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(Bloomberg) — Rogers Communications Inc. beat analysts’ fourth-quarter estimates thanks to strong growth in its media segment and a World Series appearance by its Toronto Blue Jays baseball team.
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Canada’s biggest mobile phone company earned C$1.51 per share on an adjusted basis, more than the C$1.42 expected by analysts in a Bloomberg survey.
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The telecom firm predicts that its adjusted earnings before interest, taxes, depreciation and amortization will grow between 1% and 3% in 2026 after rising 2% in 2025.
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Media revenue increased 126% from the prior-year period to C$1.2 billion ($886 million) after Rogers doubled its stake in Maple Leaf Sports & Entertainment on July 1 and helped by the Blue Jays’ postseason success.
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Rogers shares rose 2.2% to C$50.26 as of 10:23 a.m. in Toronto after gaining as much as 6.3% after the open, the most intraday since since July.
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“Importantly, these strong financial and operational results position us well as we pursue sports monetization opportunities in the future, including purchasing the remaining 25% stake in MLSE later this year,” Chief Executive Officer Tony Staffieri told analysts Thursday.
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Revenue for the three months ending Dec. 31 was C$6.2 billion, growing 13% year over year. The wireless unit, Rogers’ largest business, added 37,000 postpaid mobile subscribers during the quarter, less than the 52,000 expected by analysts.
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The telecom industry has been grappling with a subscriber slowdown following the federal government’s immigration curbs. To compensate, Rogers said it would focus on attracting new customers with services such as its satellite-to-mobile offering.
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Chief Financial Officer Glenn Brandt said competitors discounted their plans steeply in the quarter, leading to lower net subscriber additions for Rogers since they chose not to cut as deeply.
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Bank of Nova Scotia analyst Maher Yaghi said he believed analysts’ average expectations for wireless loading in the industry “remain too high” given the slowdowns in Canada’s population growth. Last week, his team lowered its wireless subscriber growth expectations overall and said it expects net additions to decline by 20% to 25% for Canada’s four major wireless operators in 2026.
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(Updates with share price, analyst commentary and additional context, beginning in the fifth paragraph.)
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