Rogers Communications (RCI) CIBC Eastern Institutional Investor Conference summary

Wireless market environment

• Back-to-school promotions launched early with a focus on premium service and disciplined pricing, avoiding aggressive discounting seen in Q1.

• Sector-wide volumes are down due to lower international student population and muted market activity, leading to a focus on base management and ARPU support.

• Regulatory prohibition of activation fees is impacting ARPU, with efforts underway to offset costs through delivery charges and other means.

• Churn remains roughly flat year-over-year, with minor increases attributed to price actions.

• Market stability is improving as discounting pressure eases and price actions take effect.

Satellite and rural broadband strategy

• Satellite technology, particularly through SpaceX, is viewed as complementary, not competitive, expanding coverage in sparsely populated areas.

• Current satellite solutions support texting and app-based calls, with future upgrades expected to enable direct phone calls via 5G satellite backup.

• Satellite is not suitable for dense urban areas due to bandwidth and physical limitations, reinforcing its role as a rural solution.

• No significant increase in rural competition from Starlink; satellite is leveraged for resource sector and out-of-coverage scenarios.

Wireline and bundling strategy

• Bundled service opportunities have expanded post-acquisition, allowing coverage of about 60% of homes on owned networks and the remainder via fixed wireless.

• National bundling is a competitive advantage, with peers facing geographic and partnership constraints.

• Revenue growth in cable has shifted from a 4% decline to around 1% growth, driven by base management and bundling.

• Sustained modest growth is expected, with larger opportunities tied to future population increases post-2027.