Rogers Communications : 2022 Rapport annuel de Rogers

Regaining Momentum

Rogers 2022 Annual Report

About the Company

Our Purpose

To connect Canadians where and when they want

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About Rogers

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Directors

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1. Message from Tony

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2022 Financial Report

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1. Message from Edward

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Corporate and shareholder information

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Executive

Leadership

Team

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ROGERS COMMUNICATIONS INC. 2022 ANNUAL REPORT

About Rogers

We are a team of proud Canadians dedicated to delivering the best networks, the most reliable services, and the most compelling entertainment to millions of Canadians.

Our founder, Ted Rogers, believed in the power of communication to enrich, entertain, and embolden Canadians. He followed in his father's footsteps, and at the age of 27, purchased his first radio station, CHFI. From these modest beginnings, Rogers has grown to become a leading Canadian technology and media company, that works hard to be the first choice for Canadians.

ROGERS COMMUNICATIONS INC. 2022 ANNUAL REPORT

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1. Message from Tony

My Fellow Shareholders,

I am pleased to share our results and performance for last year.

2022 was a transformative year for our company. In previous years, our performance had lagged our peers and we had lost our leadership footing.

Together, with our management team, we set a clear plan to re-establish our leadership position and to deliver sustained, strong results. In short, we set a plan to turn around our performance.

One year later, I am very pleased to share we have made significant progress. Across critical metrics, such as financial growth and customer share gains, we went from consistently ranking third on most metrics relative to our competitors, to now ranking first on the vast majority.

Regaining momentum

In 2022 we returned to top-andbottom-line growth and achieved our 2022 guidance ranges.

Total service revenue grew by 6% and adjusted EBITDA grew by 9%.

Importantly, these results did not come at the expense of investment.

In 2022, we invested a record $3.1 billion in capital including $2.6 billion in technology and networks. Despite this sizeable investment, free cash flow excluding Shaw financing for the year was $2.0 billion and we paid over $1 billion in dividends to

our shareholders.

These improvements were also reflected in our total shareholder return, which was up 9%. By comparison, our two national competitors had negative returns of minus 4% and minus 8%, and the TSX and Dow Jones were down 5% and 7%, respectively.

We achieved these results against the backdrop of a lingering pandemic, a new executive team, one of the largest proposed mergers in Canadian history, and an unprecedented network outage.

Disciplined execution

Despite these challenges, we did not get distracted. We remain focused on driving disciplined execution and you see this reflected in our performance.

In Wireless, we grew service revenue by 7% and adjusted EBITDA by 6%. We added a combined 634,000 postpaid and prepaid mobile phone net additions, our strongest result in 15 years and the best performance in our industry. Once again, we are leading the industry in market share.

In Media, we grew revenue by 15% and we turned $127 million of losses in 2021 into $69 million of profit in 2022. Our Media performance clearly stood out in the industry reflecting the quality of our assets and the team's execution capability.

In Cable, while we faced the most aggressive in-market promotional activity we have seen in recent years, we delivered adjusted EBITDA growth of 2%, while revenue was flat.

Despite significant volatility, we met our upgraded guidance for the year, and set a strong foundation for growth.

While there is more work to do, I am pleased that we have regained momentum.

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ROGERS COMMUNICATIONS INC. 2022 ANNUAL REPORT

"As I look ahead, we remain steadfast in our goal to be number one in our core businesses - Cable, Wireless and Media."

Robust outlook

Looking ahead to 2023, we expect to see healthy growth in total service revenue and adjusted EBITDA, driven by population growth, smartphone penetration and 5G data adoption.

Free cash flow is expected to continue to grow, as we deliver another year of record investment in our customers and our networks.

In 2023, we plan to invest roughly $650 million more in our wireless and wireline networks to expand our coverage and enhance reliability for our customers. We will continue to expand Canada's largest 5G network and enhance our wireline network with fibre technology and DOCSIS 4.0.

One national company

In 2022, we made significant headway in our journey to conclude our merger with Shaw.

In August, Quebecor agreed to acquire Freedom and Rogers agreed to acquire Shaw's wireline business. These transactions went through a lengthy judicial process that concluded they would increase competition in both wireless and wireline. We are now awaiting final regulatory approval.

Rogers, together with Shaw, would become one strong, national cable, media, and wireless company. Together, with our scale and breadth of assets, it would allow us to add more value for our customers by bundling our services and offering faster, more reliable networks in more places.

We look forward to closing this transformative merger and delivering its many benefits to our customers, our communities, and our country.

Clear vision for the future

As I look ahead, we remain steadfast in our goal to be number one in our core businesses of Cable, Wireless and Media.

We plan to achieve this goal by building the biggest and best network, by making our services reliable and easy to use, by becoming the first choice for Canadians, by investing in Canada and by being the growth leader in our industry.

We have a clear plan, the right team, and the right foundation to capitalize on the key growth opportunities ahead.

In closing, I am proud of the speed and magnitude of our turnaround.

I would like to thank our entire team for their relentless focus, disciplined execution, and firm commitment to our customers. I would like to thank the board for their support, and our customers and shareholders for their loyalty.

As Ted would say, the best is yet to come.

Tony Staffieri

President and Chief Executive Officer

"We have a clear plan, the right team, and the right foundation to capitalize on the key growth opportunities ahead."

ROGERS COMMUNICATIONS INC. 2022 ANNUAL REPORT

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