SEDAR Interim Financial Statements

Rogers Communications Inc. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Three and nine months ended September 30, 2025 and 2024 Rogers Communications Inc. 1 Third Quarter 2025 Rogers Communications Inc. Interim Condensed Consolidated Statements of Income (In millions of Canadian dollars, except per share amounts, unaudited) Three months ended September 30 Nine months ended September 30 Note 2025 2024 2025 2024 Revenue 6 5,348 5,129 15,540 15,123 Operating expenses: Operating costs 7 2,833 2,584 8,409 8,039 Depreciation and amortization 1,230 1,157 3,580 3,442 Restructuring, acquisition and other 8 51 91 416 323 Finance costs 9 252 568 1,459 1,724 Other (income) expense 10 (5,038) 2 (5,045) 5 Income before income tax expense 6,020 727 6,721 1,590 Income tax expense 212 201 485 414 Net income for the period 5,808 526 6,236 1,176 Net income for the period attributable to: RCI shareholders 5,754 526 6,191 1,176 Non-controlling interest 54 — 45 — Earnings per share attributable to RCI shareholders: Basic 11 $10.66 $0.99 $11.49 $2.21 Diluted 11 $10.62 $0.98 $11.46 $2.19 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 2 Third Quarter 2025 Rogers Communications Inc. Interim Condensed Consolidated Statements of Comprehensive Income (In millions of Canadian dollars, unaudited) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Net income for the period 5,808 526 6,236 1,176 Other comprehensive income: Items that will not be reclassified to income: Defined benefit pension plans: Remeasurements — 211 67 211 Related income tax expense — (56) (18) (56) Defined benefit pension plans — 155 49 155 Equity investments measured at fair value through other comprehensive income (FVTOCI): Increase (decrease) in fair value 1 (1) (23) 5 Related income tax recovery (expense) 1 — 3 (1) Equity investments measured at FVTOCI 2 (1) (20) 4 Items that will not be reclassified to income 2 154 29 159 Items that may subsequently be reclassified to income: Cash flow hedging derivative instruments: Unrealized gain (loss) in fair value of derivative instruments 629 (182) 7 617 Reclassification to net income of (gain) loss on debt derivatives (299) 330 1,080 (418) Reclassification to net income or property, plant and equipment of gain on expenditure derivatives (16) (14) (54) (40) Reclassification to net income for accrued interest (22) (10) (80) (36) Related income tax (expense) recovery (54) 32 13 (72) Cash flow hedging derivative instruments 238 156 966 51 Share of other comprehensive loss of equity-accounted investments, net of tax — (1) — — Items that may subsequently be reclassified to income 238 155 966 51 Other comprehensive income for the period 240 309 995 210 Comprehensive income for the period 6,048 835 7,231 1,386 Comprehensive income (loss) for the period attributable to: RCI shareholders 5,994 835 7,186 1,386 Non-controlling interest 54 — 45 — The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 3 Third Quarter 2025 Rogers Communications Inc. Interim Condensed Consolidated Statements of Financial Position (In millions of Canadian dollars, unaudited) As at September 30 As at December 31 Note 2025 2024 Assets Current assets: Cash and cash equivalents 1,512 898 Accounts receivable 13 5,590 5,478 Inventories 481 641 Current portion of contract assets 157 1 --- 71 Other current assets 1,298 849 Current portion of derivative instruments 12 166 336 Assets held for sale 3 166 — Total current assets 9,370 8,373 Property, plant and equipment 26,218 25,072 Intangible assets 3 28,868 17,858 Investments 14 1,169 615 Derivative instruments 12 825 997 Financing receivables 13 1,055 1,189 Other long-term assets 1,864 1,027 Goodwill 3 20,246 16,280 Total assets 89,615 71,411 Liabilities and equity Current liabilities: Short-term borrowings 15 3,613 2,959 Accounts payable and accrued liabilities 4,368 4,059 Income tax payable — 26 Other current liabilities 3 3,777 482 Contract liabilities 1,105 800 Current portion of long-term debt 16 1,599 3,696 Current portion of lease liabilities 17 612 587 Liabilities associated with assets held for sale 3 49 — Total current liabilities 15,123 12,609 Provisions 58 61 Long-term debt 16 36,723 38,200 Lease liabilities 17 2,415 2,191 Other long-term liabilities 2,243 1,666 Deferred tax liabilities 9,423 6,281 Total liabilities 65,985 61,008 Equity Equity attributable to RCI shareholders 16,943 10,403 Non-controlling interest 6,687 — Equity 18 23,630 10,403 Total liabilities and equity 89,615 71,411 Subsequent events 18 Commitments 21 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 4 Third Quarter 2025 Rogers Communications Inc. Interim Condensed Consolidated Statements of Changes in Equity (In millions of Canadian dollars, except number of shares, unaudited) Attributable to RCI shareholders Class A Voting Shares Class B Non-Voting Shares Nine months ended September 30, 2025 Amount Number of shares (000s) Amount Number of shares (000s) Retained earnings FVTOCI investment reserve Hedging reserve Equity investment reserve Total Non- controlling interest Total equity Balances, January 1, 2025 71 111,152 2,250 424,949 10,630 (7) (2,551) 10 10,403 — 10,403 Net income for the period — — — — 6,191 — — — 6,191 45 6,236 Other comprehensive income: Defined benefit pension plans, net of tax — — — — 49 — — — 49 — 49 FVTOCI investments, net of tax — — — — — (20) — — (20) — (20) Derivative instruments accounted for as hedges, net of tax — — — — — — 966 — 966 — 966 Total other comprehensive income — — — — 49 (20) 966 — 995 — 995 Comprehensive income (loss) for the period — — — — 6,240 (20) 966 — 7,186 45 7,231 Transactions with shareholders recorded directly in equity: Dividends declared — — — — (809) — — — (809) — (809) Share price change on DRIP dividends — — — — (2) — — — (2) — (2) Non-controlling interests in shares of a subsidiary (note 18) — — — — — — — — — 6,656 6,656 Dividends declared by a subsidiary to non-controlling interests — — — — — — — — — (14) (14) Shares issued as settlement of dividends (note 18) — — 165 4,124 — — — — 165 — 165 Total transactions with shareholders — — 165 4,124 (811) — — — (646) 6,642 5,996 Balances, September 30, 2025 71 111,152 2,415 429,073 16,059 (27) (1,585) 10 16,943 6,687 23,630 Class A Voting Shares Class B Non-Voting Shares Nine months ended September 30, 2024 Amount Number of shares (000s) Amount Number of shares (000s) Retained earnings FVTOCI investment reserve Hedging reserve Equity investment reserve Total equity Balances, January 1, 2024 71 111,152 1,921 418,869 9,839 (17) (1,384) 10 10,440 Net income for the period — — — — 1,176 — — — 1,176 Other comprehensive income: Defined benefit pension plans, net of tax — — — — 155 — — — 155 FVTOCI investments, net --- of tax — — — — — 4 — — 4 Derivative instruments accounted for as hedges, net of tax — — — — — — 51 — 51 Total other comprehensive income — — — — 155 4 51 — 210 Comprehensive income for the period — — — — 1,331 4 51 — 1,386 Transactions with shareholders recorded directly in equity: Dividends declared — — — — (799) — — — (799) Share price change on DRIP dividends — — — — (4) — — — (4) Shares issued as settlement of dividends (note 18) — — 243 4,447 — — — — 243 Total transactions with shareholders — — 243 4,447 (803) — — — (560) Balances, September 30, 2024 71 111,152 2,164 423,316 10,367 (13) (1,333) 10 11,266 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 5 Third Quarter 2025 Rogers Communications Inc. Interim Condensed Consolidated Statements of Cash Flows (In millions of Canadian dollars, unaudited) Three months ended September 30 Nine months ended September 30 Note 2025 2024 2025 2024 Operating activities: Net income for the period 5,808 526 6,236 1,176 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 1,230 1,157 3,580 3,442 Program rights amortization 15 13 65 52 Finance costs 9 252 568 1,459 1,724 Income tax expense 212 201 485 414 Post-employment benefits contributions, net of expense 19 19 55 54 (Income) losses from associates and joint ventures 10 (20) 2 (22) 1 Gain on revaluation of MLSE investment 10 (5,016) — (5,016) — Other (75) (44) (110) (99) Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid 2,425 2,442 6,732 6,764 Change in net operating assets and liabilities 22 (133) 200 (244) (209) Income taxes paid (234) (156) (548) (388) Interest paid (543) (593) (1,533) (1,622) Cash provided by operating activities 1,515 1,893 4,407 4,545 Investing activities: Capital expenditures (964) (977) (2,773) (3,034) Additions to program rights (21) (33) (69) (56) Changes in non-cash working capital related to capital expenditures and intangible assets (51) (70) (107) (31) Acquisitions and other strategic transactions, net of cash acquired (4,499) — (4,499) (475) Other (3) (1) 5 11 Cash used in investing activities (5,538) (1,081) (7,443) (3,585) Financing activities: Net proceeds received from (repayment of) short-term borrowings 15 1,972 (142) 636 1,119 Net (repayment) issuance of long-term debt 16 (2,928) 18 (2,504) (1,108) Net (payments) proceeds on settlement of debt derivatives and subsidiary equity derivatives 12 (37) (25) 40 (3) Transaction costs incurred 16 (4) — (103) (46) Principal payments of lease liabilities 17 (147) (127) (414) (358) Dividends paid to RCI shareholders 18 (270) (186) (643) (558) Distributions paid by subsidiaries to non-controlling interests (14) — (14) — Issuance of subsidiary shares to non-controlling interest 18 — — 6,656 — Other — 1 (4) (4) Cash (used in) provided by financing activities (1,428) (461) 3,650 (958) Change in cash and cash equivalents (5,451) 351 614 2 Cash and cash equivalents, beginning of period 6,963 451 898 800 Cash and cash equivalents, end of period 1,512 802 1,512 802 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 6 Third Quarter 2025 NOTE 1: NATURE OF THE BUSINESS Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operatio --- ns and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures. We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows: Segment Principal activities Wireless Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers. Cable Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets. Media A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, and digital media. During the nine months ended September 30, 2025, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and, following the acquisition of Maple Leaf Sports & Entertainment Inc. (MLSE, see note 3), other subsidiaries. Effective July 2025, Today's Shopping Choice (TSC) was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results. Our operating results are subject to seasonal fluctuations that materially impact quarter-to-quarter operating results and thus, one quarter's operating results are not necessarily indicative of a subsequent quarter's operating results. These typical fluctuations are described in note 1 to our annual audited consolidated financial statements for the year ended December 31, 2024 (2024 financial statements). Seasonal fluctuations in the MLSE business (see note 3) relate to the timing of seasons, primarily the NHL and NBA seasons, whereby regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). References in these financial statements to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see note 3 to our 2024 Annual Audited Consolidated Financial Statements. Statement of Compliance We prepared our interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 (third quarter 2025 interim financial statements) in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), following the same accountin --- g policies and methods of application as those disclosed in our 2024 financial statements. These third quarter 2025 interim financial statements were approved by RCI's Board of Directors (the Board) on October 22, 2025. NOTE 2: MATERIAL ACCOUNTING POLICIES Basis of Presentation The notes presented in these third quarter 2025 interim financial statements include only material transactions and changes occurring for the nine months since our year-end of December 31, 2024 and do not include all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These third quarter 2025 interim financial statements should be read in conjunction with the 2024 financial statements. All dollar amounts are in Canadian dollars unless otherwise stated. New Accounting Pronouncements Adopted in 2025 We did not adopt any accounting pronouncements or amendments this period. Recent Accounting Pronouncements Not Yet Adopted The IASB has not issued any new or amended accounting pronouncements in 2025. Rogers Communications Inc. 7 Third Quarter 2025 NOTE 3: BUSINESS COMBINATIONS AND SALES Acquisition of MLSE Effective July 1, 2025, after receiving all required regulatory and league approvals, we acquired Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment Ltd. (MLSE) for a purchase price of $4.7 billion in cash (MLSE Transaction). The purchase price was primarily funded from bank credit facilities together with cash on hand (see note 16). With the closing of the MLSE Transaction, we are the largest owner of MLSE, with a 75% controlling interest. Immediately before acquiring control of an entity, IFRS requires a pre-existing non-controlling equity interest be remeasured at fair value, with any resulting gain or loss recognized in net income. During the three months ended September 30, 2025, we recognized a $5 billion non-cash gain (reflecting the investment's fair value) associated with our existing 37.5% interest in MLSE (see note 10). The holder (MLSE minority holder) of the 25% non-controlling interest in MLSE (MLSE non-controlling interest) has a right to require we purchase its interest beginning in July 2026 at an agreement-defined fair value (MLSE put liability); we have a reciprocal right to acquire the MLSE non-controlling interest under the same terms. MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), the Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, such as Scotiabank Arena. The MLSE Transaction added significantly to our other sports assets, including the Toronto Blue Jays, Rogers Centre, and Sportsnet. MLSE's financial results are included in our Media reportable segment effective July 1, 2025. Total consideration in the business combination reflects $4.7 billion in cash paid to Bell plus the closing-date fair value of our existing investment in MLSE of $5 billion. The major classes of assets acquired, along with the preliminary allocation of fair value to each, consist of property, plant and equipment ($1 billion) and intangible assets ($11 billion, primarily franchise rights and associated trademarks). We have recognized preliminary goodwill of $4 billion associated with the acquisition in our Media reportable segment, which arises principally from the recognition of deferred tax liabilities on the indefinite-life intangible assets recognized (see below), the assembled player and non-player w --- orkforce, and synergies expected to be generated by the acquisition. Goodwill is not deductible for tax purposes. Preliminary purchase price allocation The following table summarizes the fair value of the consideration paid and our current best estimate of the fair value assigned to each major class of assets and liabilities as at July 1, 2025. The preliminary purchase price allocation includes estimates and is therefore subject to change, relating to the finalization of the fair values of the acquired intangible assets and property, plant and equipment, investment balances, and working capital and corresponding tax impacts. (In millions of dollars) Total Cash consideration 4,700 Fair value of Rogers' existing investment in MLSE 5,016 Fair value of consideration transferred 9,716 Net identifiable asset or liability: Cash and cash equivalents 201 Accounts receivable (net of allowance for doubtful accounts of $8 million) 122 Other current assets 91 Property, plant and equipment 995 Intangible assets 11,411 Investments (note 14) 555 Other long-term assets 178 Accounts payable and accrued liabilities (601) MLSE put liability (3,342) Other current liabilities (81) Contract liabilities (268) Current portion of lease liabilities (9) Long-term debt (298) Lease liabilities (95) Other long-term liabilities (204) Deferred tax liabilities (2,971) Total fair value of identifiable net assets acquired 5,684 Goodwill 4,032 Rogers Communications Inc. 8 Third Quarter 2025 Property, plant and equipment The table below summarizes the preliminary allocation for property, plant and equipment acquired from MLSE on closing as at September 30, 2025. (In millions of dollars) Land and buildings Computer equipment and software Leasehold improvements Equipment and vehicles Construction in process Total owned assets Right-of- use assets (note 17) Total property, plant and equipment Acquired from business combination 652 20 92 70 40 874 121 995 Depreciation since July 1, 2025 9 3 1 4 — 17 2 19 Net carrying amount 643 17 91 66 40 857 119 976 Property, plant and equipment will be amortized over their remaining estimated useful lives, estimated as follows. Asset Basis Estimated remaining useful life Buildings Diminishing balance 30 to 50 years Straight-line 6 to 10 years Computer equipment and software Straight-line 1 to 5 years Leasehold improvements Straight-line 10 to 30 years Equipment and vehicles Diminishing balance 1 to 15 years Straight-line 1 to 15 years Right-of-use assets Straight-line Over remaining lease term Intangible assets The table below summarizes the preliminary allocation for intangible assets acquired from MLSE on closing as at September 30, 2025. (In millions of dollars) Franchise rights Trademarks Ticket holder and sponsor relationships Other intangible assets Total intangible assets Goodwill Total intangible assets and goodwill Acquired from business combination 9,750 1,264 363 34 11,411 4,032 15,443 Amortization since July 1, 2025 — — 3 — 3 — 3 Net carrying amount 9,750 1,264 360 34 11,408 4,032 15,440 Franchise rights and trademarks have indefinite lives and will not be amortized. Ticket holder and sponsor relationships reflect existing relationships with season ticket holders and corporate sponsors; they will be amortized over their estimated useful lives of 15 to 35 years. Other intangible assets will be amortized over their estimated useful life of 16 years. MLSE put liability The MLSE put liability reflects our estimate of the fair value o --- f the MLSE non-controlling interest. It is a financial liability measured at fair value through profit and loss and is categorized at Level 3 in the fair value hierarchy. The fair value has been estimated using a market-based approach based on the values of the underlying teams and net assets owned by MLSE. Changes in the assumptions related to the team values underlying the valuation could have a material impact on the fair value of the MLSE put liability. Pro forma information Revenue of approximately $0.1 billion and a net loss of approximately $23 million from MLSE are included in the consolidated statement of income from the date of acquisition. Our consolidated revenue and net income for the nine months ended September 30, 2025 would have been approximately $16.3 billion and $6.3 billion, respectively, had the MLSE Transaction closed on January 1, 2025. These pro forma amounts reflect depreciation and amortization of applicable elements of the purchase price allocation, related tax adjustments, and the elimination of intercompany transactions. Sale of Data Centre Business During the three months ended September 30, 2025, we entered into a definitive agreement to sell our customer-facing data centre business to InfraRed Capital Partners for cash proceeds, which we expect to close during the three months ended December 31, 2025. The transaction does not include our corporate data centres used for network and IT purposes. The assets and liabilities related to the data centre business, which were historically included in our Cable reportable segment, have been reclassified as "assets held for sale" ($166 million, substantially reflecting property, plant and equipment and an allocation of Cable goodwill) and "liabilities associated with assets held for sale" ($49 million, substantially reflecting lease liabilities) on our interim condensed consolidated statement of financial position. Rogers Communications Inc. 9 Third Quarter 2025 NOTE 4: CAPITAL RISK MANAGEMENT Key Metrics and Ratios We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the condensed consolidated financial statements. Adjusted net debt and debt leverage ratio We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. While our debt leverage ratio has increased as a result of the MLSE Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. As at September 30, 2025 and December 31, 2024, we --- met our objectives for these metrics. As at September 30 As at December 31 (In millions of dollars, except ratios) 2025 2024 Adjusted net debt 1 39,119 43,330 Divided by: trailing 12-month adjusted EBITDA 9,664 9,617 Debt leverage ratio 4.0 4.5 1 For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies. Free cash flow We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance. As a result of closing the network transaction (see note 18), we have amended our definition of free cash flow to deduct distributions paid to non-controlling interests to reflect the unavailability of this cash flow to repay debt or reinvest in our company. Three months ended September 30 Nine months ended September 30 (In millions of dollars) Note 2025 2024 2025 2024 Adjusted EBITDA 5 2,515 2,545 7,131 7,084 Deduct: Capital expenditures 1 964 977 2,773 3,034 Interest on borrowings, net and capitalized interest 9 474 497 1,456 1,495 Cash income taxes 2 234 156 548 388 Distributions paid by subsidiaries to non-controlling interests 14 — 14 — Free cash flow 829 915 2,340 2,167 1 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations. 2 Cash income taxes are net of refunds received. Rogers Communications Inc. 10 Third Quarter 2025 Three months ended September 30 Nine months ended September 30 (In millions of dollars) Note 2025 2024 2025 2024 Cash provided by operating activities 1,515 1,893 4,407 4,545 Add (deduct): Capital expenditures (964) (977) (2,773) (3,034) Interest on borrowings, net and capitalized interest 9 (474) (497) (1,456) (1,495) Interest paid 543 593 1,533 1,622 Restructuring, acquisition and other 8 51 91 416 323 Program rights amortization (15) (13) (65) (52) Change in net operating assets and liabilities 22 133 (200) 244 209 Distributions paid by subsidiaries to non-controlling interests 14 — 14 — Other adjustments 1 26 25 20 49 Free cash flow 829 915 2,340 2,167 1 Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other investment income from our financial statements. Available liquidity Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at September 30, 2025 and December 31, 2024, we had sufficient liquidity available to us to meet this objective. Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings, including our receivables securitizati --- on program and our US dollar-denominated commercial paper (US CP) program. As at September 30, 2025 Total sources Drawn Letters of credit Net available (In millions of dollars) Note Cash and cash equivalents 1,512 — — 1,512 Bank credit facilities 1: Revolving 16 4,260 125 10 4,125 Non-revolving 15 2,300 2,300 — — Outstanding letters of credit 3 — 3 — Receivables securitization 1 15 2,400 1,600 — 800 Total 10,475 4,025 13 6,437 1 The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. As at December 31, 2024 Total sources Drawn Letters of credit US CP program 1 Net available (In millions of dollars) Note Cash and cash equivalents 898 — — — 898 Bank credit facilities 2: Revolving 16 4,000 — 10 455 3,535 Non-revolving 15 500 500 — — — Outstanding letters of credit 3 — 3 — — Receivables securitization 2 15 2,400 2,000 — — 400 Total 7,801 2,500 13 455 4,833 1 The US CP program amounts are gross of the discount on issuance. 2 The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility. Rogers Communications Inc. 11 Third Quarter 2025 Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. During the three and nine months ended September 30, 2025, we borrowed $9 million and $71 million (2024 - nil) under this facility, respectively. NOTE 5: SEGMENTED INFORMATION Our reportable segments are Wireless, Cable, and Media. All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments, corporate administrative functions, and eliminations of inter-segment revenues and costs. Effective July 2025, TSC was transferred from the Media segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results. We follow the same accounting policies for our segments as those described in note 2 of our 2024 financial statements. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis. We account for transactions between reportable segments in the same way we account for transactions with external parties, however eliminate them on consolidation. The Chief Executive Officer and Chief Financial Officer of RCI are, collectively, our chief operating decision maker and regularly review our operations and performance by segment. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other (income) e --- xpense; and income tax expense. Information by Segment Three months ended September 30, 2025 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 6 2,631 1,964 678 75 5,348 Revenue from internal customers 30 17 75 (122) — Total revenue 2,661 1,981 753 (47) 5,348 Operating costs 7 1,287 828 678 40 2,833 Adjusted EBITDA 1,374 1,153 75 (87) 2,515 Depreciation and amortization 1,230 Restructuring, acquisition and other 8 51 Finance costs 9 252 Other income 10 (5,038) Income before income taxes 6,020 Three months ended September 30, 2024 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 6 2,592 1,938 530 69 5,129 Revenue from internal customers 28 32 67 (127) — Total revenue 2,620 1,970 597 (58) 5,129 Operating costs 7 1,255 837 461 31 2,584 Adjusted EBITDA 1,365 1,133 136 (89) 2,545 Depreciation and amortization 1,157 Restructuring, acquisition and other 8 91 Finance costs 9 568 Other expense 10 2 Income before income taxes 727 Rogers Communications Inc. 12 Third Quarter 2025 Nine months ended September 30, 2025 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 6 7,665 5,833 1,820 222 15,540 Revenue from internal customers 80 51 232 (363) — Total revenue 7,745 5,884 2,052 (141) 15,540 Operating costs 7 3,755 2,476 2,032 146 8,409 Adjusted EBITDA 3,990 3,408 20 (287) 7,131 Depreciation and amortization 3,580 Restructuring, acquisition and other 8 416 Finance costs 9 1,459 Other income 10 (5,045) Income before income taxes 6,721 Nine months ended September 30, 2024 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 6 7,567 5,836 1,493 227 15,123 Revenue from internal customers 47 57 202 (306) — Total revenue 7,614 5,893 1,695 (79) 15,123 Operating costs 7 3,669 2,544 1,662 164 8,039 Adjusted EBITDA 3,945 3,349 33 (243) 7,084 Depreciation and amortization 3,442 Restructuring, acquisition and other 8 323 Finance costs 9 1,724 Other expense 10 5 Income before income taxes 1,590 Rogers Communications Inc. 13 Third Quarter 2025 NOTE 6: REVENUE Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Wireless Service revenue from external customers 2,029 2,038 6,004 6,003 Service revenue from internal customers 30 28 80 47 Service revenue 2,059 2,066 6,084 6,050 Equipment revenue from external customers 602 554 1,661 1,564 Total Wireless 2,661 2,620 7,745 7,614 Cable Service revenue from external customers 1,957 1,930 5,808 5,800 Service revenue from internal customers 17 32 51 57 Service revenue 1,974 1,962 5,859 5,857 Equipment revenue from external customers 7 8 25 36 Total Cable 1,981 1,970 5,884 5,893 Media Revenue from external customers 678 530 1,820 1,493 Revenue from internal customers 75 67 232 202 Total Media 753 597 2,052 1,695 Corporate items Revenue from external customers 75 69 222 227 Revenue from internal customers 11 1 28 3 Total corporate items 86 70 250 230 Intercompany eliminations (133) (128) (391) (309) Total revenue 5,348 5,129 15,540 15,123 Total service revenue 4,739 4,567 13,854 13,523 Total equipment revenue 609 562 1,686 1,600 Total revenue 5,348 5,129 15,540 15,123 NOTE 7: OPERATING COSTS Three months ended September 30 Nine months end --- ed September 30 (In millions of dollars) 2025 2024 2025 2024 Cost of equipment sales 577 555 1,626 1,616 Merchandise for resale 67 55 160 153 Other external purchases 1,479 1,352 4,745 4,425 Employee salaries, benefits, and stock-based compensation 710 622 1,878 1,845 Total operating costs 2,833 2,584 8,409 8,039 Rogers Communications Inc. 14 Third Quarter 2025 NOTE 8: RESTRUCTURING, ACQUISITION AND OTHER Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Restructuring, acquisition and other excluding Shaw Transaction-related costs 35 54 338 232 Shaw Transaction-related costs 16 37 78 91 Total restructuring, acquisition and other 51 91 416 323 The restructuring, acquisition and other costs excluding Shaw Transaction-related costs in 2024 and 2025 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, costs related to closing the MLSE Transaction, and costs related to real estate rationalization programs. For the nine months ended September 30, 2025, these costs also include expenses directly related to completing the network transaction (see note 18) and an unfavourable regulatory decision related to retransmission of distant signals. The Shaw Transaction-related costs in 2024 and 2025 consisted of incremental costs supporting integration activities related to the Shaw Transaction. NOTE 9: FINANCE COSTS Three months ended September 30 Nine months ended September 30 (In millions of dollars) Note 2025 2024 2025 2024 Interest on borrowings, net 1 481 505 1,480 1,525 Interest on lease liabilities 17 37 34 109 103 Interest on post-employment benefits (1) (1) (4) (3) Gain on redemption of long-term debt 2 (151) — (151) — Loss (gain) on foreign exchange 43 (32) (43) 107 Change in fair value of derivative instruments (62) 28 10 (94) Change in fair value of subsidiary equity derivative instruments 3 (134) — (41) — Capitalized interest (7) (8) (24) (30) Deferred transaction costs and other 46 42 123 116 Total finance costs 252 568 1,459 1,724 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt. 2 Reflects the net gain on the redemption of long-term debt purchased during the three months ended September 30, 2025 (see note 16 for more information). 3 Reflects the change in fair value of derivatives entered related to our subsidiary equity investment (see note 12 for more information). NOTE 10: OTHER (INCOME) EXPENSE Three months ended September 30 Nine months ended September 30 (In millions of dollars) Note 2025 2024 2025 2024 (Income) losses from associates and joint ventures (20) 2 (22) 1 Gain on revaluation of MLSE investment 3 (5,016) — (5,016) — Other (income) losses (2) — (7) 4 Total other (income) expense (5,038) 2 (5,045) 5 Rogers Communications Inc. 15 Third Quarter 2025 NOTE 11: EARNINGS PER SHARE Three months ended September 30 Nine months ended September 30 (In millions of dollars, except per share amounts) 2025 2024 2025 2024 Numerator (basic) - Net income attributable to RCI shareholders for the period 5,754 526 6,191 1,176 Denominator - Number of shares (in millions): Weighted average number of shares outstanding - basic 540 534 539 533 Effect of dilutive securities (in millions): Employee stock options and restricted share units 2 2 1 1 Weighted average number of shares outstanding - diluted 542 536 540 534 Earnings per share attributable to RCI shareholders: Basi --- c $10.66 $0.99 $11.49 $2.21 Diluted $10.62 $0.98 $11.46 $2.19 For the three and nine months ended September 30, 2025 and 2024, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash- settled method. As a result, net income for the three and nine months ended September 30, 2025 was reduced by nil and $4 million (2024 - nil and $9 million), respectively, in the diluted earnings per share calculation. A total of 9,078,991 options were excluded from the calculation of the effect of dilutive securities for the three and nine months ended September 30, 2025 (2024 - 9,513,710), because they were anti-dilutive. NOTE 12: FINANCIAL INSTRUMENTS Derivative Instruments We use derivative instruments to manage financial risks related to our business activities. These include debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives. We only use derivatives to manage risk and not for speculative purposes. All of our currently outstanding debt derivatives related to our senior notes, senior debentures, subordinated notes, and lease liabilities, as well as our expenditure derivatives have been designated as hedges for accounting purposes. Debt derivatives We use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings (see note 16). We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes. Rogers Communications Inc. 16 Third Quarter 2025 Credit facilities and US CP The tables below summarize the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Credit facilities Debt derivatives entered 5,677 1.373 7,793 9,825 1.394 13,695 Debt derivatives settled 4,231 1.374 5,814 9,427 1.396 13,156 Net cash received (paid) on settlement 13 (55) US commercial paper program Debt derivatives entered 218 1.376 300 517 1.410 729 Debt derivatives settled 218 1.367 298 831 1.414 1,175 Net cash paid on settlement (3) (1) Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Credit facilities Debt derivatives entered 3,476 1.364 4,740 11,739 1.355 15,903 Debt derivatives settled 3,472 1.361 4,727 13,878 1.354 18,785 Net cash paid on settlement (24) (8) US commercial paper program Debt derivatives entered 120 1.367 164 1,401 1.355 1,899 Debt derivatives set --- tled 218 1.367 298 1,514 1.361 2,060 Net cash (paid) received on settlement (1) 5 As at September 30, 2025, we had US$1,446 million and nil notional amount of debt derivatives outstanding related to our credit facility borrowings and US CP program at average rates of $1.378/US$ and nil (December 31, 2024 - US$1,048 million and US$314 million at average rates of $1.439/US$ and $1.423/US$), respectively. Through the MLSE Transaction, we acquired an interest rate swap MLSE had entered into to convert the $300 million of borrowings outstanding under its non-revolving credit facility (see note 16) from a floating rate to a fixed rate of 3.55%. The interest rate swap matures concurrently with the maturity of the non-revolving credit facility in June 2028. The interest rate swap has been designated as a hedge for accounting purposes. Senior notes and subordinated notes Below is a summary of the debt derivatives we entered into related to senior notes and subordinated notes during the three and nine months ended September 30, 2025 and 2024. (In millions of dollars, except interest rates) US$ Hedging effect Effective date Principal/Notional amount (US$) Maturity date Coupon rate Fixed hedged (Cdn$) interest rate 1 Equivalent (Cdn$) 2025 issuances February 12, 2025 1,100 2055 7.000 % 5.440 % 1,575 February 12, 2025 1,000 2055 7.125 % 5.862 % 1,432 2024 issuances February 9, 2024 1,250 2029 5.000 % 4.735 % 1,684 February 9, 2024 1,250 2034 5.300 % 5.107 % 1,683 1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate. Rogers Communications Inc. 17 Third Quarter 2025 As at September 30, 2025, we had US$16,611 million (December 31, 2024 - US$17,250 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.289/US$ (December 31, 2024 - $1.272/US$). In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives. In July 2025, in connection with the offers to repurchase certain of our US dollar-denominated senior notes, we partially settled the associated debt derivatives on the accepted senior notes. See note 16 for more information. Lease liabilities Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Debt derivatives entered 66 1.379 91 180 1.389 250 Debt derivatives settled 62 1.355 84 182 1.352 246 Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Debt derivatives entered 73 1.356 99 228 1.355 309 Debt derivatives settled 54 1.352 73 155 1.329 206 As at September 30, 2025, we had US$414 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2024 - US$416 million) with terms to maturity ranging from October 2025 to September 2028 (December 31, 2024 - January 20 --- 25 to December 2027) at an average rate of $1.365/US$ (December 31, 2024 - $1.349/US$). Expenditure derivatives We use foreign currency forward contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. The tables below summarize the expenditure derivatives we entered into and settled during the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Expenditure derivatives entered 60 1.313 78 1,235 1.362 1,682 Expenditure derivatives acquired 619 1.363 844 619 1.363 844 Expenditure derivatives settled 499 1.351 674 1,099 1.344 1,477 Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Expenditure derivatives entered 600 1.342 805 1,110 1.341 1,489 Expenditure derivatives settled 315 1.324 417 915 1.325 1,212 As at September 30, 2025, we had US$2,345 million notional amount of expenditure derivatives outstanding (December 31, 2024 - US$1,590 million) with terms to maturity ranging from October 2025 to June 2039 (December 31, Rogers Communications Inc. 18 Third Quarter 2025 2024 - January 2025 to December 2026) at an average rate of $1.354/US$ (December 31, 2024 - $1.336/US$). Of the US$1,235 million notional expenditure derivatives entered during the nine months ended September 30, 2025, US$305 million relates to a hedge of future Toronto Blue Jays player compensation at a rate of $1.30/US$ over the next 14 years. In addition to the expenditure derivatives set forth in the tables above, we acquired other foreign exchange options with a maximum notional amount of US$1,078 million through the MLSE Transaction. These derivatives have not been designated as hedges for accounting purposes and changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs". During the three months ended September 30, 2025, we settled US$24 million ($32 million) notional amount of other foreign exchange options, reflecting an exchange rate of $1.3175/US$, and US$120 million notional amount of other foreign exchange options expired unexercised. Equity derivatives We use total return swaps (equity derivatives) to hedge the market price appreciation risk of the RCI Class B Non-Voting common shares (Class B Non-Voting Shares) granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes. As at September 30, 2025, we had equity derivatives outstanding for 4.5 million (December 31, 2024 - 6.0 million) Class B Non-Voting Shares with a weighted average price of $45.89 (December 31, 2024 - $53.27). During the nine months ended September 30, 2025, we settled 1.5 million equity derivatives at --- a weighted average price of $35.32 resulting in a net payment of $22 million on settlement. We also reset the pricing on 2.3 million existing equity derivatives, resulting in a net payment of $38 million. Finally, we executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2026 (from April 2025). During the nine months ended September 30, 2024, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share. Subsidiary equity derivatives We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. During the nine months ended September 30, 2025, we entered into subsidiary equity derivatives for US$4.85 billion ($6.7 billion) that mature in 2033. These subsidiary equity derivatives convert an 8% US dollar- denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis. Cash settlements on debt derivatives and subsidiary equity derivatives The tables below summarize the net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives during the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In millions of dollars, except exchange rates) 2025 2024 2025 2024 Credit facilities 13 (24) (55) (8) US commercial paper program (3) (1) (1) 5 Senior and subordinated notes (48) — 47 — Lease liabilities — — 5 — Subsidiary equity derivatives 1 — 44 — Net (payments) proceeds on settlement of debt derivatives and subsidiary equity derivatives (37) (25) 40 (3) Fair Values of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term nature of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance. Rogers Communications Inc. 19 Third Quarter 2025 We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third- party sale negotiations, or using market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects. The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For those debt derivatives and expend --- iture derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative. The fair values of our equity derivatives are based on the quoted market value of Class B Non-Voting Shares. Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value: • financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities; • financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and • Level 3 valuations are based on inputs that are not based on observable market data. There were no financial instruments in Level 1 as at September 30, 2025 or December 31, 2024. There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended September 30, 2025 or 2024. Below is a summary of our financial instruments carried at fair value as at September 30, 2025 and December 31, 2024. Carrying value Fair value (Level 2) Fair value (Level 3) As at Sept. 30 As at Dec. 31 As at Sept. 30 As at Dec. 31 As at Sept. 30 As at Dec. 31 (In millions of dollars) 2025 2024 2025 2024 2025 2024 Financial assets Investments, measured at FVTOCI: Investments in private companies 105 128 — — 105 128 Held-for-trading: Debt derivatives accounted for as cash flow hedges 895 1,194 895 1,194 — — Debt derivatives not accounted for as hedges 21 7 21 7 — — Expenditure derivatives accounted for as cash flow hedges 48 132 48 132 — — Equity derivatives not accounted for as hedges 26 — 26 — — — Subsidiary equity derivatives not accounted for as hedges 11 — 11 — — — Total financial assets 1,106 1,461 1,001 1,333 105 128 Financial liabilities Long-term debt (including current portion) 38,322 41,896 38,121 39,765 — — MLSE put liability 3,342 — — — 3,342 — Held-for-trading: Debt derivatives accounted for as cash flow hedges 677 842 677 842 — — MLSE interest rate swap 10 — 10 — — — Debt derivatives not accounted for as hedges — 2 — 2 — — Expenditure derivatives accounted for as cash flow hedges 17 — 17 — — — Expenditure derivatives not accounted for as hedges 15 — 15 — — — Equity derivatives not accounted as hedges 17 54 17 54 — — Subsidiary equity derivatives not accounted for as hedges 14 — 14 — — — Virtual power purchase agreement not accounted for as a hedge 5 10 5 10 — — Total financial liabilities 42,419 42,804 38,876 40,673 3,342 — Rogers Communications Inc. 20 Third Quarter 2025 NOTE 13: FINANCING RECEIVABLES Financing receivables represent amounts owed to us under device or accessory financing agreements that have not yet been billed. Our financing receivable balances are included in "accounts receivable" (when they are to be billed and collected within twelve months) and "financing receivables" on our interim condensed consolidated statements of financial position. Below is a breakdown of our financing receivable balances. As at September 30 As at December 31 (In millions of dollars) 2025 2024 Current financing receivables 2,249 2,341 Long-term financing receivables 1,055 1,189 Total financing receivables 3,304 3,530 NOTE 14: INVESTMENTS As at September 30 As at December 31 (In millions of dollars) 2025 2024 Investments in private companies, measured at FVTOCI 105 128 Investments, associates and joint ventures 1,064 487 Total investments 1,169 615 As --- a result of the MLSE Transaction, during the three months ended September 30, 2025, we acquired the following investment interests in associates, the values of which are included in "Investments, associates and joint ventures" in the table above: • a 46% ownership interest in Live Nation Ontario Concerts L.P., a corporation that presents, produces, and promotes music, comedy, family, and skating events in Ontario; • a 37.5% ownership interest in York Bremner Developments Limited, a corporation that owns and operates Maple Leaf Square, a mixed-use real estate development in Toronto, Ontario; and • a 33.75% ownership interest in York Bremner Hotel Leaseholds Limited, a corporation that owns and operates a boutique hotel located at Maple Leaf Square. NOTE 15: SHORT-TERM BORROWINGS As at September 30 As at December 31 (In millions of dollars) 2025 2024 Receivables securitization program 1,600 2,000 US commercial paper program (net of the discount on issuance) — 452 Non-revolving credit facility borrowings (net of the discount on issuance) 2,013 507 Total short-term borrowings 3,613 2,959 Rogers Communications Inc. 21 Third Quarter 2025 The tables below summarize the activity relating to our short-term borrowings for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Repayment of receivables securitization — (400) Net repayment of receivables securitization — (400) Proceeds received from US commercial paper 218 1.376 300 517 1.410 729 Repayment of US commercial paper (219) 1.365 (299) (835) 1.413 (1,180) Net proceeds received from (repayment of) US commercial paper 1 (451) Proceeds received from non-revolving credit facilities (US$) 1 4,352 1.375 5,982 5,397 1.386 7,479 Repayment of non-revolving credit facilities (US$) 1 (2,906) 1.380 (4,011) (4,303) 1.393 (5,992) Net proceeds received from non-revolving credit facilities 1,971 1,487 Net proceeds received from short-term borrowings 1,972 636 1 Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Proceeds received from receivables securitization — 800 Net proceeds received from receivables securitization — 800 Proceeds received from US commercial paper 120 1.367 164 1,402 1.355 1,900 Repayment of US commercial paper (220) 1.364 (300) (1,525) 1.360 (2,074) Net repayment of US commercial paper (136) (174) Proceeds received from non-revolving credit facilities (US$) 1 1,275 1.366 1,742 1,829 1.364 2,495 Repayment of non-revolving credit facilities (US$) 1 (1,279) 1.367 (1,748) (1,464) 1.367 (2,002) Net (repayment of) proceeds received from non-revolving credit facilities (6) 493 Net (repayment of) proceeds received from short-term borrowings (142) 1,119 1 Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Receivables Securitization Program Below is a s --- ummary of our receivables securitization program as at September 30, 2025 and December 31, 2024. As at September 30 As at December 31 (In millions of dollars) 2025 2024 Receivables sold to buyer as security 3,338 3,186 Short-term borrowings from buyer (1,600) (2,000) Overcollateralization 1,738 1,186 Rogers Communications Inc. 22 Third Quarter 2025 Below is a summary of the activity related to our receivables securitization program for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Receivables securitization program, beginning of period 1,600 2,400 2,000 1,600 Net (repayment of) proceeds received from receivables securitization — — (400) 800 Receivables securitization program, end of period 1,600 2,400 1,600 2,400 The terms of our receivables securitization program are committed until its expiry, which we extended in July 2025 to an expiration date of July 31, 2028. US Commercial Paper Program The tables below summarize the activity relating to our US CP program for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) US commercial paper program, beginning of period — — — 314 1.439 452 Net proceeds received from (repayment of) US commercial paper (1) n/m 1 (318) 1.418 (451) Discounts on issuance 1 1 n/m 2 4 n/m 6 Gain on foreign exchange 1 (3) (7) US commercial paper program, end of period — — — — — — n/m - not meaningful 1 Included in finance costs. Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) US commercial paper program, beginning of period 98 1.367 134 113 1.327 150 Net repayment of US commercial paper (100) 1.360 (136) (123) 1.415 (174) Discounts on issuance 1 2 n/m 3 10 n/m 14 Loss on foreign exchange 1 (1) 10 US commercial paper program, end of period — — — — — — 1 Included in finance costs. Concurrent with the commercial paper issuances, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 12). We have not designated these debt derivatives as hedges for accounting purposes. Rogers Communications Inc. 23 Third Quarter 2025 Non-Revolving Credit Facilities Below is a summary of the activity relating to our non-revolving credit facilities for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Non-revolving credit facility, beginning of period — 505 507 — Net (repayment of) proceeds received from non-revolving credit facility 1,971 (6) 1,487 493 Loss (gain) on foreign exchange 1 43 (6) 20 — Non-revolving credit facility, end of period 2,014 493 2,014 493 1 Included in finance costs. In March 2024, we borrowed US$185 million ($250 million) under our $500 million non-revolving credit facility. In April 2024, we borrowed an additional US$184 million ($250 million). In April 2025, we repaid the outstanding balance of US$349 million ($500 million) and terminated the facility. The related debt derivatives --- were also settled concurrently. Concurrent with our US dollar-denominated borrowings under our credit facilities, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 12). Rogers Communications Inc. 24 Third Quarter 2025 NOTE 16: LONG-TERM DEBT Principal amount Interest rate As at September 30 As at December 31 (In millions of dollars, except interest rates) Due date 2025 2024 Bank credit facilities (Cdn$ portion) Floating 425 — Term loan facility Floating — 1,001 Canada Infrastructure Bank credit facility 2052 1.000 % 135 64 Senior notes 2025 US 1,000 2.950 % — 1,439 Senior notes 2025 1,250 3.100 % — 1,250 Senior notes 2025 US 700 3.625 % 974 1,007 Senior notes 2026 500 5.650 % 500 500 Senior notes 2026 US 500 2.900 % 696 718 Senior notes 2027 1,500 3.650 % 1,500 1,500 Senior notes 1 2027 300 3.800 % 300 300 Senior notes 2027 US 1,300 3.200 % 1,810 1,871 Senior notes 2028 1,000 5.700 % 1,000 1,000 Senior notes 1 2028 500 4.400 % 500 500 Senior notes 1 2029 500 3.300 % 159 500 Senior notes 2029 1,000 3.750 % 1,000 1,000 Senior notes 2029 1,000 3.250 % 700 1,000 Senior notes 2029 US 1,250 5.000 % 1,740 1,799 Senior notes 2030 500 5.800 % 500 500 Senior notes 1 2030 500 2.900 % 210 500 Senior notes 2032 US 2,000 3.800 % 2,784 2,878 Senior notes 2032 1,000 4.250 % 1,000 1,000 Senior debentures 2 2032 US 200 8.750 % 278 288 Senior notes 2033 1,000 5.900 % 1,000 1,000 Senior notes 2034 US 1,250 5.300 % 1,740 1,799 Senior notes 2038 US 350 7.500 % 487 504 Senior notes 2039 500 6.680 % 500 500 Senior notes 1 2039 1,450 6.750 % 1,450 1,450 Senior notes 2040 800 6.110 % 800 800 Senior notes 2041 400 6.560 % 400 400 Senior notes 2042 US 750 4.500 % 1,044 1,079 Senior notes 2043 US 382 4.500 % 533 719 Senior notes 2043 US 650 5.450 % 905 935 Senior notes 2044 US 752 5.000 % 1,047 1,511 Senior notes 2048 US 506 4.300 % 704 1,079 Senior notes 1 2049 300 4.250 % 26 300 Senior notes 2049 US 630 4.350 % 877 1,799 Senior notes 2049 US 541 3.700 % 753 1,439 Senior notes 2052 US 2,000 4.550 % 2,784 2,878 Senior notes 2052 1,000 5.250 % 1,000 1,000 Subordinated notes 3 2055 US 1,100 7.000 % 1,531 — Subordinated notes 4 2055 US 1,000 7.125 % 1,392 — Subordinated notes 3 2055 1,000 5.625 % 1,000 — Subordinated notes 3 2081 2,000 5.000 % 2,000 2,000 Subordinated notes 3 2082 US 750 5.250 % 1,044 1,079 39,228 42,886 Deferred transaction costs and discounts (826) (951) Deferred government grant liability (80) (39) Less current portion (1,599) (3,696) Total long-term debt 36,723 38,200 1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at September 30, 2025 and December 31, 2024. 2 Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at September 30, 2025 and December 31, 2024. 3 The subordinated notes can be redeemed at par on the respective five-year anniversary from issuance dates of December 2021, February 2022, and February 2025 or on any subsequent interest payment date. 4 The subordinated notes can be redeemed at par on the ten-year anniversary from the issuance date of February 2025 or on any subsequent interest payment date. Rogers Communications Inc. 25 Third Quarter 2025 The tables below summarize the activity relating to our long-term debt for the three and nine month --- s ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Credit facility borrowings (Cdn$) 134 196 Credit facility borrowings (US$) 1,325 1.367 1,811 1,325 1.367 1,811 Total credit facility borrowings 1,945 2,007 Credit facility repayments (US$) (1,325) 1.361 (1,803) (1,325) 1.361 (1,803) Total credit facility repayments (1,803) (1,803) Net borrowings under credit facilities 142 204 Term loan facility net borrowings (US$) 1 — — — 1 n/m 6 Term loan facility net repayments (US$) 1 — — — (697) 1.380 (962) Net repayments under term loan facility — (956) Senior note repayments (Cdn$) (1,147) (2,397) Senior note repayments (US$) (1,412) 1.362 (1,923) (2,412) 1.394 (3,362) Total senior notes repayments (3,070) (5,759) Net repayment of senior notes (3,070) (5,759) Subordinated note issuances (Cdn$) — 1,000 Subordinated note issuances (US$) — — — 2,100 1.432 3,007 Total issuances of subordinated notes — 4,007 Net repayment of long-term debt (2,928) (2,504) 1 Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Three months ended September 30, 2024 Nine months ended September 30, 2024 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Term loan facility net borrowings (US$) 1 8 n/m 18 8 n/m 18 Term loan facility net repayments (US$) 1 — — — (2,512) 1.351 (3,393) Net borrowings (repayments) under term loan facility 18 (3,375) Senior note issuances (US$) — — — 2,500 1.347 3,367 Senior note repayments (Cdn$) — (1,100) Net issuance of senior notes — 2,267 Net issuance (repayment) of long-term debt 18 (1,108) 1 Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Rogers Communications Inc. 26 Third Quarter 2025 Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Long-term debt, beginning of period 40,852 40,585 41,896 40,855 Net (repayment) issuance of long-term debt (2,928) 18 (2,504) (1,108) Discount on principal amount of senior notes repurchased in connection with tender offer (504) — (504) — Increase in government grant liability related to Canada Infrastructure Bank facility (5) — (43) — Long-term debt acquired through the MLSE Transaction 298 — 298 — Loss (gain) on foreign exchange 447 (344) (951) 495 Deferred transaction costs derecognized (incurred) 131 — 31 (53) Amortization of deferred transaction costs 31 35 99 105 Long-term debt, end of period 38,322 40,294 38,322 40,294 During the nine months ended September 30, 2025, we repaid the $1 billion outstanding under the April 2026 tranche of the term loan and terminated the facility. In July 2025, to partially fund the MLSE Transaction, we borrowed US$1.3 billion ($1.8 billion) under our revolving credit facility (which was subsequently repaid using the proceeds from the network transaction) and US$1.5 billion ($2 billion) under two new $1 billion non-revolving credit facilities that mature in July 2026 (the borrowings under which are recognized within "short- --- term borrowings" on our consolidated statement of financial position). During the three months ended September 30, 2025, we amended the terms of our revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to September 2030, from April 2029, and the $1 billion tranche to September 30, 2028, from April 2027. Through the MLSE Transaction, we acquired MLSE's revolving and non-revolving credit facilities. The revolving credit facility has a borrowing limit of $260 million and matures in June 2028. During the three months ended September 30, 2025, we borrowed $125 million under the MLSE revolving credit facility. The non-revolving credit facility has a borrowing limit of $300 million, is fully drawn (reflected in "Long-term debt acquired through the MLSE Transaction" in the table above), and matures in June 2028. MLSE had entered into an interest rate swap to convert the floating interest rate on the borrowings under the non-revolving credit facility to a fixed interest rate (see note 12 for more information). Both of MLSE's credit facilities are secured by a first charge on Scotiabank Arena and all personal property of MLSE, subject to certain exceptions. Senior and Subordinated Notes Issuance of senior and subordinated notes and related debt derivatives Below is a summary of the senior notes we issued during the three and nine months ended September 30, 2025 and 2024. (In millions of dollars, except interest rates and discounts) Discount/ premium at issuance Total gross proceeds 1 (Cdn$) Transaction costs and discounts 2 (Cdn$) Date issued Principal amount Due date Interest rate 2025 issuances February 12, 2025 (subordinated) 3 US 1,100 2055 7.000 % 100.000 % 1,575 21 February 12, 2025 (subordinated) 3 US 1,000 2055 7.125 % 100.000 % 1,432 19 February 12, 2025 (subordinated) 3 1,000 2055 5.625 % 99.983 % 1,000 11 2024 issuances February 9, 2024 (senior) US 1,250 2029 5.000 % 99.714 % 1,684 20 February 9, 2024 (senior) US 1,250 2034 5.300 % 99.119 % 1,683 30 1 Gross proceeds before transaction costs, discounts, and premiums. 2 Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method. 3 Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date. Rogers Communications Inc. 27 Third Quarter 2025 2025 In February 2025, we issued three tranches of subordinated notes, consisting of: • US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years; • US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and • $1 billion due 2055 with an initial coupon of 5.625% for the first five years. Concurrent with these US dollar-denominated issuances, we entered into debt derivative to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year an --- niversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. 2024 In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion). We used the proceeds from this issuance to repay $3.4 billion of our term loan facility such that only $1 billion remains outstanding under the April 2026 tranche. Repayment of senior notes and related derivative settlements 2025 In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives. In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes. During the three months ended September 30, 2025, we purchased $1,205 million principal amount of our Canadian dollar-denominated senior notes and US$1,738 million principal amount of our US dollar-denominated senior notes, paying the note holders $1,147 million and US$1,411 million, respectively, plus accrued interest, for the purchase of those senior notes. In connection with our purchase of the US-dollar denominated senior notes, we also partially settled the associated debt derivatives. See note 12 for more information on the settlement of debt derivatives. 2024 In January 2024, we repaid the entire outstanding principal of our $500 million 4.35% senior notes at maturity. In March 2024, we repaid the entire outstanding principal of our $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes. Consent solicitation In connection with the sale of the minority interest in a new subsidiary (see note 18), we received the requisite consent from the holders of our outstanding senior notes for certain proposed clarifying amendments to the indentures governing those securities, and paid an aggregate of approximately $30 million to the consenting holders for their consents concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs will be amortized into finance costs over the remaining terms of the underlying notes using the effective interest method. Rogers Communications Inc. 28 Third Quarter 2025 NOTE 17: LEASES Below is a summary of the activity related to our lease liabilities for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Lease liabilities, beginning of period 2,953 2,719 2,778 2,593 Net additions 111 133 542 488 Lease liabilities acquired through the MLSE Transaction 104 — 104 — Interest on lease liabilities 37 34 109 103 Interest payments on lease liabilities (32 --- ) (31) (93) (98) Principal payments of lease liabilities (147) (127) (414) (358) Lease liabilities, end of period 3,027 2,728 3,027 2,728 NOTE 18: EQUITY Dividends Below is a summary of the dividends we declared and paid on our outstanding RCI Class A Voting common shares (Class A Shares) and Class B Non-Voting Shares in 2025 and 2024. Dividends paid (in millions of dollars) Number of Class B Non-Voting Shares issued (in thousands) 1 Declaration date Record date Payment date Dividend per share (dollars) In cash In Class B Non-Voting Shares Total January 29, 2025 March 10, 2025 April 2, 2025 0.50 188 81 269 2,181 April 22, 2025 June 9, 2025 July 3, 2025 0.50 270 — 270 — July 22, 2025 September 8, 2025 October 3, 2025 0.50 270 — 270 — January 31, 2024 March 11, 2024 April 3, 2024 0.50 183 83 266 1,552 April 23, 2024 June 10, 2024 July 5, 2024 0.50 185 81 266 1,651 July 23, 2024 September 9, 2024 October 3, 2024 0.50 181 86 267 1,633 October 23, 2024 December 9, 2024 January 3, 2025 0.50 185 84 269 1,943 1 Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP). On October 22, 2025, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on January 2, 2026, to shareholders of record on December 8, 2025. The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above five cents per share. Non-controlling Interest On June 20, 2025, we sold a 49.9% equity interest, representing a 20% voting interest, in a subsidiary (Backhaul Network Services Inc., or BNSI) that owns a portion of our wireless backhaul transport infrastructure to Blackstone for US$4.85 billion ($6.7 billion). We control BNSI and have therefore included its results in our consolidated financial statements. Provided our debt leverage ratio is not greater than 3.25x, at any time between the eighth and twelfth anniversaries of closing, we will have the right to purchase Blackstone's interest in BNSI for a cash purchase price based on the lesser of a multiple of BNSI's EBITDA (calculated in accordance with the BNSI shareholder agreement) and an amount necessary to provide Blackstone with an 8% annual rate of return, subject to a pre-agreed floor and after considering distributions previously made to Blackstone. Blackstone does not have a right to require Rogers to repurchase or redeem its shares. BNSI is the exclusive provider to Rogers of backhaul services for cellular data transmission in Ontario and Alberta, subject to certain exceptions. RCI has entered into a long-term backhaul services agreement with BNSI (for an initial term of 25 years and subject to renewal) under which it will pay fees to BNSI for cellular data transmission, subject to an annual minimum payment and periodic price adjustments. Rogers Communications Inc. 29 Third Quarter 2025 During the first five years of Blackstone's investment, subject to approval of the BNSI board of directors, BNSI will have a distribution policy to make quarterly pro rata cash distributions to Blackstone and RCCI of available cash in an amount that is intended to provide Blackstone with a 7% annual return on i --- ts US dollar investment. Except in certain circumstances, Rogers will be entitled to any excess cash above the target distribution threshold during this five-year period, which may be loaned to RCI. After the first five years of Blackstone's investment, all distributions of available cash by BNSI will be made on a pro rata basis to Blackstone and RCCI. We have entered into derivative agreements in connection with the network transaction (see note 12). NOTE 19: STOCK-BASED COMPENSATION Below is a summary of our stock-based compensation expense, which is included in net income, for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Stock options 22 10 19 (31) Restricted share units 25 14 46 23 Deferred share units 8 5 10 (3) Equity derivative effect, net of interest receipt (33) (15) (10) 52 Total stock-based compensation expense 22 14 65 41 As at September 30, 2025, we had a total liability recognized at its fair value of $141 million (December 31, 2024 - $103 million) related to stock-based compensation, including stock options, restricted share units (RSUs), and deferred share units (DSUs). During the three and nine months ended September 30, 2025, we paid $1 million and $36 million (2024 - $10 million and $65 million), respectively, to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature. Stock Options Summary of stock options The tables below summarize the activity related to stock option plans, including performance options, for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, 2025 Nine months ended September 30, 2025 (In number of units, except prices) Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 12,204,957 $58.80 9,707,847 $63.89 Granted — — 2,687,103 $40.37 Forfeited (438,863) 65.79 (628,856) $62.82 Outstanding, end of period 11,766,094 $58.58 11,766,094 $58.58 Exercisable, end of period 7,322,180 $64.10 7,322,180 $64.10 Three months ended September 30, 2024 Nine months ended September 30, 2024 (In number of units, except prices) Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding, beginning of period 10,587,278 $63.92 10,593,645 $63.87 Granted — — 353,105 $61.39 Exercised (25,470) $49.95 (153,615) $53.04 Forfeited (853,961) $64.66 (1,085,288) $64.44 Outstanding, end of period 9,707,847 $63.89 9,707,847 $63.89 Exercisable, end of period 6,135,190 $63.69 6,135,190 $63.69 We did not grant any performance options during the three and nine months ended September 30, 2025 or 2024. Rogers Communications Inc. 30 Third Quarter 2025 Unrecognized stock-based compensation expense related to stock option plans was $12 million as at September 30, 2025 (December 31, 2024 - $1 million) and will be recognized in net income within periods of up to the next four years as the options vest. Restricted Share Units Summary of RSUs Below is a summary of the activity related to RSUs outstanding, including performance RSUs, for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In number of units) 2025 2024 2025 2024 Outstanding, beginning of period 3,370,722 2,500,371 2,448,224 2,551,728 Granted and reinvested dividends 58,639 108,669 1,924 --- ,846 1,193,726 Exercised (6,360) (8,115) (778,837) (908,188) Forfeited (49,912) (98,605) (221,144) (334,946) Outstanding, end of period 3,373,089 2,502,320 3,373,089 2,502,320 Included in the above table are grants of 8,870 and 312,356 performance RSUs to certain key employees during the three and nine months ended September 30, 2025 (2024 - nil and 378,296), respectively. Unrecognized stock-based compensation expense related to these RSUs was $61 million as at September 30, 2025 (December 31, 2024 - $35 million) and will be recognized in net income within periods of up to the next three years as the RSUs vest. Deferred Share Unit Plan Summary of DSUs Below is a summary of the activity related to DSUs outstanding, including performance DSUs, for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30 Nine months ended September 30 (In number of units) 2025 2024 2025 2024 Outstanding, beginning of period 1,034,078 1,145,935 908,678 956,410 Granted and reinvested dividends 12,614 11,459 232,703 222,358 Exercised (1) (184,717) (94,405) (205,868) Forfeited — — (285) (223) Outstanding, end of period 1,046,691 972,677 1,046,691 972,677 Included in the above table are grants of 1,390 and 4,149 performance DSUs to certain key executives during the three and nine months ended September 30, 2025 (2024 - 1,898 and 5,128). Unrecognized stock-based compensation expense related to granted DSUs was $11 million as at September 30, 2025 (December 31, 2024 - $5 million) and will be recognized in net income over the next three years as the executive DSUs vest. All other DSUs granted are fully vested. NOTE 20: RELATED PARTY TRANSACTIONS Controlling Shareholder We enter into certain transactions with private companies controlled by the controlling shareholder of RCI, the Rogers Control Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid during the three and nine months ended September 30, 2025 and 2024 were less than $1 million, respectively. Transactions with Related Parties We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for the three and nine months ended September 30, 2025 and 2024. On closing of the Shaw Transaction, we entered into an advisory agreement with Brad Shaw in accordance with the arrangement agreement, pursuant to which he was paid $20 million for a two-year period following closing in exchange for Rogers Communications Inc. 31 Third Quarter 2025 performing certain services related to the transition and integration of Shaw, of which nil and $3 million was recognized in net income and paid during the three and nine months ended September 30, 2025 (2024 - $3 million and $8 million). There are no payments this quarter as the final payment under the agreement was made in the three months ended March 31, 2025. We have also entered into certain other transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three and nine months ended September 30, 2025 were less than $1 million. In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangeme --- nt with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million and $9 million of which was paid during the three and nine months ended September 30, 2025. The remaining liability of $85 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next twelve months) or "other long-term liabilities". We recognized these transactions at the amounts agreed to by the related parties, which were also approved by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and generally due for payment in cash within one month of the date of the transaction. NOTE 21: COMMITMENTS In April 2025, we renewed our agreement with the National Hockey League (NHL) for the national media rights to NHL games on all platforms in Canada through the 2037-38 season for a total committed spend of $11 billion over 12 years beginning in the 2026-27 season. Further, as a result of entering into new contracts with various Toronto Blue Jays players in 2025, we have approximately US$700 million of incremental player contract commitments that will be settled over periods of up to the next 15 years. Commitments acquired in the MLSE Transaction As a result of the MLSE Transaction, we acquired MLSE's outstanding contractual commitments. The table below summarizes the acquired commitments for purchase obligations, which were not recognized as liabilities as at July 1, 2025. (In millions of dollars) Remainder of 2025 2026 and 2027 2028 and 2029 Thereafter Total Purchase obligations 17 25 4 — 46 Player contracts 184 603 392 80 1,259 NOTE 22: SUPPLEMENTAL CASH FLOW INFORMATION Change in Net Operating Assets and Liabilities Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Accounts receivable, excluding financing receivables (87) (58) (122) (8) Financing receivables 28 4 226 95 Contract assets 6 10 18 (4) Inventories 79 41 171 (16) Other current assets (27) 17 (110) 112 Accounts payable and accrued liabilities (208) 243 (398) (291) Contract and other liabilities 76 (57) (29) (97) Total change in net operating assets and liabilities (133) 200 (244) (209) Capital Expenditures Three months ended September 30 Nine months ended September 30 (In millions of dollars) 2025 2024 2025 2024 Capital expenditures before proceeds on disposition 977 967 2,841 3,034 Proceeds on disposition (13) (41) (68) (51) Capital expenditures 964 977 2,773 3,034 Rogers Communications Inc. 32 Third Quarter 2025