Rogers Communications Inc.

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. second quarter 2026 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 reach 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.

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 could differ. Please review the cautionary language in today's earnings report and in our 2025 annual report regarding the various factors, assumptions, and risks that could cause actual results to differ. With that, let me turn it over to Tony.

Thank you, Paul, and good morning, everyone. In releasing our second quarter results this morning, I'm pleased to report that Rogers continued to deliver solid performance across our three lines of business. We remained focused on driving growth and delivering on our commitments. Consolidated service revenue and adjusted EBITDA were up 8% and 3% respectively, despite an overall low growth telecom market. In April, we updated our full year 2026 guidance to reflect stronger free cash flow growth alongside a meaningful reduction in our capital spend. In Q2, We generated free cash flow of $1 billion, which was up 6% year-on-year. CapEx was down 16%. This reflects our commitment to adjust our spending given market realities and the current regulatory environment. In the quarter, capital intensity improved a notable 350 basis points to 12.4%. This is the lowest capital intensity ratio Rogers has achieved since the first quarter of 2008. We expect free cash flow growth to further accelerate in the second half of the year, particularly as CapEx declines and capital intensity shows additional improvements. We are managing our capital prudently while investing to provide Canadians with the best network experience. Our network leadership was reaffirmed once again recently by Umlaut, ranking Rogers as Canada's best 5G plus network and the country's most reliable wireless network. Turning to our telecom results, we continue to perform in a low growth environment. Both wireless and cable delivered adjusted EBITDA growth underpinned by balanced and disciplined subscriber additions. In wireless, total net additions were 40,000 customers. This was driven by our strong base management combined with the popularity of our Rogers plans. We have increasingly looked to meaningful, sustainable value propositions for our customers and moved away from short-term promotional price discounting. We saw a similar trend overall in the marketplace in Q2 in terms of much reduced promotional pricing activity. We remain focused on subscriber acquisition and retention that supports solid financial results. You all have seen that yesterday we launched our back-to-school offers, consistent with this approach where we are leading with perks and partnerships that deliver more value for our customers. As we continue to focus our base management strategy, we were pleased to see postpaid mobile phone churn drop to 0.94% in the quarter, a solid improvement of six basis points from one year ago. In cable, we continue to grow and deliver on our commitments. Service revenue grew 1%. This is the fifth straight quarter of growth. Strong execution also drove discipline loading. In Q2, we added 17,000 retail internet net additions. Finally, our sports and media business delivered robust results. Revenue topped $1.2 billion, a 53% increase. More impressively, organic sports and media revenue, which excludes the impact of MLSC, grew an impressive 13%. Profitability was also strong, with adjusted EBITDA improving $61 million year over year. As you saw earlier this month, we signed an agreement to acquire the remaining 25% ownership stake in Maple Leaf Sports and Entertainment. When the acquisition closes, Rogers will be 100% owners of MLSC's iconic teams and assets. We are experienced sports and media operators with a successful track record spanning decades. The combined set of assets have scale and they are profitable. They have incredible national appeal and represent one of the top sports and media portfolios in the world. Our full ownership of MLSC will bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations. MLSC will add to our already deep sports, media and entertainment portfolio. This includes the Toronto Blue Jays, the Rogers Centre and Sportsnet, the number one sports media brand in Canada. We are fans, owners and broadcasters operating in one of the best cities and countries in the world. Of course, winning is everything for fans and it's also good for business. So we plan to continue to invest in building championship caliber teams. But the strategic value of sports is not just about winning. The value is even greater when combined with our core connectivity business. This gives us a unique value proposition in a competitive telco marketplace. We will create more opportunities for fans to connect with the teams and artists they love, and we will invest to deliver unique rewards for our customers. We remain committed to our plan to sell a minority stake in our consolidated sports, media, and entertainment assets after we become 100% owners of MLSC. We plan to surface value by monetizing our world-class sports and media portfolio, and importantly, As we complete this process, we remain committed to retaining our investment grade balance sheet. Overall, we're executing on our telecom priorities and sports monetization plan with discipline. We are doing what we said we would do, and we're doing it ahead of schedule. We're doing this while maintaining a strong balance sheet during this period of investment. I want to thank our team for their strong execution their commitment to Rogers and to our customers. I'll now turn the call over to Glenn for a few more highlights.