Rogers Communications (NYSE: RCI) boosts 2026 free cash flow and trims capex

Q: How did Rogers Communications (RCI) perform financially in Q1 2026?

Rogers posted Q1 2026 revenue of $5,482 million , up 10%, with total service revenue rising 10% to $4,912 million . Adjusted EBITDA grew 5% to $2,364 million , while net income increased 72% to $482 million , reflecting lower finance costs and higher operating profits.

Q: How strong is Rogers Communications (RCI) free cash flow and liquidity?

In Q1 2026, Rogers generated $776 million of free cash flow, up 32%, and cash provided by operating activities of $1,495 million . As of March 31, 2026, available liquidity was $6.0 billion , including $1.4 billion in cash and $4.6 billion of undrawn facilities.

Q: How are Rogers Communications (RCI) key segments performing?

Wireless revenue rose 2% to $2,591 million with adjusted EBITDA up 1%. Cable revenue grew 1% to $1,948 million , also with 1% adjusted EBITDA growth. Media revenue jumped 82% to $988 million , and adjusted EBITDA improved by $63 million compared with a prior-year loss.

Q: What is Rogers Communications (RCI) current debt leverage ratio?

Rogers reported an adjusted net debt leverage ratio of 3.8x trailing 12‑month adjusted EBITDA as of March 31, 2026, improving from 4.0x at December 31, 2025. A similar pro forma ratio of 3.8x reflects the inclusion of MLSE’s adjusted EBITDA.

Q: How much is Rogers Communications (RCI) investing in capital expenditures?

Rogers spent $808 million on capital expenditures in Q1 2026, down 17% from $978 million a year earlier. Spending focused on 5G expansion, fibre-to-the-home deployment, DOCSIS upgrades, and sports venue modernization across its Wireless, Cable, and Media segments.

Q: What dividend is Rogers Communications (RCI) paying shareholders in 2026?

Rogers paid a quarterly dividend of $0.50 per share on April 2, 2026, totaling $270 million in cash. On April 21, 2026, the board declared another $0.50 per share dividend, payable July 6, 2026, to shareholders of record on June 9, 2026.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Rogers Communications Inc. reported solid first-quarter 2026 results and raised its full-year free cash flow outlook while cutting planned capital spending. Q1 revenue rose 10% to $5,482 million, with total service revenue up 10% to $4,912 million, driven mainly by 82% Media growth after consolidating MLSE.

Consolidated adjusted EBITDA increased 5% to $2,364 million, though the adjusted EBITDA margin slipped to 43.1%. Net income jumped 72% to $482 million, lifting basic EPS attributable to shareholders to $0.81 from $0.52. Free cash flow climbed 32% to $776 million on lower capital expenditures of $808 million, down 17%.

Rogers updated 2026 guidance, keeping service revenue and adjusted EBITDA growth ranges but cutting capital expenditure guidance to $2.5–$2.7 billion and increasing free cash flow guidance to $4.1–$4.3 billion, citing competitive intensity and regulatory decisions. The debt leverage ratio improved to 3.8x and available liquidity reached $6.0 billion, supporting continued debt repayment and dividends of $0.50 per share.

Positive

Free cash flow outlook raised materially: 2026 free cash flow guidance increased to $4.1–$4.3 billion from $3.3–$3.5 billion, supported by lower capital expenditures and stable adjusted EBITDA growth.
Improving leverage and strong liquidity: Debt leverage ratio improved to 3.8x from 4.0x and available liquidity reached $6.0 billion, enhancing financial flexibility for debt repayment and ongoing dividends.

Negative

None.

Insights

Rogers pairs steady growth with a major free cash flow upgrade and modest de-leveraging.

Rogers Communications delivered Q1 2026 revenue of $5,482 million, up 10%, and adjusted EBITDA of $2,364 million, up 5%. Growth was broad-based, with Media revenue up 82% from adding MLSE, while Wireless and Cable posted low single‑digit gains and stable margins.

The company sharply reduced 2026 capital expenditure guidance to $2.5–$2.7 billion from $3.3–$3.5 billion, and raised free cash flow guidance to $4.1–$4.3 billion versus $3.3–$3.5 billion previously. Management links this shift to heightened competition and recent regulatory decisions, suggesting a tilt toward capital efficiency and balance sheet strengthening.

Net income rose 72% to $482 million, helped by lower finance costs, and the debt leverage ratio improved to 3.8x from 4.0x as of year‑end 2025. Available liquidity of $6.0 billion and continued subordinated note issuance support refinancing and upcoming 2027 maturities. Future filings will clarify how sustained the lower capex run‑rate is in the face of network investment needs and new CRTC consumer rules taking effect in 2026 and 2027.

Key Figures

Q1 2026 revenue: $5,482 million Q1 2026 adjusted EBITDA: $2,364 million Q1 2026 net income: $482 million +5 more

8 metrics

Q1 2026 revenue $5,482 million Total revenue, three months ended March 31, 2026; up 10% year over year

Q1 2026 adjusted EBITDA $2,364 million Consolidated adjusted EBITDA for Q1 2026; 5% increase vs Q1 2025

Q1 2026 net income $482 million Net income for the quarter ended March 31, 2026; 72% year-over-year rise

Free cash flow Q1 2026 $776 million Free cash flow for Q1 2026; 32% higher than Q1 2025

2026 capex guidance $2.5–$2.7 billion Updated full-year 2026 capital expenditure guidance range given on April 22, 2026

2026 free cash flow guidance $4.1–$4.3 billion Updated full-year 2026 free cash flow guidance range vs prior $3.3–$3.5 billion

Debt leverage ratio 3.8x Adjusted net debt to trailing 12‑month adjusted EBITDA as of March 31, 2026

Available liquidity $6.0 billion Cash, undrawn facilities, and securitization capacity as of March 31, 2026

Key Terms

adjusted EBITDA, free cash flow, debt leverage ratio, capital intensity, +1 more

5 terms

adjusted EBITDA financial

"Consolidated adjusted EBITDA increased 5% this quarter with growth in all segments"

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

"Generated strong free cash flow of $776 million and cash flow from operating activities of $1,495 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

"Achieved a debt leverage ratio of 3.8x, an improvement versus December 31, 2025"

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.

capital intensity financial

"Capital intensity decreased this quarter as a result of the revenue growth and capital expenditure changes"

Capital intensity measures how much money a company must tie up in physical assets—like factories, machinery, buildings or large equipment—to produce each dollar of revenue. Think of it like how much fuel a car needs to travel a mile: businesses that require heavy upfront investment tend to have slower cash returns, higher ongoing maintenance needs and greater sensitivity to demand swings, so investors use it to gauge risk, cash flow pressure and potential returns.

subsidiary equity derivatives financial

"Change in fair value of subsidiary equity derivative instruments (105) is removed from adjusted net income"

Form 6-K: How Foreign Companies Report to the SEC →

04/22/2026 - 08:45 AM

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 April, 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: April 22, 2026

Exhibit Index


Exhibit Number						Description of Document
99.1						Management's Discussion and Analysis of Rogers Communications Inc. for the first quarter ended March 31, 2026
99.2						Interim Condensed Consolidated Financial Statements of Rogers Communications Inc. for the first quarter ended March 31, 2026
99.3						Earnings Release of Rogers Communications Inc. for the first quarter ended March 31, 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 months ended March 31, 2026, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This MD&A should be read in conjunction with our First Quarter 2026 Interim Condensed Consolidated Financial Statements (First 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, respectively.

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 Bell's 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 "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 April 21, 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 first quarter refer to the three months ended March 31, 2026, unless the context indicates otherwise. All results commentary 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:


Segment			Principal activities
Wireless			Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
Cable			Cable 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.
Media			A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, digital media, and sports team ownership.

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, Today's Shopping Choice (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.	1	First Quarter 2026

Where to find it


2	Strategic Highlights	24	Financial Risk Management
3	Financial Guidance	28	Commitments and Contractual Obligations
3	Quarterly Financial Highlights	28	Regulatory Developments
5	Summary of Consolidated Financial Results	29	Updates to Risks and Uncertainties
6	Results of our Reportable Segments	29	Material Accounting Policies and Estimates
12	Review of Consolidated Performance	30	Key Performance Indicators
15	Managing our Liquidity and Financial Resources	31	Non-GAAP and Other Financial Measures
20	Overview of Financial Position	35	Other Information
21	Financial Condition	37	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

•Upgraded Fido customers from 4G LTE to 5G at no extra cost.

•Launched Canada's first satellite-to-mobile service for IoT with satellite-powered asset tracking technology.

•Expanded apps available on Rogers Satellite to include onX, Messenger, and AllTrails.

Deliver easy to use, reliable products and services

•Introduced Amazon Luna Cloud Gaming to millions of Rogers Xfinity customers.

•Enhanced digital tools and technology to make it easier and faster for customers to get answers.

•Expanded Rogers Smart Community cloud-based retrofit solutions to existing multi-dwelling residential buildings.

Be the first choice for Canadians

•Connected with an average of 2.15 million viewers during the Blue Jays Opening Night on Sportsnet, the most-watched Blue Jays season opener broadcast ever.

•Reached 1.82 million Canadians during the Season 3 premiere of Law & Order Toronto: Criminal Intent, the number-one Canadian conventional English-Language drama.

•More Canadians continued to choose Rogers Wireless and Internet over any other provider.

Be a strong national company investing in Canada

•Launched Screen Break, a five-year $50 million national program to help youth balance screen time.

•Launched Journey to 2030, our new Diversity, Equity, Inclusion, and Belonging (DEIB) strategy.

•Invested $808 million in capital expenditures, the majority of which was in our networks.

Be the growth leader in our industry

•Grew total service revenue by 10% and adjusted EBITDA by 5%.

•Generated strong free cash flow1 of $776 million and cash flow from operating activities of $1,495 million.

•Achieved a debt leverage ratio1 of 3.8x, an improvement versus December 31, 2025.

1 Free cash flow and debt leverage ratio are capital management measures. See "Non-GAAP and Other Financial Measures" for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies.


Rogers Communications Inc.	2	First Quarter 2026

Financial Guidance

We are updating our full-year 2026 guidance ranges to reduce capital expenditures and increase free cash flow from the ranges provided on January 29, 2026. We have not changed our guidance ranges for total service revenue or adjusted EBITDA. Our updated 2026 guidance ranges are as follows. Our revised capital expenditure guidance and its flowthrough to free cash flow guidance is a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions.


	2025	January 29, 2026			April 22, 2026
(In millions of dollars, except percentages)	Actual	Guidance Ranges 1			Guidance Ranges 1


Total service revenue	19,104	Increase of 3%	to	5%	Increase of 3%	to	5%
Adjusted EBITDA	9,820	Increase of 1%	to	3%	Increase of 1%	to	3%
Capital expenditures 2	3,707	3,300	to	3,500	2,500	to	2,700
Free cash flow	3,356	3,300	to	3,500	4,100	to	4,300

1 Guidance ranges presented as percentages reflect percentage increases over full-year 2025 results.

2 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.

The above table outlines guidance ranges for selected full-year 2026 consolidated financial metrics. These ranges take into consideration our current outlook and our 2025 results. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2026 financial results for evaluating the performance of our business. Our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with "About Forward-Looking Information" in this MD&A (including the material assumptions listed under the heading "Key assumptions underlying our full-year 2026 guidance") and in our 2025 Annual MD&A and the related disclosure and information about various economic, competitive, legal, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

Quarterly Financial Highlights

Revenue

Total revenue increased by 10% and total service revenue increased by 10% this quarter, primarily as a result of revenue growth in Media.

Wireless service revenue this quarter was in line with the prior year. Wireless equipment revenue increased by 8%, primarily as a result of higher device upgrades by existing customers.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and disciplined pricing. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 82% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins

Consolidated adjusted EBITDA increased 5% this quarter with growth in all segments, and our adjusted EBITDA margin decreased by 220 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 65%, up 40 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 30 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $63 million this quarter primarily due to the aforementioned revenue impacts and associated costs.

Net income and adjusted net income

Net income increased by 72% this quarter, primarily as a result of lower finance costs and higher adjusted EBITDA, partially offset by higher income tax expense. Adjusted net income increased by 1% this quarter as a result of higher adjusted EBITDA, partially offset by higher depreciation and amortization.


Rogers Communications Inc.	3	First Quarter 2026

Cash flow, available liquidity, and returns to shareholders

This quarter, we generated cash provided by operating activities of $1,495 million (2025 - $1,296 million), which increased as a result of higher adjusted EBITDA partially offset by higher net investment in net operating assets and liabilities, and free cash flow of $776 million (2025 - $586 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA. Our upgraded full-year 2026 guidance for free cash flow will further strengthen our balance sheet through accelerated repayment of debt.

As at March 31, 2026, we had $6.0 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.4 billion in cash and cash equivalents and $4.6 billion available under our bank and other credit facilities.

Our debt leverage ratio2 improved to 3.8 as at March 31, 2026 (December 31, 2025 - 4.0, or 3.9 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). 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 April 21, 2026.

2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" for a reconciliation of available liquidity.


Rogers Communications Inc.	4	First Quarter 2026

Summary of Consolidated Financial Results


	Three months ended March 31
(In millions of dollars, except margins and per share amounts)	2026		2025		% Chg

Revenue
Wireless	2,591		2,544		2
Cable	1,948		1,935		1
Media	988		542		82
Corporate items and intercompany eliminations	(45)		(45)		—
Revenue	5,482		4,976		10
Total service revenue 1	4,912		4,447		10

Adjusted EBITDA
Wireless	1,323		1,311		1
Cable	1,122		1,108		1
Media	—		(63)		(100)
Corporate items and intercompany eliminations	(81)		(102)		(21)
Adjusted EBITDA 2	2,364		2,254		5
Adjusted EBITDA margin 2	43.1	%	45.3	%	(2.2	pts)


Net income	482		280		72
Net income attributable to RCI shareholders	438		280		56


Earnings per share attributable to RCI shareholders:
Basic	$0.81		$0.52		56
Diluted	$0.80		$0.50		60

Adjusted net income 2	550		543		1
Adjusted net income attributable to RCI shareholders 2	550		543		1
Adjusted earnings per share attributable to RCI shareholders 2:
Basic	$1.02		$1.01		1
Diluted	$1.01		$0.99		2

Capital expenditures	808		978		(17)
Cash provided by operating activities	1,495		1,296		15
Free cash flow	776		586		32

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) 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.


Rogers Communications Inc.	5	First Quarter 2026

Results of our Reportable Segments

WIRELESS

Wireless Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue
Service revenue from external customers	1,997		2,003		—
Service revenue from internal customers	34		23		48
Service revenue	2,031		2,026		—
Equipment revenue from external customers	560		518		8
Revenue	2,591		2,544		2

Operating costs
Cost of equipment	541		508		6
Other operating costs	727		725		—
Operating costs	1,268		1,233		3

Adjusted EBITDA	1,323		1,311		1

Adjusted EBITDA margin 1	65.1	%	64.7	%	0.4	pts

Capital expenditures	279		407		(31)

1 Calculated using service revenue.

Wireless Subscriber Results 1


	Three months ended March 31
(In thousands, except churn and mobile phone ARPU)	2026		2025		Chg

Postpaid mobile phone
Gross additions	429		337		92
Net additions	28		11		17
Total postpaid mobile phone subscribers 2	11,023		10,779		244
Churn (monthly)	1.22	%	1.01	%	0.21	pts
Prepaid mobile phone
Gross additions	149		132		17
Net additions	5		23		(18)
Total prepaid mobile phone subscribers 2	1,205		1,129		76
Churn (monthly)	4.02	%	3.34	%	0.68	pts
Mobile phone ARPU (monthly) 3	$55.60		$56.94		($1.34)

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

Service revenue this quarter was in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of ongoing competitive intensity in a slowing market.

The increases in postpaid gross and net additions this quarter were a result of sales execution in a competitive Canadian market.

Equipment revenue

The 8% increase in equipment revenue this quarter was primarily a result of:

•higher device upgrades by existing customers; and

•a continued shift in the product mix towards higher-value devices; partially offset by

•a decrease in new subscribers purchasing devices.


Rogers Communications Inc.	6	First Quarter 2026

Operating costs

Cost of equipment

The 6% increase in the cost of equipment this quarter was a result of the equipment revenue changes discussed above.

Other operating costs

Other operating costs this quarter were in line with the prior year.

Adjusted EBITDA

The 1% increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above.


Rogers Communications Inc.	7	First Quarter 2026

CABLE

Cable Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue
Service revenue from external customers	1,922		1,907		1
Service revenue from internal customers	16		17		(6)
Service revenue	1,938		1,924		1
Equipment revenue from external customers	10		11		(9)
Revenue	1,948		1,935		1




Operating costs	826		827		—

Adjusted EBITDA	1,122		1,108		1

Adjusted EBITDA margin	57.6	%	57.3	%	0.3	pts

Capital expenditures	408		446		(9)

Cable Subscriber Results 1


	Three months ended March 31
(In thousands, except ARPA and penetration)	2026		2025		Chg

Homes passed 2	10,570		10,270		300
Customer relationships
Net (losses) additions	(3)		4		(7)
Total customer relationships 2	4,853		4,687		166
ARPA (monthly) 3	$133.16		$136.97		($3.81)

Penetration 2	45.9	%	45.6	%	0.3	pts

Retail Internet
Net additions	7		23		(16)
Total retail Internet subscribers 2	4,504		4,296		208
Video
Net losses	(32)		(32)		—
Total Video subscribers 2	2,471		2,585		(114)
Home Monitoring
Net additions	4		5		(1)
Total Home Monitoring subscribers 2	157		138		19
Home Phone
Net losses	(30)		(26)		(4)
Total Home Phone subscribers 2	1,359		1,481		(122)

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

The 1% increase in service revenue this quarter was a result of:

•retail Internet subscriber growth; and

•disciplined pricing; partially offset by

•declines in our Home Phone and Video subscriber bases.

Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.


Rogers Communications Inc.	8	First Quarter 2026

Operating costs

Operating costs this quarter were in line with the prior year.

Adjusted EBITDA

The 1% increase in adjusted EBITDA this quarter was a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.


Rogers Communications Inc.	9	First Quarter 2026

MEDIA

Media Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue from external customers	916		463		98
Revenue from internal customers	72		79		(9)
Revenue	988		542		82

Operating costs	988		605		63

Adjusted EBITDA	—		(63)		(100)


Adjusted EBITDA margin	—	%	(11.6)	%	11.6	pts

Capital expenditures	76		35		117

Revenue

The 82% increase in revenue this quarter was a result of:

•revenue from MLSE following the MLSE Transaction;

•higher Toronto Blue Jays revenue; and

•higher subscriber revenue related to the launch of the Warner Bros. Discovery suite of channels; partially offset by

•lower advertising revenue.

Operating costs

The 63% increase in operating costs this quarter was a result of:

•costs incurred by MLSE following the MLSE Transaction; and

•higher player salaries and other operating expenses at the Toronto Blue Jays; partially offset by

•lower programming and production costs.

Adjusted EBITDA

The increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above.


Rogers Communications Inc.	10	First Quarter 2026

CAPITAL EXPENDITURES


	Three months ended March 31
(In millions of dollars, except capital intensity)	2026		2025		% Chg

Wireless	279		407		(31)
Cable	408		446		(9)
Media	76		35		117
Corporate	45		90		(50)

Capital expenditures 1	808		978		(17)


Capital intensity 2	14.7	%	19.7	%	(5.0	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 expand the reach and capacity of our 5G network across the country. We also continue to invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network and we are expanding our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments will strengthen network resilience and stability and will help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

Wireless

The decrease in capital expenditures in Wireless this quarter was due to reprioritization of investments and the recognition of capital efficiencies. 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

The decrease in capital expenditures in Cable this quarter was a result of (i) customers increasingly choosing to self-install new products and (ii) prioritizing our capital investments and striving to recognize capital efficiencies. 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 increase in capital expenditures in Media this quarter primarily reflects the continued modernization of our Toronto Blue Jays and MLSE sports venues.

Capital intensity

Capital intensity decreased this quarter as a result of the revenue growth and capital expenditure changes discussed above.


Rogers Communications Inc.	11	First 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 March 31
(In millions of dollars)	2026	2025	% Chg

Adjusted EBITDA	2,364	2,254	5
Deduct (add):
Depreciation and amortization	1,221	1,166	5

Restructuring, acquisition and other	49	127	(61)
Finance costs	443	579	(23)
Other (income) expense	(4)	2	n/m
Income tax expense	173	100	73

Net income	482	280	72

n/m - not meaningful

Depreciation and amortization


	Three months ended March 31
(In millions of dollars)	2026	2025	% Chg

Depreciation of property, plant and equipment	957	931	3
Depreciation of right-of-use assets	122	98	24
Amortization	142	137	4


Total depreciation and amortization	1,221	1,166	5

Restructuring, acquisition and other


	Three months ended March 31
(In millions of dollars)	2026	2025

Restructuring, acquisition and other excluding Shaw Transaction integration-related costs	38	90
Shaw Transaction integration-related costs	11	37

Total restructuring, acquisition and other	49	127

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the first quarters of 2025 and 2026 include severance and other departure-related costs associated with the targeted restructuring of our employee base. In 2026, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction.

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.	12	First Quarter 2026

Finance costs


	Three months ended March 31
(In millions of dollars)	2026	2025	% Chg




Interest on borrowings, net 1	482	511	(6)

Interest on lease liabilities	39	36	8
Interest on post-employment benefits	(2)	(2)	—

Loss (gain) on foreign exchange	7	(11)	n/m
Change in fair value of derivative instruments	(12)	13	n/m
Change in fair value of subsidiary equity derivative instruments 2	(105)	—	n/m
Capitalized interest	(6)	(9)	(33)
Deferred transaction costs and other	40	41	(2)


Total finance costs	443	579	(23)

1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.

2 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).

Income tax expense


	Three months ended March 31
(In millions of dollars, except tax rates)	2026		2025

Statutory income tax rate	26.2	%	26.2	%

Income before income tax expense	655		380

Computed income tax expense	172		100
Increase (decrease) in income tax expense resulting from:

Non-deductible (taxable) stock-based compensation	3		(2)
Non-taxable portion of equity income	(2)		—









Other items	—		2

Total income tax expense	173		100

Effective income tax rate	26.4	%	26.3	%
Cash income taxes paid	200		188

Cash income taxes paid increased this quarter due to higher profit and timing of installments.

Net income


	Three months ended March 31
(In millions of dollars, except per share amounts)	2026	2025	% Chg

Net income	482	280	72
Net income attributable to RCI shareholders	438	280	56
Basic earnings per share attributable to RCI shareholders	$0.81	$0.52	56
Diluted earnings per share attributable to RCI shareholders	$0.80	$0.50	60


Rogers Communications Inc.	13	First Quarter 2026

Adjusted net income

We calculate adjusted net income from adjusted EBITDA as follows:


	Three months ended March 31
(In millions of dollars, except per share amounts)	2026	2025	% Chg

Adjusted EBITDA	2,364	2,254	5
Deduct:
Depreciation and amortization 1	1,040	937	11
Finance costs 2	548	579	(5)
Other (income) expense	(4)	2	n/m
Income tax expense 3	230	193	19

Adjusted net income	550	543	1
Adjusted net income attributable to RCI shareholders	550	543	1

Adjusted earnings per share attributable to RCI shareholders:
Basic	$1.02	$1.01	1
Diluted	$1.01	$0.99	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 months ended March 31, 2026 of $181 million (2025 - $229 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 $105 million change in fair value of subsidiary equity derivative instruments for the three months ended March 31, 2026.

3 Income tax expense excludes recoveries of $57 million (2025 - recoveries of $93 million) for the three months ended March 31, 2026 related to the income tax impact for adjusted items.


Rogers Communications Inc.	14	First Quarter 2026

Managing our Liquidity and Financial Resources

Operating, investing, and financing activities


	Three months ended March 31
(In millions of dollars)	2026	2025
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid	2,406	2,162
Change in net operating assets and liabilities	(159)	(83)
Income taxes paid	(200)	(188)
Interest paid, net	(552)	(595)

Cash provided by operating activities	1,495	1,296


Investing activities:
Capital expenditures	(808)	(978)
Additions to program rights and other intangible assets	(98)	(24)
Changes in non-cash working capital related to investing activities	(112)	12
Acquisitions and other strategic transactions, net of cash acquired	(85)	—
Other	(3)	1

Cash used in investing activities	(1,106)	(989)

Financing activities:
Net repayment of short-term borrowings	(1,952)	(853)
Net issuance of long-term debt	2,169	2,602
Net proceeds on settlement of debt derivatives and subsidiary equity derivatives	6	83
Transaction costs incurred	(27)	(38)
Principal payments of lease liabilities	(156)	(133)

Dividends paid to RCI shareholders	(270)	(185)
Dividends paid by subsidiaries to non-controlling interests	(116)	—


Other	(1)	(1)

Cash (used in) provided by financing activities	(347)	1,475

Change in cash and cash equivalents	42	1,782
Cash and cash equivalents, beginning of period	1,344	898

Cash and cash equivalents, end of period	1,386	2,680

Operating activities

This quarter, cash provided by operating activities increased primarily as a result of higher adjusted EBITDA, partially offset by higher net investment in net operating assets and liabilities.

Investing activities

Capital expenditures

During the quarter, we incurred $808 million (2025 - $978 million) on capital expenditures before changes in non-cash working capital items. See "Capital Expenditures" for more information.

Acquisitions and other strategic transactions

On February 6, 2026, Innovation, Science and Economic Development Canada announced we had won 30 spectrum licences in a residual spectrum licence auction, primarily in the 3800 MHz band. This quarter, we paid $85 million (including directly attributable transaction costs) related to the acquisition of the spectrum licences and, upon making the final payment, recognized the licences as intangible assets.

Financing activities

During the quarter, we received net amounts of $196 million (2025 - received $1,794 million) on our short-term borrowings, long-term debt, and related derivatives, including transaction costs. See "Financial Risk Management" for more information on the cash flows relating to our derivative instruments.


Rogers Communications Inc.	15	First Quarter 2026

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 March 31, 2026 and December 31, 2025.


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Receivables securitization program	1,600	2,000
US commercial paper program (net of the discount on issuance)	453	—
Non-revolving credit facility borrowings (net of the discount on issuance)	—	2,000

Total short-term borrowings	2,053	4,000

The table below summarizes the activity relating to our short-term borrowings for the three months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Proceeds received from receivables securitization			400			—
Repayment of receivables securitization			(800)			(400)
Net repayment of receivables securitization			(400)			(400)

Proceeds received from US commercial paper	854	1.374	1,173	299	1.435	429
Repayment of US commercial paper	(531)	1.365	(725)	(616)	1.430	(881)
Net proceeds received from (repayment of) US commercial paper			448			(452)


Proceeds received from non-revolving credit facilities (US$) 1	—	—	—	1,045	1.433	1,497


Repayment of non-revolving credit facilities (Cdn$)			(2,000)			—
Repayment of non-revolving credit facilities (US$)	—	—	—	(1,048)	1.429	(1,498)


Net repayment of non-revolving credit facilities			(2,000)			(1)

Net repayment of short-term borrowings			(1,952)			(853)

1 Borrowings under our non-revolving facilities 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.

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.


Rogers Communications Inc.	16	First Quarter 2026

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 months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Credit facility borrowings (Cdn$)			—			28



Credit facility repayments (Cdn$)			(115)			—



Net (repayments) borrowings under credit facilities			(115)			28

Term loan facility net borrowings (US$) 1	—	—	—	1	n/m	6

Net borrowings under term loan facility			—			6






Senior note repayments (US$)	—	—	—	(1,000)	1.439	(1,439)


Net repayment of senior notes			—			(1,439)

Subordinated note issuances (Cdn$)			1,250			1,000
Subordinated note issuances (US$)	750	1.379	1,034	2,100	1.432	3,007
Total issuances of subordinated notes			2,284			4,007





Net issuance of subordinated notes			2,284			4,007

Net issuance of long-term debt			2,169			2,602

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 March 31
(In millions of dollars)	2026	2025

Long-term debt, beginning of period	37,058	41,896
Net issuance of long-term debt	2,169	2,602

Increase in government grant liability related to Canada Infrastructure Bank facility	—	(17)

Loss (gain) on foreign exchange	315	(14)
Deferred transaction costs incurred	(26)	(51)
Amortization of deferred transaction costs	31	36

Long-term debt, end of period	39,547	44,452


Rogers Communications Inc.	17	First Quarter 2026

Issuance of subordinated notes and related debt derivatives

Below is a summary of the subordinated notes we issued during the three months ended March 31, 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 issued		Principal amount	Due date	Interest rate

2026 issuances
March 27, 2026 (subordinated) 3	US	750	2056	6.875	%	1,000.00	1,034	13
March 27, 2026 (subordinated) 3		1,250	2056	6.250	%	1,000.00	1,250	13

2025 issuances
February 12, 2025 (subordinated) 3	US	1,100	2055	7.000	%	1,000.00	1,575	21
February 12, 2025 (subordinated) 3	US	1,000	2055	7.125	%	1,000.00	1,432	19
February 12, 2025 (subordinated) 3		1,000	2055	5.625	%	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 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.

The US$750 million and the Cdn$1.25 billion notes can be redeemed at par on their five-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


Rogers Communications Inc.	18	First Quarter 2026

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 April 21, 2026, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on July 6, 2026, to shareholders of record on June 9, 2026.


				Dividends paid (in millions of dollars)			Number of Class B Non-Voting Shares issued (in thousands) 1
Declaration date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total

January 28, 2026	March 10, 2026	April 2, 2026	0.50	270	—	270	—

January 29, 2025	March 10, 2025	April 2, 2025	0.50	188	81	269	2,181
April 22, 2025	June 9, 2025	July 3, 2025	0.50	270	—	270	—
July 22, 2025	September 8, 2025	October 3, 2025	0.50	270	—	270	—
October 22, 2025	December 8, 2025	January 2, 2026	0.50	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.

Free cash flow


	Three months ended March 31
(In millions of dollars)	2026	2025	% Chg

Adjusted EBITDA	2,364	2,254	5
Deduct (add):
Capital expenditures 1	808	978	(17)
Interest on borrowings, net and capitalized interest	476	502	(5)
Cash income taxes 2	200	188	6
Distributions paid by subsidiaries to non-controlling interests	116	—	—
Net cash proceeds on subsidiary equity derivatives 3	(12)	—	—



Free cash flow	776	586	32

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, primarily as a result of:

•lower capital expenditures; and

•higher adjusted EBITDA; partially offset by

•distributions to non-controlling interests.


Rogers Communications Inc.	19	First Quarter 2026

Overview of Financial Position


	As at	As at
	March 31	December 31
(In millions of dollars)	2026	2025	$ Chg	% Chg	Explanation of significant changes

Assets
Current assets:
Cash and cash equivalents	1,386	1,344	42	3	See "Managing our Liquidity and Financial Resources".

Accounts receivable	5,658	6,105	(447)	(7)	Reflects business seasonality.
Inventories	461	550	(89)	(16)	Reflects a decrease in Wireless handset inventories.
Current portion of contract assets	150	151	(1)	(1)	n/m
Other current assets	1,420	1,239	181	15	Primarily reflects an increase in prepaid expenses related to our annual Wireless spectrum licence renewal fees and certain program rights.
Current portion of derivative instruments	266	99	167	169	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$.

Total current assets	9,341	9,488	(147)	(2)

Property, plant and equipment	26,272	26,307	(35)	—	n/m
Intangible assets	28,901	28,898	3	—	n/m
Investments	1,304	1,291	13	1	n/m
Derivative instruments	879	746	133	18	Reflects the reclassification to current of our debt derivatives associated with our US$1.3 billion of senior notes due March 2027 and the change in market values of certain debt derivatives and subsidiary equity derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Financing receivables	1,141	1,198	(57)	(5)	n/m
Other long-term assets	2,090	2,052	38	2	n/m

Goodwill	20,032	20,032	—	—	n/m

Total assets	89,960	90,012	(52)	—

Liabilities and equity
Current liabilities:

Short-term borrowings	2,053	4,000	(1,947)	(49)	See "Managing our Liquidity and Financial Resources".
Accounts payable and accrued liabilities	4,485	4,831	(346)	(7)	Reflects business seasonality.

Other current liabilities	3,765	3,831	(66)	(2)	n/m
Contract liabilities	1,078	1,114	(36)	(3)	n/m
Current portion of long-term debt	4,805	1,186	3,619	n/m	Reflects the reclassification to current of our $300 million, $1.5 billion, and US$1.3 billion of senior notes due March 2027.
Current portion of lease liabilities	697	690	7	1	n/m

Total current liabilities	16,883	15,652	1,231	8

Provisions	55	55	—	—	n/m
Long-term debt	34,742	35,872	(1,130)	(3)	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 $1.25 billion of subordinated notes in March 2026.
Lease liabilities	2,506	2,428	78	3	Reflects liabilities for new leases entered into.
Other long-term liabilities	1,962	2,225	(263)	(12)	Primarily reflects changes in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Deferred tax liabilities	9,489	9,494	(5)	—	n/m
Total liabilities	65,637	65,726	(89)	—

Equity	24,323	24,286	37	—	Reflects changes in retained earnings and equity reserves.

Total liabilities and equity	89,960	90,012	(52)	—


Rogers Communications Inc.	20	First 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 March 31, 2026 and December 31, 2025.


As at March 31, 2026	Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)

Cash and cash equivalents	1,386	—	—	—	1,386
Bank credit facilities 2:
Revolving	4,260	—	10	455	3,795
Non-revolving	300	300	—	—	—
Outstanding letters of credit	73	—	73	—	—


Receivables securitization 2	2,400	1,600	—	—	800


Total	8,419	1,900	83	455	5,981

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, 2025	Total sources	Drawn	Letters of credit	Net available
(In millions of dollars)

Cash and cash equivalents	1,344	—	—	1,344
Bank credit facilities 1:
Revolving	4,260	115	10	4,135
Non-revolving	2,300	2,300	—	—
Outstanding letters of credit	45	—	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.

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, we borrowed nil under this facility.

Weighted average cost of borrowings

Our weighted average cost of all borrowings was 4.93% as at March 31, 2026 (December 31, 2025 - 4.78%) and our weighted average term to maturity was 8.6 years (December 31, 2025 - 8.6 years). These figures reflect the expected repayment of our subordinated notes on their respective at-par redemption dates.


Rogers Communications Inc.	21	First 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 March 31	As at December 31
(In millions of dollars, except ratios)	2026	2025

Current portion of long-term debt	4,805	1,186
Long-term debt	34,742	35,872
Deferred transaction costs and discounts	790	795
	40,337	37,853
Add (deduct):
Adjustment of US dollar-denominated debt to hedged rate	(1,690)	(1,394)
Subordinated notes adjustment 1	(4,630)	(3,456)
Short-term borrowings	2,053	4,000
Deferred government grant liability 2	79	79
Current portion of lease liabilities	697	690
Lease liabilities	2,506	2,428
Cash and cash equivalents	(1,386)	(1,344)



Adjusted net debt 3	37,966	38,856
Divided by: trailing 12-month adjusted EBITDA	9,930	9,820

Debt leverage ratio	3.8	4.0

Divided by: pro forma trailing 12-month adjusted EBITDA 3	9,984	9,986

Pro forma debt leverage ratio	3.8	3.9

1 For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes 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. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and a component of pro forma debt leverage ratio. 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.

Trailing 12-month adjusted EBITDA reflects the combined results of Rogers including MLSE for the period since the MLSE Transaction closed in July 2025 to March 2026 (December 31, 2025 - July to December 2025) and standalone Rogers results prior to July 2025. To illustrate the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period, we have also disclosed a pro forma trailing 12-month adjusted EBITDA and pro forma debt leverage ratio. Pro forma trailing 12-month adjusted EBITDA incorporates an amount representing MLSE's adjusted EBITDA, adjusted to conform to Rogers' accounting policies. For the trailing 12-month period ended March 31, 2026, this amount is MLSE adjusted EBITDA for April to June 2025. For the trailing 12-month period ended December 31, 2025, this amount is MLSE adjusted EBITDA for January to June 2025.

These pro forma metrics are presented for illustrative purposes only and do not purport to reflect what the combined company's actual operating results or financial condition would have been had the MLSE Transaction occurred on the date indicated, nor do they purport to project our future financial position or operating results and should not be taken as representative of our future financial position or consolidated operating results.

We intend to manage our debt leverage ratio primarily through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. Our upgraded full-year 2026 guidance for free cash flow will further strengthen our balance sheet through accelerated repayment of debt.


Rogers Communications Inc.	22	First Quarter 2026

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 March 31, 2026.


Issuance	S&P Global Ratings Services	Moody's	DBRS Morningstar

Senior unsecured debt	BBB-	Baa3	BBB (low)
Subordinated debt	BB	Ba1/Ba2	BB 1
US commercial paper	A-3	P-3	N/A 1
Outlook	Negative	Stable	Positive

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.

Outstanding common shares


	As at March 31	As at December 31
	2026	2025

Common shares outstanding 1
Class A Voting Shares	111,148,720	111,152,011
Class B Non-Voting Shares	429,076,558	429,073,267

Total common shares	540,225,278	540,225,278

Options to purchase Class B Non-Voting Shares
Outstanding options	11,944,894	11,766,094
Outstanding options exercisable	8,584,790	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.	23	First 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 94.2% of our outstanding debt, including short-term borrowings, as at March 31, 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 months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Credit facilities
Debt derivatives entered	—	—	—	3,142	1.433	4,503
Debt derivatives settled	—	—	—	3,144	1.430	4,497
Net cash paid on settlement			—			(17)

US commercial paper program
Debt derivatives entered	854	1.374	1,173	299	1.435	429
Debt derivatives settled	528	1.367	722	613	1.431	877
Net cash (paid) received on settlement			(7)			2

As at March 31, 2026, we had nil and US$326 million notional amount of debt derivatives outstanding relating to our credit facility borrowings and US CP program (December 31, 2025 - nil), at average rates of nil/US$ and 1.366/US$ (December 31, 2025 - nil/US$), respectively.


Rogers Communications Inc.	24	First Quarter 2026

Subordinated notes

Below is a summary of the debt derivatives we entered into related to subordinated notes during the three months ended March 31, 2026 and 2025.


(In millions of dollars, except interest rates)
		US$			Hedging effect
Effective date	Principal/Notional amount (US$)	Maturity date	Coupon rate		Fixed hedged (Cdn$) interest rate 1		Equivalent (Cdn$)
2026 issuances
March 27, 2026	750	2056	6.875	%	6.193	%	1,034

2025 issuances
February 12, 2025	1,100	2055	7.000	%	5.440	%	1,575
February 12, 2025	1,000	2055	7.125	%	5.862	%	1,432

1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at March 31, 2026, we had US$16,661 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 $1.291/US$ (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.

Lease liabilities

Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three months ended March 31, 2026 and 2025.


	Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Debt derivatives entered	37	1.378	51	59	1.390	82
Debt derivatives settled	66	1.364	90	59	1.356	80
Net cash received on settlement			1			3

As at March 31, 2026, we had US$381 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 April 2026 to March 2029 (December 31, 2025 - January 2026 to December 2028) at an average rate of $1.367/US$ (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.	25	First Quarter 2026

The following table provides further details on our outstanding foreign currency forward contracts and options as at March 31, 2026 and December 31, 2025.


	As at March 31		As at December 31
(in millions of dollars)	2026		2025
Type of hedge	Amount to receive (US$)	Amount to pay (Cdn$)	Amount to receive (US$)	Amount to pay (Cdn$)	Maturity	Hedged item
Cash flow	1,183	1,618	1,429	1,955	2026	Anticipated purchases
Cash flow	949	1,282	609	826	2027	Anticipated purchases
Cash flow	130	175	40	54	2028	Anticipated purchases
Cash flow	25	34	—	—	2029	Anticipated purchases
Cash flow	305	397	305	397	2026-2039	Future Toronto Blue Jays player compensation
Economic	144	190	216	285	2026	Anticipated purchases
Economic	372	500	420	565	2027	Anticipated purchases
Economic	181	243	205	275	2028	Anticipated purchases
Economic	45	61	45	61	2029	Anticipated 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 March 31, 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 $48.11 (December 31, 2025 - $46.81).

This quarter, 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 on settlement of debt derivatives and subsidiary equity derivatives during the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars)	2026	2025

Credit facilities	—	(17)
US commercial paper program	(7)	2
Senior and subordinated notes	—	95
Lease liabilities	1	3
Subsidiary equity derivatives	12	—




Net proceeds on settlement of debt derivatives and subsidiary equity derivatives	6	83


Rogers Communications Inc.	26	First 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 March 31, 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 assets	11,627	1.2757	14,833	984
As liabilities	5,414	1.3281	7,191	(472)
MLSE interest rate swap	—	—	300	(5)
Debt derivatives not accounted for as hedges:
As assets	326	1.3664	445	8

Net mark-to-market debt derivative asset				515





Expenditure derivatives accounted for as cash flow hedges:
As assets	1,954	1.3398	2,618	52
As liabilities	638	1.3903	887	(6)

Expenditure derivatives not accounted for as hedges:

As liabilities	742	1.3396	994	(9)
Net mark-to-market expenditure derivative asset				37
Equity derivatives not accounted for as hedges:
As assets	—	—	173	43
As liabilities	—	—	139	(8)
Net mark-to-market equity derivative asset				35
Subsidiary equity derivatives not accounted for as hedges:
As assets	4,850	1.3843	6,714	58

Net mark-to-market subsidiary equity derivative asset				58
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 asset				640


Rogers Communications Inc.	27	First 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 assets	8,559	1.2373	10,590	787
As liabilities	7,763	1.3449	10,440	(645)
MLSE interest rate swap			300	(7)



Net mark-to-market debt derivative asset				135





Expenditure derivatives accounted for as cash flow hedges:
As assets	1,122	1.3275	1,489	20
As liabilities	1,261	1.3816	1,742	(28)
Expenditure derivatives not accounted for as hedges:

As liabilities	886	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 asset				28
Subsidiary equity derivatives not accounted for as hedges:
As assets	750	1.3827	1,037	1
As liabilities	4,100	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 asset				97

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 March 31, 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.

Prohibition of Fees

On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, establishing new consumer protection measures to prohibit certain fees that act as barriers to switching service providers. The policy amends both the Internet Code and the Wireless Code to prohibit activation, modification, and cancellation fees that are not directly associated with physical installation services at a customer's premises. The new measures will come into effect on June 12, 2026. We are reviewing the impact of this policy on the fees we charge.

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.


Rogers Communications Inc.	28	First Quarter 2026

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.

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 months ended March 31, 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 months ended March 31, 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 months ended March 31, 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 of which was paid during the three months ended March 31, 2026. The remaining liability of $81 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.

Controls and procedures

In accordance with the provisions of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, our Chief Executive Officer and Chief Financial Officer have limited the scope of their design of our disclosure


Rogers Communications Inc.	29	First Quarter 2026

controls and procedures and internal control over financial reporting to exclude the controls, policies, and procedures of MLSE, which we acquired on July 1, 2025. In our consolidated financial statements for the three months ended March 31, 2026, MLSE contributed approximately $0.5 billion of our consolidated revenue and net income of approximately $21 million. Additionally, as at March 31, 2026, MLSE's current assets and current liabilities represented approximately 4% and 6% of our consolidated current assets and current liabilities, respectively, and MLSE's non-current assets and non-current liabilities represented approximately 3% and 1% of our consolidated non-current assets and non-current liabilities, respectively. The design of the disclosure controls and procedures and internal control over financial reporting of MLSE will be completed for the third quarter of 2026.

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.

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.


Rogers Communications Inc.	30	First 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 measure

How it is useful

How we calculate it

Most 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

●

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

Pro forma trailing 12-month adjusted EBITDA

●

To illustrate the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period.

For the trailing 12-month period ending March 31, 2026:

Trailing 12-month adjusted EBITDA

add

MLSE adjusted EBITDA - April to June 2025

Trailing 12-month adjusted EBITDA

For the trailing 12-month period ending December 31, 2025:

Trailing 12-month adjusted EBITDA

add

MLSE adjusted EBITDA - January to June 2025


Rogers Communications Inc.	31	First Quarter 2026

Non-GAAP ratios

Specified financial measure

How it is useful

How we calculate it

Adjusted basic
earnings per
share

Adjusted diluted
earnings per
share

●

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.

Pro forma debt leverage ratio

●

We believe this helps investors and analysts analyze our ability to service our debt obligations, with the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period.

Adjusted net debt
divided by
pro forma trailing 12-month adjusted EBITDA

Total of segments measures

Specified financial measure

Most directly comparable IFRS financial measure

Adjusted EBITDA

Net income


Capital management measures
Specified financial measure	How 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 measure			How we calculate it
Adjusted EBITDA margin			Adjusted 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 intensity			Capital expenditures divided by revenue.


Rogers Communications Inc.	32	First Quarter 2026

Reconciliation of adjusted EBITDA


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income	482	280
Add:
Income tax expense	173	100
Finance costs	443	579
Depreciation and amortization	1,221	1,166
EBITDA	2,319	2,125
Add (deduct):
Other (income) expense	(4)	2
Restructuring, acquisition and other	49	127


Adjusted EBITDA	2,364	2,254

Reconciliation of adjusted net income


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income	482	280
Add (deduct):
Restructuring, acquisition and other	49	127

Change in fair value of subsidiary equity derivative instruments	(105)	—
Depreciation and amortization on fair value increment of Shaw Transaction-related assets	181	229



Income tax impact of above items	(57)	(93)



Adjusted net income	550	543

Reconciliation of pro forma trailing 12-month adjusted EBITDA


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Trailing 12-month adjusted EBITDA	9,930	9,820
Add (deduct):
MLSE adjusted EBITDA - April to June 2025	54	—
MLSE adjusted EBITDA - January to June 2025	—	166

Pro forma trailing 12-month adjusted EBITDA	9,984	9,986

Reconciliation of adjusted net income attributable to RCI shareholders


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income attributable to RCI shareholders	438	280
Add (deduct):
Restructuring, acquisition and other	49	127
Change in fair value of subsidiary equity derivative instruments	(105)	—
Depreciation and amortization on fair value increment of Shaw Transaction-related assets	181	229



Revaluation of subsidiary US dollar-denominated balances 1	51	—
Income tax impact of above items	(64)	(93)

Adjusted net income attributable to RCI shareholders	550	543

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.


Rogers Communications Inc.	33	First Quarter 2026

Reconciliation of free cash flow


	Three months ended March 31
(In millions of dollars)	2026	2025

Cash provided by operating activities	1,495	1,296
Add (deduct):
Capital expenditures	(808)	(978)
Interest on borrowings, net and capitalized interest	(476)	(502)
Interest paid	552	595
Restructuring, acquisition and other	49	127
Program rights amortization	(53)	(19)
Change in net operating assets and liabilities	159	83

Distributions paid by subsidiaries to non-controlling interests	(116)	—
Net cash proceeds on subsidiary equity derivatives	12	—
Post-employment benefit contributions, net of expense	(16)	(17)

Cash flows relating to other operating activities	(21)	(3)

Other investment (income) losses	(1)	4

Free cash flow	776	586


Rogers Communications Inc.	34	First Quarter 2026

Other Information

Consolidated financial results - quarterly summary

Below is a summary of our consolidated results for the past eight quarters.


	2026	2025				2024
(In millions of dollars, except per share amounts)	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2

Revenue
Wireless	2,591	2,970	2,661	2,540	2,544	2,981	2,620	2,466
Cable	1,948	1,984	1,981	1,968	1,935	1,983	1,970	1,964
Media	988	1,236	753	757	542	547	597	679
Corporate items and intercompany eliminations	(45)	(18)	(47)	(49)	(45)	(30)	(58)	(16)
Total revenue	5,482	6,172	5,348	5,216	4,976	5,481	5,129	5,093
Total service revenue	4,912	5,250	4,739	4,668	4,447	4,543	4,567	4,599

Adjusted EBITDA
Wireless	1,323	1,374	1,374	1,305	1,311	1,367	1,365	1,296
Cable	1,122	1,177	1,153	1,147	1,108	1,169	1,133	1,116
Media	—	221	75	8	(63)	55	136	(2)
Corporate items and intercompany eliminations	(81)	(83)	(87)	(98)	(102)	(58)	(89)	(85)
Adjusted EBITDA	2,364	2,689	2,515	2,362	2,254	2,533	2,545	2,325
Deduct (add):
Depreciation and amortization	1,221	1,222	1,230	1,184	1,166	1,174	1,157	1,136

Restructuring, acquisition and other	49	23	51	238	127	83	91	90
Finance costs	443	584	252	628	579	571	568	576
Other (income) expense	(4)	(16)	(4,998)	(9)	2	(11)	2	(5)
Gain on disposition of data centres	—	(69)	—	—	—	—	—	—
Net income before income tax expense	655	945	5,980	321	380	716	727	528
Income tax expense	173	235	212	173	100	158	201	134
Net income	482	710	5,768	148	280	558	526	394
Net income attributable to RCI shareholders	438	743	5,714	157	280	558	526	394


Earnings per share attributable to RCI shareholders:
Basic	$0.81	$1.38	$10.58	$0.29	$0.52	$1.04	$0.99	$0.74
Diluted	$0.80	$1.37	$10.54	$0.29	$0.50	$1.02	$0.98	$0.73

Net income	482	710	5,768	148	280	558	526	394
Add (deduct):
Restructuring, acquisition and other	49	23	51	238	127	83	91	90
Change in fair value of subsidiary equity derivative instruments	(105)	32	(134)	93	—	—	—	—
Depreciation and amortization on fair value increment of Shaw Transaction-related assets	181	178	210	212	229	228	227	220
Gain on repayment of long-term debt	—	—	(151)	—	—	—	—	—
Gain on revaluation of MLSE investment	—	—	(4,976)	—	—	—	—	—
Gain on disposition of data centres	—	(69)	—	—	—	—	—	—
Income tax impact of above items	(57)	(55)	(42)	(59)	(93)	(75)	(82)	(81)


Adjusted net income	550	819	726	632	543	794	762	623

Adjusted net income attributable to RCI shareholders	550	818	740	620	543	794	762	623


Adjusted earnings per share attributable to RCI shareholders:
Basic	$1.02	$1.51	$1.37	$1.15	$1.01	$1.48	$1.43	$1.17
Diluted	$1.01	$1.51	$1.37	$1.14	$0.99	$1.46	$1.42	$1.16

Capital expenditures	808	934	964	831	978	1,007	977	999
Cash provided by operating activities	1,495	1,652	1,515	1,596	1,296	1,135	1,893	1,472
Free cash flow	776	1,016	829	925	586	878	915	666


Rogers Communications Inc.	35	First Quarter 2026

Summary of financial information of long-term debt guarantor

Our outstanding senior notes and debentures, amounts drawn on RCI's 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 March 31	RCI 1,2		RCCI 1,2		Non-guarantor subsidiaries 1,2		Consolidating adjustments 1,2		Total
(unaudited) (In millions of dollars)	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Selected Statements of Income data measure:
Revenue	389	—	4,355	4,297	1,610	787	(872)	(109)	5,482	4,975
Net income (loss)	482	280	683	633	(63)	(364)	(620)	(270)	482	279
Net income (loss) attributable to RCI shareholders	482	280	683	633	(107)	(364)	(620)	(270)	438	279


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)	Mar. 31 2026	Dec. 31 2025	Mar. 31 2026	Dec. 31 2025	Mar. 31 2026	Dec. 31 2025	Mar. 31 2026	Dec. 31 2025	Mar. 31 2026	Dec. 31 2025
Selected Statements of Financial Position data measure:
Current assets	53,478	52,780	59,429	59,158	12,320	12,524	(115,886)	(114,974)	9,341	9,488
Non-current assets	77,521	76,883	50,175	50,107	31,179	30,885	(78,256)	(77,351)	80,619	80,524
Current liabilities	59,344	57,303	56,737	56,800	9,985	9,780	(109,183)	(108,231)	16,883	15,652
Non-current liabilities	46,588	47,551	8,701	8,724	7,343	7,368	(13,878)	(13,569)	48,754	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.


Rogers Communications Inc.	36	First 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;

•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 value of our sports and other media assets;

•our intent to acquire the MLSE non-controlling interest, including the timing of any such acquisition;

•unlocking additional value from our sports and other media assets, including any monetization that may be implemented for that purpose and the related timing; 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;

•industry structure and stability; and

•the assumptions listed under the heading "Key assumptions underlying our full-year 2026 guidance" below.

Specific forward-looking information included or incorporated in this MD&A includes, but is not limited to, our information and statements under "Financial Guidance" relating to our 2026 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, and free cash flow, which were originally provided on January 29, 2026.

Key assumptions underlying our full-year 2026 guidance

Our 2026 guidance ranges presented in "Financial Guidance" are based on many assumptions including, but not limited to, the following material assumptions for the full-year 2026:

•continued competitive intensity in all segments in which we operate consistent with levels experienced in 2025;

•no significant additional legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting our business activities;

•overall wireless market penetration in Canada continues to grow in 2026;

•continued net growth in wireless subscribers in the Canadian market;

•continued subscriber growth in retail Internet;

•declining Television and Satellite subscribers, including the impact of customers migrating to Rogers Xfinity TV from our legacy Television product, as subscription streaming services and other over-the-top providers continue to grow in popularity;

•in Media, continued growth in sports (including a full year of results for MLSE) and similar trends in 2026 as in 2025 in other traditional media businesses;

•no significant sports-related work stoppages or cancellations will occur;

•with respect to capital expenditures, we continue to find capital efficiencies while maintaining the quality and reliability of our network. We will continue investing to (i) expand our 5G network and (ii) upgrade our hybrid fibre-coaxial network to lower the number of homes passed per node and utilize the latest technologies, albeit at lower levels;


Rogers Communications Inc.	37	First Quarter 2026

•a substantial portion of our 2026 US dollar-denominated expenditures is hedged at an average exchange rate of $1.37/US$;

•key interest rates remain relatively stable throughout 2026; and

•we retain our investment-grade credit ratings.

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 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;

•we may not proceed with, or complete, any acquisition of the MLSE non-controlling interest or other transaction for the purpose of unlocking additional value from our sports and other media assets, in each case within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;

•we may not be successful in unlocking additional value from our sports and other media assets;

•anticipated asset sales may not be achieved within the expected timeframes or at all for proceeds in the amount or type expected;

•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.

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.

# # #


Rogers Communications Inc.	38	First Quarter 2026

Exhibit 99.2

Rogers Communications Inc.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Three months ended March 31, 2026 and 2025


Rogers Communications Inc.	1	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Income

(In millions of Canadian dollars, except per share amounts, unaudited)


		Three months ended March 31
	Note	2026	2025

Revenue	5	5,482	4,976

Operating expenses:
Operating costs	6	3,118	2,722
Depreciation and amortization		1,221	1,166

Restructuring, acquisition and other	7	49	127
Finance costs	8	443	579
Other (income) expense	9	(4)	2

Income before income tax expense		655	380
Income tax expense		173	100

Net income for the period		482	280

Net income for the period attributable to:
RCI shareholders		438	280
Non-controlling interest		44	—

Earnings per share attributable to RCI shareholders:
Basic	10	$0.81	$0.52
Diluted	10	$0.80	$0.50

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


Rogers Communications Inc.	2	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Comprehensive Income

(In millions of Canadian dollars, unaudited)


	Three months ended March 31
	2026	2025

Net income for the period	482	280

Other comprehensive income:

Items that will not be reclassified to income:






Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value	11	(21)

Related income tax (expense) recovery	(1)	1

Equity investments measured at FVTOCI	10	(20)
Items that will not be reclassified to income	10	(20)

Items that may subsequently be reclassified to income:
Cash flow hedging derivative instruments:
Unrealized gain in fair value of derivative instruments	429	273
Reclassification to net income of (gain) loss on debt derivatives	(308)	8

Reclassification to net income or property, plant and equipment of gain on expenditure derivatives	(2)	(29)
Reclassification to net income for accrued interest	(20)	(33)
Related income tax expense	(53)	(68)

Cash flow hedging derivative instruments	46	151


Items that may subsequently be reclassified to income	46	151

Other comprehensive income for the period	56	131

Comprehensive income for the period	538	411

Comprehensive income for the period attributable to:
RCI shareholders	494	411
Non-controlling interest	44	—

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


Rogers Communications Inc.	3	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Financial Position

(In millions of Canadian dollars, unaudited)


		As at March 31	As at December 31
	Note	2026	2025


Assets
Current assets:
Cash and cash equivalents		1,386	1,344

Accounts receivable	12	5,658	6,105
Inventories		461	550
Current portion of contract assets		150	151
Other current assets		1,420	1,239
Current portion of derivative instruments	11	266	99

Total current assets		9,341	9,488

Property, plant and equipment		26,272	26,307
Intangible assets		28,901	28,898
Investments	13	1,304	1,291
Derivative instruments	11	879	746
Financing receivables	12	1,141	1,198
Other long-term assets		2,090	2,052

Goodwill		20,032	20,032

Total assets		89,960	90,012

Liabilities and equity
Current liabilities:

Short-term borrowings	14	2,053	4,000
Accounts payable and accrued liabilities		4,485	4,831

Other current liabilities		3,765	3,831
Contract liabilities		1,078	1,114
Current portion of long-term debt	15	4,805	1,186
Current portion of lease liabilities	16	697	690

Total current liabilities		16,883	15,652

Provisions		55	55
Long-term debt	15	34,742	35,872
Lease liabilities	16	2,506	2,428
Other long-term liabilities		1,962	2,225
Deferred tax liabilities		9,489	9,494
Total liabilities		65,637	65,726

Equity
Equity attributable to RCI shareholders		17,975	17,751
Non-controlling interest		6,348	6,535
Equity	17	24,323	24,286

Total liabilities and equity		89,960	90,012

Subsequent events	11, 17

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


Rogers Communications Inc.	4	First 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
Three months ended March 31, 2026	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total	Non- controlling interest	Total equity
Balances, January 1, 2026	71	111,152	2,415	429,073	16,528	32	(1,305)	10	17,751	6,535	24,286
Net income for the period	—	—	—	—	438	—	—	—	438	44	482

Other comprehensive income:

FVTOCI investments, net of tax	—	—	—	—	—	10	—	—	10	—	10
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	46	—	46	—	46

Total other comprehensive income	—	—	—	—	—	10	46	—	56	—	56
Comprehensive income (loss) for the period	—	—	—	—	438	10	46	—	494	44	538



Transactions with shareholders recorded directly in equity:

Dividends declared	—	—	—	—	(270)	—	—	—	(270)	—	(270)

Share class exchange	—	(3)	—	3	—	—	—	—	—	—	—


Dividends declared by a subsidiary to non-controlling interests (note 17)	—	—	—	—	—	—	—	—	—	(231)	(231)

Total transactions with shareholders	—	(3)	—	3	(270)	—	—	—	(270)	(231)	(501)

Balances, March 31, 2026	71	111,149	2,415	429,076	16,696	42	(1,259)	10	17,975	6,348	24,323


	Class A Voting Shares		Class B Non-Voting Shares
Three months ended March 31, 2025	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total equity
Balances, January 1, 2025	71	111,152	2,250	424,949	10,630	(7)	(2,551)	10	10,403
Net income for the period	—	—	—	—	280	—	—	—	280

Other comprehensive income:

FVTOCI investments, net of tax	—	—	—	—	—	(20)	—	—	(20)
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	151	—	151

Total other comprehensive income	—	—	—	—	—	(20)	151	—	131
Comprehensive income for the period	—	—	—	—	280	(20)	151	—	411




Transactions with shareholders recorded directly in equity:

Dividends declared	—	—	—	—	(269)	—	—	—	(269)
Share price change on DRIP dividends	—	—	—	—	(3)	—	—	—	(3)


Shares issued as settlement of dividends	—	—	86	1,943	—	—	—	—	86
Total transactions with shareholders	—	—	86	1,943	(272)	—	—	—	(186)

Balances, March 31, 2025	71	111,152	2,336	426,892	10,638	(27)	(2,400)	10	10,628

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


Rogers Communications Inc.	5	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Cash Flows

(In millions of Canadian dollars, unaudited)


		Three months ended March 31
	Note	2026	2025
Operating activities:
Net income for the period		482	280
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		1,221	1,166
Program rights amortization		53	19
Finance costs	8	443	579
Income tax expense		173	100
Post-employment benefits contributions, net of expense		16	17

Income from associates and joint ventures	9	(3)	(2)


Other		21	3
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid		2,406	2,162
Change in net operating assets and liabilities	20	(159)	(83)

Income taxes paid		(200)	(188)
Interest paid		(552)	(595)

Cash provided by operating activities		1,495	1,296

Investing activities:
Capital expenditures	20	(808)	(978)
Additions to program rights and other intangible assets		(98)	(24)
Changes in non-cash working capital related to investing activities		(112)	12
Acquisitions and other strategic transactions, net of cash acquired		(85)	—
Other		(3)	1

Cash used in investing activities		(1,106)	(989)

Financing activities:
Net repayment of short-term borrowings	14	(1,952)	(853)
Net issuance of long-term debt	15	2,169	2,602
Net proceeds on settlement of debt derivatives and subsidiary equity derivatives	11	6	83
Transaction costs incurred	15	(27)	(38)
Principal payments of lease liabilities	16	(156)	(133)

Dividends paid to RCI shareholders	17	(270)	(185)
Distributions paid by subsidiaries to non-controlling interests	17	(116)	—


Other		(1)	(1)

Cash (used in) provided by financing activities		(347)	1,475

Change in cash and cash equivalents		42	1,782
Cash and cash equivalents, beginning of period		1,344	898

Cash and cash equivalents, end of period		1,386	2,680

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


Rogers Communications Inc.	6	First 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 report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:


Segment			Principal activities
Wireless			Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
Cable			Cable 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.
Media			A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, digital media, and sports team ownership.

During the three months ended March 31, 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, Today's Shopping Choice (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 Bell's indirect 37.5% interest in MLSE on July 1, 2025. For additional details, see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 financial statements. 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 months ended March 31, 2026 (first 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 first quarter 2026 interim financial statements were approved by RCI's Board of Directors (the Board) on April 21, 2026.

NOTE 2: MATERIAL ACCOUNTING POLICIES

Basis of Presentation

The notes presented in these first quarter 2026 interim financial statements include only material transactions and changes occurring for the three 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 first 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.

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.


Rogers Communications Inc.	7	First Quarter 2026

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:

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 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 March 31, 2026 and December 31, 2025, we met our objectives for these metrics.


	As at March 31	As at December 31
(In millions of dollars, except ratios)	2026	2025

Adjusted net debt 1,2	37,966	38,856
Divided by: trailing 12-month adjusted EBITDA	9,930	9,820

Debt leverage ratio	3.8	4.0

1 For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes 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.


Rogers Communications Inc.	8	First Quarter 2026

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 March 31
(In millions of dollars)	Note	2026	2025

Adjusted EBITDA	4	2,364	2,254
Deduct (add):
Capital expenditures 1	20	808	978
Interest on borrowings, net and capitalized interest	8	476	502
Cash income taxes 2		200	188
Distributions paid by subsidiaries to non-controlling interests		116	—
Net cash proceeds on subsidiary equity derivatives 3		(12)	—


Free cash flow		776	586

1 Includes additions to property, plant and equipment net of proceeds on disposition, 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 for more information.


		Three months ended March 31
(In millions of dollars)	Note	2026	2025

Cash provided by operating activities		1,495	1,296
Add (deduct):
Capital expenditures	20	(808)	(978)
Interest on borrowings, net and capitalized interest	8	(476)	(502)
Interest paid		552	595
Restructuring, acquisition and other	7	49	127
Program rights amortization		(53)	(19)
Change in net operating assets and liabilities	20	159	83

Distributions paid by subsidiaries to non-controlling interests	17	(116)	—
Net cash proceeds on subsidiary equity derivatives	17	12	—
Post-employment benefit contributions, net of expense		(16)	(17)

Cash flows relating to other operating activities		(21)	(3)

Other investment (income) losses	9	(1)	4

Free cash flow		776	586

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 spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at March 31, 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.


Rogers Communications Inc.	9	First Quarter 2026


As at March 31, 2026		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note

Cash and cash equivalents		1,386	—	—	—	1,386
Bank credit facilities 2:
Revolving	15	4,260	—	10	455	3,795
Non-revolving	15	300	300	—	—	—
Outstanding letters of credit		73	—	73	—	—


Receivables securitization 2	14	2,400	1,600	—	—	800


Total		8,419	1,900	83	455	5,981

1 The US CP program amounts are gross of the discount on issuance.


As at December 31, 2025		Total sources	Drawn	Letters of credit	Net available
(In millions of dollars)	Note

Cash and cash equivalents		1,344	—	—	1,344
Bank credit facilities 1:
Revolving	15	4,260	115	10	4,135
Non-revolving	14, 15	2,300	2,300	—	—
Outstanding letters of credit		45	—	45	—


Receivables securitization 1	14	2,400	2,000	—	400

Total		10,349	4,415	55	5,879

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.

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.


Rogers Communications Inc.	10	First Quarter 2026

Information by Segment


Three months ended March 31, 2026	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)

Revenue from external customers	5	2,557	1,932	916	77	5,482
Revenue from internal customers		34	16	72	(122)	—
Total revenue		2,591	1,948	988	(45)	5,482
Operating costs	6	1,268	826	988	36	3,118

Adjusted EBITDA		1,323	1,122	—	(81)	2,364

Depreciation and amortization						1,221

Restructuring, acquisition and other	7					49
Finance costs	8					443
Other income	9					(4)

Income before income taxes						655


Three months ended March 31, 2025	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)

Revenue from external customers	5	2,521	1,918	463	74	4,976
Revenue from internal customers		23	17	79	(119)	—
Total revenue		2,544	1,935	542	(45)	4,976
Operating costs	6	1,233	827	605	57	2,722

Adjusted EBITDA		1,311	1,108	(63)	(102)	2,254

Depreciation and amortization						1,166

Restructuring, acquisition and other	7					127
Finance costs	8					579
Other expense	9					2

Income before income taxes						380


Rogers Communications Inc.	11	First Quarter 2026

NOTE 5: REVENUE


	Three months ended March 31
(In millions of dollars)	2026	2025

Wireless
Service revenue from external customers	1,997	2,003
Service revenue from internal customers	34	23
Service revenue	2,031	2,026
Equipment revenue from external customers	560	518
Total Wireless	2,591	2,544

Cable
Service revenue from external customers	1,922	1,907
Service revenue from internal customers	16	17
Service revenue	1,938	1,924
Equipment revenue from external customers	10	11
Total Cable	1,948	1,935

Media
Revenue from external customers	916	463
Revenue from internal customers	72	79
Total Media	988	542

Corporate items
Revenue from external customers	77	74
Revenue from internal customers	13	8
Total corporate items	90	82

Intercompany eliminations	(135)	(127)

Total revenue	5,482	4,976

Total service revenue	4,912	4,447
Total equipment revenue	570	529

Total revenue	5,482	4,976


Rogers Communications Inc.	12	First Quarter 2026

NOTE 6: OPERATING COSTS


	Three months ended March 31
(In millions of dollars)	2026	2025

Cost of equipment sales	547	517
Merchandise for resale	51	42
Good and services purchased	1,783	1,646
Employee salaries, benefits, and stock-based compensation	737	517

Total operating costs	3,118	2,722

NOTE 7: RESTRUCTURING, ACQUISITION AND OTHER


	Three months ended March 31
(In millions of dollars)	2026	2025

Restructuring, acquisition and other excluding Shaw Transaction integration-related costs	38	90
Shaw Transaction integration-related costs	11	37

Total restructuring, acquisition and other	49	127

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in 2025 and 2026 include severance and other departure-related costs associated with the targeted restructuring of our employee base. In 2026, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction.

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 March 31
(In millions of dollars)	Note	2026	2025




Interest on borrowings, net 1		482	511
Interest on lease liabilities	16	39	36
Interest on post-employment benefits		(2)	(2)

Loss (gain) on foreign exchange		7	(11)
Change in fair value of derivative instruments		(12)	13
Change in fair value of subsidiary equity derivative instruments 2		(105)	—
Capitalized interest		(6)	(9)
Deferred transaction costs and other		40	41

Total finance costs		443	579

1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.

2 Reflects the change in fair value of derivatives entered related to our subsidiary equity investment (see note 11 for more information).

NOTE 9: OTHER (INCOME) EXPENSE


	Three months ended March 31
(In millions of dollars)	2026	2025


Income from associates and joint ventures	(3)	(2)

Other investment (income) losses	(1)	4

Total other (income) expense	(4)	2


Rogers Communications Inc.	13	First Quarter 2026

NOTE 10: EARNINGS PER SHARE


	Three months ended March 31
(In millions of dollars, except per share amounts)	2026	2025



Numerator (basic) - Net income attributable to RCI shareholders for the period	438	280


Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	540	538
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	3	1

Weighted average number of shares outstanding - diluted	543	539

Earnings per share attributable to RCI shareholders:
Basic	$0.81	$0.52
Diluted	$0.80	$0.50

For the three months ended March 31, 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 months ended March 31, 2026 was reduced by $1 million (2025 - $8 million) in the diluted earnings per share calculation.

A total of 9,300,841 options were out of the money for the three months ended March 31, 2026 (2025 - 9,517,854). These options 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.

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.

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 months ended March 31, 2026 and 2025.


	Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Credit facilities
Debt derivatives entered	—	—	—	3,142	1.433	4,503
Debt derivatives settled	—	—	—	3,144	1.430	4,497
Net cash paid on settlement			—			(17)

US commercial paper program
Debt derivatives entered	854	1.374	1,173	299	1.435	429
Debt derivatives settled	528	1.367	722	613	1.431	877
Net cash (paid) received on settlement			(7)			2


Rogers Communications Inc.	14	First Quarter 2026

Subordinated notes

Below is a summary of the debt derivatives we entered into related to subordinated notes during the three months ended March 31, 2026 and 2025.


(In millions of dollars, except for coupon and interest rates)
		US$			Hedging effect
Effective date	Principal/Notional amount (US$)	Maturity date	Coupon rate		Fixed hedged (Cdn$) interest rate 1		Equivalent (Cdn$)
2026 issuances
March 27, 2026	750	2056	6.875	%	6.193	%	1,034

2025 issuances
February 12, 2025	1,100	2055	7.000	%	5.440	%	1,575
February 12, 2025	1,000	2055	7.125	%	5.862	%	1,432

1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at March 31, 2026, we had US$16,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.291/US$ (December 31, 2025 - $1.287/US$).

Lease liabilities

Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Debt derivatives entered	37	1.378	51	59	1.390	82
Debt derivatives settled	66	1.364	90	59	1.356	80
Net cash received on settlement			1			3

As at March 31, 2026, we had US$381 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 April 2026 to March 2029 (December 31, 2025 - January 2026 to December 2028), at an average rate of $1.367/US$ (December 31, 2025 - $1.365/US$).

Expenditure derivatives


Rogers Communications Inc.	15	First Quarter 2026

The following table provides further details on our outstanding foreign currency forward contracts and options as at March 31, 2026 and December 31, 2025.


	As at March 31		As at December 31
(in millions of dollars)	2026		2025
Type of hedge	Amount to receive (US$)	Amount to pay (Cdn$)	Amount to receive (US$)	Amount to pay (Cdn$)	Maturity	Hedged item
Cash flow	1,183	1,618	1,429	1,955	2026	Anticipated purchases
Cash flow	949	1,282	609	826	2027	Anticipated purchases
Cash flow	130	175	40	54	2028	Anticipated purchases
Cash flow	25	34	—	—	2029	Anticipated purchases
Cash flow	305	397	305	397	2026-2039	Future Toronto Blue Jays player compensation
Economic	144	190	216	285	2026	Anticipated purchases
Economic	372	500	420	565	2027	Anticipated purchases
Economic	181	243	205	275	2028	Anticipated purchases
Economic	45	61	45	61	2029	Anticipated 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.

During the three months ended March 31, 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23.

Subsidiary equity derivatives

Cash settlements on debt derivatives and subsidiary equity derivatives

Below is a summary of the net proceeds on settlement of debt derivatives and subsidiary equity derivatives during the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars, except exchange rates)	2026	2025

Credit facilities	—	(17)
US commercial paper program	(7)	2
Senior and subordinated notes	—	95
Lease liabilities	1	3
Subsidiary equity derivatives	12	—




Net proceeds on settlement of debt derivatives and subsidiary equity derivatives	6	83

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


Rogers Communications Inc.	16	First Quarter 2026

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 estimated using a market-based approach based on the values of the underlying teams and net assets owned by MLSE. Changes in the assumptions related to the team values underlying the valuation could have a material impact on the fair value of the MLSE put liability.

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 March 31, 2026 or December 31, 2025. There were no transfers between Level 1, Level 2, or Level 3 during the three months ended March 31, 2026 or 2025.

Below is a summary of our financial instruments carried at fair value as at March 31, 2026 and December 31, 2025.


	Carrying value		Fair value (Level 2)		Fair value (Level 3)
	As at Mar. 31	As at Dec. 31		As at Mar. 31	As at Dec. 31	As at Mar. 31	As at Dec. 31
(In millions of dollars)	2026	2025		2026	2025	2026	2025
Financial assets
Investments, measured at FVTOCI:

Investments in private companies	223	212		—	—	223	212
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	984	787		984	787	—	—

Debt derivatives not accounted for as hedges	8	—		8	—	—	—

Expenditure derivatives accounted for as cash flow hedges	52	20		52	20	—	—

Equity derivatives not accounted for as hedges	43	37		43	37	—	—
Subsidiary equity derivatives not accounted for as hedges	58	1		58	1	—	—

Total financial assets	1,368	1,057		1,145	845	223	212

Financial liabilities
Long-term debt (including current portion)	39,547	37,058		38,622	36,523	—	—
MLSE put liability	3,316	3,316		—	—	3,316	3,316
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	472	645		472	645	—	—
MLSE interest rate swap	5	7		5	7	—	—


Expenditure derivatives accounted for as cash flow hedges	6	28		6	28	—	—
Expenditure derivatives not accounted for as hedges	9	17		9	17	—	—
Equity derivatives not accounted as hedges	8	9		8	9	—	—
Subsidiary equity derivatives not accounted for as hedges	—	36		—	36	—	—
Virtual power purchase agreement not accounted for as a hedge	5	6		5	6	—	—
Total financial liabilities	43,368	41,122		39,127	37,271	3,316	3,316


Rogers Communications Inc.	17	First Quarter 2026

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 March 31	As at December 31
(In millions of dollars)	2026	2025

Current financing receivables	2,406	2,448
Long-term financing receivables	1,141	1,198

Total financing receivables	3,547	3,646

NOTE 13: INVESTMENTS


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Investments in private companies, measured at FVTOCI	223	212
Investments, associates and joint ventures	1,081	1,079

Total investments	1,304	1,291

NOTE 14: SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at March 31, 2026 and December 31, 2025.


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Receivables securitization program	1,600	2,000
US commercial paper program (net of the discount on issuance)	453	—
Non-revolving credit facility borrowings (net of the discount on issuance)	—	2,000

Total short-term borrowings	2,053	4,000


Rogers Communications Inc.	18	First Quarter 2026

Below is a summary of the activity relating to our short-term borrowings for the three months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Proceeds received from receivables securitization			400			—
Repayment of receivables securitization			(800)			(400)
Net repayment of receivables securitization			(400)			(400)

Proceeds received from US commercial paper	854	1.374	1,173	299	1.435	429
Repayment of US commercial paper	(531)	1.365	(725)	(616)	1.430	(881)
Net proceeds received from (repayment of) US commercial paper			448			(452)


Proceeds received from non-revolving credit facilities (US$) 1	—	—	—	1,045	1.433	1,497


Repayment of non-revolving credit facilities (Cdn$) 1			(2,000)			—
Repayment of non-revolving credit facilities (US$) 1	—	—	—	(1,048)	1.429	(1,498)


Net repayment of non-revolving credit facilities			(2,000)			(1)

Net repayment of short-term borrowings			(1,952)			(853)

Receivables Securitization Program

Below is a summary of our receivables securitization program as at March 31, 2026 and December 31, 2025.


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Receivables sold to buyer as security	3,509	3,251
Short-term borrowings from buyer	(1,600)	(2,000)

Overcollateralization	1,909	1,251

Below is a summary of the activity related to our receivables securitization program for the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars)	2026	2025

Receivables securitization program, beginning of period	2,000	2,000
Net repayment of receivables securitization	(400)	(400)

Receivables securitization program, end of period	1,600	1,600


Rogers Communications Inc.	19	First Quarter 2026

US Commercial Paper Program

Below is a summary of the activity relating to our US CP program for the three months ended March 31, 2026 and 2025.


		Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

US commercial paper program, beginning of period	—	—	—	314	1.439	452
Net proceeds received from (repayment of) US commercial paper	323	1.387	448	(317)	1.426	(452)
Discounts on issuance 1	2	n/m	3	3	n/m	4
Loss (gain) on foreign exchange 1			2			(4)

US commercial paper program, end of period	325	1.394	453	—	—	—

n/m - not meaningful

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 Facility

Below is a summary of the activity relating to our non-revolving credit facilities for the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars)	2026	2025

Non-revolving credit facility, beginning of period	2,000	507
Net repayment of non-revolving credit facilities	(2,000)	(1)

Gain on foreign exchange 1	—	(4)

Non-revolving credit facility, end of period	—	502

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.


Rogers Communications Inc.	20	First Quarter 2026

NOTE 15: LONG-TERM DEBT


				Principal amount	Interest rate		As at March 31	As at December 31
(In millions of dollars, except interest rates)	Par call date	Due date					2026	2025


Bank credit facilities (Cdn$ portion)					Floating		300	415


Canada Infrastructure Bank credit facility		2052			1.000	%	134	134
Senior notes	n/a	Sep 2026		500	5.650	%	500	500
Senior notes	Aug 2026	Nov 2026	US	500	2.900	%	696	686
Senior notes 1	Dec 2026	Mar 2027		300	3.800	%	300	300
Senior notes	Jan 2027	Mar 2027		1,500	3.650	%	1,500	1,500
Senior notes	Feb 2027	Mar 2027	US	1,300	3.200	%	1,809	1,784
Senior notes	Aug 2028	Sep 2028		1,000	5.700	%	1,000	1,000
Senior notes 1	Aug 2028	Nov 2028		500	4.400	%	500	500
Senior notes	Jan 2029	Feb 2029	US	1,250	5.000	%	1,740	1,716
Senior notes	Feb 2029	Apr 2029		1,000	3.750	%	1,000	1,000
Senior notes	Feb 2029	May 2029		700	3.250	%	700	700
Senior notes 1	Sep 2029	Dec 2029		159	3.300	%	159	159
Senior notes	Jul 2030	Sep 2030		500	5.800	%	500	500
Senior notes 1	Sep 2030	Dec 2030		210	2.900	%	210	210
Senior notes	Dec 2031	Mar 2032	US	2,000	3.800	%	2,783	2,745
Senior notes	Jan 2032	Apr 2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	n/a	May 2032	US	200	8.750	%	278	275
Senior notes	Jun 2033	Sep 2033		1,000	5.900	%	1,000	1,000
Senior notes	Nov 2033	Feb 2034	US	1,250	5.300	%	1,740	1,716
Senior notes	n/a	Aug 2038	US	350	7.500	%	487	480
Senior notes	n/a	Nov 2039		500	6.680	%	500	500
Senior notes 1	n/a	Nov 2039		1,450	6.750	%	1,450	1,450
Senior notes	Feb 2040	Aug 2040		800	6.110	%	800	800
Senior notes	Sep 2040	Mar 2041		400	6.560	%	400	400
Senior notes	Sep 2041	Mar 2042	US	750	4.500	%	1,044	1,029
Senior notes	Sep 2042	Mar 2043	US	382	4.500	%	531	524
Senior notes	Apr 2043	Oct 2043	US	650	5.450	%	905	892
Senior notes	Sep 2043	Mar 2044	US	752	5.000	%	1,046	1,032
Senior notes	Aug 2047	Feb 2048	US	506	4.300	%	704	694
Senior notes	Nov 2048	May 2049	US	630	4.350	%	877	865
Senior notes	May 2049	Nov 2049	US	541	3.700	%	753	743
Senior notes 1	Jun 2049	Dec 2049		26	4.250	%	26	26
Senior notes	Sep 2051	Mar 2052	US	2,000	4.550	%	2,783	2,745
Senior notes	Oct 2051	Apr 2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	Feb 2030	Apr 2055	US	1,100	7.000	%	1,531	1,510
Subordinated notes 3	Feb 2035	Apr 2055	US	1,000	7.125	%	1,392	1,373
Subordinated notes 3	Feb 2030	Apr 2055		1,000	5.625	%	1,000	1,000
Subordinated notes 3	Jul 2031	Jul 2056	US	750	6.875	%	1,044	—
Subordinated notes 3	Jul 2031	Jul 2056		1,250	6.250	%	1,250	—
Subordinated notes 3	Dec 2026	Dec 2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	Mar 2027	Mar 2082	US	750	5.250	%	1,044	1,029



							40,416	37,932

Deferred transaction costs and discounts							(790)	(795)
Deferred government grant liability							(79)	(79)
Less current portion							(4,805)	(1,186)

Total long-term debt							34,742	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 March 31, 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 March 31, 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.	21	First Quarter 2026

The tables below summarize the activity relating to our long-term debt for the three months ended March 31, 2026 and 2025.


	Three months ended March 31, 2026			Three months ended March 31, 2025
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)

Credit facility borrowings (Cdn$)			—			28



Credit facility repayments (Cdn$)			(115)			—



Net (repayments) borrowings under credit facilities			(115)			28

Term loan facility net borrowings (US$) 1	—	—	—	1	n/m	6

Net borrowings under term loan facility			—			6






Senior note repayments (US$)	—	—	—	(1,000)	1.439	(1,439)


Net repayment of senior notes			—			(1,439)

Subordinated note issuances (Cdn$)			1,250			1,000
Subordinated note issuances (US$)	750	1.379	1,034	2,100	1.432	3,007
Total issuances of subordinated notes			2,284			4,007





Net issuance of subordinated notes			2,284			4,007

Net issuance of long-term debt			2,169			2,602


	Three months ended March 31
(In millions of dollars)	2026	2025

Long-term debt, beginning of period	37,058	41,896
Net issuance of long-term debt	2,169	2,602
Increase in government grant liability related to Canada Infrastructure Bank facility	—	(17)
Loss (gain) on foreign exchange	315	(14)
Deferred transaction costs incurred	(26)	(51)
Amortization of deferred transaction costs	31	36

Long-term debt, end of period	39,547	44,452


Rogers Communications Inc.	22	First Quarter 2026

Subordinated Notes

Issuance of subordinated and related debt derivatives

Below is a summary of the subordinated notes we issued during the three months ended March 31, 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 issued		Principal amount	Due date	Interest rate

2026 issuances
March 27, 2026 (subordinated) 3	US	750	2056	6.875	%	1,000.00	1,034	13
March 27, 2026 (subordinated) 3		1,250	2056	6.250	%	1,000.00	1,250	13

2025 issuances
February 12, 2025 (subordinated) 3	US	1,100	2055	7.000	%	1,000.00	1,575	21
February 12, 2025 (subordinated) 3	US	1,000	2055	7.125	%	1,000.00	1,432	19
February 12, 2025 (subordinated) 3		1,000	2055	5.625	%	999.83	1,000	11

1 Gross proceeds before transaction costs, discounts, and premiums.

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 two issuances of 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 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.

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 derivative to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances.

Repayment of senior notes and related derivative settlements

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.


Rogers Communications Inc.	23	First Quarter 2026

NOTE 16: LEASES

Below is a summary of the activity related to our lease liabilities for the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars)	2026	2025

Lease liabilities, beginning of period	3,118	2,778
Net additions	235	150

Interest on lease liabilities	39	36
Interest payments on lease liabilities	(33)	(33)
Principal payments of lease liabilities	(156)	(133)


Lease liabilities, end of period	3,203	2,798

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 date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total

January 28, 2026	March 10, 2026	April 2, 2026	0.50	270	—	270	—



January 29, 2025	March 10, 2025	April 2, 2025	0.50	188	81	269	2,181
April 22, 2025	June 9, 2025	July 3, 2025	0.50	270	—	270	—
July 22, 2025	September 8, 2025	October 3, 2025	0.50	270	—	270	—
October 22, 2025	December 8, 2025	January 2, 2026	0.50	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 April 21, 2026, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on July 6, 2026, to shareholders of record on June 9, 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.


Declaration and payment date			Distributions paid (in millions of dollars)

February 2026			116

In addition to the payment declared at the February 2026 BNSI board of directors meeting, a dividend of $115 million to be paid in May 2026 has been accrued.


Rogers Communications Inc.	24	First 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 months ended March 31, 2026 and 2025.


	Three months ended March 31
(In millions of dollars)	2026	2025

Stock options	10	(9)
Restricted share units	21	3
Deferred share units	4	(2)
Equity derivative effect, net of interest receipt	(10)	24

Total stock-based compensation expense	25	16

As at March 31, 2026, we had a total liability recognized at its fair value of $179 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 months ended March 31, 2026, we paid $43 million (2025 - $26 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature.

Stock Options

Below is a summary of the activity related to stock option plans, including performance options, for the three months ended March 31, 2026 and 2025.


	Three months ended March 31, 2026		Three months ended March 31, 2025
(in number of units, except prices)	Number of options	Weighted average exercise price		Number of options	Weighted average exercise price

Outstanding, beginning of period	11,766,094	$58.58		9,707,847	$63.89
Granted	340,932	$53.94		2,687,103	$40.37
Exercised	(162,132)	$47.71		—	—
Forfeited	—	—		(189,993)	$58.26

Outstanding, end of period	11,944,894	$58.60		12,204,957	$58.80

Exercisable, end of period	8,584,790	$62.64		6,877,328	$63.96

We did not grant any performance stock options during the three months ended March 31, 2026 (2025 - nil).

Unrecognized stock-based compensation expense related to stock option plans was $12 million as at March 31, 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.

Restricted Share Units

Below is a summary of the activity related to RSUs outstanding, including performance RSUs, for the three months ended March 31, 2026 and 2025.


	Three months ended March 31
(in number of units)	2026	2025

Outstanding, beginning of period	3,329,552	2,448,224
Granted and reinvested dividends	1,481,187	1,761,246
Exercised	(774,831)	(540,680)
Forfeited	(48,748)	(56,739)

Outstanding, end of period	3,987,160	3,612,051


Rogers Communications Inc.	25	First Quarter 2026

Included in the above table are grants of 473,426 performance RSUs to certain key employees during the three months ended March 31, 2026 (2025 - 291,067).

Unrecognized stock-based compensation expense related to these RSUs was $98 million as at March 31, 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 months ended March 31, 2026 and 2025.


	Three months ended March 31
(in number of units)	2026	2025

Outstanding, beginning of period	983,782	908,678
Granted and reinvested dividends	88,459	206,257
Exercised	(3,022)	(70,771)
Forfeited	(15)	(285)

Outstanding, end of period	1,069,204	1,043,879

Included in the above table are grants of 1,135 performance DSUs to certain key executives during the three months ended March 31, 2026 (2025 - 1,269).

Unrecognized stock-based compensation expense related to granted DSUs was $11 million as at March 31, 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 months ended March 31, 2026 and 2025 were less than $1 million, respectively.

Transactions with Related Parties


Rogers Communications Inc.	26	First Quarter 2026

NOTE 20: SUPPLEMENTAL CASH FLOW INFORMATION

Change in Net Operating Assets and Liabilities


	Three months ended March 31
(In millions of dollars)	2026	2025

Accounts receivable, excluding financing receivables	345	213
Financing receivables	100	92
Contract assets	3	8
Inventories	89	79
Other current assets	(164)	(181)
Accounts payable and accrued liabilities	(416)	(353)
Contract and other liabilities	(116)	59

Total change in net operating assets and liabilities	(159)	(83)

Capital Expenditures


	Three months ended March 31
(In millions of dollars)	2026	2025

Capital expenditures before proceeds on disposition	810	979
Proceeds on disposition	(2)	(1)

Capital expenditures	808	978


Rogers Communications Inc.	27	First Quarter 2026


			Exhibit 99.3

ROGERS COMMUNICATIONS REPORTS FIRST QUARTER 2026 RESULTS

Rogers reports continued year-over-year growth in total service revenue and adjusted EBITDA, delivers strong free cash flow growth and upgraded guidance for capital expenditures and free cash flow

•Total service revenue up 10% to $4.9 billion; adjusted EBITDA up 5% to $2.4 billion

•Free cash flow growth of $0.2 billion, up 32%

•Capital intensity improves 500 basis points to 15%

Adjusted EBITDA growth continues in both Wireless and Cable with 40,000 mobile phone and Internet subscriber additions

•Wireless service revenue stable; adjusted EBITDA up 1%

•Wireless adjusted EBITDA margin up 40 basis points to 65%

•Added 33,000 total mobile phone net additions, including 28,000 postpaid

•Mobile phone ARPU1 of $55.60; postpaid mobile phone churn of 1.22%

•Cable service revenue and adjusted EBITDA up 1%; each up 2% organically excluding data centre sales impact

•Cable adjusted EBITDA margin up 30 basis points to 58%

•Retail Internet net additions of 7,000

Media delivers strong revenue growth and substantial improvement in adjusted EBITDA; Company remains focused on monetization of world-class sports and media assets

•Revenue of $988 million up 82%; adjusted EBITDA at breakeven with approximately $60 million year-over-year improvement

•Company anticipates purchase of remaining 25% minority interest in MLSE in 2026; committed to unlocking the significant and unrecognized value of its premier sports assets

Delivers further balance sheet improvement; March 31 debt leverage ratio1 of 3.8x down from 3.9x1 at December 31, 2025; further improvement targeted through 2026

2026 free cash flow target increased significantly with reprioritization of capital expenditures

•Company now expects 2026 and future annual capital expenditures of $2.5 billion to $2.7 billion, or a reduction of roughly 30% versus 2025; targeting 2026 capital intensity of ~12%

•Company now expects 2026 free cash flow of $4.1 billion to $4.3 billion, or an increase of approximately $0.8 billion versus 2025; additional cash flow further accelerates debt reduction in 2026

•Reaffirming 2026 outlook ranges for total service revenue and adjusted EBITDA growth

TORONTO (April 22, 2026) - Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the first quarter ended March 31, 2026.

"In the first quarter, we delivered steady results across our three lines of business supported by significant capital efficiency gains and strong free cash flow generation," said Tony Staffieri, President and CEO. "We will continue to execute with discipline throughout 2026 as we look to monetize the very substantial unrecognized value in our world-class sports assets while accelerating free cash flow generation and advancing our deleveraging plan."


Rogers Communications Inc.	1	First Quarter 2026

Consolidated Financial Highlights


(In millions of Canadian dollars, except per share amounts, unaudited)	Three months ended March 31
	2026	2025	% Chg

Total revenue	5,482	4,976	10
Total service revenue	4,912	4,447	10
Adjusted EBITDA 1	2,364	2,254	5
Net income	482	280	72
Net income attributable to RCI shareholders	438	280	56

Adjusted net income 1	550	543	1
Adjusted net income attributable to RCI shareholders 1	550	543	1


Diluted earnings per share attributable to RCI shareholders	$0.80	$0.50	60

Adjusted diluted earnings per share attributable to RCI shareholders 1	$1.01	$0.99	2

Cash provided by operating activities	1,495	1,296	15
Free cash flow 1	776	586	32

Strategic Highlights

Build the biggest and best networks in the country

•Upgraded Fido customers from 4G LTE to 5G at no extra cost.

•Launched Canada's first satellite-to-mobile service for IoT with satellite-powered asset tracking technology.

•Expanded apps available on Rogers Satellite to include onX, Messenger, and AllTrails.

Deliver easy to use, reliable products and services

•Introduced Amazon Luna Cloud Gaming to millions of Rogers Xfinity customers.

•Enhanced digital tools and technology to make it easier and faster for customers to get answers.

•Expanded Rogers Smart Community cloud-based retrofit solutions to existing multi-dwelling residential buildings.

Be the first choice for Canadians

•Connected with an average of 2.15 million viewers during the Blue Jays Opening Night on Sportsnet, the most-watched Blue Jays season opener broadcast ever.

•Reached 1.82 million Canadians during the Season 3 premiere of Law & Order Toronto: Criminal Intent, the number-one Canadian conventional English-Language drama.

•More Canadians continued to choose Rogers Wireless and Internet over any other provider.

Be a strong national company investing in Canada

•Launched Screen Break, a five-year $50 million national program to help youth balance screen time.

•Launched Journey to 2030, our new Diversity, Equity, Inclusion, and Belonging (DEIB) strategy.

•Invested $808 million in capital expenditures, the majority of which was in our networks.

Be the growth leader in our industry

•Grew total service revenue by 10% and adjusted EBITDA by 5%.

•Generated strong free cash flow of $776 million and cash flow from operating activities of $1,495 million.

•Achieved a debt leverage ratio of 3.8x, an improvement versus December 31, 2025.

1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Pro forma debt leverage ratio and adjusted diluted earnings per share are non-GAAP ratios. Adjusted net income, adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share), and pro forma trailing 12-month adjusted EBITDA (a component of pro forma debt leverage ratio) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q1 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	First Quarter 2026

Financial Guidance


	2025	January 29, 2026			April 22, 2026
(In millions of dollars, except percentages)	Actual	Guidance Ranges 1			Guidance Ranges 1


Total service revenue	19,104	Increase of 3%	to	5%	Increase of 3%	to	5%
Adjusted EBITDA	9,820	Increase of 1%	to	3%	Increase of 1%	to	3%
Capital expenditures 2	3,707	3,300	to	3,500	2,500	to	2,700
Free cash flow	3,356	3,300	to	3,500	4,100	to	4,300

1 Guidance ranges presented as percentages reflect percentage increases over full-year 2025 results.

The above table outlines guidance ranges for selected full-year 2026 consolidated financial metrics. These ranges take into consideration our current outlook and our 2025 results. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2026 financial results for evaluating the performance of our business. Our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with "About Forward-Looking Information" in this earnings release (including the material assumptions listed under the heading "Key assumptions underlying our full-year 2026 guidance") and in our 2025 Annual MD&A and the related disclosure and information about various economic, competitive, legal, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

Quarterly Financial Highlights

Revenue

Total revenue increased by 10% and total service revenue increased by 10% this quarter, primarily as a result of revenue growth in Media.

Wireless service revenue this quarter was in line with the prior year. Wireless equipment revenue increased by 8%, primarily as a result of higher device upgrades by existing customers.

Media revenue increased by 82% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins

Consolidated adjusted EBITDA increased 5% this quarter with growth in all segments, and our adjusted EBITDA margin decreased by 220 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 65%, up 40 basis points.

Media adjusted EBITDA increased by $63 million this quarter primarily due to the aforementioned revenue impacts and associated costs.

Net income and adjusted net income


Rogers Communications Inc.	3	First Quarter 2026

Cash flow, available liquidity, and returns to shareholders

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on April 21, 2026.

2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" in our Q1 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about this measure. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q1 2026 MD&A for a reconciliation of available liquidity.


Rogers Communications Inc.	4	First Quarter 2026

About this Earnings Release

This earnings release contains important information about our business and our performance for the three months ended March 31, 2026, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our First Quarter 2026 Interim Condensed Consolidated Financial Statements (First 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 First 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, respectively.

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 April 21, 2026 and was approved by RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or first quarter refer to the three months ended March 31, 2026, unless the context indicates otherwise. All results commentary 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:


Segment			Principal activities
Wireless			Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
Cable			Cable 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.
Media			A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, digital media, and sports team ownership.


Rogers Communications Inc.	5	First Quarter 2026

Summary of Consolidated Financial Results


	Three months ended March 31
(In millions of dollars, except margins and per share amounts)	2026		2025		% Chg

Revenue
Wireless	2,591		2,544		2
Cable	1,948		1,935		1
Media	988		542		82
Corporate items and intercompany eliminations	(45)		(45)		—
Revenue	5,482		4,976		10
Total service revenue 1	4,912		4,447		10

Adjusted EBITDA
Wireless	1,323		1,311		1
Cable	1,122		1,108		1
Media	—		(63)		(100)
Corporate items and intercompany eliminations	(81)		(102)		(21)
Adjusted EBITDA	2,364		2,254		5
Adjusted EBITDA margin 2	43.1	%	45.3	%	(2.2	pts)


Net income	482		280		72
Net income attributable to RCI shareholders	438		280		56

Earnings per share attributable to RCI shareholders:
Basic	$0.81		$0.52		56
Diluted	$0.80		$0.50		60

Adjusted net income	550		543		1
Adjusted net income attributable to RCI shareholders	550		543		1
Adjusted earnings per share attributable to RCI shareholders 2:
Basic	$1.02		$1.01		1
Diluted	$1.01		$0.99		2

Capital expenditures	808		978		(17)
Cash provided by operating activities	1,495		1,296		15
Free cash flow	776		586		32

1 As defined. See "Key Performance Indicators".

2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). 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" in our Q1 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.


Rogers Communications Inc.	6	First Quarter 2026

Results of our Reportable Segments

WIRELESS

Wireless Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue
Service revenue from external customers	1,997		2,003		—
Service revenue from internal customers	34		23		48
Service revenue	2,031		2,026		—
Equipment revenue from external customers	560		518		8
Revenue	2,591		2,544		2

Operating costs
Cost of equipment	541		508		6
Other operating costs	727		725		—
Operating costs	1,268		1,233		3

Adjusted EBITDA	1,323		1,311		1

Adjusted EBITDA margin 1	65.1	%	64.7	%	0.4	pts



Capital expenditures	279		407		(31)

1 Calculated using service revenue.

Wireless Subscriber Results 1


	Three months ended March 31
(In thousands, except churn and mobile phone ARPU)	2026		2025		Chg

Postpaid mobile phone
Gross additions	429		337		92
Net additions	28		11		17
Total postpaid mobile phone subscribers 2	11,023		10,779		244
Churn (monthly)	1.22	%	1.01	%	0.21	pts
Prepaid mobile phone
Gross additions	149		132		17
Net additions	5		23		(18)
Total prepaid mobile phone subscribers 2	1,205		1,129		76
Churn (monthly)	4.02	%	3.34	%	0.68	pts
Mobile phone ARPU (monthly) 3	$55.60		$56.94		($1.34)

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 Q1 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue

The increases in postpaid gross and net additions this quarter were a result of sales execution in a competitive Canadian market.

Equipment revenue

The 8% increase in equipment revenue this quarter was primarily a result of:

•higher device upgrades by existing customers; and

•a continued shift in the product mix towards higher-value devices; partially offset by

•a decrease in new subscribers purchasing devices.


Rogers Communications Inc.	7	First Quarter 2026

Operating costs

Cost of equipment

The 6% increase in the cost of equipment this quarter was a result of the equipment revenue changes discussed above.

Other operating costs

Other operating costs this quarter were in line with the prior year.

Adjusted EBITDA

The 1% increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above.


Rogers Communications Inc.	8	First Quarter 2026

CABLE

Cable Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue
Service revenue from external customers	1,922		1,907		1
Service revenue from internal customers	16		17		(6)
Service revenue	1,938		1,924		1
Equipment revenue from external customers	10		11		(9)
Revenue	1,948		1,935		1




Operating costs	826		827		—

Adjusted EBITDA	1,122		1,108		1

Adjusted EBITDA margin	57.6	%	57.3	%	0.3	pts

Capital expenditures	408		446		(9)

Cable Subscriber Results 1


	Three months ended March 31
(In thousands, except ARPA and penetration)	2026		2025		Chg

Homes passed 2	10,570		10,270		300
Customer relationships
Net (losses) additions	(3)		4		(7)
Total customer relationships 2	4,853		4,687		166
ARPA (monthly) 3	$133.16		$136.97		($3.81)

Penetration 2	45.9	%	45.6	%	0.3	pts

Retail Internet
Net additions	7		23		(16)
Total retail Internet subscribers 2	4,504		4,296		208
Video
Net losses	(32)		(32)		—
Total Video subscribers 2	2,471		2,585		(114)
Home Monitoring
Net additions	4		5		(1)
Total Home Monitoring subscribers 2	157		138		19
Home Phone
Net losses	(30)		(26)		(4)
Total Home Phone subscribers 2	1,359		1,481		(122)

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 Q1 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue

The 1% increase in service revenue this quarter was a result of:

•retail Internet subscriber growth; and

•disciplined pricing; partially offset by

•declines in our Home Phone and Video subscriber bases.

Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.


Rogers Communications Inc.	9	First Quarter 2026

Operating costs

Operating costs this quarter were in line with the prior year.

Adjusted EBITDA


Rogers Communications Inc.	10	First Quarter 2026

MEDIA

Media Financial Results


	Three months ended March 31
(In millions of dollars, except margins)	2026		2025		% Chg

Revenue from external customers	916		463		98
Revenue from internal customers	72		79		(9)
Revenue	988		542		82

Operating costs	988		605		63

Adjusted EBITDA	—		(63)		(100)


Adjusted EBITDA margin	—	%	(11.6)	%	11.6	pts

Capital expenditures	76		35		117

Revenue

The 82% increase in revenue this quarter was a result of:

•revenue from MLSE following the MLSE Transaction;

•higher Toronto Blue Jays revenue; and

•higher subscriber revenue related to the launch of the Warner Bros. Discovery suite of channels; partially offset by

•lower advertising revenue.

Operating costs

The 63% increase in operating costs this quarter was a result of:

•costs incurred by MLSE following the MLSE Transaction; and

•higher player salaries and other operating expenses at the Toronto Blue Jays; partially offset by

•lower programming and production costs.

Adjusted EBITDA

The increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above.


Rogers Communications Inc.	11	First Quarter 2026

CAPITAL EXPENDITURES


	Three months ended March 31
(In millions of dollars, except capital intensity)	2026		2025		% Chg

Wireless	279		407		(31)
Cable	408		446		(9)
Media	76		35		117
Corporate	45		90		(50)

Capital expenditures 1	808		978		(17)


Capital intensity 2	14.7	%	19.7	%	(5.0	pts)

2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q1 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Wireless

Cable

Media

The increase in capital expenditures in Media this quarter primarily reflects the continued modernization of our Toronto Blue Jays and MLSE sports venues.

Capital intensity

Capital intensity decreased this quarter as a result of the revenue growth and capital expenditure changes discussed above.


Rogers Communications Inc.	12	First 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 March 31
(In millions of dollars)	2026	2025	% Chg

Adjusted EBITDA	2,364	2,254	5
Deduct (add):
Depreciation and amortization	1,221	1,166	5

Restructuring, acquisition and other	49	127	(61)
Finance costs	443	579	(23)
Other (income) expense	(4)	2	n/m
Income tax expense	173	100	73

Net income	482	280	72

n/m - not meaningful

Depreciation and amortization


	Three months ended March 31
(In millions of dollars)	2026	2025	% Chg

Depreciation of property, plant and equipment	957	931	3
Depreciation of right-of-use assets	122	98	24
Amortization	142	137	4


Total depreciation and amortization	1,221	1,166	5

Restructuring, acquisition and other


	Three months ended March 31
(In millions of dollars)	2026	2025

Restructuring, acquisition and other excluding Shaw Transaction integration-related costs	38	90
Shaw Transaction integration-related costs	11	37

Total restructuring, acquisition and other	49	127

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.	13	First Quarter 2026

Finance costs


	Three months ended March 31
(In millions of dollars)	2026	2025	% Chg




Interest on borrowings, net 1	482	511	(6)

Interest on lease liabilities	39	36	8
Interest on post-employment benefits	(2)	(2)	—

Loss (gain) on foreign exchange	7	(11)	n/m
Change in fair value of derivative instruments	(12)	13	n/m
Change in fair value of subsidiary equity derivative instruments 2	(105)	—	n/m
Capitalized interest	(6)	(9)	(33)
Deferred transaction costs and other	40	41	(2)


Total finance costs	443	579	(23)

1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.

2 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q1 2026 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).

Income tax expense


	Three months ended March 31
(In millions of dollars, except tax rates)	2026		2025

Statutory income tax rate	26.2	%	26.2	%

Income before income tax expense	655		380

Computed income tax expense	172		100
Increase (decrease) in income tax expense resulting from:

Non-deductible (taxable) stock-based compensation	3		(2)
Non-taxable portion of equity income	(2)		—









Other items	—		2

Total income tax expense	173		100

Effective income tax rate	26.4	%	26.3	%
Cash income taxes paid	200		188

Cash income taxes paid increased this quarter due to higher profit and timing of installments.

Net income


	Three months ended March 31
(In millions of dollars, except per share amounts)	2026	2025	% Chg

Net income	482	280	72
Net income attributable to RCI shareholders	438	280	56
Basic earnings per share attributable to RCI shareholders	$0.81	$0.52	56
Diluted earnings per share attributable to RCI shareholders	$0.80	$0.50	60


Rogers Communications Inc.	14	First Quarter 2026

Adjusted net income

We calculate adjusted net income from adjusted EBITDA as follows:


	Three months ended March 31
(In millions of dollars, except per share amounts)	2026	2025	% Chg

Adjusted EBITDA	2,364	2,254	5
Deduct:
Depreciation and amortization 1	1,040	937	11
Finance costs 2	548	579	(5)
Other (income) expense	(4)	2	n/m
Income tax expense 3	230	193	19

Adjusted net income	550	543	1
Adjusted net income attributable to RCI shareholders	550	543	1

Adjusted earnings per share attributable to RCI shareholders:
Basic	$1.02	$1.01	1
Diluted	$1.01	$0.99	2

2 Finance costs exclude the $105 million change in fair value of subsidiary equity derivative instruments for the three months ended March 31, 2026.

3 Income tax expense excludes recoveries of $57 million (2025 - recoveries of $93 million) for the three months ended March 31, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

Prohibition of Fees

CRTC Codes of Conduct

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"), 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.


Rogers Communications Inc.	15	First Quarter 2026

Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income	482	280
Add:
Income tax expense	173	100
Finance costs	443	579
Depreciation and amortization	1,221	1,166
EBITDA	2,319	2,125
Add (deduct):
Other (income) expense	(4)	2
Restructuring, acquisition and other	49	127


Adjusted EBITDA	2,364	2,254

Reconciliation of adjusted net income


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income	482	280
Add (deduct):
Restructuring, acquisition and other	49	127

Change in fair value of subsidiary equity derivative instruments	(105)	—
Depreciation and amortization on fair value increment of Shaw Transaction-related assets	181	229



Income tax impact of above items	(57)	(93)



Adjusted net income	550	543

Reconciliation of pro forma trailing 12-month adjusted EBITDA


	As at March 31	As at December 31
(In millions of dollars)	2026	2025

Trailing 12-month adjusted EBITDA	9,930	9,820
Add (deduct):
MLSE adjusted EBITDA - April to June 2025	54	—
MLSE adjusted EBITDA - January to June 2025	—	166

Pro forma trailing 12-month adjusted EBITDA	9,984	9,986


Rogers Communications Inc.	16	First Quarter 2026

Reconciliation of adjusted net income attributable to RCI shareholders


	Three months ended March 31
(In millions of dollars)	2026	2025

Net income attributable to RCI shareholders	438	280
Add (deduct):
Restructuring, acquisition and other	49	127
Change in fair value of subsidiary equity derivative instruments	(105)	—
Depreciation and amortization on fair value increment of Shaw Transaction-related assets	181	229



Revaluation of subsidiary US dollar-denominated balances 1	51	—
Income tax impact of above items	(64)	(93)

Adjusted net income attributable to RCI shareholders	550	543

Reconciliation of free cash flow


	Three months ended March 31
(In millions of dollars)	2026	2025

Cash provided by operating activities	1,495	1,296
Add (deduct):
Capital expenditures	(808)	(978)
Interest on borrowings, net and capitalized interest	(476)	(502)
Interest paid	552	595
Restructuring, acquisition and other	49	127
Program rights amortization	(53)	(19)
Change in net operating assets and liabilities	159	83

Distributions paid by subsidiaries to non-controlling interests	(116)	—
Net cash proceeds on subsidiary equity derivatives	12	—
Post-employment benefit contributions, net of expense	(16)	(17)

Cash flows relating to other operating activities	(21)	(3)

Other investment (income) losses	(1)	4

Free cash flow	776	586


Rogers Communications Inc.	17	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Income

(In millions of Canadian dollars, except per share amounts, unaudited)


	Three months ended March 31
	2026	2025

Revenue	5,482	4,976

Operating expenses:
Operating costs	3,118	2,722
Depreciation and amortization	1,221	1,166

Restructuring, acquisition and other	49	127
Finance costs	443	579
Other (income) expense	(4)	2

Income before income tax expense	655	380
Income tax expense	173	100

Net income for the period	482	280

Net income for the period attributable to:
RCI shareholders	438	280
Non-controlling interest	44	—

Earnings per share attributable to RCI shareholders:
Basic	$0.81	$0.52
Diluted	$0.80	$0.50


Rogers Communications Inc.	18	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Financial Position

(In millions of Canadian dollars, unaudited)


	As at March 31	As at December 31
	2026	2025


Assets
Current assets:
Cash and cash equivalents	1,386	1,344

Accounts receivable	5,658	6,105
Inventories	461	550
Current portion of contract assets	150	151
Other current assets	1,420	1,239
Current portion of derivative instruments	266	99

Total current assets	9,341	9,488

Property, plant and equipment	26,272	26,307
Intangible assets	28,901	28,898
Investments	1,304	1,291
Derivative instruments	879	746
Financing receivables	1,141	1,198
Other long-term assets	2,090	2,052

Goodwill	20,032	20,032

Total assets	89,960	90,012

Liabilities and equity
Current liabilities:

Short-term borrowings	2,053	4,000
Accounts payable and accrued liabilities	4,485	4,831

Other current liabilities	3,765	3,831
Contract liabilities	1,078	1,114
Current portion of long-term debt	4,805	1,186
Current portion of lease liabilities	697	690

Total current liabilities	16,883	15,652

Provisions	55	55
Long-term debt	34,742	35,872
Lease liabilities	2,506	2,428
Other long-term liabilities	1,962	2,225
Deferred tax liabilities	9,489	9,494
Total liabilities	65,637	65,726

Equity
Equity attributable to RCI shareholders	17,975	17,751
Non-controlling interest	6,348	6,535
Equity	24,323	24,286

Total liabilities and equity	89,960	90,012


Rogers Communications Inc.	19	First Quarter 2026

Rogers Communications Inc.

Interim Condensed Consolidated Statements of Cash Flows

(In millions of Canadian dollars, unaudited)


	Three months ended March 31
	2026	2025
Operating activities:
Net income for the period	482	280
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,221	1,166
Program rights amortization	53	19
Finance costs	443	579
Income tax expense	173	100
Post-employment benefits contributions, net of expense	16	17

Income from associates and joint ventures	(3)	(2)


Other	21	3
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid	2,406	2,162
Change in net operating assets and liabilities	(159)	(83)

Income taxes paid	(200)	(188)
Interest paid	(552)	(595)

Cash provided by operating activities	1,495	1,296

Investing activities:
Capital expenditures	(808)	(978)
Additions to program rights and other intangible assets	(98)	(24)
Changes in non-cash working capital related to investing activities	(112)	12
Acquisitions and other strategic transactions, net of cash acquired	(85)	—
Other	(3)	1

Cash used in investing activities	(1,106)	(989)

Financing activities:
Net repayment of short-term borrowings	(1,952)	(853)
Net issuance of long-term debt	2,169	2,602
Net proceeds on settlement of debt derivatives and subsidiary equity derivatives	6	83
Transaction costs incurred	(27)	(38)
Principal payments of lease liabilities	(156)	(133)

Dividends paid to RCI shareholders	(270)	(185)
Distributions paid by subsidiaries to non-controlling interests	(116)	—


Other	(1)	(1)

Cash (used in) provided by financing activities	(347)	1,475

Change in cash and cash equivalents	42	1,782
Cash and cash equivalents, beginning of period	1,344	898

Cash and cash equivalents, end of period	1,386	2,680


Rogers Communications Inc.	20	First 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;

•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;

•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 value of our sports and other media assets;

•our intent to acquire the MLSE non-controlling interest, including the timing of any such acquisition;

•unlocking additional value from our sports and other media assets, including any monetization that may be implemented for that purpose and the related timing; 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;

•industry structure and stability; and

•the assumptions listed under the heading "Key assumptions underlying our full-year 2026 guidance" below.

Specific forward-looking information included or incorporated in this earnings release includes, but is not limited to, our information and statements under "Financial Guidance" relating to our 2026 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, and free cash flow, which were originally provided on January 29, 2026.

Key assumptions underlying our full-year 2026 guidance

Our 2026 guidance ranges presented in "Financial Guidance" are based on many assumptions including, but not limited to, the following material assumptions for the full-year 2026:

•continued competitive intensity in all segments in which we operate consistent with levels experienced in 2025;

•no significant additional legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting our business activities;

•overall wireless market penetration in Canada continues to grow in 2026;

•continued net growth in wireless subscribers in the Canadian market;

•continued subscriber growth in retail Internet;

•in Media, continued growth in sports (including a full year of results for MLSE) and similar trends in 2026 as in 2025 in other traditional media businesses;

•no significant sports-related work stoppages or cancellations will occur;


Rogers Communications Inc.	21	First Quarter 2026

•a substantial portion of our 2026 US dollar-denominated expenditures is hedged at an average exchange rate of $1.37/US$;

•key interest rates remain relatively stable throughout 2026; and

•we retain our investment-grade credit ratings.

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;

•unanticipated changes in content or equipment costs;

•changing conditions in the 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;

•we may not be successful in unlocking additional value from our sports and other media assets;

•anticipated asset sales may not be achieved within the expected timeframes or at all for proceeds in the amount or type expected;

•new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;

•the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A.

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 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.


Rogers Communications Inc.	22	First Quarter 2026

About Rogers

Rogers is Canada's leading 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

Paul Carpino

647.435.6470

paul.carpino@rci.rogers.com

Media Contact

Sarah Schmidt

647.643.6397

sarah.schmidt@rci.rogers.com

Quarterly Investment Community Teleconference

Our first quarter 2026 results teleconference with the investment community will be held on:

•April 22, 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.

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, environmental, social, and governance (ESG) reporting, a glossary of communications and media industry terms, and additional information about our business.

# # #


Rogers Communications Inc.	23	First Quarter 2026

Source: View Original Filing on SEC EDGAR

FAQ

How did Rogers Communications (RCI) perform financially in Q1 2026?

Rogers posted Q1 2026 revenue of $5,482 million, up 10%, with total service revenue rising 10% to $4,912 million. Adjusted EBITDA grew 5% to $2,364 million, while net income increased 72% to $482 million, reflecting lower finance costs and higher operating profits.

What guidance did Rogers Communications (RCI) give for full-year 2026?

Rogers kept its 2026 total service revenue growth target at 3%–5% and adjusted EBITDA growth at 1%–3%. It cut capital expenditure guidance to $2.5–$2.7 billion and raised free cash flow guidance to $4.1–$4.3 billion, citing competitive and regulatory impacts.

How strong is Rogers Communications (RCI) free cash flow and liquidity?

In Q1 2026, Rogers generated $776 million of free cash flow, up 32%, and cash provided by operating activities of $1,495 million. As of March 31, 2026, available liquidity was $6.0 billion, including $1.4 billion in cash and $4.6 billion of undrawn facilities.

How are Rogers Communications (RCI) key segments performing?

Wireless revenue rose 2% to $2,591 million with adjusted EBITDA up 1%. Cable revenue grew 1% to $1,948 million, also with 1% adjusted EBITDA growth. Media revenue jumped 82% to $988 million, and adjusted EBITDA improved by $63 million compared with a prior-year loss.

What is Rogers Communications (RCI) current debt leverage ratio?

Rogers reported an adjusted net debt leverage ratio of 3.8x trailing 12‑month adjusted EBITDA as of March 31, 2026, improving from 4.0x at December 31, 2025. A similar pro forma ratio of 3.8x reflects the inclusion of MLSE’s adjusted EBITDA.

How much is Rogers Communications (RCI) investing in capital expenditures?

Rogers spent $808 million on capital expenditures in Q1 2026, down 17% from $978 million a year earlier. Spending focused on 5G expansion, fibre-to-the-home deployment, DOCSIS upgrades, and sports venue modernization across its Wireless, Cable, and Media segments.

What dividend is Rogers Communications (RCI) paying shareholders in 2026?

Rogers paid a quarterly dividend of $0.50 per share on April 2, 2026, totaling $270 million in cash. On April 21, 2026, the board declared another $0.50 per share dividend, payable July 6, 2026, to shareholders of record on June 9, 2026.

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Rogers Communications (NYSE: RCI) boosts 2026 free cash flow and trims capex

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FAQ

How did Rogers Communications (RCI) perform financially in Q1 2026?

What guidance did Rogers Communications (RCI) give for full-year 2026?

How strong is Rogers Communications (RCI) free cash flow and liquidity?

How are Rogers Communications (RCI) key segments performing?

What is Rogers Communications (RCI) current debt leverage ratio?

How much is Rogers Communications (RCI) investing in capital expenditures?

What dividend is Rogers Communications (RCI) paying shareholders in 2026?

Filing Exhibits & Attachments

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