On Wednesday, Rogers Communications (TSX:RCI) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

Rogers Communications reported strong Q1 2026 results with increased service revenue and adjusted EBITDA, reduced capex, improved free cash flow, and decreased debt leverage.

The company maintained industry-leading margins in wireless and cable, with positive net additions in wireless and retail Internet services.

Strategic initiatives included introducing new 5G plans, planning to complete the purchase of the remaining 25% minority interest in MLSE, and reducing capital spending by 30% to focus on debt reduction.

Rogers Communications expects free cash flow growth of $4.1 to $4.3 billion in 2026 and aims to maintain a lower capex run rate beyond 2026.

Management emphasized the importance of prudent capital management in a low-growth environment and criticized government policies that disincentivize investment.

Paul Carpino (Vice President of Investor Relations)

Glenn Brandt (Chief Financial Officer)

Stephanie Price (Equity Analyst at CIBC)

Please go ahead. Hi, good morning. Capex has come down by about 23% at the midpoint of your new guide. Can you just dig a little bit deeper into where the CAPEX reductions are coming from and how you think about the competitive positioning here and any impact that and maybe as a follow up, just the 12% implied CI. You know, is this a number you're targeting going forward beyond 2026 as well?

And that was why I clarified with the anticipated 40 to 50 point improvement on leverage as we sustain this over the next four or five years. Great. Thank you very much.

Thank you Stephanie. Thanks Stephanie. Next question. Galene, Next question is from Batya Levy with ubs.

Batya Levy (Equity Analyst at UBS)

Galene, the next question is from Tim Casey with bmo.

Tim Casey (Equity Analyst at BMO)

Please go ahead. Thanks. Good morning. Tony, with this cut in Capex inherent, is there a recalibration of your assessment of the growth rate in wireless for Canada as a whole? I think in the past you Talked about a 2% volume growth market on penetration and things like that. Just wondering how you're looking at the market now in the context of this Capex cut.

over a longer time frame. Thanks, Tim. Next question.

Gaylene, the next question is from Matthew Griffith with Bank of America.

Matthew Griffith (Equity Analyst at Bank of America)

Great. Thank you, Matt. Next question. Galene,

Jerome Devoul (Equity Analyst at Desjardins)

the next question is from Jerome Devoul with Desjardins. Please go ahead. Hi.

That's great. Thank you. Jerome, Next question. Galene, the next question is from Meher Yagi with Scotiabank.

The only other thing I would add, Mayor, is that to be clear, we continue to invest in our networks at these new levels. A two and a half billion dollar level of investment is not a shy level of investment and it reflects meeting our priorities for continuing to deliver the country's best networks and most reliable networks in wireless and Wireline.

Great. Thank you, Mayor. Next question. Galene, we have time for two more questions, please.

David McFadgin (Equity Analyst at Cormac Securities)

That's great. Thank you. David and Gaylene. Our last question, please. The last question is from Vince Valentini with GG Collins.