Rogers Communications Reports Fourth Quarter 2024 Results; Announces 2025 Financial Guidance

Rogers tops $20 billion in annual revenue in 2024 as more Canadians choose Rogers Wireless and Internet than any other carrier in Canada

• Led all Canadian carriers with combined mobile phone and Internet net additions of 623,000 in 2024
• Delivered service revenue growth of 7% and adjusted EBITDA growth of 12%; over $3 billion in free cash flow¹ and $4 billion in capital expenditures in Canadian economy in 2024

Q4 caps our third straight year of delivering industry-leading financial and operating performance led by continued disciplined loading and efficiency gains

• Wireless service revenue up 2% and adjusted EBITDA up 6%
  • Net postpaid and prepaid phone additions of 95,000
  • Margin up 250 basis points to 66%; blended ARPU stable at $58
  • Postpaid mobile phone churn of 1.53%, a 14 basis point improvement over last year
• Cable revenue improves to slightly positive growth; adjusted EBITDA up 5%
  • Retail Internet net adds of 26,000, up 30%
  • Margin up 290 basis points to 59%
• Media revenue up 10%
  • Adjusted EBITDA $53 million compared to $4 million last year
• Consolidated total service revenue up 2%; adjusted EBITDA up 9%
  • Consolidated margin of 46%, up 250 basis points
  • Capital expenditures of $1 billion; free cash flow¹ of $878 million, up 7%
  • Debt leverage ratio¹ of 4.5x; work continues on prospective $7 billion structured equity investment

Rogers’ network leadership continues

• Substantially completed our 5G network build along the Highway of Tears in BC
• Trialed cloud-based network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first
• Carried record amounts of mobile data at Taylor Swift concerts

Provides 2025 outlook; anticipates single-digit total service revenue and adjusted EBITDA growth, strong free cash flow, and continued network investments and expansion across all regions in Canada

• Total service revenue growth of 0% to 3%; adjusted EBITDA growth of 0% to 3%; capital expenditures of $3.8 billion to $4.0 billion; and free cash flow of $3.0 billion to $3.2 billion

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2024.

“The fourth quarter caps three straight years of industry-leading results,” said Tony Staffieri, President and CEO. “I’m proud of our team and their disciplined execution in a very competitive market. As I look to the year ahead, our 2025 outlook reflects continued growth, strong free cash flow, and investment in our core businesses.”