SEDAR Interim Financial Statements

Rogers Communications Inc. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Three months ended March 31, 2026 and 2025 Rogers Communications Inc. 1 First Quarter 2026 Rogers Communications Inc. Interim Condensed Consolidated Statements of Income (In millions of Canadian dollars, except per share amounts, unaudited) Three months ended March 31 Note 2026 2025 Revenue 5 5,482 4,976 Operating expenses: Operating costs 6 3,118 2,722 Depreciation and amortization 1,221 1,166 Restructuring, acquisition and other 7 49 127 Finance costs 8 443 579 Other (income) expense 9 (4) 2 Income before income tax expense 655 380 Income tax expense 173 100 Net income for the period 482 280 Net income for the period attributable to: RCI shareholders 438 280 Non-controlling interest 44 — Earnings per share attributable to RCI shareholders: Basic 10 $0.81 $0.52 Diluted 10 $0.80 $0.50 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 2 First Quarter 2026 Rogers Communications Inc. Interim Condensed Consolidated Statements of Comprehensive Income (In millions of Canadian dollars, unaudited) Three months ended March 31 2026 2025 Net income for the period 482 280 Other comprehensive income: Items that will not be reclassified to income: Equity investments measured at fair value through other comprehensive income (FVTOCI): Increase (decrease) in fair value 11 (21) Related income tax (expense) recovery (1) 1 Equity investments measured at FVTOCI 10 (20) Items that will not be reclassified to income 10 (20) Items that may subsequently be reclassified to income: Cash flow hedging derivative instruments: Unrealized gain in fair value of derivative instruments 429 273 Reclassification to net income of (gain) loss on debt derivatives (308) 8 Reclassification to net income or property, plant and equipment of gain on expenditure derivatives (2) (29) Reclassification to net income for accrued interest (20) (33) Related income tax expense (53) (68) Cash flow hedging derivative instruments 46 151 Items that may subsequently be reclassified to income 46 151 Other comprehensive income for the period 56 131 Comprehensive income for the period 538 411 Comprehensive income for the period attributable to: RCI shareholders 494 411 Non-controlling interest 44 — The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 3 First Quarter 2026 Rogers Communications Inc. Interim Condensed Consolidated Statements of Financial Position (In millions of Canadian dollars, unaudited) As at March 31 As at December 31 Note 2026 2025 Assets Current assets: Cash and cash equivalents 1,386 1,344 Accounts receivable 12 5,658 6,105 Inventories 461 550 Current portion of contract assets 150 151 Other current assets 1,420 1,239 Current portion of derivative instruments 11 266 99 Total current assets 9,341 9,488 Property, plant and equipment 26,272 26,307 Intangible assets 28,901 28,898 Investments 13 1,304 1,291 Derivative instruments 11 879 746 Financing receivables 12 1,141 1,198 Other long-term assets 2,090 2,052 Goodwill 20,032 20,032 Total assets 89,960 90,012 Liabilities and equity Current liabilities: Short-term borrowings 14 2,053 4,000 Accounts payable and accrued liabilities 4,485 4,831 Other current liabilities 3,765 3,831 Contract liabilities 1,078 1,114 Current portion of long-term debt 15 4,805 1,186 Current portion of lease --- liabilities 16 697 690 Total current liabilities 16,883 15,652 Provisions 55 55 Long-term debt 15 34,742 35,872 Lease liabilities 16 2,506 2,428 Other long-term liabilities 1,962 2,225 Deferred tax liabilities 9,489 9,494 Total liabilities 65,637 65,726 Equity Equity attributable to RCI shareholders 17,975 17,751 Non-controlling interest 6,348 6,535 Equity 17 24,323 24,286 Total liabilities and equity 89,960 90,012 Subsequent events 11, 17 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 4 First Quarter 2026 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 Three months ended March 31, 2026 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, 2026 71 111,152 2,415 429,073 16,528 32 (1,305) 10 17,751 6,535 24,286 Net income for the period — — — — 438 — — — 438 44 482 Other comprehensive income: FVTOCI investments, net of tax — — — — — 10 — — 10 — 10 Derivative instruments accounted for as hedges, net of tax — — — — — — 46 — 46 — 46 Total other comprehensive income — — — — — 10 46 — 56 — 56 Comprehensive income (loss) for the period — — — — 438 10 46 — 494 44 538 Transactions with shareholders recorded directly in equity: Dividends declared — — — — (270) — — — (270) — (270) Share class exchange — (3) — 3 — — — — — — — Dividends declared by a subsidiary to non-controlling interests (note 17) — — — — — — — — — (231) (231) Total transactions with shareholders — (3) — 3 (270) — — — (270) (231) (501) Balances, March 31, 2026 71 111,149 2,415 429,076 16,696 42 (1,259) 10 17,975 6,348 24,323 Class A Voting Shares Class B Non-Voting Shares Three months ended March 31, 2025 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, 2025 71 111,152 2,250 424,949 10,630 (7) (2,551) 10 10,403 Net income for the period — — — — 280 — — — 280 Other comprehensive income: FVTOCI investments, net of tax — — — — — (20) — — (20) Derivative instruments accounted for as hedges, net of tax — — — — — — 151 — 151 Total other comprehensive income — — — — — (20) 151 — 131 Comprehensive income for the period — — — — 280 (20) 151 — 411 Transactions with shareholders recorded directly in equity: Dividends declared — — — — (269) — — — (269) Share price change on DRIP dividends — — — — (3) — — — (3) Shares issued as settlement of dividends — — 86 1,943 — — — — 86 Total transactions with shareholders — — 86 1,943 (272) — — — (186) Balances, March 31, 2025 71 111,152 2,336 426,892 10,638 (27) (2,400) 10 10,628 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 5 First Quarter 2026 Rogers Communications Inc. Interim Condensed Consolidated Statements of Cash Flows (In millions of Canadian dollars, unaudited) Three months ended March 31 Note 2026 2025 Operating activities: Net income for the period 482 280 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 1,221 1,166 Program rights amortizatio --- n 53 19 Finance costs 8 443 579 Income tax expense 173 100 Post-employment benefits contributions, net of expense 16 17 Income from associates and joint ventures 9 (3) (2) Other 21 3 Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid 2,406 2,162 Change in net operating assets and liabilities 20 (159) (83) Income taxes paid (200) (188) Interest paid (552) (595) Cash provided by operating activities 1,495 1,296 Investing activities: Capital expenditures 20 (808) (978) Additions to program rights and other intangible assets (98) (24) Changes in non-cash working capital related to investing activities (112) 12 Acquisitions and other strategic transactions, net of cash acquired (85) — Other (3) 1 Cash used in investing activities (1,106) (989) Financing activities: Net repayment of short-term borrowings 14 (1,952) (853) Net issuance of long-term debt 15 2,169 2,602 Net proceeds on settlement of debt derivatives and subsidiary equity derivatives 11 6 83 Transaction costs incurred 15 (27) (38) Principal payments of lease liabilities 16 (156) (133) Dividends paid to RCI shareholders 17 (270) (185) Distributions paid by subsidiaries to non-controlling interests 17 (116) — Other (1) (1) Cash (used in) provided by financing activities (347) 1,475 Change in cash and cash equivalents 42 1,782 Cash and cash equivalents, beginning of period 1,344 898 Cash and cash equivalents, end of period 1,386 2,680 The accompanying notes are an integral part of the interim condensed consolidated financial statements. Rogers Communications Inc. 6 First Quarter 2026 NOTE 1: NATURE OF THE BUSINESS Rogers Communications Inc. is Canada's communications, sports and entertainment company. Substantially all of our operations 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 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, digital media, and sports team ownership. During the three months ended March 31, 2026, 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 M --- aple Leaf Sports & Entertainment Ltd. (MLSE). 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, 2025 (2025 financial statements). 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 financial statements. References to the MLSE Transaction are to our acquisition of Bell's indirect 37.5% interest in MLSE on July 1, 2025. For additional details, see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 financial statements. References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network. For additional details, see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 financial statements. Statement of Compliance We prepared our interim condensed consolidated financial statements for the three months ended March 31, 2026 (first quarter 2026 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 accounting policies and methods of application as those disclosed in our 2025 financial statements. These first quarter 2026 interim financial statements were approved by RCI's Board of Directors (the Board) on April 21, 2026. NOTE 2: MATERIAL ACCOUNTING POLICIES Basis of Presentation The notes presented in these first quarter 2026 interim financial statements include only material transactions and changes occurring for the three months since our year-end of December 31, 2025 and do not include all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These first quarter 2026 interim financial statements should be read in conjunction with the 2025 financial statements. All dollar amounts are in Canadian dollars unless otherwise stated. New Accounting Pronouncements Adopted in 2026 We adopted the following IFRS amendments in 2026. They did not have a material effect on our consolidated financial statements. Rogers Communications Inc. 7 First Quarter 2026 • Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems. Recent Accounting Pronouncements Not Yet Adopted The IASB has not issued any new or amended accounting pronouncements in 2026. The IASB has issued the following new standard that will become effective in future years: • IFRS 18, Presentation and Disclosure --- in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements. We are continuing to assess the impacts IFRS 18 will have on our consolidated financial statements. We expect our consolidated statements of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows. NOTE 3: 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 March 31, 2026 and December 31, 2025, we met our objectives for these metrics. As at March 31 As at December 31 (In millions of dollars, except ratios) 2026 2025 Adjusted net debt 1,2 37,966 38,856 Divided by: trailing 12-month adjusted EBITDA 9,930 9,820 Debt leverage ratio 3.8 4.0 1 For the purposes of calculating adjusted net debt, 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. 2 For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings. Rogers Communications Inc. 8 First Quarter 2026 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. Three months ended March 31 (In millions of dollars) Note 2026 2025 Adjusted EBITDA 4 2,364 2,254 Deduct (add): Capital expenditures 1 20 808 978 Interest on borrowings, net and capitalized interest 8 476 502 Cash income taxes 2 200 188 Distributions paid by subsidiaries to non-controlling interests 116 — Net cash proceeds on subsidiary equity derivatives 3 (12) — Free cash flow 776 586 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. 3 Reflects the impact of the subsidiary equity derivatives, which we entered into to economically hedge the distributions to non-controlling interests. See note 11 for more information. Three months ended March 31 (In millions of dollars) Note 2026 2025 Cash provided by operating activities 1,495 1,296 Add (deduct): Capital expenditures 20 (808) (978) Interest on borrowings, net and capitalized interest 8 (476) (502) Interest paid 552 595 Restructuring, acquisition and other 7 49 127 Program rights amortization (53) (19) Change in net operating assets and liabilities 20 159 83 Distributions paid by subsidiaries to non-controlling interests 17 (116) — Net cash proceeds on subsidiary equity derivatives 17 12 — Post-employment benefit contributions, net of expense (16) (17) Cash flows relating to other operating activities (21) (3) Other investment (income) losses 9 (1) 4 Free cash flow 776 586 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 March 31, 2026 and December 31, 2025, 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 securitization program and our US dollar-denominated commercial paper (US CP) program. Rogers Communications Inc. 9 First Quarter 2026 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 months ended March 31, 2026, we borrowed nil (2025 - $28 million) under this facility. As at March 31, 2026 Total sources Drawn Letters of credit US CP progra --- m 1 Net available (In millions of dollars) Note Cash and cash equivalents 1,386 — — — 1,386 Bank credit facilities 2: Revolving 15 4,260 — 10 455 3,795 Non-revolving 15 300 300 — — — Outstanding letters of credit 73 — 73 — — Receivables securitization 2 14 2,400 1,600 — — 800 Total 8,419 1,900 83 455 5,981 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. As at December 31, 2025 Total sources Drawn Letters of credit Net available (In millions of dollars) Note Cash and cash equivalents 1,344 — — 1,344 Bank credit facilities 1: Revolving 15 4,260 115 10 4,135 Non-revolving 14, 15 2,300 2,300 — — Outstanding letters of credit 45 — 45 — Receivables securitization 1 14 2,400 2,000 — 400 Total 10,349 4,415 55 5,879 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. NOTE 4: 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 2025 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) expense; and income tax expense. Rogers Communications Inc. 10 First Quarter 2026 Information by Segment Three months ended March 31, 2026 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 5 2,557 1,932 916 77 5,482 Revenue from internal customers 34 16 72 (122) — Total revenue 2,591 1,948 988 (45) 5,482 Operating costs 6 1,268 826 988 36 3,118 Adjusted EBITDA 1,323 1,122 — (81) 2,364 Depreciation and amortization 1,221 Restructuring, acquisition and other 7 49 Finance costs 8 443 Other income 9 ( --- 4) Income before income taxes 655 Three months ended March 31, 2025 Note Wireless Cable Media Corporate items and eliminations Consolidated totals (In millions of dollars) Revenue from external customers 5 2,521 1,918 463 74 4,976 Revenue from internal customers 23 17 79 (119) — Total revenue 2,544 1,935 542 (45) 4,976 Operating costs 6 1,233 827 605 57 2,722 Adjusted EBITDA 1,311 1,108 (63) (102) 2,254 Depreciation and amortization 1,166 Restructuring, acquisition and other 7 127 Finance costs 8 579 Other expense 9 2 Income before income taxes 380 Rogers Communications Inc. 11 First Quarter 2026 NOTE 5: REVENUE Three months ended March 31 (In millions of dollars) 2026 2025 Wireless Service revenue from external customers 1,997 2,003 Service revenue from internal customers 34 23 Service revenue 2,031 2,026 Equipment revenue from external customers 560 518 Total Wireless 2,591 2,544 Cable Service revenue from external customers 1,922 1,907 Service revenue from internal customers 16 17 Service revenue 1,938 1,924 Equipment revenue from external customers 10 11 Total Cable 1,948 1,935 Media Revenue from external customers 916 463 Revenue from internal customers 72 79 Total Media 988 542 Corporate items Revenue from external customers 77 74 Revenue from internal customers 13 8 Total corporate items 90 82 Intercompany eliminations (135) (127) Total revenue 5,482 4,976 Total service revenue 4,912 4,447 Total equipment revenue 570 529 Total revenue 5,482 4,976 Rogers Communications Inc. 12 First Quarter 2026 NOTE 6: OPERATING COSTS Three months ended March 31 (In millions of dollars) 2026 2025 Cost of equipment sales 547 517 Merchandise for resale 51 42 Good and services purchased 1,783 1,646 Employee salaries, benefits, and stock-based compensation 737 517 Total operating costs 3,118 2,722 NOTE 7: RESTRUCTURING, ACQUISITION AND OTHER Three months ended March 31 (In millions of dollars) 2026 2025 Restructuring, acquisition and other excluding Shaw Transaction integration-related costs 38 90 Shaw Transaction integration-related costs 11 37 Total restructuring, acquisition and other 49 127 The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in 2025 and 2026 include severance and other departure-related costs associated with the targeted restructuring of our employee base. In 2026, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction. The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction. NOTE 8: FINANCE COSTS Three months ended March 31 (In millions of dollars) Note 2026 2025 Interest on borrowings, net 1 482 511 Interest on lease liabilities 16 39 36 Interest on post-employment benefits (2) (2) Loss (gain) on foreign exchange 7 (11) Change in fair value of derivative instruments (12) 13 Change in fair value of subsidiary equity derivative instruments 2 (105) — Capitalized interest (6) (9) Deferred transaction costs and other 40 41 Total finance costs 443 579 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt. 2 Reflects the change in fair value of derivatives entered related to our subsidiary equity investment (see note 11 for more information). NOTE 9: OTHER (INCOME) EXPENSE Three months ended March 31 (In millions of dollars) 2026 2025 Income from associates and join --- t ventures (3) (2) Other investment (income) losses (1) 4 Total other (income) expense (4) 2 Rogers Communications Inc. 13 First Quarter 2026 NOTE 10: EARNINGS PER SHARE Three months ended March 31 (In millions of dollars, except per share amounts) 2026 2025 Numerator (basic) - Net income attributable to RCI shareholders for the period 438 280 Denominator - Number of shares (in millions): Weighted average number of shares outstanding - basic 540 538 Effect of dilutive securities (in millions): Employee stock options and restricted share units 3 1 Weighted average number of shares outstanding - diluted 543 539 Earnings per share attributable to RCI shareholders: Basic $0.81 $0.52 Diluted $0.80 $0.50 For the three months ended March 31, 2026 and 2025, 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 months ended March 31, 2026 was reduced by $1 million (2025 - $8 million) in the diluted earnings per share calculation. A total of 9,300,841 options were out of the money for the three months ended March 31, 2026 (2025 - 9,517,854). These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive. NOTE 11: 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 15). 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, with the exception of the interest rate swaps acquired in the MLSE Transaction, have not been designated as hedges for accounting purposes. Below is a summary of the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 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 — — — 3,142 1.433 4,503 Debt derivatives settled — — — 3,144 1.430 4,497 Net cash paid on settlement — (17) US commercial paper program Debt derivatives entered 854 1.374 1,173 299 1.435 429 Debt derivatives settled 528 1.367 7 --- 22 613 1.431 877 Net cash (paid) received on settlement (7) 2 Rogers Communications Inc. 14 First Quarter 2026 As at March 31, 2026, we had nil and US$326 million notional amount of debt derivatives outstanding relating to our credit facility borrowings and US CP program (December 31, 2025 - nil), at average rates of nil/US$ and 1.366/US$ (December 31, 2025 - nil/US$), respectively. Subordinated notes Below is a summary of the debt derivatives we entered into related to subordinated notes during the three months ended March 31, 2026 and 2025. (In millions of dollars, except for coupon and interest rates) US$ Hedging effect Effective date Principal/Notional amount (US$) Maturity date Coupon rate Fixed hedged (Cdn$) interest rate 1 Equivalent (Cdn$) 2026 issuances March 27, 2026 750 2056 6.875 % 6.193 % 1,034 2025 issuances February 12, 2025 1,100 2055 7.000 % 5.440 % 1,575 February 12, 2025 1,000 2055 7.125 % 5.862 % 1,432 1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate. As at March 31, 2026, we had US$16,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.291/US$ (December 31, 2025 - $1.287/US$). In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives. Lease liabilities Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Debt derivatives entered 37 1.378 51 59 1.390 82 Debt derivatives settled 66 1.364 90 59 1.356 80 Net cash received on settlement 1 3 As at March 31, 2026, we had US$381 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2025 - US$410 million) with terms to maturity ranging from April 2026 to March 2029 (December 31, 2025 - January 2026 to December 2028), at an average rate of $1.367/US$ (December 31, 2025 - $1.365/ US$). Expenditure derivatives We use foreign currency forward contracts and option 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. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs". Rogers Communications Inc. 15 First Quarter 2026 The following table provides further details on our outstanding foreign currency forward contracts and options as at March 31, 2026 and December 31, 2025. As at March 31 As at December 31 (in millions of dollars) 2026 2025 Type of hedge Amount to --- receive (US$) Amount to pay (Cdn$) Amount to receive (US$) Amount to pay (Cdn$) Maturity Hedged item Cash flow 1,183 1,618 1,429 1,955 2026 Anticipated purchases Cash flow 949 1,282 609 826 2027 Anticipated purchases Cash flow 130 175 40 54 2028 Anticipated purchases Cash flow 25 34 — — 2029 Anticipated purchases Cash flow 305 397 305 397 2026-2039 Future Toronto Blue Jays player compensation Economic 144 190 216 285 2026 Anticipated purchases Economic 372 500 420 565 2027 Anticipated purchases Economic 181 243 205 275 2028 Anticipated purchases Economic 45 61 45 61 2029 Anticipated purchases 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 March 31, 2026, we had equity derivatives outstanding for 6.5 million (December 31, 2025 - 5.5 million) Class B Non- Voting Shares with a weighted average price of $48.11 (December 31, 2025 - $46.81). During the three months ended March 31, 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23. In April 2026, we reset the pricing on 0.2 million existing equity derivatives, resulting in net proceeds of $0.6 million. We also executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2027 (from April 2026). The weighted average cost was adjusted to $48.20 per share. Subsidiary equity derivatives We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis. Cash settlements on debt derivatives and subsidiary equity derivatives Below is a summary of the net proceeds on settlement of debt derivatives and subsidiary equity derivatives during the three months ended March 31, 2026 and 2025. Three months ended March 31 (In millions of dollars, except exchange rates) 2026 2025 Credit facilities — (17) US commercial paper program (7) 2 Senior and subordinated notes — 95 Lease liabilities 1 3 Subsidiary equity derivatives 12 — Net proceeds on settlement of debt derivatives and subsidiary equity derivatives 6 83 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 value of our lease liabilities approximates their fair value because the discount rate used to calculate them Rogers Communications Inc. 16 First Quarter 2026 approximates our current borrowing rate. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance. 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 derivatives in an asset position, the credit adjustment for the financial institution counterparty is added to the risk-free value to determine the estimated credit-adjusted value for each derivative. For those derivatives in a liability position, our credit adjustment is added to the risk-free value for each derivative. The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares. The fair value of the MLSE put liability is 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. 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 March 31, 2026 or December 31, 2025. There were no transfers between Level 1, Level 2, or Level 3 during the three months ended March 31, 2026 or 2025. Below is a summary of our financial instruments carried at fair value as at March 31, 2026 and December 31, 2025. Carrying value Fair value (Level 2) Fair value (Level 3) As at Mar. 31 As at Dec. 31 As at Mar. 31 As at Dec. 31 As at Mar. 31 As at Dec. 31 (In millions of dollars) 2026 2025 2026 2025 2026 2025 Financial assets Investments, measured at FVTOCI: Investments in private companies 223 212 — — 223 212 Held-for-trading: Debt derivatives accounted for as cash flow hedges 984 787 984 787 — — Debt derivatives not accounted for as hedges 8 — 8 — — — Expenditure derivatives accounted for as cash flow hedges 52 20 52 20 — — Equity derivatives not accounted for as hedges 43 37 43 37 — — Subsidiary equity derivatives not accounted for as hedges 58 1 58 1 — — Total financial assets 1,368 1,057 1,145 845 223 212 Financial liabilities Long-term debt (including current portion) 39,547 37,058 38,622 36,523 — — MLSE put liability 3,316 3,316 — — 3,316 3,316 Held-for-trading: Debt derivatives accounted for as cash flow hedges 472 645 472 645 — — MLSE interest rate swap 5 7 5 7 — — Expenditure derivatives accounted for as cash flow hedges 6 28 6 28 — — Expenditure derivatives not accounted for as hedges 9 17 9 17 — — Equity derivatives not accounted as hedges 8 9 8 9 — — Subsidiary equity derivatives not accounted for as hedges — 36 — 36 — — Virtual power purchase agreement not accounted for as a hedge 5 6 5 6 — — Total financial liabilities 43,3 --- 68 41,122 39,127 37,271 3,316 3,316 Rogers Communications Inc. 17 First Quarter 2026 NOTE 12: 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 March 31 As at December 31 (In millions of dollars) 2026 2025 Current financing receivables 2,406 2,448 Long-term financing receivables 1,141 1,198 Total financing receivables 3,547 3,646 NOTE 13: INVESTMENTS As at March 31 As at December 31 (In millions of dollars) 2026 2025 Investments in private companies, measured at FVTOCI 223 212 Investments, associates and joint ventures 1,081 1,079 Total investments 1,304 1,291 NOTE 14: SHORT-TERM BORROWINGS Below is a summary of our short-term borrowings as at March 31, 2026 and December 31, 2025. As at March 31 As at December 31 (In millions of dollars) 2026 2025 Receivables securitization program 1,600 2,000 US commercial paper program (net of the discount on issuance) 453 — Non-revolving credit facility borrowings (net of the discount on issuance) — 2,000 Total short-term borrowings 2,053 4,000 Rogers Communications Inc. 18 First Quarter 2026 Below is a summary of the activity relating to our short-term borrowings for the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Proceeds received from receivables securitization 400 — Repayment of receivables securitization (800) (400) Net repayment of receivables securitization (400) (400) Proceeds received from US commercial paper 854 1.374 1,173 299 1.435 429 Repayment of US commercial paper (531) 1.365 (725) (616) 1.430 (881) Net proceeds received from (repayment of) US commercial paper 448 (452) Proceeds received from non-revolving credit facilities (US$) 1 — — — 1,045 1.433 1,497 Repayment of non-revolving credit facilities (Cdn$) 1 (2,000) — Repayment of non-revolving credit facilities (US$) 1 — — — (1,048) 1.429 (1,498) Net repayment of non-revolving credit facilities (2,000) (1) Net repayment of short-term borrowings (1,952) (853) 1 Borrowings under our non-revolving facilities matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Receivables Securitization Program Below is a summary of our receivables securitization program as at March 31, 2026 and December 31, 2025. As at March 31 As at December 31 (In millions of dollars) 2026 2025 Receivables sold to buyer as security 3,509 3,251 Short-term borrowings from buyer (1,600) (2,000) Overcollateralization 1,909 1,251 Below is a summary of the activity related to our receivables securitization program for the three months ended March 31, 2026 and 2025. Three months ended March 31 (In millions of dollars) 2026 2025 Receivables securitization program, beginning of period 2,000 2,000 Net repayment of receivables securitization (400) (400) Receivables securitization program, end of period 1,600 1,600 Rogers Communications Inc. 19 First Quarter 2026 US Com --- mercial Paper Program Below is a summary of the activity relating to our US CP program for the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) US commercial paper program, beginning of period — — — 314 1.439 452 Net proceeds received from (repayment of) US commercial paper 323 1.387 448 (317) 1.426 (452) Discounts on issuance 1 2 n/m 3 3 n/m 4 Loss (gain) on foreign exchange 1 2 (4) US commercial paper program, end of period 325 1.394 453 — — — n/m - not meaningful 1 Included in finance costs. Concurrent with the commercial paper issuances, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 11). We have not designated these debt derivatives as hedges for accounting purposes. Non-Revolving Credit Facility Below is a summary of the activity relating to our non-revolving credit facilities for the three months ended March 31, 2026 and 2025. Three months ended March 31 (In millions of dollars) 2026 2025 Non-revolving credit facility, beginning of period 2,000 507 Net repayment of non-revolving credit facilities (2,000) (1) Gain on foreign exchange 1 — (4) Non-revolving credit facility, end of period — 502 1 Included in finance costs. Concurrent with our US dollar-denominated borrowings under our credit facilities in 2025, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings. Rogers Communications Inc. 20 First Quarter 2026 NOTE 15: LONG-TERM DEBT Principal amount Interest rate As at March 31 As at December 31 (In millions of dollars, except interest rates) Par call date Due date 2026 2025 Bank credit facilities (Cdn$ portion) Floating 300 415 Canada Infrastructure Bank credit facility 2052 1.000 % 134 134 Senior notes n/a Sep 2026 500 5.650 % 500 500 Senior notes Aug 2026 Nov 2026 US 500 2.900 % 696 686 Senior notes 1 Dec 2026 Mar 2027 300 3.800 % 300 300 Senior notes Jan 2027 Mar 2027 1,500 3.650 % 1,500 1,500 Senior notes Feb 2027 Mar 2027 US 1,300 3.200 % 1,809 1,784 Senior notes Aug 2028 Sep 2028 1,000 5.700 % 1,000 1,000 Senior notes 1 Aug 2028 Nov 2028 500 4.400 % 500 500 Senior notes Jan 2029 Feb 2029 US 1,250 5.000 % 1,740 1,716 Senior notes Feb 2029 Apr 2029 1,000 3.750 % 1,000 1,000 Senior notes Feb 2029 May 2029 700 3.250 % 700 700 Senior notes 1 Sep 2029 Dec 2029 159 3.300 % 159 159 Senior notes Jul 2030 Sep 2030 500 5.800 % 500 500 Senior notes 1 Sep 2030 Dec 2030 210 2.900 % 210 210 Senior notes Dec 2031 Mar 2032 US 2,000 3.800 % 2,783 2,745 Senior notes Jan 2032 Apr 2032 1,000 4.250 % 1,000 1,000 Senior debentures 2 n/a May 2032 US 200 8.750 % 278 275 Senior notes Jun 2033 Sep 2033 1,000 5.900 % 1,000 1,000 Senior notes Nov 2033 Feb 2034 US 1,250 5.300 % 1,740 1,716 Senior notes n/a Aug 2038 US 350 7.500 % 487 480 Senior notes n/a Nov 2039 500 6.680 % 500 500 Senior notes 1 n/a Nov 2039 1,450 6.750 % 1,450 1,450 Senior notes Feb 2040 Aug 2040 800 6.110 % 800 800 Senior notes Sep 2040 Mar 2041 400 6.560 % 400 400 Senior notes Sep 2041 Mar 2042 US 750 4.500 % 1,044 1,029 Senior notes Sep 2042 Mar 2043 US 382 4.500 % 531 524 Senior notes Apr 2043 Oct 2043 US 650 5.450 % 905 892 Senior notes Sep 2043 Mar 2044 US 752 5.000 % 1, --- 046 1,032 Senior notes Aug 2047 Feb 2048 US 506 4.300 % 704 694 Senior notes Nov 2048 May 2049 US 630 4.350 % 877 865 Senior notes May 2049 Nov 2049 US 541 3.700 % 753 743 Senior notes 1 Jun 2049 Dec 2049 26 4.250 % 26 26 Senior notes Sep 2051 Mar 2052 US 2,000 4.550 % 2,783 2,745 Senior notes Oct 2051 Apr 2052 1,000 5.250 % 1,000 1,000 Subordinated notes 3 Feb 2030 Apr 2055 US 1,100 7.000 % 1,531 1,510 Subordinated notes 3 Feb 2035 Apr 2055 US 1,000 7.125 % 1,392 1,373 Subordinated notes 3 Feb 2030 Apr 2055 1,000 5.625 % 1,000 1,000 Subordinated notes 3 Jul 2031 Jul 2056 US 750 6.875 % 1,044 — Subordinated notes 3 Jul 2031 Jul 2056 1,250 6.250 % 1,250 — Subordinated notes 3 Dec 2026 Dec 2081 2,000 5.000 % 2,000 2,000 Subordinated notes 3 Mar 2027 Mar 2082 US 750 5.250 % 1,044 1,029 40,416 37,932 Deferred transaction costs and discounts (790) (795) Deferred government grant liability (79) (79) Less current portion (4,805) (1,186) Total long-term debt 34,742 35,872 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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025. 3 The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date. Rogers Communications Inc. 21 First Quarter 2026 The tables below summarize the activity relating to our long-term debt for the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 2025 (In millions of dollars, except exchange rates) Notional (US$) Exchange rate Notional (Cdn$) Notional (US$) Exchange rate Notional (Cdn$) Credit facility borrowings (Cdn$) — 28 Credit facility repayments (Cdn$) (115) — Net (repayments) borrowings under credit facilities (115) 28 Term loan facility net borrowings (US$) 1 — — — 1 n/m 6 Net borrowings under term loan facility — 6 Senior note repayments (US$) — — — (1,000) 1.439 (1,439) Net repayment of senior notes — (1,439) Subordinated note issuances (Cdn$) 1,250 1,000 Subordinated note issuances (US$) 750 1.379 1,034 2,100 1.432 3,007 Total issuances of subordinated notes 2,284 4,007 Net issuance of subordinated notes 2,284 4,007 Net issuance of long-term debt 2,169 2,602 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 March 31 (In millions of dollars) 2026 2025 Long-term debt, beginning of period 37,058 41,896 Net issuance of long-term debt 2,169 2,602 Increase in government grant liability related to Canada Infrastructure Bank facility — (17) Loss (gain) on foreign exchange 315 (14) Deferred transaction costs incurred (26) (51) Amortization of deferred transaction costs 31 36 Long-term debt, end of period 39,547 44,452 Rogers Communications Inc. 22 First Quarter 2026 Subordinated Notes Issuance of subordinated and related debt derivatives Below is a summary of the subordinated notes we issued during the three months ended March 31, 2026 and 2025. (In millions of dollars, except interest rates and discounts) Issue price per $1,000 principal amount Total gross proceeds 1 (Cdn$) Transaction costs and discounts 2 (Cdn$) Date iss --- ued Principal amount Due date Interest rate 2026 issuances March 27, 2026 (subordinated) 3 US 750 2056 6.875 % 1,000.00 1,034 13 March 27, 2026 (subordinated) 3 1,250 2056 6.250 % 1,000.00 1,250 13 2025 issuances February 12, 2025 (subordinated) 3 US 1,100 2055 7.000 % 1,000.00 1,575 21 February 12, 2025 (subordinated) 3 US 1,000 2055 7.125 % 1,000.00 1,432 19 February 12, 2025 (subordinated) 3 1,000 2055 5.625 % 999.83 1,000 11 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 two issuances of subordinated notes due 2056 can be redeemed at par on July 31, 2031, or on any subsequent interest payment date. 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. 2026 In March 2026, we issued two tranches of subordinated notes, consisting of: • US$750 million due 2056 with an initial coupon of 6.875% for the first five years; and • $1.25 billion due 2056 with an initial coupon of 6.250% for the first five years. Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.3 billion from the issuance, and we used the proceeds to repay debt. The US$750 million and the Cdn$1.25 billion notes can be redeemed at par on their five-year anniversary 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. 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 anniversary 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. Repayment of senior notes and related derivative settlements 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 rep --- aid $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. Rogers Communications Inc. 23 First Quarter 2026 NOTE 16: LEASES Below is a summary of the activity related to our lease liabilities for the three months ended March 31, 2026 and 2025. Three months ended March 31 (In millions of dollars) 2026 2025 Lease liabilities, beginning of period 3,118 2,778 Net additions 235 150 Interest on lease liabilities 39 36 Interest payments on lease liabilities (33) (33) Principal payments of lease liabilities (156) (133) Lease liabilities, end of period 3,203 2,798 NOTE 17: 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 2026 and 2025. 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 28, 2026 March 10, 2026 April 2, 2026 0.50 270 — 270 — 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 — October 22, 2025 December 8, 2025 January 2, 2026 0.50 270 — 270 — 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 April 21, 2026, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on July 6, 2026, to shareholders of record on June 9, 2026. 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. Dividends to Non-Controlling Interests Below is a summary of dividends we declared and paid to non-controlling interests in 2026. Declaration and payment date Distributions paid (in millions of dollars) February 2026 116 In addition to the payment declared at the February 2026 BNSI board of directors meeting, a dividend of $115 million to be paid in May 2026 has been accrued. Rogers Communications Inc. 24 First Quarter 2026 NOTE 18: STOCK-BASED COMPENSATION Below is a summary of our stock-based compensation expense, which is included in net income, for the three months ended March 31, 2026 and 2025. Three months ended March 31 (In millions of dollars) 2026 2025 Stock options 10 (9) Restricted share units 21 3 Deferred share units 4 (2) Equity derivative effect, net of interest receipt (10) 24 Total stock-based compensation expense 25 16 As at March 31, 2026, we had a total liability recognized at its fair value of $179 million (December 31, 2025 - $189 million) related to stock-based compensation, including stock options, restricted share units (RSUs), and deferred share units (DSUs). During the three months ended March 31, 2026, we paid $43 million (2025 - $26 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement fe --- ature. Stock Options Below is a summary of the activity related to stock option plans, including performance options, for the three months ended March 31, 2026 and 2025. Three months ended March 31, 2026 Three months ended March 31, 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 11,766,094 $58.58 9,707,847 $63.89 Granted 340,932 $53.94 2,687,103 $40.37 Exercised (162,132) $47.71 — — Forfeited — — (189,993) $58.26 Outstanding, end of period 11,944,894 $58.60 12,204,957 $58.80 Exercisable, end of period 8,584,790 $62.64 6,877,328 $63.96 We did not grant any performance stock options during the three months ended March 31, 2026 (2025 - nil). Unrecognized stock-based compensation expense related to stock option plans was $12 million as at March 31, 2026 (December 31, 2025 - $12 million) and will be recognized in net income within periods of up to the next four years as the options vest. Restricted Share Units Below is a summary of the activity related to RSUs outstanding, including performance RSUs, for the three months ended March 31, 2026 and 2025. Three months ended March 31 (in number of units) 2026 2025 Outstanding, beginning of period 3,329,552 2,448,224 Granted and reinvested dividends 1,481,187 1,761,246 Exercised (774,831) (540,680) Forfeited (48,748) (56,739) Outstanding, end of period 3,987,160 3,612,051 Rogers Communications Inc. 25 First Quarter 2026 Included in the above table are grants of 473,426 performance RSUs to certain key employees during the three months ended March 31, 2026 (2025 - 291,067). Unrecognized stock-based compensation expense related to these RSUs was $98 million as at March 31, 2026 (December 31, 2025 - $54 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 Below is a summary of the activity related to DSUs outstanding, including performance DSUs, for the three months ended March 31, 2026 and 2025. Three months ended March 31 (in number of units) 2026 2025 Outstanding, beginning of period 983,782 908,678 Granted and reinvested dividends 88,459 206,257 Exercised (3,022) (70,771) Forfeited (15) (285) Outstanding, end of period 1,069,204 1,043,879 Included in the above table are grants of 1,135 performance DSUs to certain key executives during the three months ended March 31, 2026 (2025 - 1,269). Unrecognized stock-based compensation expense related to granted DSUs was $11 million as at March 31, 2026 (December 31, 2025 - $10 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 19: 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 months ended March 31, 2026 and 2025 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 bui --- ldings. Total amounts paid to this related party were nominal for the three months ended March 31, 2026 and 2025. We have also entered into certain transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three months ended March 31, 2026 and 2025 were less than $1 million. In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million of which was paid during the three months ended March 31, 2026. The remaining liability of $81 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. Rogers Communications Inc. 26 First Quarter 2026 NOTE 20: SUPPLEMENTAL CASH FLOW INFORMATION Change in Net Operating Assets and Liabilities Three months ended March 31 (In millions of dollars) 2026 2025 Accounts receivable, excluding financing receivables 345 213 Financing receivables 100 92 Contract assets 3 8 Inventories 89 79 Other current assets (164) (181) Accounts payable and accrued liabilities (416) (353) Contract and other liabilities (116) 59 Total change in net operating assets and liabilities (159) (83) Capital Expenditures Three months ended March 31 (In millions of dollars) 2026 2025 Capital expenditures before proceeds on disposition 810 979 Proceeds on disposition (2) (1) Capital expenditures 808 978 Rogers Communications Inc. 27 First Quarter 2026