Good morning, everyone.
Welcome to our Sportsnet Studio and the Rogers 2026 Annual General Meeting.
2025 marked our fourth straight year of industry-leading results.
We attracted the most combined Wireless and Internet net subscribers.
We outperformed our competitors with the best Wireless and Cable margins.
We delivered exceptional results in our growing sports and media business.
We delivered and exceeded on our 2025 guidance — for growth, profitability, and capital efficiency.
And we reduced our debt leverage ratio to 3.9 times. We committed to get to pre-Shaw levels in three years. And we delivered on our commitment nine months early.
We achieved these results while making consequential investments to transform Rogers and drive growth long-term.
This morning, we released our first quarter results reflecting disciplined execution and steady results across our three lines of business.
We delivered these results despite lower immigration and shrinking population.
We also delivered these results in a highly competitive and aggressive pricing market.
And we delivered these results while facing significant regulatory hurdles – hurdles that directly impede investment in Canada’s digital infrastructure.
Networks are the backbone of our economy. They are Canada’s modern-day railroad, and you cannot have a strong economy without strong networks.
We operate in a capital-intensive sector, a sector that requires long-term investment cycles and regulatory policy that supports them.
Yet, at every turn, we face changing regulatory decisions that undermine investment – decisions that increase costs, reduce revenue, and create market uncertainty.
Decisions that reinforce an uneven playing field, and don’t reflect smart, modern regulation that ensures companies like Rogers can compete fairly and equitably.
As we look to the next few years, we have sharpened our strategy to reflect these market realities.
We have a clear, three-point plan to win and lead.
It starts with our capital expenditures and cost structure.
We have completed a major investment cycle over the past three years. We have built Canada’s best networks, and we will continue to deliver the best network experience – but some projects are simply uneconomical and will be cut.
It is no longer realistic to sustain the same level of capital investment.
This morning, we announced plans to reduce our capital expenditures by 30% compared to last year. We also announced plans to accelerate debt reduction with a higher free cash flow target.
At the same time, we will ensure our cost structure reflects the realities of the operating environment. This includes clear prioritization and operational efficiency. For example, we are making investments in digital tools and Agentic AI to reduce costs and improve customer service.
In times of uncertainty, both capital and operating costs must fall in line with market realities.
Second, is our plan to drive growth in our core connectivity business.
We have Canada’s only independently owned national wireline and wireless networks. We have the most reliable networks. And we have the most coverage with Rogers Satellite.
Given our scale and reach, we have a clear advantage to grow the number of customers that use all our services. Today six in ten households have a relationship with Rogers. Multi-product households bring in more revenue, and more loyal customers.
We are focused on growing the number of multi-product customers and targeting them with compelling offers along with cross product sales and support.
Third is sports.
We have one of the best sports portfolios in the world – the scale and profitability of our sports business is already impressive.
With Sportsnet, we deliver the best live sports. And our new 12-year deal with the NHL will reflect 24 years of consecutive media rights ownership. NHL hockey is a big reason Sportsnet is the #1 sports media brand in Canada.
We own the Toronto Blue Jays, and we are majority owner of MLSE and their iconic teams including the Toronto Maple Leafs and the Toronto Raptors.
And we have plans to acquire the remaining 25% of MLSE later this year.
We plan to bring in capital from outside investors and use those proceeds to further bolster our balance sheet.
We plan to monetize our sports investments with the same discipline you have seen over the past year to grow revenue and profit and continue to de-lever our balance sheet.
Our sports properties have significantly appreciated in value, and we expect them to continue to appreciate.
After we complete the MLSE transaction, we estimate the total value of our sports and media assets will be in excess of $25 billion.
Taking a step back, the strategic value of sports is even greater when you bring them together with our communications assets.
It is a competitive advantage that cannot be replicated.
We are the largest cable and wireless operator; we are a sports and entertainment powerhouse with the most coveted content, and we have the best entertainment platform with Rogers Xfinity. Our content reaches more than 30 million Canadians every month.
Seventy percent of Canadians are sports fans, and eighty percent are live music fans. There is a significant opportunity to leverage our ownership of these assets to give all of our Rogers customers a meaningful value proposition.
There’s also a significant opportunity to create a truly unique and compelling loyalty program that rewards our customers for their tenure.
Rogers Beyond the Seat will bring our assets together – it will give our customers access to tickets and discounts to the hottest shows and sporting events along with in-venue upgrades, priority access and once in a lifetime experiences like Taylor Swift or the World Series!
Brands all around the world are trying to create compelling loyalty programs by partnering with other brands – we have some of the most coveted assets – all under one roof.
We aren’t just assembling a collection of assets. We are maximizing our mix of assets to compete and differentiate in a very crowded, competitive market – to give Canadians more reasons to choose Rogers.
As a company, we are on the cusp of a major transformation to become one of the most iconic communications, sports and entertainment companies in the world.
In closing, I remain bullish about our future. While we face headwinds today, we have a proven track record of leading and winning in our businesses.
We have led the industry in the last several years, and we have a clear plan to win in the next several years.
We have the best assets and the right strategy. We will execute with discipline, invest in key growth areas, monetize our sports business and maximize our assets.
I would like to thank Edward and the board for their support, our team for their relentless dedication, and our shareholders for their confidence.
Thank you.