541 3.700 %770 743 
Senior notes 1
Jun 2049Dec 204926 4.250 %26 26 
Senior notesSep 2051Mar 2052US2,000 4.550 %2,847 2,745 
Senior notesOct 2051Apr 20521,000 5.250 %1,000 1,000 
Subordinated notes 3
Feb 2030Apr 2055US1,100 7.000 %1,566 1,510 
Subordinated notes 3
Feb 2035Apr 2055US1,000 7.125 %1,423 1,373 
Subordinated notes 3
Feb 2030Apr 20551,000 5.625 %1,000 1,000 
Subordinated notes 3
May 2031Jul 2056US750 6.875 %1,067 — 
Subordinated notes 3
May 2031Jul 20561,250 6.250 %1,250 — 
Subordinated notes 3
Oct 2031Jan 2057US500 7.150 %712 — 
Subordinated notes 3
Oct 2036Jan 2057US500 7.400 %712 — 
Subordinated notes 3
Oct 2031Jan 2057600 6.000 %600 — 
Subordinated notes 3
Dec 2026Dec 20812,000 5.000 %2,000 2,000 
Subordinated notes 3
Mar 2027Mar 2082US750 5.250 %1,067 1,029 
42,655 37,932 
Deferred transaction costs and discounts(746)(795)
Deferred government grant liability(77)(79)
Less current portion(4,362)(1,186)
Total long-term debt37,470 35,872 
1    Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at September 30, 2026 and December 31, 2025.
2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at September 30, 2026 and December 31, 2025.
3    The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date.

Rogers Communications Inc.
23
Third Quarter 2026

The tables below summarize the activity relating to our long-term debt for the three and nine months ended September 30, 2026 and 2025.
Three months ended
 September 30, 2026		Nine months ended
September 30, 2026
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)190 240 
Credit facility repayments (Cdn$)— (165)
Net borrowings under credit facilities190 75 
Senior note repayments (Cdn$)(500)(500)
Total senior notes repayments(500)(500)
Subordinated note issuances (Cdn$)600 1,850 
Subordinated note issuances (US$)1,000 1.380 1,380 1,750 1.379 2,414 
Total issuances of subordinated notes1,980 4,264 
Net issuance of long-term debt1,670 3,839 
Three months ended
September 30, 2025		Nine months ended
September 30, 2025
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)134 196 
Credit facility borrowings (US$)1,325 1.367 1,811 1,325 1.367 1,811 
Total credit facility borrowings1,945 2,007 
Credit facility repayments (US$)(1,325)1.361 (1,803)(1,325)1.361 (1,803)
Total credit facility repayments(1,803)(1,803)
Net borrowings under credit facilities142 204 
Term loan facility net borrowings (US$) 1
— — — 1 n/m6 
Term loan facility net repayments (US$) 1
— — — (697)1.380 (962)
Net repayments under term loan facility— (956)
Senior note repayments (Cdn$)(1,147)(2,397)
Senior note repayments (US$)(1,412)1.362 (1,923)(2,412)1.394 (3,362)
Total senior notes repayments(3,070)(5,759)
Net repayment of senior notes(3,070)(5,759)
Subordinated note issuances (Cdn$)— 1,000 
Subordinated note issuances (US$)— — — 2,100 1.432 3,007 
Total issuances of subordinated notes— 4,007 
Net repayment of long-term debt(2,928)(2,504)
1    Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Rogers Communications Inc.
24
Third Quarter 2026

Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Long-term debt, beginning of period
40,046 40,852 37,058 41,896 
Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)
Discount on principal amount of senior notes repurchased in connection with tender offer
— (504)— (504)
Decrease (increase) in government grant liability related to Canada Infrastructure Bank facility1 (5)2 (43)
Long-term debt acquired through the MLSE Transaction
— 298 — 298 
Loss (gain) on foreign exchange102 447 883 (951)
Deferred transaction costs (incurred) derecognized(24)131 (48)31 
Amortization of deferred transaction costs37 31 98 99 
Long-term debt, end of period
41,832 38,322 41,832 38,322 

During the nine months ended September 30, 2025, we repaid the $1 billion outstanding under the April 2026 tranche of our $6 billion term loan and terminated the facility.

In 2025, in connection with the network transaction, we paid an aggregate of approximately $30 million to the consenting holders of our outstanding senior notes for their consent to certain clarifying amendments to the indentures governing those securities concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs are being amortized into finance costs over the remaining terms of the underlying notes using the effective interest method.

In July 2025, to partially fund the MLSE Transaction, we borrowed US$1.3 billion ($1.8 billion) under our revolving credit facility (which was subsequently repaid using the proceeds from the network transaction) and US$1.5 billion ($2 billion) under two new $1 billion non-revolving credit facilities that matured in July 2026.

In July 2026, we amended the terms of our $4 billion revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to July 2031, from September 2030, and the $1 billion tranche to July 2029, from September 2028.

Senior and Subordinated Notes
Issuance of subordinated notes and related debt derivatives
Below is a summary of the subordinated notes we issued during the three and nine months ended September 30, 2026 and 2025.
(In millions of dollars, except interest rates and discounts)
Issue price per $1,000 principal amount
Total gross

proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issuedPrincipal amountDue dateInterest rate
2026 issuances
March 27, 2026 (subordinated) 3
US750 20566.875 %1,000.00 1,034 13 
March 27, 2026 (subordinated) 3
1,250 20566.250 %1,000.00 1,250 13 
September 23, 2026 (subordinated) 3
US500 20577.150 %1,000.00 690 8 
September 23, 2026 (subordinated) 3
US500 20577.400 %1,000.00 690 8 
September 23, 2026 (subordinated) 3
600 20576.000 %1,000.00 600 6 
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21 
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19 
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11 
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The subordinated notes due 2056 can be redeemed at par on July 31, 2031, or on any subsequent interest payment date. The three issuances of subordinated notes due 2057 can be redeemed at par on October 31, 2031, October 31, 2036, and October 31, 2031, respectively, or on any subsequent interest payment date. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.
Rogers Communications Inc.
25
Third Quarter 2026

2026
In March 2026, we issued two tranches of subordinated notes, consisting of:
•US$750 million due 2056 with an initial coupon of 6.875% for the first five years; and
•$1.25 billion due 2056 with an initial coupon of 6.250% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.3 billion from the issuance, and we used the proceeds to repay debt.

In September 2026, we issued three tranches of subordinated notes, consisting of:
•US$500 million due 2057 with an initial coupon of 7.150% for the first five years;
•US$500 million due 2057 with an initial coupon of 7.400% for the first ten years; and
•$600 million due 2057 with an initial coupon of 6.000% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.0 billion from the issuance, and we intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date.

Each of the $600 million and US$500 million 7.15% subordinated notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$500 million 7.4% subordinated notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2025
In February 2025, we issued three tranches of subordinated notes, consisting of:
•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;
•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and
•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

Repayment of senior notes and related derivative settlements
2026
In September 2026, we repaid the entire outstanding principal of our $500 million 5.65% senior notes at maturity. There were no derivatives associated with these senior notes.

2025
In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives.

In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.

During the three months ended September 30, 2025, we purchased $1,205 million principal amount of our Canadian dollar-denominated senior notes and US$1,738 million principal amount of our US dollar-denominated senior notes, paying the note holders $1,147 million and US$1,411 million, respectively, plus accrued interest, for the purchase of those senior notes. In connection with our purchase of the US dollar-denominated senior notes, we also partially settled the associated debt derivatives.

Rogers Communications Inc.
26
Third Quarter 2026

NOTE 16: LEASES

Below is a summary of the activity related to our lease liabilities for the three and nine months ended September 30, 2026 and 2025.
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Lease liabilities, beginning of period3,415 2,953 3,118 2,778 
Net additions223 111 804 542 
Lease liabilities acquired through the MLSE Transaction
— 104 — 104 
Interest on lease liabilities42 37 122 109 
Interest payments on lease liabilities(35)(32)(102)(93)
Principal payments of lease liabilities(161)(147)(458)(414)
Lease liabilities, end of period3,484 3,027 3,484 3,027 

NOTE 17: EQUITY

Dividends
Below is a summary of the dividends we declared and paid on our outstanding RCI Class A Voting common shares (Class A Shares) and Class B Non-Voting Shares in 2026 and 2025.
Dividends paid (in millions of dollars)
Number of Class B
Non-Voting
Shares issued
(in thousands) 1
Declaration dateRecord datePayment date
Dividend per
share (dollars)
In cash
In Class B
Non-Voting
Shares
Total
January 28, 2026March 10, 2026April 2, 20260.50 270 — 270 — 
April 21, 2026June 9, 2026July 6, 20260.50 270 — 270 — 
July 21, 2026September 8, 2026October 2, 20260.50 270 — 270 — 
January 29, 2025March 10, 2025April 2, 20250.50 188 81 269 2,181 
April 22, 2025June 9, 2025July 3, 20250.50 270— 270 — 
July 22, 2025September 8, 2025October 3, 20250.50 270— 270 — 
October 22, 2025December 8, 2025January 2, 20260.50 270 — 270 — 
1    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).

On October 22, 2026, the Board declared a quarterly dividend of $0.50 per Class A Share and Class B Non-Voting Share, to be paid on January 5, 2027, to shareholders of record on December 8, 2026.

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above five cents per share.

Dividends to Non-Controlling Interests
Below is a summary of dividends we declared and paid to non-controlling interests in 2026 and 2025.
Declaration and payment date
Distributions paid (in millions of dollars)
February 2026116 
May 2026117 
July 2026119 
August 202514 
November 2025119 

In addition to the payment declared at the July 2026 BNSI board of directors meeting, a dividend of $116 million to be paid in November 2026 has been accrued.

Rogers Communications Inc.
27
Third Quarter 2026

NOTE 18: STOCK-BASED COMPENSATION

Below is a summary of our stock-based compensation expense, which is included in net income, for the three and nine months ended September 30, 2026 and 2025.
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Stock options(6)22 (23)19 
Restricted share units9 25 37 46 
Deferred share units— 8 (1)10 
Equity derivative effect, net of interest receipt14 (33)51 (10)
Total stock-based compensation expense17 22 64 65 
As at September 30, 2026, we had a total liability recognized at its fair value of $149 million (December 31, 2025 - $189 million) related to stock-based compensation, including stock options, restricted share units (RSUs), and deferred share units (DSUs).

During the three and nine months ended September 30, 2026, we paid $1 million and $50 million (2025 - $1 million and $36 million), respectively, to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature.

Stock Options
The tables below summarize the activity related to stock option plans, including performance options, for the three and nine months ended September 30, 2026 and 2025.
  Three months ended September 30, 2026Nine months ended September 30, 2026
(In number of units, except prices)Number of options
Weighted average
exercise price
Number of optionsWeighted average
exercise price
Outstanding, beginning of period11,894,102 $58.5911,766,094 $58.58
Granted— — 340,932 $53.94
Exercised— — (162,132)$47.41
Forfeited(491,960)$64.78(542,752)$64.39
Outstanding, end of period11,402,142 $58.3211,402,142 $58.32
Exercisable, end of period8,086,481 $62.518,086,481 $62.51
  Three months ended September 30, 2025Nine months ended September 30, 2025
(In number of units, except prices)Number of optionsWeighted average
exercise price		Number of optionsWeighted average
exercise price
Outstanding, beginning of period12,204,957 $58.809,707,847 $63.89
Granted— — 2,687,103 $40.37
Forfeited(438,863)$65.79(628,856)$62.82
Outstanding, end of period11,766,094 $58.5811,766,094 $58.58
Exercisable, end of period7,322,180 $64.107,322,180 $64.10

We did not grant any performance options during the three and nine months ended September 30, 2026 or 2025.

Unrecognized stock-based compensation expense related to stock option plans was $4 million as at September 30, 2026 (December 31, 2025 - $12 million) and will be recognized in net income within periods of up to the next four years as the options vest.

Rogers Communications Inc.
28
Third Quarter 2026

Restricted Share Units
Below is a summary of the activity related to RSUs outstanding, including performance RSUs, for the three and nine months ended September 30, 2026 and 2025.
  Three months ended September 30Nine months ended September 30
(In number of units)2026202520262025
Outstanding, beginning of period3,832,486 3,370,722 3,329,552 2,448,224 
Granted and reinvested dividends44,624 58,639 1,604,000 1,924,846 
Exercised(13,050)(6,360)(885,700)(778,837)
Forfeited(48,985)(49,912)(232,777)(221,144)
Outstanding, end of period3,815,075 3,373,089 3,815,075 3,373,089 

Included in the above table are grants of 10,211 and 493,387 performance RSUs to certain key employees during the three and nine months ended September 30, 2026 (2025 - 8,870 and 312,356), respectively.

Unrecognized stock-based compensation expense related to these RSUs was $57 million as at September 30, 2026 (December 31, 2025 - $54 million) and will be recognized in net income within periods of up to the next three years as the RSUs vest.

Deferred Share Unit Plan
Below is a summary of the activity related to DSUs outstanding, including performance DSUs, for the three and nine months ended September 30, 2026 and 2025.
  Three months ended September 30Nine months ended September 30
(In number of units)2026202520262025
Outstanding, beginning of period1,030,576 1,034,078 983,782 908,678 
Granted and reinvested dividends11,179 12,614 109,630 232,703 
Exercised(1,754)(1)(27,179)(94,405)
Forfeited— — (26,232)(285)
Outstanding, end of period1,040,001 1,046,691 1,040,001 1,046,691 

Included in the above table are grants of 1,261 and 3,496 performance DSUs to certain key executives during the three and nine months ended September 30, 2026 (2025 - 1,390 and 4,149).

Unrecognized stock-based compensation expense related to granted DSUs was $6 million as at September 30, 2026 (December 31, 2025 - $10 million) and will be recognized in net income over the next three years as the executive DSUs vest. All other DSUs granted are fully vested.

NOTE 19: RELATED PARTY TRANSACTIONS

Controlling Shareholder
We enter into certain transactions with private companies controlled by the controlling shareholder of RCI, the Rogers Control Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid during the three and nine months ended September 30, 2026 and 2025 were less than $1 million.

Transactions with Related Parties
We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for the three and nine months ended September 30, 2026 and 2025.

We have also entered into certain transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three and nine months ended September 30, 2026 and 2025 were less than $1 million.

In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million and $9 million of which was paid during the three and nine months ended September 30, 2026, respectively. The remaining liability of $77 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next twelve months) or "other long-term liabilities".
Rogers Communications Inc.
29
Third Quarter 2026

We recognized these transactions at the amounts agreed to by the related parties, which were also approved by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and generally due for payment in cash within one month of the date of the transaction.

NOTE 20: SUPPLEMENTAL CASH FLOW INFORMATION

Change in Net Operating Assets and Liabilities
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Accounts receivable, excluding financing receivables(137)(87)112 (122)
Financing receivables5 28 249 226 
Contract assets(9)6 (12)18 
Inventories9 79 6 171 
Other current assets2 (27)(75)(110)
Accounts payable and accrued liabilities(116)(208)(612)(398)
Contract and other liabilities52 76 (181)(29)
Total change in net operating assets and liabilities(194)(133)(513)(244)

Capital Expenditures
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Capital expenditures before proceeds on disposition798 977 2,439 2,841 
Proceeds on disposition(274)(13)(412)(68)
Capital expenditures524 964 2,027 2,773 

During the three and nine months ended September 30, 2026, we sold certain assets, including wireless network assets, wireline network assets, and real estate, for $274 and $412 million (2025 - $13 million and $68 million). In connection with the sales, we recognized gains of $67 million and $97 million (2025 - nil), respectively.

The wireline network assets we sold during the three months ended September 30, 2026 reflect in-process network assets related to the Government of Ontario's Accelerated High-Speed Internet Program. These were sold to various third parties who have agreed, among other things, to complete construction in accordance with the standards and timelines contained within our agreement with the government. Notwithstanding these third-party arrangements, we remain responsible for the obligations to the government. If these entities do not fulfill their obligations, we would need to take steps to ensure construction is completed as required.

Rogers Communications Inc.
30
Third Quarter 2026

rogerslogohires1a.jpg
Exhibit 99.3
ROGERS COMMUNICATIONS REPORTS THIRD QUARTER 2026 RESULTS
Rogers delivers topline and adjusted EBITDA growth while generating record free cash flow and its lowest capital intensity in over two decades
•Total service revenue and adjusted EBITDA growth of 1%
•Free cash flow of $1.4 billion, achieves over $3 billion of free cash flow year to date
•Capital expenditures of $524 million and capital intensity of 9.6%, down 840 basis points and amongst the lowest in the industry

Executes on sports and media strategy; becomes 100% owner of MLSE on October 1 and turns to process to sell minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports)

Focus on efficiency and financial discipline continues to drive industry-leading Wireless and Cable margins; underlying telecom operations stable
•Wireless service revenue of $2.0 billion, down 1%
•Wireless adjusted EBITDA up 1%; adjusted EBITDA margin up 130 basis points to 68%
•Total mobile phone net additions of 17,000
•Mobile phone ARPU of $55.22; postpaid mobile phone churn of 1.03%
•Cable service revenue of $2.0 billion, stable year over year
•Cable adjusted EBITDA up 1%; adjusted EBITDA margin up 40 basis points to 59%
•Retail Internet net additions of 10,000

Achieves strong performance in Media helped by over 97% near-sell-out attendance at the Toronto Blue Jays; Rogers leading sports and media assets continue to show scale
•Revenue of $821 million, up 9%
•Adjusted EBITDA of $84 million, up 12%
•Commenced 13th consecutive year of national NHL media rights ownership; expanded sublicensing agreements for both Wednesday night hockey and French-language games for duration of contract
•Announced twelve-concert Backstreet Boys residency at Rogers Centre in Q1 2027, reflecting global scale opportunity of world-class assets

Balance sheet improves with a debt leverage ratio of 3.7x, down 0.1x sequentially
•Targets further deleveraging by the first half of 2027 through the unlocking of considerable value in Rogers Sports holdings

Company reaffirms 2026 outlook for total service revenue, adjusted EBITDA, capital expenditures, and free cash flow

TORONTO (October 23, 2026) - Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the third quarter ended September 30, 2026.

"Our third quarter results demonstrate strong financial discipline, with margin expansion in Cable and Wireless, record free cash flow, and further deleveraging despite lower market activity," said Tony Staffieri, President and CEO. "The close of the MLSE transaction marks a significant milestone in our plan to unlock shareholder value from our sports and media assets, which continue to show global breadth and scale."
Rogers Communications Inc.
1
Third Quarter 2026

Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended September 30Nine months ended September 30
20262025% Chg20262025% Chg
Total revenue5,443 5,348 2 16,540 15,540 6 
Total service revenue4,780 4,739 1 14,747 13,854 6 
Adjusted EBITDA 1
2,535 2,515 1 7,341 7,131 3 
Net income495 5,768 (91)312 6,196 (95)
Net income attributable to RCI shareholders482 5,714 (92)194 6,151 (97)
Adjusted net income 1
701 726 (3)1,884 1,901 (1)
Adjusted net income attributable to RCI shareholders 1
704 740 (5)1,894 1,903 — 
Diluted earnings per share attributable to RCI shareholders$0.88 $10.54 (92)$0.33 $11.38 (97)
Adjusted diluted earnings per share attributable to RCI shareholders 1
$1.29 $1.37 (6)$3.46 $3.52 (2)
Cash provided by operating activities1,658 1,515 9 4,670 4,407 6 
Free cash flow 1
1,370 829 65 3,128 2,340 34 

Strategic Highlights

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country
•Expanded our 5G/5G+ network nationally, including in New Brunswick and Quebec.
•Completed 350 new wireless sites and upgraded 300 existing sites as part of the $300 million Eastern Ontario Regional Network Cell Gap Project.
•Leveraged Rogers Satellite capabilities to offer free Rogers Satellite to all Rogers wireless customers in British Columbia during the state of emergency caused by wildfires.

Deliver easy to use, reliable products and services
•Added exclusive Sportsnet+ content, including Monday Night Hockey, for Rogers Xfinity customers at no additional cost.
•Introduced new wireless product lineups from Apple and Samsung Galaxy.
•Carried 510 terabytes of mobile data on our 5G+ network at stadiums and fan zones in Toronto and Vancouver on FIFA World Cup match days.

Be the first choice for Canadians
•Drew an American League-leading over 3.3 million fans to Toronto Blue Jays games at the Rogers Centre this season - more than 97% of capacity, the club's best attendance since 2016, and third-highest in the MLB.
•Earned the number-one ranking for Rogers radio stations among adults aged 25-53 in Toronto, Edmonton, and Vancouver, as reported by Numeris.

Be a strong national company investing in Canada
•Signed an agreement with Kilmer Sports Inc. to acquire its remaining 25% stake in MLSE on October 1.
•Donated $1 million to Alberta children's charities through the Rogers Charity Classic.
•Renewed Mobi by Rogers through 2029 with Vancouver Bike Share to connect riders across the city.

Be the growth leader in our industry
•Grew total service revenue by 1% and adjusted EBITDA by 1%.
•Generated strong free cash flow of $1,370 million and cash flow from operating activities of $1,658 million.

Update on sports and entertainment assets
On October 1, 2026, we completed the MLSE minority interest acquisition for $4.35 billion in cash, which we funded through short-term credit facilities. For more information, see "Managing our Liquidity and Financial Resources" in our Q3
1 Adjusted EBITDA is a total of segments measure. Free cash flow and debt leverage ratio are capital management measures. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q3 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.
Rogers Communications Inc.
2
Third Quarter 2026

Management's Discussion and Analysis (MD&A). Upon completing this transaction, we have obtained a 100% ownership interest in MLSE.

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. On completion of the MLSE minority interest acquisition, MLSE became a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

We are pursuing the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors by the first half of 2027, the proceeds from which we expect to use to repay debt and further improve our balance sheet. We remain committed to unlocking what we view as significant unrecognized value in our sports assets.

Quarterly Financial Highlights

Revenue
Total revenue increased by 2% and total service revenue increased by 1% this quarter, primarily as a result of revenue growth in Media.

Wireless service revenue decreased by 1% this quarter primarily as a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the Canadian Radio-television and Telecommunications Commission's (CRTC) decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Wireless equipment revenue increased by 9%, primarily as a result of a continued shift in the product mix towards higher-value devices, higher device upgrades by existing customers, and disciplined pricing.

Cable service revenue this quarter was in line with the prior year as the impact of retail Internet subscriber growth and base management activities was offset by declines in our Home Phone and Video subscriber bases. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.

Media revenue increased by 9% this quarter, primarily as a result of higher sports revenue and subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 1% this quarter, driven by EBITDA growth across all our businesses, and our adjusted EBITDA margin decreased by 40 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 68%, up 130 basis points.

Cable adjusted EBITDA increased by 1% as a result of various efficiency initiatives. This gave rise to an adjusted EBITDA margin of 59%, up 40 basis points. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

Media adjusted EBITDA increased by 12%, primarily due to the flow-through impact of the aforementioned revenue impacts and associated costs.

Net income and adjusted net income
Adjusted net income decreased by 3% this quarter, primarily as a result of higher finance costs, partially offset by higher adjusted EBITDA. Net income decreased by $5,273 million this quarter as it was also impacted by a $5 billion non-cash gain in the prior year to recognize our existing 37.5% interest in MLSE at fair value, which was required as a result of the MLSE Transaction, and the $151 million gain on the redemption of long-term debt in the prior year.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,658 million (2025 - $1,515 million), which increased as a result of lower income taxes paid, and free cash flow of $1,370 million (2025 - $829 million), which increased as a result of lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

Rogers Communications Inc.
3
Third Quarter 2026

As at September 30, 2026, we had $8.3 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $3.2 billion in cash and cash equivalents and $5.1 billion available under our bank and other credit facilities. In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date. The $4.35 billion of credit facilities we entered into in September 2026 are not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see "Update on sports and entertainment assets").

Our debt leverage ratio2 was 3.7 as at September 30, 2026 (December 31, 2025 - 4.0, which reflects the combined results of Rogers including MLSE for the period from the MLSE Transaction closing date (July 1, 2025) to December 31, 2025, and standalone Rogers results prior to July 2025 in trailing 12-month adjusted EBITDA). See "Financial Condition" in our Q3 MD&A for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on October 22, 2026.

2    Available liquidity and debt leverage ratio are capital management measures. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q3 2026 MD&A, available at www.sedarplus.ca, for more information about these measures.
Rogers Communications Inc.
4
Third Quarter 2026

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and nine months ended September 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Third Quarter 2026 Interim Condensed Consolidated Financial Statements (Third Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Third Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the MLSE minority interest acquisition are to our acquisition of the remaining 25% interest in MLSE from Kilmer Sports Inc., which was completed on October 1, 2026 (see "Update on sports and entertainment assets"). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at October 22, 2026 and was approved by RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or third quarter refer to the three months ended September 30, 2026, first quarter refers to the three months ended March 31, 2026, second quarter refers to the three months ended June 30, 2026, and year to date refers to the nine months ended September 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.
Rogers Communications Inc.
5
Third Quarter 2026

Summary of Consolidated Financial Results
Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins and per share amounts)20262025% Chg20262025% Chg
Revenue
Wireless2,688 2,661 1 7,819 7,745 1 
Cable1,987 1,981 — 5,919 5,884 1 
Media821 753 9 2,964 2,052 44 
Corporate items and intercompany eliminations(53)(47)13 (162)(141)15 
Revenue5,443 5,348 2 16,540 15,540 6 
Total service revenue 1
4,780 4,739 1 14,747 13,854 6 
Adjusted EBITDA
Wireless1,383 1,374 1 4,019 3,990 1 
Cable1,164 1,153 1 3,444 3,408 1 
Media84 75 12 153 20 n/m
Corporate items and intercompany eliminations(96)(87)10 (275)(287)(4)
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Adjusted EBITDA margin 2
46.6 %47.0 %(0.4 pts)44.4 %45.9 %(1.5 pts)
Net income 3:
495 5,768 (91)312 6,196 (95)
Net income attributable to RCI shareholders482 5,714 (92)194 6,151 (97)
Earnings per share attributable to RCI shareholders 3:
Basic$0.89 $10.58 (92)$0.36 $11.41 (97)
Diluted$0.88 $10.54 (92)$0.33 $11.38 (97)
Adjusted net income701 726 (3)1,884 1,901 (1)
Adjusted net income attributable to RCI shareholders704 740 (5)1,894 1,903 — 
Adjusted earnings per share attributable to RCI shareholders:
Basic 2
$1.30 $1.37 (5)$3.51 $3.53 (1)
Diluted
$1.29 $1.37 (6)$3.46 $3.52 (2)
Capital expenditures524 964 (46)2,027 2,773 (27)
Cash provided by operating activities1,658 1,515 9 4,670 4,407 6 
Free cash flow1,370 829 65 3,128 2,340 34 
n/m - not meaningful
1    As defined. See "Key Performance Indicators".
2    Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic earnings per share attributable to RCI shareholders is a non-GAAP ratio (of which adjusted net income attributable to RCI shareholders is a component). This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.
3    Net income and earnings per share for the three and nine months ended September 30, 2025 include a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Rogers Communications Inc.
6
Third Quarter 2026

Results of our Reportable Segments

WIRELESS

Wireless Financial Results
Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,996 2,029 (2)5,947 6,004 (1)
Service revenue from internal customers37 30 23 107 80 34 
Service revenue
2,033 2,059 (1)6,054 6,084 — 
Equipment revenue from external customers
655 602 9 1,765 1,661 6 
Revenue
2,688 2,661 1 7,819 7,745 1 
Operating costs
Cost of equipment579 569 2 1,623 1,605 1 
Other operating costs
726 718 1 2,177 2,150 1 
Operating costs
1,305 1,287 1 3,800 3,755 1 
Adjusted EBITDA1,383 1,374 1 4,019 3,990 1 
Adjusted EBITDA margin 1
68.0 %66.7 %1.3 pts66.4 %65.6 %0.8 pts
Capital expenditures
171 367 (53)638 1,139 (44)
1    Calculated using service revenue.

Wireless Subscriber Results 1
  Three months ended September 30Nine months ended September 30
(In thousands, except churn and mobile phone ARPU)20262025Chg20262025Chg
Postpaid mobile phone
Gross additions347 385 (38)1,109 1,084 25 
Net additions6 62 (56)56 108 (52)
Total postpaid mobile phone subscribers 2
11,051 10,961 90 11,051 10,961 90 
Churn (monthly)1.03 %0.99 %0.04 pts1.06 %1.00 %0.06 pts
Prepaid mobile phone
Gross additions186 149 37 534 416 118 
Net additions11 49 (38)34 98 (64)
Total prepaid mobile phone subscribers 2
1,234 1,205 29 1,234 1,205 29 
Churn (monthly)4.77 %2.86 %1.91 pts4.60 %3.14 %1.46 pts
Mobile phone ARPU (monthly) 3
$55.22 $56.70 ($1.48)$55.05 $56.40 ($1.35)
1    Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% decrease in service revenue this quarter was a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the CRTC's decision prohibiting certain fees (see "Regulatory Developments" for more information), partially offset by the year-to-date cumulative addition of new customers. Service revenue year to date was in line with the prior year.

The decreases in postpaid gross and net additions this quarter, and net additions year to date, were primarily a result of promotional discipline and lower overall market activity in Canada.

The increase in postpaid gross additions year to date was a result of the highly promotional and competitive Canadian market activity in the first quarter.
Rogers Communications Inc.
7
Third Quarter 2026

Equipment revenue
The 9% increase in equipment revenue this quarter and 6% increase year to date were primarily a result of:
•a continued shift in the product mix towards higher-value devices;
•higher device upgrades by existing customers; and
•disciplined pricing; partially offset by
•a decrease in new subscribers purchasing devices.

Operating costs
Cost of equipment
The 2% increase in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs
The 1% increases in other operating costs this quarter and year to date were a result of higher commissions and higher costs related to Rogers Satellite.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

Rogers Communications Inc.
8
Third Quarter 2026

CABLE

Cable Financial Results
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,961 1,957 — 5,835 5,808 — 
Service revenue from internal customers18 17 6 56 51 10 
Service revenue
1,979 1,974 — 5,891 5,859 1 
Equipment revenue from external customers
8 7 14 28 25 12 
Revenue1,987 1,981 — 5,919 5,884 1 
Operating costs
823 828 (1)2,475 2,476 — 
Adjusted EBITDA1,164 1,153 1 3,444 3,408 1 
Adjusted EBITDA margin58.6 %58.2 %0.4 pts58.2 %57.9 %0.3 pts
Capital expenditures315 477 (34)1,090 1,327 (18)

Cable Subscriber Results 1
  Three months ended September 30Nine months ended September 30
(In thousands, except ARPA and penetration)20262025Chg20262025Chg
Homes passed 2
10,683 10,438 245 10,683 10,438 245 
Customer relationships
Net (losses) additions(2)20 (22)4 40 (36)
Total customer relationships 2
4,860 4,845 15 4,860 4,845 15 
ARPA (monthly) 3
$135.72 $136.05 ($0.33)$134.80 $136.47 ($1.67)
Penetration 2
45.5 %46.4 %(0.9 pts)45.5 %46.4 %(0.9 pts)
Retail Internet
Net additions10 29 (19)34 78 (44)
Total retail Internet subscribers 2
4,531 4,475 56 4,531 4,475 56 
Video
Net losses(35)(36)1 (89)(93)4 
Total Video subscribers 2
2,414 2,524 (110)2,414 2,524 (110)
Home Monitoring
Net additions5 7 (2)10 15 (5)
Total Home Monitoring subscribers 2
163 148 15 163 148 15 
Home Phone
Net losses(26)(31)5 (82)(86)4 
Total Home Phone subscribers 2
1,307 1,421 (114)1,307 1,421 (114)
1    Subscriber results are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter was in line with the prior year. The 1% increase year to date was a result of:
•retail Internet subscriber growth; and
•base management activities, including adjustments to subscriber rates and bundled service offerings; partially offset by
•declines in our Home Phone and Video subscriber bases.

Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year.

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Third Quarter 2026

Operating costs
The 1% decrease in operating costs this quarter was a result of:
•ongoing efficiency and productivity initiatives; partially offset by
•increased licensing rights associated with changes to our bundled service offerings.

Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year.

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Third Quarter 2026

MEDIA

Media Financial Results
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue from external customers750 678 11 2,741 1,820 51 
Revenue from internal customers71 75 (5)223 232 (4)
Revenue
821 753 9 2,964 2,052 44 
Operating costs
737 678 9 2,811 2,032 38 
Adjusted EBITDA84 75 12153 20 n/m
Adjusted EBITDA margin10.2 %10.0 %0.2 pts5.2 %1.0 %4.2 pts
Capital expenditures46 75 (39)165 136 21 

Revenue
The 9% increase in revenue this quarter was a result of:
•higher sports revenue, including:
•higher game day attendance at the Toronto Blue Jays;
•the NHL regular season beginning in September this year; and
•higher sports league and other revenue related to other sporting events held at our venues;
•higher advertising revenue on Sportsnet; and
•higher subscriber revenue from the Warner Bros. Discovery suite of channels; partially offset by
•lower advertising revenue as a result of ongoing softness in non-sports media advertising.

The 44% increase in revenue year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.79 billion in revenue in the first and second quarters of 2026. Excluding the consolidation of MLSE, organic revenue growth was 6% year to date as a result of higher game day attendance at the Toronto Blue Jays and higher subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue.

Operating costs
The 9% increase in operating costs this quarter was a result of:
•higher player salaries and related costs at the Toronto Blue Jays and the Toronto Maple Leafs, including as a result of the NHL regular season beginning in September this year; and
•higher programming costs.

The 38% increase year to date was primarily a result of the consolidation of MLSE beginning in the second half of 2025, which contributed $0.64 billion in costs in the first and second quarters of 2026. Excluding the consolidation of MLSE, the organic increase in operating costs was 7% year to date and primarily reflects higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.

Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

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Third Quarter 2026

CAPITAL EXPENDITURES
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except capital intensity)20262025% Chg20262025% Chg
Wireless171 367 (53)638 1,139 (44)
Cable315 477 (34)1,090 1,327 (18)
Media46 75 (39)165 136 21 
Corporate(8)45 (118)134 171 (22)
Capital expenditures 1
524 964 (46)2,027 2,773 (27)
Capital intensity 2
9.6 %18.0 %(8.4 pts)12.3 %17.8 %(5.5 pts)
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects. In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral, cancellation, or sale of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $133 million and $223 million (2025 - $13 million and $13 million), respectively, of proceeds received on the sale of certain network assets, which reduced capital expenditures. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. We also sold certain cable network assets for $86 million and $132 million (2025 - nil and $47 million) this quarter and year to date, respectively, the proceeds from which reduced capital expenditures. The sold assets were associated with under-construction rural fibre network projects we have deprioritized in the current environment. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The decrease in capital expenditures in Media this quarter was a result of lower modernization costs at Scotiabank Arena as construction nears completion. The increase year to date reflects higher costs in the first half of the year related to the continued modernization of Rogers Centre and Scotiabank Arena.

Corporate
The decreases in capital expenditures in Corporate this quarter and year to date primarily reflect the impact of $55 million (2025 - nil and $5 million) of proceeds received on the sale of certain real estate (land and building) assets.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.
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Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Deduct (add):
Depreciation and amortization1,202 1,230 (2)3,617 3,580 1 
Restructuring, acquisition and other104 51 104 364 416 (13)
Finance costs623 252 147 1,631 1,459 12 
Gain on disposition of assets
(67)— — (97)— — 
Other (income) expense 1
(22)(4,998)(100)993 (5,005)n/m
Income tax expense200 212 (6)521 485 7 
Net income495 5,768 (91)312 6,196 (95)
1    Other income for the three and nine months ended September 30, 2025 includes a $40 million reduction to the gain on revaluation of our investment in MLSE in the third quarter of 2025 as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.

Depreciation and amortization
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Depreciation of property, plant and equipment927 971 (5)2,815 2,835 (1)
Depreciation of right-of-use assets140 117 20 384 328 17 
Amortization135 142 (5)418 417 — 
Total depreciation and amortization1,202 1,230 (2)3,617 3,580 1 

Restructuring, acquisition and other
Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs
97 35 342 338 
Shaw Transaction integration-related costs
7 16 22 78 
Total restructuring, acquisition and other104 51 364 416 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the third quarter and year to date in 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in the second quarter of 2026. Year to date in 2026, we also incurred costs associated with certain litigation.

In 2025, the third quarter costs also included expenses related to closing the MLSE Transaction and real estate rationalization programs. Year to date in 2025, the costs also included expenses directly related to completing the network transaction and an unfavourable regulatory decision related to retransmission of distant signals.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.


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Third Quarter 2026

Finance costs
  Three months ended September 30Nine months ended September 30
(In millions of dollars)20262025% Chg20262025% Chg
Interest on borrowings, net 1
497 481 3 1,481 1,480 — 
Interest on lease liabilities42 37 14 122 109 12 
Interest on post-employment benefits
(2)(1)100 (5)(4)25 
Gain on redemption of long-term debt 2
— (151)(100)— (151)(100)
(Gain) loss on foreign exchange(7)43 n/m30 (43)n/m
Change in fair value of derivative instruments4 (62)n/m(31)10 n/m
Change in fair value of subsidiary equity derivative instruments 3
38 (134)n/m(83)(41)102 
Capitalized interest(8)(7)14 (22)(24)(8)
Deferred transaction costs and other59 46 28 139 123 13 
Total finance costs623 252 147 1,631 1,459 12 
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2    Reflects the net gain on the redemption of long-term debt purchased in the third quarter of 2025 (see "Managing our Liquidity and Financial Resources" in our Q3 MD&A for more information).
3    Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q3 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other (income) expense
The other expense year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026, as a result of the July 2026 agreement to complete the MLSE minority interest acquisition (see "Update on sports and entertainment assets"). In 2025, the other income primarily reflected a $5 billion non-cash gain to recognize our interest in MLSE at fair value, which was required as a result of the MLSE Transaction.

Income tax expense
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except tax rates)2026202520262025
Statutory income tax rate26.2 %26.2 %26.2 %26.2 %
Income before income tax expense695 5,980 833 6,681 
Computed income tax expense182 1,567 218 1,751 
Increase (decrease) in income tax expense resulting from:
Non-taxable gain on revaluation of MLSE investment— (1,304)— (1,304)
Non-(taxable) deductible stock-based compensation(2)7 (6)6 
Non-taxable portion of equity income— (4)(3)(3)
Non-deductible loss on revaluation of MLSE put liability
— — 274 — 
Non-deductible (taxable) portion of capital losses (gains)10 (31)— 13 
Unrealized capital losses for which no deferred tax asset is recognized13 4 32 49 
Recognition of previously unrecognized capital loss carryforwards
— (10)— (10)
Other items(3)(17)6 (17)
Total income tax expense200 212 521 485 
Effective income tax rate28.8 %3.5 %62.5 %7.3 %
Cash income taxes paid48 234 414 548 

Cash income taxes paid decreased this quarter and year to date due to timing of installments.

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Third Quarter 2026

Net income
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Net income495 5,768 (91)312 6,196 (95)
Net income attributable to RCI shareholders482 5,714 (92)194 6,151 (97)
Basic earnings per share attributable to RCI shareholders$0.89 $10.58 (92)$0.36 $11.41 (97)
Diluted earnings per share attributable to RCI shareholders$0.88 $10.54 (92)$0.33 $11.38 (97)

Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:
  Three months ended September 30Nine months ended September 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Adjusted EBITDA2,535 2,515 1 7,341 7,131 3 
Deduct (add):
Depreciation and amortization 1
1,029 1,020 1 3,091 2,929 6 
Finance costs 2
585 537 9 1,714 1,651 4 
Other income 3
(22)(22)— (41)(29)41 
Income tax expense 4
242 254 (5)693 679 2 
Adjusted net income
701 726 (3)1,884 1,901 (1)
Adjusted net income attributable to RCI shareholders
704 740 (5)1,894 1,903 — 
Adjusted earnings per share attributable to RCI shareholders:
Basic
$1.30 $1.37 (5)$3.51 $3.53 (1)
Diluted
$1.29 $1.37 (6)$3.46 $3.52 (2)
1    Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and nine months ended September 30, 2026 of $173 million and $526 million (2025 - $210 million and $651 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2    Finance costs exclude the $38 million and $83 million (2025 - $134 million and $41 million) change in fair value of subsidiary equity derivative instruments for the three and nine months ended September 30, 2026. Finance costs also exclude the $151 million gain on repayment of long-term debt for the three and nine months ended September 30, 2025.
3    Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability for the nine months ended September 30, 2026 (see "Update on sports and entertainment assets" for more information). Other income also excludes a $4,976 million gain on revaluation of our investment in MLSE as a result of the MLSE Transaction for the three and nine months ended September 30, 2025.
4    Income tax expense excludes recoveries of $42 million and $172 million (2025 - recoveries of $42 million and $194 million), respectively, for the three and nine months ended September 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Millimetre Wave (mmWave) Spectrum Licence Auction
On September 24, 2026, Innovation, Science and Economic Development Canada announced that the mmWave spectrum licence auction originally scheduled to start on October 19, 2027 has been rescheduled to start on January 25, 2028.

Sovereign Internet
On September 15, 2026, the Government of Canada announced its intention to support the development of a new Internet network to provide sovereign connectivity across Canada, including northern and Arctic regions, and to establish more direct international links to Europe and Asia. The initiative forms part of the government's broader strategy to strengthen Canada's digital sovereignty, enhance network resilience, reduce reliance on foreign infrastructure, and support growing demand for connectivity and data-intensive applications such as artificial intelligence. Governance, ownership, and funding models have yet to be determined.

Self-service Mechanisms
On April 24, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-78, Enhancing self-service mechanisms, requiring service providers to, among other things, ensure customers can modify and cancel their plans through a self-service mechanism. The definition of "self-service" includes any mechanism that is easy to use and enables a customer to
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perform actions in relation to their service plan, including modification and cancellation, without interacting with a live customer service representative. The new requirements will come into effect on April 26, 2027.

Prohibition of Fees
On March 12, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments - Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues were due to the CRTC by August 31, 2026, with replies due by September 10, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Further, on September 10, 2026, the CRTC issued Telecom Regulatory Policy CRTC 2026-238, Making it easier for consumers to shop for Internet services, requiring Internet service providers covered by the Internet Code to post additional information about Internet services by advertising and contractually disclosing (i) typical download and upload speeds, including ensuring customers receive at least 95% of those committed speeds during "peak hours" (defined as weekdays between 7:00pm and 11:00pm) and 100% of those speeds outside peak hours and (ii) a latency range for each service plan using defined categories (less than 50 ms, 51-150 ms, or greater than 151 ms). The CRTC has required this information be provided in contracts, critical information summaries, and marketing materials. The new requirements will come into effect on March 10, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this MD&A. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports (see "Update on sports and entertainment assets") and use the proceeds therefrom to repay debt. While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations. Any sale of a minority interest in Rogers Sports, if completed, may be at a valuation that is less than expected or may not raise the anticipated proceeds and may not unlock significant value from our sports assets. Additionally, we may use the proceeds from the sale of a minority interest in Rogers Sports, if completed, for other purposes, whether due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises and venues has increased.

Government broadband subsidy programs
We have agreements related to the Government of Canada's Universal Broadband Fund (UBF) and the Government of Ontario's Accelerated High-Speed Internet Program (AHSIP) under which we have committed to building networks
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Third Quarter 2026

capable of delivering Internet services to unserved or underserved regions. We have assigned the construction of certain of these lots to various third parties who have agreed, among other things, to complete construction in accordance with the standards and timelines contained within our agreements with the governments. Notwithstanding these third-party arrangements, we remain responsible for the obligations to the respective government. Should these entities be unable to fulfill their obligations, we would be required to take steps to ensure construction is completed, which could cause us to incur additional capital expenditures or reprioritize other projects to ensure these timelines are met.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures" in our Q3 2026 MD&A), are not measurements in accordance with IFRS. They include:
•subscriber counts;
•Wireless;
•Cable; and
•homes passed (Cable);
•Wireless subscriber churn (churn);
•Wireless mobile phone average revenue per user
(ARPU);
•Cable average revenue per account (ARPA);
•Cable customer relationships;
•Cable market penetration (penetration);
•capital intensity; and
•total service revenue.



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Third Quarter 2026

Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income495 5,768 312 6,196 
Add (deduct):
Income tax expense200 212 521 485 
Finance costs623 252 1,631 1,459 
Depreciation and amortization1,202 1,230 3,617 3,580 
EBITDA2,520 7,462 6,081 11,720 
Add (deduct):
Other (income) expense(22)(4,998)993 (5,005)
Restructuring, acquisition and other104 51 364 416 
Gain on disposition of assets
(67)— (97)— 
Adjusted EBITDA2,535 2,515 7,341 7,131 

Reconciliation of adjusted net income
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income495 5,768 312 6,196 
Add (deduct):
Restructuring, acquisition and other104 51 364 416 
Change in fair value of subsidiary equity derivative instruments
38 (134)(83)(41)
Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 
Gain on repayment of long-term debt
— (151)— (151)
Gain on revaluation of MLSE investment
— (4,976)— (4,976)
Loss on revaluation of MLSE put liability
— — 1,034 — 
Gain on disposition of assets(67)— (97)— 
Income tax impact of above items(42)(42)(172)(194)
Adjusted net income701 726 1,884 1,901 
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Third Quarter 2026

Reconciliation of adjusted net income attributable to RCI shareholders
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Net income attributable to RCI shareholders482 5,714 194 6,151 
Add (deduct):
Restructuring, acquisition and other104 51 364 416 
Change in fair value of subsidiary equity derivative instruments
38 (134)(83)(41)
Depreciation and amortization on fair value increment of Shaw Transaction-related assets173 210 526 651 
Gain on repayment of long-term debt
— (151)— (151)
Gain on revaluation of MLSE investment
— (4,976)— (4,976)
Loss on revaluation of MLSE put liability
— — 1,034 — 
Gain on disposition of assets
(67)— (97)— 
Revaluation of subsidiary US dollar-denominated balances 1
19 68 150 47 
Income tax impact of above items(45)(42)(194)(194)
Adjusted net income attributable to RCI shareholders
704 740 1,894 1,903 
1    Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow
  Three months ended September 30Nine months ended September 30
(In millions of dollars)2026202520262025
Cash provided by operating activities1,658 1,515 4,670 4,407 
Add (deduct):
Capital expenditures(524)(964)(2,027)(2,773)
Interest on borrowings, net and capitalized interest(489)(474)(1,459)(1,456)
Interest paid592 543 1,600 1,533 
Restructuring, acquisition and other104 51 364 416 
Program rights amortization(14)(15)(100)(65)
Change in net operating assets and liabilities194 133 513 244 
Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)
Net cash proceeds on subsidiary equity derivatives15 — 39 — 
Post-employment benefit contributions, net of expense(18)(19)(52)(55)
Cash flows relating to other operating activities(29)75 (66)110 
Other investment income— (2)(2)(7)
Free cash flow1,370 829 3,128 2,340 

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Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)
  Three months ended September 30Nine months ended September 30
  2026202520262025
Revenue5,443 5,348 16,540 15,540 
Operating expenses:
Operating costs2,908 2,833 9,199 8,409 
Depreciation and amortization1,202 1,230 3,617 3,580 
Restructuring, acquisition and other104 51 364 416 
Finance costs623 252 1,631 1,459 
Gain on disposition of assets(67)— (97)— 
Other (income) expense(22)(4,998)993 (5,005)
Income before income tax expense695 5,980 833 6,681 
Income tax expense200 212 521 485 
Net income for the period495 5,768 312 6,196 
Net income for the period attributable to:
RCI shareholders482 5,714 194 6,151 
Non-controlling interest13 54 118 45 
Earnings per share attributable to RCI shareholders:
Basic$0.89$10.58$0.36$11.41
Diluted$0.88$10.54$0.33$11.38
Rogers Communications Inc.
20
Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)
As at
September 30		As at
December 31
  20262025
Assets
Current assets:
Cash and cash equivalents3,152 1,344 
Accounts receivable5,815 6,105 
Inventories544 550 
Current portion of contract assets158 151 
Other current assets1,286 1,239 
Current portion of derivative instruments500 99 
Total current assets11,455 9,488 
Property, plant and equipment26,087 26,307 
Intangible assets29,666 28,898 
Investments1,308 1,291 
Derivative instruments652 746 
Financing receivables1,080 1,198 
Other long-term assets2,170 2,052 
Goodwill20,032 20,032 
Total assets92,450 90,012 
Liabilities and equity
Current liabilities:
Short-term borrowings1,322 4,000 
Accounts payable and accrued liabilities4,679 4,831 
Income tax payable77 — 
Other current liabilities4,838 3,831 
Contract liabilities1,031 1,114 
Current portion of long-term debt4,362 1,186 
Current portion of lease liabilities827 690 
Total current liabilities17,136 15,652 
Provisions54 55 
Long-term debt37,470 35,872 
Lease liabilities2,657 2,428 
Other long-term liabilities2,939 2,225 
Deferred tax liabilities9,476 9,494 
Total liabilities69,732 65,726 
Equity
Equity attributable to RCI shareholders16,533 17,751 
Non-controlling interest6,185 6,535 
Equity22,718 24,286 
Total liabilities and equity92,450 90,012 
Rogers Communications Inc.
21
Third Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)
  Three months ended September 30Nine months ended September 30
  2026202520262025
Operating activities:
Net income for the period495 5,768 312 6,196 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,202 1,230 3,617 3,580 
Program rights amortization14 15 100 65 
Finance costs623 252 1,631 1,459 
Income tax expense200 212 521 485 
Post-employment benefits contributions, net of expense18 19 52 55 
Income from associates and joint ventures(22)(20)(39)(22)
Gain on revaluation of MLSE investment— (4,976)— (4,976)
Gain on disposition of assets(67)— (97)— 
Loss on revaluation of MLSE put liability— — 1,034 — 
Other29 (75)66 (110)
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,492 2,425 7,197 6,732 
Change in net operating assets and liabilities(194)(133)(513)(244)
Income taxes paid(48)(234)(414)(548)
Interest paid, net(592)(543)(1,600)(1,533)
Cash provided by operating activities1,658 1,515 4,670 4,407 
Investing activities:
Capital expenditures(524)(964)(2,027)(2,773)
Additions to program rights and other intangible assets(32)(21)(173)(69)
Changes in non-cash working capital related to investing activities116 (51)(79)(107)
Acquisitions and other strategic transactions, net of cash acquired— (4,499)(85)(4,499)
Other9 (3)— 5 
Cash used in investing activities(431)(5,538)(2,364)(7,443)
Financing activities:
Net (repayment of) proceeds received from short-term borrowings(917)1,972 (2,708)636 
Net issuance (repayment) of long-term debt1,670 (2,928)3,839 (2,504)
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives23 (37)49 40 
Transaction costs incurred(26)(4)(55)(103)
Principal payments of lease liabilities(161)(147)(458)(414)
Dividends paid to RCI shareholders(270)(270)(810)(643)
Distributions paid by subsidiaries to non-controlling interests(119)(14)(352)(14)
Issuance of subsidiary shares to non-controlling interest— — — 6,656 
Other(1)— (3)(4)
Cash provided by (used in) financing activities199 (1,428)(498)3,650 
Change in cash and cash equivalents1,426 (5,451)1,808 614 
Cash and cash equivalents, beginning of period1,726 6,963 1,344 898 
Cash and cash equivalents, end of period3,152 1,512 3,152 1,512 

Rogers Communications Inc.
22
Third Quarter 2026

About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information
•typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;
•includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and
•was approved by our management on the date of this earnings release.

Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:
•revenue;
•total service revenue;
•adjusted EBITDA;
•capital expenditures;
•cash income tax payments;
•free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);
•dividend payments;
•the growth of new products and services;
•expected growth in subscribers and the services to which they subscribe;
•the cost of acquiring and retaining subscribers and deployment of new services;
•continued cost reductions and efficiency improvements;
•our debt leverage ratio and how we intend to manage that ratio;
•the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, amount, and use of proceeds therefrom and the value it may unlock from our sports assets; and
•all other statements that are not historical facts.

Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:
•general economic and industry conditions, including the effects of inflation;
•currency exchange rates and interest rates;
•product pricing levels and competitive intensity;
•subscriber growth;
•pricing, usage, and churn rates;
•changes in government regulation;
•technology and network deployment;
•availability of devices;
•timing of new product launches;
•content and equipment costs;
•the integration of acquisitions; and
•industry structure and stability.

Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:
•regulatory changes;
•technological changes;
•economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
•unanticipated changes in content or equipment costs;
•changing conditions in the sports, media, entertainment, information, and communications industries;
•performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;
•sports-related work stoppages or cancellations and labour disputes;
•the integration of acquisitions;
•litigation and tax matters;
•the level of competitive intensity;
•the emergence of new opportunities;
•external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
Rogers Communications Inc.
23
Third Quarter 2026

•the anticipated benefits of the MLSE Transaction and the MLSE minority interest acquisition may not be realized;
•we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;
•if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds and may not unlock significant value from our sports assets;
•if completed, we may use the proceeds from the sale of a minority interest in Rogers Sports for other purposes, whether due to alternative opportunities
or requirements, general economic and market conditions, or other internal or external considerations;
•new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;
•changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and
•the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.

These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections of this earnings release entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community Contact

David Naccarato
416.987.0264
david.naccarato@rci.rogers.com

Media Contact

Sarah Schmidt
647.643.6397
sarah.schmidt@rci.rogers.com

Quarterly Investment Community Teleconference

Our third quarter 2026 results teleconference with the investment community will be held on:
•October 23, 2026
•8:00 a.m. Eastern Time
•webcast available at about.rogers.com/investor-relations
•media are welcome to participate on a listen-only basis

A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

Rogers Communications Inc.
24
Third Quarter 2026

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at investor.relations@rci.rogers.com. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

# # #
Rogers Communications Inc.
25
Third Quarter 2026

Source: View Original Filing on SEC EDGAR

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