Rogers Communications Inc. - Ordinary Shares - Class B

**Strong Financial Performance**: Rogers Communications reported its 11th consecutive quarter of industry-leading results, noting a wireless service revenue growth of 2% year-over-year and a 5% increase in adjusted EBITDA. Wireless margins reached an all-time high of 66%, while cable adjusted EBITDA also improved by 5%, with margins up to 58%. Free cash flow for the quarter was $915 million, up 23% from the previous year, primarily due to higher adjusted EBITDA and lower interest expenses.

**Innovative $7 Billion Structured Equity Financing**: The company announced a structured equity financing deal with a leading global investor to provide a minority stake in its wireless backhaul transport infrastructure. This will significantly contribute to debt repayments, reducing the company's leverage ratio from 4.6x to an expected 3.7x, ahead of their previous target of 4.2x, thus accelerating deleveraging plans.

**Record Net Additions in Wireless and Internet**: Rogers reported a record addition of 227,000 mobile phone and internet net additions in Q3, with 101,000 from postpaid and 93,000 from prepaid customers. The company has successfully executed brand differentiation strategies, particularly leveraging the Chatr brand for new-to-Canada customers, leading to a 50% increase in year-to-date retail internet net additions.