Rogers Communications Inc.

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. second quarter 2025 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. Following the presentation, we'll conduct a question and answer session. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications. Please go ahead, Mr. Carpino.

Great. Thank you, Gaylene, and good morning, everyone, and thank you for joining us. Today, I'm here with our President and Chief Executive Officer, Tony Staffieri, and our Chief Financial Officer, Glenn Brandt. Today's discussion will include estimates and other forward-looking information from which our actual results differ, please review the cautionary language in today's earnings report and in our 2024 annual report regarding the various factors, assumptions, and risks that could cause our actual results to differ. With that, let me turn it over to Tony to begin.

Thank you, Paul, and good morning, everyone. Q2 was a significant quarter for Rogers. We delivered on major financial and strategic initiatives, and we delivered strong operating results. In the second quarter, we continued to execute with discipline in our core businesses, and we maintained a consistent, disciplined approach in a highly competitive market. We delivered positive revenue and EBITDA growth in our wireless, cable, and media businesses. Importantly, we returned to revenue growth in cable. We made significant progress on our de-levering plans by completing the $7 billion program equity investment for a minority stake in parts of our wireless network. And we became majority owner of MLSE with a 75% controlling interest. Rogers, together with MLSE, is now one of the most prestigious sports and media companies globally, with terrific long-term growth potential. With the inclusion of MLSE's financial results in our media segment going forward, we estimate that for this full calendar year, Media revenue will be $3.9 billion, and EBITDA, $250 million. We also estimate the value of our sports and media assets now exceeding $15 billion, and we see significant opportunity to unlock this unrecognized value for shareholders. But to be clear, while we remain bullish on sports, we remain squarely focused on our wireless and cable businesses. We ended the second quarter at 3.6 times leverage, bringing our leverage very close to where we were prior to the Shaw deal. We accomplished this nine months ahead of our initial plan. Our success in the second quarter clearly demonstrates our focus on investing in growth while maintaining an investment-grade balance sheet. Turning to results, We delivered positive operating and financial results in wireless, cable, and media. Consolidated service revenue and adjusted EBITDA both grew 2%. We also posted strong margins and delivered strong free cash flow. In wireless, service revenue and adjusted EBITDA each grew 1%. And while mobile markets continue to experience lower growth, we remain disciplined. with 61,000 total subscriber net additions, including 35,000 postpaid. In cable, we continue to see improved performance. Cable service revenue and adjusted EBITDA were up 1% and 3% respectively. These are solid results in a challenging environment. We have successfully returned to growth in cable. This was supported by another quarter of strong retail internet net additions of 26,000. Media revenue was up 10%, driven by expanded media content and strong viewership on SportsNet during the hockey playoffs. I'm pleased with our efforts to deliver in our core business while making meaningful progress on longer-term strategic initiatives. We also continue to invest in the future. 2025 marks 40 years of wireless service in Canada. Last week, Rogers launched satellite to mobile texting, the first and only wireless provider to offer this groundbreaking new service to all Canadians. This is the next frontier in wireless connectivity, which is critical for a country as vast as Canada. Text messaging, including text to 911, is now available across millions of square kilometers, a huge swath of Canada not covered by traditional wireless networks. It's a simple, easy service that automatically connects with your existing phone. This means people can text friends and family or text 911 in an emergency. With Rogers Satellite, Rogers now covers over two and a half times more territory than any other Canadian wireless carrier. We're starting with a beta trial for all Canadians at no cost. And like other carriers globally, we will expand to support apps, data and voice, including 911 voice services. Since launching the service one week ago, we've seen a terrific response from Canadians. In another Canadian first, we also started deployment of 5G advanced network technology. This quarter, Rogers was also ranked Canada's most reliable 5G plus network by Umlaut. In residential, we're seeing great traction with Rogers Xfinity, as we roll out our roadmap and introduce new features and innovations. Rogers was the first Canadian internet provider to start rolling out Wi-Fi 7 nationally, starting in Calgary and Atlantic Canada. We have Canada's most reliable internet, and now we're leading the market to bring even better, more reliable Wi-Fi to more devices with the latest generation of Wi-Fi technology. Reliability matters most to our customers, and we're pleased to be the most reliable across our wireless and wireline networks. Before I hand things over to Glen, I want to take a step back for a moment. Rogers is a proud Canadian company with a record of investing in Canada to connect and entertain Canadians dating back 65 years. Last month, the CRTC issued a decision that allows the three largest providers to continue operating as resellers on the networks of their competitors outside their existing wireline footprint. The CRTC ignored the views of almost the entire industry, including small and regional providers. The federal government is now reviewing the decision. The CRTC policy effectively provides subsidized access to well-capitalized corporations to use our balance sheet and capital. It stifles real competition based on real invested capital that drives investment jobs and a thriving economy. Canada needs to incent and reward companies that make big, bold bets. That's how Rogers was built. And now the federal government has a decision to make. Let me be clear. If the current policy remains in place, it will force Rogers to cut capital programs and with it network construction jobs. Billions of dollars in network investment in our sector are at risk. Canada needs government leadership now to drive economic resiliency, competitiveness, and affordable access to next-generation technologies. The CRTC decision does the opposite. As a company with a 65-year record of investing in Canada, we ask the federal government to lead and direct the CRTC to do the right thing for Canada and for our economy. Thank you, and let me now turn the call over to Glenn to take you through the quarter in more detail.