Mr. Tony Staffieri reports

ROGERS COMMUNICATIONS REPORTS FIRST QUARTER 2024 RESULTS

Rogers Communications Inc. has released its unaudited financial and operating results for the first quarter ended March 31, 2024.

"We continued to deliver industry-leading growth in the first quarter, our ninth straight quarter of growth and momentum," said Tony Staffieri, President and CEO. "At the one-year milestone of the Shaw merger, more Canadians continue to choose Rogers than any other carrier and we're one year ahead of our synergy targets. I am proud of our team and I remain confident in our future."

Strategic Highlights

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

• Build the biggest and best networks in the country
  • Expanded our cable network to approximately 50,000 new homes passed.
  • Expanded Canada's largest and most reliable 5G network to over 40 new communities.
  • Completed Canada's first national live trial of 5G network slicing.
• Deliver easy to use, reliable products and services
  • Launched Rogers 5G Home Internet across our wireless network coverage area.
  • Launched our Ignite Self Protect home security solution in Western Canada.
  • Automated over 84 per cent of Rogers Business wireless activations.
• Be the first choice for Canadians
  • Led the industry with 98,000 Wireless postpaid mobile phone net additions.
  • Broadcast Canada's first Law & Order original series and premiered at #1 in the country.
  • Sportsnet was the most-watched specialty channel in Canada.
• Be a strong national company investing in Canada
  • Advanced our Shaw Transaction commitments with network investments in Western Canada and growth in our Connected for Success program.
  • Launched our official telecommunications partnership with the Professional Women's Hockey League.
  • Improved wireless coverage on new sections of Highway 16 in British Columbia.
• Be the growth leader in our industry
  • Grew total service revenue by 31 per cent and adjusted EBITDA by 34 per cent.
  • Reported industry-leading growth in our Wireless and Cable operations.
  • Completed $1 billion of Shaw Transaction synergy targets one year ahead of schedule.

Quarterly Financial Highlights

Revenue

Total revenue and total service revenue increased by 28 per cent and 31 per cent, respectively, this quarter, driven by revenue growth in our Cable and Wireless businesses.

Wireless service revenue increased by 9 per cent this quarter, primarily as a result of the cumulative impact of growth in our mobile phone subscriber base and revenue from Shaw Mobile subscribers acquired through the Shaw Transaction. Wireless equipment revenue increased by 4 per cent, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 94 per cent this quarter as a result of the Shaw Transaction.

Media revenue decreased by 5 per cent this quarter primarily as a result of lower subscriber revenue, including due to a negotiation of certain content rates last year, and lower Today's Shopping Choice revenue, partially offset by higher advertising revenue.

Adjusted EBITDA and margins

Consolidated adjusted EBITDA increased 34 per cent this quarter and our adjusted EBITDA margin increased by 210 basis points, as a result of improving synergies and efficiencies.

Wireless adjusted EBITDA increased by 9 per cent, primarily due to the flow-through impact of higher revenue as discussed above. This gave rise to an adjusted EBITDA margin of 64.3 per cent.

Cable adjusted EBITDA increased by 97 per cent due to the flow-through impact of higher revenue as discussed above and the achievement of cost synergies associated with integration activities. This gave rise to an adjusted EBITDA margin of 56.2 per cent.

Media adjusted EBITDA decreased by $65 million, or 171 per cent, this quarter primarily due to lower revenue as discussed above, higher programming and production costs as a result of the timing of broadcasts, and higher Toronto Blue Jays expenses, including player payroll, as a result of the timing of games played.

Net income and adjusted net income

Net income decreased by 50 per cent and adjusted net income decreased by 2 per cent this quarter, primarily as a result of higher depreciation and amortization associated with assets acquired through the Shaw Transaction and higher finance costs, partially offset by higher adjusted EBITDA. Net income was also impacted by higher restructuring, acquisition and other costs.

Cash flow and available liquidity

This quarter, we generated cash provided by operating activities of $1,180 million (2023 - $453 million); the increase is primarily a result of higher adjusted EBITDA, partially offset by higher interest paid. We also generated free cash flow of $586 million (2023 - $370 million), up 58 per cent as a result of higher adjusted EBITDA, partially offset by higher interest on long-term debt and higher capital expenditures.

As at March 31, 2024, we had $4.6 billion of available liquidity2 (December 31, 2023 - $5.9 billion), consisting of $0.8 billion in cash and cash equivalents and $3.8 billion available under our bank credit and other facilities.

Our debt leverage ratio2 as at March 31, 2024 was 4.7 (December 31, 2023 - 5.0, or 4.7 on an as adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and Shaw as if the Shaw Transaction had closed on January 1, 2023).

We also returned $265 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on April 23, 2024.

About Rogers

Rogers is Canada's leading wireless, cable and media company that provides connectivity and entertainment to Canadian consumers and businesses across the country. Our shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Quarterly Investment Community Teleconference

Our first quarter 2024 results teleconference with the investment community will be held on:

April 24, 2024 8:00 a.m. Eastern Time webcast available at investors.rogers.com media are welcome to participate on a listen-only basis

A rebroadcast will be available at investors.rogers.com 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 Rogers' website at investors.rogers.com.

We seek Safe Harbor.