2023 Guidance

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2023 Full-Year Consolidated Guidance

The below table outlines guidance ranges for selected full-year 2023 consolidated financial metrics giving effect to the Shaw Transaction, including Shaw’s prior sale of Freedom Mobile to Videotron Ltd. (the “Freedom Transaction”), and increased performance outlook for the remainder of the year. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2023 financial results for evaluating the performance of our business. This information may not be appropriate for other purposes. Information about our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “About Forward-Looking Information” in Rogers Communications Inc.’s Q2 2023 MD&A (including the material assumptions listed under the heading “Key assumptions underlying our full-year 2023 guidance”) and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

We provide annual guidance ranges on a consolidated full-year basis that are consistent with annual full-year Board of Directors-approved plans. Any updates to our full-year financial guidance over the course of the year would only be made to the consolidated guidance ranges that appear below.

Full-Year 2023 Guidance

(In millions of dollars, except percentages)
Consolidated Guidance 2022
March 31, 2023
Guidance Ranges
July 26, 2023
Guidance Ranges 1
Total service revenue 2022 Actual $13,305 Increase of 26% to 30% Increase of 26% to 30%
Adjusted EBITDA 2 2022 Actual $6,393 Increase of 31% to 35% Increase of 33% to 36%
Capital expenditures 3,4 2022 Actual $3,075 $3,700 to $3,900 $3,700 to $3,900
Free cash flow 2,4 2022 Actual $1,773 $2,000 to $2,200 $2,200 to $2,500
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