Rogers: Guidance Reaffirmed as Capex Falls and ARPU Faces Pressure

Transcript intelligence

What changed

Compared with the prior quarter, the company moved from raised guidance to maintained guidance, while Q3 analysis highlighted a 46% year-over-year capex reduction, ARPU pressure from the CRTC fee decision, and completion of the remaining MLSE acquisition.

Guidance delta

2026 guidance was maintained: service revenue growth of 3–5%, adjusted EBITDA growth of 1–3%, capex of CAD 2.5–2.7 billion, and free cash flow of CAD 4.1–4.3 billion.

Key takeaways

• Service revenue and adjusted EBITDA grew 1% in Q3 2026.
• Capital expenditures fell 46% year over year, reducing capital intensity to about 10%.
• Full ownership of MLSE creates a potential debt-reduction pathway through a planned minority-stake sale in the first half of 2027.
• Wireless ARPU faced pressure from a CRTC fee decision, while net additions were modest and churn rose slightly.

Management priorities

• Maintain premium-focused wireless pricing and promotional discipline.
• Continue selective investment in high-return network projects and reduce lower-priority builds.
• Monetize sports and media assets while expanding satellite-to-mobile and rural broadband offerings.