Rogers Communications Inc. - Ordinary Shares - Class B

Strong Financial Results: Rogers Communications reported solid financial outcomes for Q4 2025, with consolidated service revenue up 16% to $5.3 billion and adjusted EBITDA growing 6% to $2.7 billion. For the full year, revenues reached $21.7 billion, up 5% YoY, while EBITDA increased by 2% to $9.8 billion.

Subscriber Growth and Wireless Market Dynamics: The company added 39,000 mobile phone subscribers in Q4, with a total of 245,000 for the year. However, total market growth for postpaid subscribers slowed by 50%, indicating increased competitive pressure and prompting a cautious approach to pricing despite ongoing efforts to improve churn rates (now at 1.43%).

2026 Guidance and Growth Projections: For 2026, Rogers forecasts service revenue growth of 3-5% and adjusted EBITDA growth of 1-3%. This guidance reflects expected stability in the wireless market, though poses risks from potential aggressive competitor pricing strategies.