2025 Full-Year Consolidated Guidance

The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2025 financial results for evaluating the performance of our business. This information may not be appropriate for other purposes. Information about our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “About Forward-Looking Information” in our Q2 2025 MD&A (including the material assumptions listed under the heading “Key assumptions underlying our full-year 2025 guidance”) and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

We provide annual guidance ranges on a consolidated full-year basis that are consistent with annual full-year Board of Directors approved plans. Any updates to our full-year financial guidance over the course of the year would only be made to the consolidated guidance ranges that appear above.

Full-Year 2025 Guidance

(In millions of dollars, except percentages)
Consolidated Guidance 2024 Actual 2025 Guidance Ranges¹ Updated 2025 Guidance Ranges¹,²
Total service revenue 18,066 Increase of 0% to 3% Increase of 3% to 5%
Adjusted EBITDA³ 9,617 Increase of 0% to 3% Increase of 0% to 3%
Capital expenditures⁴ 4,041 3,800 to 4,000 Approximately 3,800
Free cash flow³ 3,045 3,000 to 3,200 3,000 to 3,200

Footnotes

¹ Guidance ranges presented as percentages reflect percentage increases over full-year 2024 results.

² Guidance ranges presented include the results of the acquired MLSE business from and after the closing on July 1, 2025.

³ Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. See Non-GAAP and Other Financial Measures, which section is incorporated herein by reference and available at sedarplus.ca, 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.

⁴ 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.

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