40-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F

[Check one]

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

Commission File Number 001-10805

Rogers Communications Inc.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English (if applicable))

British Columbia

(Province or other jurisdiction of incorporation or organization)

4841

(Primary Standard Industrial Classification Code Number (if applicable))

Not Applicable

(I.R.S. Employer Identification Number (if applicable))

333 Bloor Street East, 10th Floor

Toronto, Ontario M4W 1G9

(416) 935-7777

(Address and telephone number of Registrant’s principal executive offices)

CT Corporation System

111 Eighth Avenue, 13th Floor

New York, New York 10011

(212) 894-8940

(Name, address (including zip code) and telephone number (including area code)

of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class	Trading symbol	Name of each exchange on which registered
Class B Non-Voting	RCI	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act.

Not Applicable

(Title of Class)

SEC 2285 (01-23)    1

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Not Applicable

(Title of Class)

For annual reports, indicate by check mark the information filed with this Form:

☒  Annual information form               ☒  Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

111,152,011 Class A Voting shares; 424,949,191 Class B Non-Voting shares.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒  Yes               ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

☒  Yes               ☐  No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company   ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

DISCLOSURE CONTROLS AND PROCEDURES

The disclosure provided in Management’s Discussion and Analysis under the heading Disclosure Controls and Procedures on page 77 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

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MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided in Management’s Discussion and Analysis under the heading Management’s Report on Internal Control over Financial Reporting on page 77 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM

The Report of Independent Registered Public Accounting Firm on the Company’s internal control over financial reporting as of December 31, 2024 on page 2 of Exhibit 99.3: Annual Audited Consolidated Financial Statements is incorporated by reference herein.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided in Management’s Discussion and Analysis under the heading Changes in Internal Control over Financial Reporting and Disclosure Controls and Procedures on page 77 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Directors of Rogers Communications Inc. has determined that the Company has at least one “audit committee financial expert” (as defined in paragraph 8(b) of General Instruction B of Form 40-F) serving on its Audit and Risk Committee. The audit committee financial expert is Robert J. Gemmell.

Mr. Gemmell has been determined by the Board to be an independent director as such term is defined under the Canadian Securities Administrators’ National Instrument 52-110 (Audit Committees), which is the Canadian corporate governance rule that applies to the Company, and under the standards of the U.S. Securities and Exchange Commission and the New York Stock Exchange relating to the independence of audit committee members. The Board’s designation of Mr. Gemmell as an audit committee financial expert does not impose on him any duties, obligations or liability that are greater than the duties, obligations and liability imposed on him as a member of the Audit and Risk Committee and Board of Directors in the absence of such designation or identification. In addition, the designation of Mr. Gemmell as an “audit committee financial expert” does not affect the duties, obligations or liability of any other member of the Audit and Risk Committee or Board of Directors. See also Item 17 - Audit and Risk Committee on page 25 of the Company’s Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

CODE OF CONDUCT AND ETHICS AND BUSINESS CONDUCT POLICY

The Company has adopted a Directors Code of Conduct and Ethics that applies to all directors and a Business Conduct Policy that applies to all directors, officers (including the principal executive officer, principal financial officer, and principal accounting officer), and employees (the Codes). The Codes can be found and downloaded from investors.rogers.com. A copy of the Codes will also be provided upon request to Investor Relations, 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, Toronto, ON, Canada, Auditor Firm ID: 85. The following table presents fees for professional services rendered by KPMG LLP to the Company for the audit of the Company’s annual financial statements for 2024 and 2023, and fees billed for other services rendered by KPMG LLP, during the period from January 1, 2023 to December 31, 2024.

Auditors’ Fees	2024		2023
	($)	%	($)	%
Audit Fees(1)	13,842,168	92.8	13,243,685	94.8
Audit-Related Fees(2)	869,910	5.8	597,740	4.3
Tax Fees(3)	211,777	1.4	131,866	0.9
Total	14,923,855	100.0	13,973,291	100.0

NOTES:

(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audits and reviews of

3

subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

(2)Consists primarily of pension plan audits, French translation of certain filings with regulatory authorities, and other assurance engagements.

(3)Consists of fees for tax consultation and compliance services, including indirect taxes.

For the year ended December 31, 2024, none of the Company’s audit-related fees, tax fees or any other fees described in the table above made use of the de minimis exception to pre-approval provisions contained in Rule 2-01 (c)(7)(i)(C) of U.S. Securities and Exchange Commission Regulation S-X or Section 2.4 of the Canadian Securities Administrators’ National Instrument 52-110 (Audit Committees).

The following is the pre-approval process:

1.Annually, the Company will provide the Audit and Risk Committee with a list of the audit-related and non-audit services that are anticipated to be provided by the auditor during the year to the Company for pre-approval. The Audit and Risk Committee will review the services with the auditor and management, considering whether the provision of the service is compatible with maintaining the auditor’s independence.

2.Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

3.The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk Committee to approve requests for services not included in the pre-approved list of services or for services not previously pre-approved by the Audit and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

4.A listing of all audit and non-audit services and fees rendered to the Company and its subsidiaries by KPMG LLP will be reviewed each quarter by the Audit and Risk Committee.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements other than those described in Management’s Discussion and Analysis under the heading Off-Balance Sheet Arrangements on page 67 of Exhibit 99.2: Management’s Discussion and Analysis, which is incorporated by reference herein.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The information provided in Management’s Discussion and Analysis under the heading Commitments and Contractual Obligations on page 67 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

IDENTIFICATION OF THE AUDIT AND RISK COMMITTEE

Our Board of Directors has established an Audit and Risk Committee. The Audit and Risk Committee consists of four directors: Messrs. Gemmell, English and Fecan, and Ms. Kazarian who are appointed annually by our Board of Directors. Further disclosure is provided under Item 17.2 — Composition of the Audit and Risk Committee of the Company’s Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

DISCLOSURE PURSUANT TO REQUIREMENTS OF THE NEW YORK STOCK EXCHANGE

The disclosure provided under the headings “Composition of the Board”, “Controlled Company Exemption”, “Foreign Private Issuer Status”, “Corporate Governance Practices” and “Conflicts of Interest” beginning on page 22 of the Company’s Annual Information Form, attached as Exhibit 99.1, is incorporated by reference herein.

4

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

Rogers Communications Inc. undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Rogers Communications Inc. has previously filed with the Commission a Form F-X in connection with its securities. Any change to the name or address of the Company’s agent for service of process shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Company.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Registrant: Rogers Communications Inc.

By:	/s/ Tony Staffieri	/s/ Glenn Brandt
	Tony Staffieri	Glenn Brandt
	President and Chief Executive Officer	Chief Financial Officer

Date: March 6, 2025

Subsidiary Guarantor/Co-Obligor: Rogers Communications Canada Inc.

By:	/s/ Tony Staffieri	/s/ Glenn Brandt
	Tony Staffieri	Glenn Brandt
	President and Chief Executive Officer	Chief Financial Officer

Date: March 6, 2025

5

EXHIBIT INDEX

Exhibit Number	Description
23.1	Consent of Independent Registered Public Accounting Firm
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †
97.1	Compensation recovery policy of Rogers Communications Inc. (“RCI”) (incorporated by reference to Exhibit 97.1 to RCI’s Form 40-F (Commission File No. 001-10805) filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024)
99.1	Annual Information Form for the fiscal year ended December 31, 2024
99.2	Management’s Discussion and Analysis for the fiscal year ended December 31, 2024 (incorporated by reference to Exhibit 99.1 to RCI’s Form 6-K (Commission File No. 001-10805) furnished with the SEC on March 6, 2025)
99.3	Annual Audited Consolidated Financial Statements, together with the reports of independent registered public accounting firm, for the fiscal year ended December 31, 2024
101	Inline Interactive Data File
104	Cover Page Interactive Data File (embedded within the Inline XBRL document in Exhibit 101)

†  This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference on any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

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EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of Rogers Communications Inc.

We consent to the use of:

•our report dated March 6, 2025 on the consolidated financial statements of Rogers Communications Inc. (the “Company”) which comprise the consolidated statements of financial position of the Company as of December 31, 2024 and December 31, 2023, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes; and

•our report dated March 6, 2025 on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024,

each of which is included in this annual report on Form 40-F of the Company for the fiscal year ended December 31, 2024.

We also consent to the incorporation by reference of such reports in Registration Statement No. 333-170234 on Form F-3D and Registration Statement No. 333-273187 on Form F-10 of the Company.

/s/ KPMGLLP

Chartered Professional Accountants, Licensed Public Accountants

March 6, 2025

Toronto, Canada

EX-31.1

Exhibit 31.1

Section 302 Certification

Rogers Communications Inc.

CERTIFICATIONS

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 6, 2025	/s/ Tony Staffieri
	Tony Staffieri
	President and Chief Executive Officer

Rogers Communications Canada Inc.

CERTIFICATIONS

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 6, 2025	/s/ Tony Staffieri
	Tony Staffieri
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Section 302 Certification

Rogers Communications Inc.

CERTIFICATIONS

I, Glenn Brandt, Chief Financial Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 6, 2025	/s/Glenn Brandt
	Glenn Brandt
	Chief Financial Officer

Rogers Communications Canada Inc.

CERTIFICATIONS

I, Glenn Brandt, Chief Financial Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 6, 2025	/s/Glenn Brandt
	Glenn Brandt
	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Rogers Communications Inc.

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the “Company”), for the period ending December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 6, 2025	/s/ Tony Staffieri
	Tony Staffieri
	President and Chief Executive Officer
Date: March 6, 2025	/s/ Glenn Brandt
	Glenn Brandt
	Chief Financial Officer

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Rogers Communications Canada Inc.

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the “Company”), for the period ending December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of Rogers Communications Canada Inc. certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 6, 2025	/s/ Tony Staffieri
	Tony Staffieri
	President and Chief Executive Officer
Date: March 6, 2025	/s/ Glenn Brandt
	Glenn Brandt
	Chief Financial Officer

EX-99.1

Exhibit 99.1

ROGERS COMMUNICATIONS INC.

ANNUAL INFORMATION FORM

(for the fiscal year ended December 31, 2024)

March 6, 2025

Rogers Communications Inc. 1 Fiscal 2024

Annual Information Form Index

The following is an index of the Annual Information Form (AIF) of Rogers Communications Inc. referencing the requirements of Form 51-102F2 and Form 52-110F1 of the Canadian Securities Administrators. Certain parts of this Annual Information Form are contained in Rogers Communications Inc.’s Management’s Discussion and Analysis (MD&A) for the fiscal year ended December 31, 2024 (2024 MD&A) and Rogers Communications Inc.’s 2024 Annual Audited Consolidated Financial Statements, each of which is filed on SEDAR+ at sedarplus.ca and incorporated herein by reference as noted below. All dollar amounts are in Canadian dollars unless otherwise stated.

		Page reference / incorporated by reference from
		Annual Information Form (Page #)	2024 MD&A (Page #)
Item 1	Cover Page	1
Item 2	Index	2
Item 3	Corporate Structure
3.1	Name, Address and Incorporation	4
3.2	Intercorporate Relationships	4
Item 4	General Development of the Business
4.1	Three-Year History	8
4.2	Significant Acquisitions	11
Item 5	Narrative Description of the Business
5.1	About Rogers	12	18
	Understanding Our Business		22
	Products and Services		22
	Competition		24
	Industry Trends		25
	Corporate Overview		27
	Delivering on our Priorities		33
	Employees		49
	Commitments and Contractual Obligations		67
	Properties, Trademarks, Environmental, and Other Matters	12
5.2	Risk Factors	13	70
Item 6	Dividends
6.1	Dividends	13	65
Item 7	Description of Capital Structure
7.1	General Description of Capital Structure	13
7.2	Constraints	14
7.3	Ratings	14
Item 8	Market for Securities
8.1	Trading Price and Volume	15
8.2	Prior Sales	15
Item 9	Escrowed Securities and Securities Subject to Contractual Restriction on Transfer	16
Item 10	Directors and Officers	17
10.1	Name, Occupation and Security Holding	17
10.2	Cease Trade Orders, Bankruptcies, Penalties, or Sanctions	23
10.3	Conflicts of Interest	23
Item 11	Promoters	23
Item 12	Legal Proceedings and Regulatory Actions
12.1	Legal Proceedings	24	76
12.2	Regulatory Actions	24
Item 13	Interest of Management and Others in Material Transactions	24
Item 14	Transfer Agents and Registrars	24
Item 15	Material Contracts	24

Rogers Communications Inc. 2 Fiscal 2024

		Page reference / incorporated by reference from
		Annual Information Form (Page #)	2024 MD&A (Page #)
Item 16	Interests of Experts
16.1	Name of Experts	24
16.2	Interests of Experts	24
Item 17	Audit and Risk Committee
17.1	Audit and Risk Committee Mandate	25
17.2	Composition of the Audit and Risk Committee	29
17.3	Relevant Education and Experience	29
17.4	Reliance on Certain Exemptions	29
17.5	Reliance on the Exemption in Subsection 3.3(2) or Section 3.6	29
17.6	Reliance on Section 3.8	29
17.7	Audit and Risk Committee Oversight	29
17.8	Pre-Approval Policies and Procedures	29
17.9	External Auditors’ Fees and Services	30
Item 18	Additional Information
18.1	Additional Information	30

Rogers Communications Inc. 3 Fiscal 2024

ITEM 3 – Corporate Structure

ITEM 3.1 – NAME, ADDRESS, AND INCORPORATION

Rogers Communications Inc. is a leading diversified Canadian technology and media company, and was amalgamated under the Business Corporations Act (British Columbia). The registered office is located at 2900-550 Burrard Street, Vancouver, British Columbia, V6C 0A3 and the head office is located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. © 2025 Comcast. Rogers trademarks in this AIF are owned or used under license by Rogers Communications Inc. or an affiliate. This AIF may also include trademarks of other third parties. The trademarks referred to in this AIF may be listed without the ™ symbols. ©2025 Rogers Communications.

THREE REPORTABLE SEGMENTS

We report our results of operations in three reportable segments:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

ITEM 3.2 – INTERCORPORATE RELATIONSHIPS

The summary organization chart illustrates the structure of the principal subsidiaries of RCI and indicates the jurisdiction of organization of each entity shown as at January 1, 2025. All subsidiaries are wholly owned, directly or indirectly, by RCI.

(1)    Blue Jays Holdco Inc., together with its subsidiaries, holds a 100% interest in the Toronto Blue Jays Baseball Club (Toronto Blue Jays) and in the Rogers Centre.

Rogers Communications Inc. 4 Fiscal 2024

OVERVIEW

Rogers is Canada’s Largest Provider of Wireless Communications Services

As at December 31, 2024, we had:

•approximately 11.9 million wireless mobile phone subscribers; and

•approximately one-third subscriber and revenue share of the Canadian wireless market.

One of Canada’s Leading Providers of High-Speed Internet, Cable Television, and Phone Services

As at December 31, 2024, we had:

•approximately 4.3 million retail Internet subscribers;

•approximately 2.6 million Video subscribers; and

•a network passing approximately 10.2 million homes across Canada.

Diversified Canadian Media Company

We have a broad portfolio of media properties, which most significantly includes:

•sports media and entertainment, such as Sportsnet (Canada's number-one sports media brand) and the Toronto Blue Jays;

•our exclusive national 12-year National Hockey League (NHL) Agreement, which runs through the 2025-2026 season;

•category-leading television and radio broadcasting properties;

•multi-platform televised and online shopping; and

•digital media.

PRODUCTS AND SERVICES

Wireless

We are the largest provider of wireless communication services in Canada as at December 31, 2024. We are a Canadian leader in delivering a range of innovative wireless network technologies and services. We were the first Canadian carrier to launch a 5G network and we have the largest 5G network in Canada, serving over 2,500 communities as at December 31, 2024. Our wireless services are offered under the Rogers (postpaid), Fido (postpaid), and chatr (prepaid) brands, and provide consumers and businesses with the latest wireless devices, services, and applications including:

•mobile high-speed Internet access, including our Rogers Infinite unlimited data plans;

•wireless voice and enhanced voice features;

•Express Pickup, a convenient service for purchasing devices online or through a customer care agent, with the ability to pick up in-store as soon as the same day;

•direct device shipping to the customer's location of choice;

•device financing;

•device protection;

•global voice and data roaming, including Roam Like Home and Fido Roam;

•wireless home phone;

•advanced wireless solutions for businesses, including wireless private network services;

•bridging landline phones with wireless phones; and

•machine-to-machine and Internet of Things (IoT) solutions.

Cable

We are one of the largest cable services providers in Canada. Our cable network provides an innovative and leading selection of high-speed broadband Internet access, Internet protocol-based (IP) television, applications, online viewing, phone, home monitoring, and advanced home WiFi services to consumers across Canada. We also provide services to businesses across Canada that aim to meet the increasing needs of today's critical business applications.

Our newest WiFi modem with WiFi 6E, a technology that eases network congestion by simplifying network design and delivering increased performance with higher throughput and wider spectrum channels, allows us to offer new fibre-powered Rogers Xfinity Internet packages and bundles with up to 8 gigabit per second (Gbps) symmetrical speeds in select areas.

Internet services include:

•Internet access through broadband and fixed wireless access (including basic and unlimited usage packages), security solutions, and e-mail;

•access speeds of up to:

•1 Gbps, covering our entire Cable footprint; and

•1.5 Gbps, covering the vast majority of our Cable footprint, with some areas able to receive access speeds of up to 8 Gbps symmetrical speeds;

•Rogers Xfinity unlimited packages, combining fast and reliable speeds with the freedom of unlimited usage and options for self-installation;

Rogers Communications Inc. 5 Fiscal 2024

•theRogers Xfinity app, offering a personalized WiFi experience with a simple digital dashboard for customers to manage their home WiFi network, providing visibility and control over family usage, and Rogers Xfinity WiFi BoostPods, an advanced WiFi system customers can plug into electrical outlets in their home to extend WiFi coverage; and

•Rogers Xfinity Self Protection, offering services such as monitoring, security, automation, energy efficiency, and smart control through a smartphone app.

Television services include:

•local and network TV, made available through traditional digital or IP-based Rogers Xfinity TV, including starter and premium channel packages along with à la carte channels;

•on-demand television with Rogers Xfinity TV services;

•cloud-based digital video recorders (DVRs) available with Rogers Xfinity TV services;

•voice-activated remote controls, restart features, and integrated apps such as YouTube, Netflix, Sportsnet NOW, Amazon Prime Video, Disney+, and Apple TV+ on Rogers Xfinity TV and Rogers Xfinity Streaming;

•Rogers Xfinity App TV, combining over 40 linear channels with Netflix in a single package;

•personal video recorders (PVRs), including Whole Home PVR and 4K PVR capabilities;

•a Rogers Xfinity TV app, giving customers the ability to experience Rogers Xfinity TV (including setting recordings) on their smartphone, tablet, laptop, or computer;

•Rogers Xfinity Streaming, an entertainment add-on for Rogers Xfinity Internet customers, giving them access to their favourite streaming services in one place;

•Download and Go, the ability to download recorded programs onto your smartphone or tablet to watch at a later time using the Rogers Xfinity TV app;

•linear and time-shifted programming;

•digital specialty channels; and

•4K television programming, including regular season Toronto Blue Jays home games and select marquee National Hockey League (NHL) and National Basketball Association (NBA) games.

Phone services include:

•residential and small business local telephony service; and

•calling features such as voicemail, call waiting, and long distance.

Satellite services include:

•video and audio programming by satellite; our customers have access to over 370 digital video channels and thousands of on-demand, pay-per-view (PPV), and subscription movie and television titles; and

•flexibility with each of our current primary TV packages, which includes a base set of channels and tiered customization options depending on the size of the TV package.

Enterprise services include:

•voice, data networking, IP, and Ethernet services over multi-service customer access devices that allow customers to scale and add services, such as private networking, Internet, IP voice, and cloud solutions, which blend seamlessly to grow with their business requirements;

•optical wave, Internet, Ethernet, and multi-protocol label switching services, providing scalable and secure metro and wide area private networking that enables and interconnects critical business applications for businesses that have one or many offices, data centres, or points of presence (as well as cloud applications) across Canada;

•simplified information technology (IT) and network technology offerings with security-embedded, cloud-based, professionally managed solutions;

•extensive cable access network services for primary, bridging, and back-up (including through our wireless network, if applicable) connectivity; and

•specialized telecommunications technical consulting for Internet service providers (ISPs).

Media

Our portfolio of Media assets, with a focus on sports and regional TV and radio programming, reaches Canadians from coast to coast.

In Sports Media and Entertainment, we own the Toronto Blue Jays, Canada's only Major League Baseball (MLB) team, and the Rogers Centre event venue, which hosts the Toronto Blue Jays' home games, concerts, trade shows, and special events.

Our agreement with the NHL (NHL Agreement), which runs through the 2025-2026 NHL season, allows us to deliver more than 1,300 regular season games during a typical season across television, smartphones, tablets, personal computers, and other streaming devices. It also grants Rogers national rights on those platforms to the Stanley Cup Playoffs and Stanley Cup Final, all NHL-related special events and non-game events (such as the NHL All-Star Game, the NHL 4 Nations Face-Off, and the NHL Draft), and rights to sublicense broadcasting rights.

Rogers Communications Inc. 6 Fiscal 2024

In Television, we operate several conventional and specialty television networks, including:

•Sportsnet's four regional stations along with Sportsnet ONE, Sportsnet 360, and Sportsnet World;

•Citytv network, which, together with affiliated stations, has broadcast distribution to approximately 72% of Canadian individuals;

•OMNI multicultural broadcast television stations, including OMNI Regional, which provide multilingual newscasts nationally to all digital basic television subscribers;

•specialty channels that include Bravo, Discovery, Food Network, FX (Canada), FXX (Canada), and HGTV; and

•Today's Shopping Choice, Canada's only nationally televised shopping channel, which generates a significant portion of its revenue from online sales.

In Radio, we operate 52 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI, 680 News Radio (formerly CityNews 680), Sportsnet 590 The FAN, KiSS, JACK, and SONiC.

We also offer a range of digital services and products, including:

•our digital sports-related assets, including sportsnet.ca and Sportsnet+;

•other digital assets, including Citytv+;

•a range of other websites, apps, podcasts, and digital products associated with our various brands and businesses; and

•out-of-home advertising assets and partnerships allowing us to reach school campuses, bars and restaurants, elevators, salons, and spas, among others.

Other

We offer both the Rogers RedMastercard and the Rogers Red World Elite Mastercard, which allow customers to earn cash back rewards points on credit card spending and finance new wireless devices over up to 48 months at 0% interest.

Other Investments

We hold interests in a number of associates and joint arrangements, some of which include:

•our 37.5% ownership interest in Maple Leaf Sports & Entertainment Ltd. (MLSE), which owns the Toronto Maple Leafs, the Toronto Raptors, Toronto FC, the Toronto Argonauts, and the Toronto Marlies, as well as various associated real estate holdings; and

•our 50% ownership interest in Glentel Inc. (Glentel), a large provider of multicarrier wireless and wireline products and services with several hundred Canadian retail distribution outlets.

WIDESPREAD PRODUCT DISTRIBUTION

Wireless

We have an extensive national distribution network and offer our wireless products nationally through multiple channels, including:

•company-owned Rogers, Fido, and chatr retail stores;

•customer self-serve using rogers.com, fido.ca, chatrwireless.com, and e-commerce sites;

•an extensive independent dealer network;

•major retail chains and convenience stores;

•other distribution channels, such as WOW! mobile boutique, as well as Wireless Wave and TBooth Wireless through our ownership interest in Glentel;

•our contact centres; and

•outbound telemarketing.

Cable

We distribute our residential cable products through various channels, including:

•company-owned Rogers retail stores;

•an extensive independent dealer network;

•customer self-serve using rogers.com;

•our contact centres, outbound telemarketing, and door-to-door agents; and

•major retail chains.

Our sales team and third-party dealers and retailers sell services to the business, public sector, and carrier wholesale markets. An extensive network of third-party channel distributors deals with IT integrators, consultants, local service providers, and other indirect sales relationships. This diverse approach gives greater breadth of coverage and allows for strong sales growth for next-generation services.

Rogers Communications Inc. 7 Fiscal 2024

ITEM 4 – General Development of the Business

ITEM 4.1 – THREE-YEAR HISTORY

RECENT DEVELOPMENTS

2025 Highlights to Date

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share in January 2025.

•Issued US$2.1 billion and $1 billion of subordinated notes in February. We received net proceeds of $4.0 billion from the issuance.

2024 Highlights

For revenue and other financial information on the two most recently completed financial years, see the section entitled "2024 Financial Results" in our 2024 MD&A.

Build the biggest and best networks in the country

•Awarded Canada's most reliable 5G network by umlaut for the sixth straight year and most reliable wireless network by Opensignal, both in July 2024.

•Recognized as Canada's most reliable Internet by Opensignal in July 2024.

•Completed Canada's first national live trial of 5G network slicing.

•Started to deploy 3800 MHz spectrum licences, further expanding our 5G capabilities.

•Delivered 4 Gbps download and 1 Gbps upload speeds with DOCSIS 4.0 modem technology trial.

Deliver easy to use, reliable products and services

•Signed landmark deals with Warner Bros. Discovery and NBCUniversal to acquire the most-watched lifestyle and entertainment brands and content, subsequently launching Bravo in Canada and launched channels for HGTV, Food Network, Discovery, and others on January 1, 2025.

•Announced a ten-year agreement with Comcast to bring their world-class Xfinity products and technology to Canadians, beginning with Rogers Xfinity Streaming and Rogers Xfinity Storm-Ready WiFi, Canada's first home Internet backup solution.

•Introduced a program to help newcomers build credit and finance a new smartphone through a partnership with Nova Credit.

•Launched Rogers 5G Home Internet across our wireless network coverage area.

Be the first choice for Canadians

•Led the industry with 623,000 mobile phone and Internet net additions.

•Signed an agreement with BCE Inc. (Bell) to become the majority owner of MLSE.

•Produced and broadcast Canada's first Law & Order original series, premiering at #1 in the country and becoming Citytv’s most watched original series in over a decade.

•Sportsnet was the most watched specialty channel in Canada.

Be a strong national company investing in Canada

•Invested a record $4 billion in capital expenditures, primarily in our networks.

•Became the first national carrier in Canada with net-zero greenhouse gas (GHG) emissions targets approved by the Science Based Targets initiative (SBTi).

•Drove benefits to community organizations across Canada of over $100 million.

•Raised a record $25 million to support children’s charities in Alberta at the 12th annual Rogers Charity Classic.

Rogers Communications Inc. 8 Fiscal 2024

•Released our 2023 Economic Impact Assessment showing Rogers supported 92,000 jobs and contributed $14 billion to Canada's GDP.

Be a growth leader in our industry

•Grew total service revenue by 7% and adjusted EBITDA by 12%.

•Reported industry-leading margins in our Wireless and Cable operations.

•Generated free cash flow of $3,045 million1, up 26%, and cash flow from operating activities of $5,680 million.

Other highlights

•Declared a dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share each quarter during 2024.

•Issued senior notes with an aggregate principal amount of US$2.5 billion. We received net proceeds of US$2.46 billion ($3.32 billion) from the issuance.

•Ended the year with approximately $4.8 billion of available liquidity1, including $3.5 billion available under our bank and letter of credit facilities, $0.9 billion in cash and cash equivalents, and $0.4 billion available under our receivables securitization program.

2023 Highlights

Build the biggest and best networks in the country

•Invested a then-record $3.9 billion in capital expenditures, primarily in our wireless and wireline network infrastructure.

•Recognized as the best and most reliable wireless network in Canada for the fifth straight year by umlaut in July 2023.

•Expanded Canada's largest and most reliable 5G network to 267 new communities.

•Launched 5G service for all transit riders in the busiest sections of the Toronto Transit Commission (TTC) subway system.

•Signed agreements with SpaceX and Lynk Global to bring satellite-to-mobile phone coverage and completed Canada's first test call.

•Secured 3800 MHz spectrum licences, making Rogers the largest 5G spectrum investor.

•Invested in wildfire detection and prevention technology to help combat climate change events.

•Delivered an additional 50 kilometres of 5G cellular connectivity on Highway 16 in British Columbia to improve public safety.

Deliver easy to use, reliable products and services

•Introduced Rogers Internet and TV services to customers in Western Canada.

•Upgraded all migrated legacy Shaw Mobile customers to Rogers 5G service.

•Introduced the Rogers Red Mastercard with 48-month device equal payment plan with 0% interest and up to 3% cash back value for customers.

•Introduced Rogers Xfinity Self Protection for customers to self-monitor their homes with connected devices.

Be the first choice for Canadians

•Led the industry in wireless subscriber additions with 674,000 postpaid mobile phone net additions.

•Launched our "We Speak Your Language" program across all retail stores, with the goal of serving customers in their preferred language.

1    Free cash flow and available liquidity are capital management measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures, and "Financial Condition" for a reconciliation of available liquidity, in our 2024 MD&A, available at www.sedarplus.ca.

Rogers Communications Inc. 9 Fiscal 2024

•Secured number-one spots for flagship radio brands 98.1 CHFI, CityNews 680, and KiSS 92.5 for the Summer 2023 ratings period.

•Helped bring Taylor Swift to Canada in 2024 for six shows in Toronto and three in Vancouver.

•Signed a long-term broadcast agreement with UFC that will bring live UFC events to Sportsnet.

Be a strong national company investing in Canada

•Successfully completed the historic Shaw Transaction in April 2023.

•Expanded Connected for Success, our high-speed, low-cost Internet program to Western Canada.

•Announced a new five-year deal as title sponsor of the Shaw Charity Classic.

•Drove benefits to community organizations across Canada of over $100 million.

Be a growth leader in our industry

•Total service revenue up 27%; adjusted EBITDA up 34%.

•Generated free cash flow of $2,414 million and cash provided by operating activities of $5,221 million.

•Achieved strong Cable adjusted EBITDA margin expansion of 330 basis points.

•Delivered on industry-leading 2023 financial guidance.

Other highlights

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2023.

•Issued senior notes with an aggregate principal amount of $3 billion. We received net proceeds of $2.98 billion from the issuance.

•Ended the year with approximately $5.9 billion of available liquidity, including $5.1 billion available under our bank and letter of credit facilities and $0.8 billion in cash and cash equivalents.

2022 Highlights

Successfully complete the Shaw acquisition

•Received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for the transfer of Shaw's broadcasting services.

•Entered into a definitive agreement with Shaw and Quebecor Inc. (Quebecor) for the sale of Freedom Mobile Inc. (Freedom) to Quebecor (Freedom Transaction).

•Successfully obtained financing of $13 billion to fund the Shaw Transaction, including the largest cross-border financing in Canadian history.

•Successfully argued for the dismissal by the Competition Tribunal (Tribunal) of the Competition Bureau's (Bureau) application to block the Shaw Transaction, with the panel concluding unanimously that the transactions are pro-competitive; the decision of the Tribunal was upheld by the Federal Court of Appeal on January 24, 2023.

Invest in our networks to deliver world-class connectivity to Canadian consumers and businesses

•Invested a then-record $3.1 billion in capital investments in Canada, the majority of which was invested in our networks.

•Continued to expand Canada’s largest 5G network as at December 31, 2022, reaching over 1,900 communities across the country.

•Became the first service provider in Canada to deploy 3500 MHz spectrum to increase 5G network capacity, boost speeds, and deliver ultra-low latency services, starting in Nanaimo, British Columbia and continuing its deployment across Canada, including in Calgary, Edmonton, Montreal, Ottawa, Toronto, Vancouver, and multiple rural areas.

•Committed to investing $20 billion in network reliability over the next five years and announced plans to separate our wireless and wireline IP core networks.

Rogers Communications Inc. 10 Fiscal 2024

•Signed a memorandum of understanding with Canada's other major telecommunications carriers regarding reciprocal support for emergency roaming, mutual assistance, and communications protocols in the event of a future major network outage.

Invest in our customer experience to deliver timely, high-quality customer service consistently to our customers

•Introduced new fibre-powered Internet packages and bundles, with symmetrical download and upload speeds of up to 2.5 Gbps.

•First major provider in Canada to launch a new Wi-Fi modem with Wi-Fi 6E, currently the world's most powerful Wi-Fi technology, and introduced Internet with 8 Gbps symmetrical speeds in certain areas.

•Continued to accelerate our digital-first plan to make it easier for customers, with digital adoption at 88% of eligible transactions; includes 24/7 virtual assistant support tools and the ability for Fido and Rogers customers to complete price plan changes, hardware upgrades, and other account updates online.

•Donated $1 million to Jays Care Foundation in support of their ambitious goal to bring programming to 45,000 kids across Canada through Indigenous Rookie League, Challenger Baseball, and Girls at Bat.

Improve execution and deliver strong financial performance across all lines of business

•Attracted 545,000 net postpaid mobile phone subscribers to lead the Canadian industry, up 35% and our strongest results since 2007.

•Delivered on robust 2022 full-year guidance after increasing guidance ranges in April for total service revenue, adjusted EBITDA, and free cash flow excluding Shaw financing guidance.

•Generated total service revenue of $13,305 million, up 6%; adjusted EBITDA of $6,393 million, up 9%; and net income of $1,680 million, up 8%.

•Generated free cash flow of $1,773 million and cash provided by operating activities of $4,493 million.

•Paid dividends of $1,010 million to our shareholders.

Other highlights

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2022.

•Issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years in February. We received net proceeds of US$740 million ($938 million) from the issuance.

•Issued $13.3 billion of senior notes, consisting of US$7.05 billion ($9.05 billion) and $4.25 billion, in order to partially finance the cash consideration for the Shaw Transaction.

•Ended the year with approximately $4.9 billion of available liquidity, including $4.4 billion available under our bank and letter of credit facilities and $0.5 billion in cash and cash equivalents.

ITEM 4.2 – SIGNIFICANT ACQUISITIONS

N/A

Rogers Communications Inc. 11 Fiscal 2024

ITEM 5 – Narrative Description of the Business

ITEM 5.1 – GENERAL – BUSINESS OVERVIEW

This section incorporates by reference the following sections contained in our 2024 MD&A:

About Rogers	18
Understanding Our Business	22
Wireless	22
Cable	22
Media	22
Products and Services	22
Wireless	22
Cable	22
Media	23
Other	24
Other Investments	24
Competition	24
Wireless	24
Cable	24
Media	25
Industry Trends	25
Corporate Overview	27
Delivering on our Priorities	33
Employees	49
Commitments and Contractual Obligations	67

PROPERTIES, TRADEMARKS, ENVIRONMENTAL, AND OTHER MATTERS

In most instances, the Company, through its subsidiaries, owns the assets essential to its operations. Our major fixed assets are:

•transmitters; microwave systems; antennae; buildings; electronic transmission, receiving, and processing accessories; and other wireless network equipment (including switches, radio channels, base station equipment, microwave facilities, and cell equipment);

•coaxial and fibre optic cables; set-top terminals, cable modems, and home monitoring equipment; electronic transmission, receiving, processing, digitizing, and distributing equipment; IP routers; data storage servers and network management equipment; and microwave equipment and antennae; and

•radio and television broadcasting equipment (including television cameras and television and radio production facilities and studios).

We either own or license the operating systems and software related to these assets. We also lease various distribution facilities from third parties, including space on utility poles and underground ducts for the placement of some of the cable distribution system. We either own or lease land or premises for the placement of hub sites, head-ends, switches, and space for other portions of the cable distribution system. We also lease premises and space on buildings for the placement of antenna towers. We also lease space in buildings for some of our office, media, and warehousing needs and in malls and stores for our retail operations. We have highly clustered and technologically advanced broadband cable networks across Canada.

We operate a North American transcontinental fibre-optic network extending 116,000 kilometres, providing a significant North American geographic footprint connecting Canada’s largest markets while also reaching key US markets for the exchange of data and voice traffic, also known as peering.

We own or have licensed various brands and trademarks used in our businesses. Certain of our trade names and properties are protected by trademark and/or copyright. We maintain customer lists for our businesses. Our intellectual property, including our trade names, brands, properties, and customer lists, is important to our operations.

In 2024, we spent approximately $0.5 million relating to environmental protection and management requirements. Environmental protection and management requirements applicable to our operations are not expected to have a significant effect on our capital expenditures, earnings, or competitive position in the current or future fiscal years.

Rogers Communications Inc. 12 Fiscal 2024

ITEM 5.2 – RISK FACTORS

The following section is incorporated by reference herein: “Risks and Uncertainties Affecting Our Business” contained on pages 70 to 77 of our 2024 MD&A.

ITEM 6 – Dividends

ITEM 6.1 – DIVIDENDS

On January 29, 2025, the RCI Board of Directors (the Board) declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 2, 2025, to shareholders of record on March 10, 2025.

The table below shows when dividends have been declared and paid on the Class A Voting Shares and Class B Non-Voting Shares for the three most recently completed financial years.

				Dividends paid (in millions of dollars)			Number of Class B Non-Voting Shares issued (in thousands) 1
Declaration date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total
January 31, 2024	March 11, 2024	April 3, 2024	0.50	183	83	266	1,552
April 23, 2024	June 10, 2024	July 5, 2024	0.50	185	81	266	1,651
July 23, 2024	September 9, 2024	October 3, 2024	0.50	181	86	267	1,633
October 23, 2024	December 9, 2024	January 3, 2025	0.50	185	84	269	1,943
February 1, 2023	March 10, 2023	April 3, 2023	0.50	252	—	252	—
April 25, 2023	June 9, 2023	July 5, 2023	0.50	264	—	264	—
July 25, 2023	September 8, 2023	October 3, 2023	0.50	191	74	265	1,454
November 8, 2023	December 8, 2023	January 2, 2024	0.50	190	75	265	1,244
January 26, 2022	March 10, 2022	April 1, 2022	0.50	252	—	252	—
April 19, 2022	June 10, 2022	July 4, 2022	0.50	253	—	253	—
July 26, 2022	September 9, 2022	October 3, 2022	0.50	253	—	253	—
November 8, 2022	December 9, 2022	January 3, 2023	0.50	253	—	253	—

1    Class B Non-Voting Shares are issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan.

ITEM 7 – Description of Capital Structure

ITEM 7.1 – GENERAL DESCRIPTION OF CAPITAL STRUCTURE

The information required under the heading General Description of Capital Structure is contained in the 2024 Audited Consolidated Financial Statements, Note 26, and is incorporated herein by reference.

Each Class A Voting Share of RCI carries the right to fifty votes on a poll and may be voted at the meetings of shareholders of RCI. Holders of Class B Non-Voting Shares of RCI and any series of preferred shares of RCI are entitled to receive notice of and to attend meetings of shareholders of RCI, but except as required by law or stipulated by stock exchanges, are not entitled to vote at such meetings. If an offer is made to purchase outstanding Class A Voting Shares, there is no requirement under applicable law or RCI’s constating documents that an offer be made for the outstanding Class B Non-Voting Shares and there is no other protection available to holders of Class B Non-Voting Shares under RCI’s constating documents. If an offer is made to purchase both Class A Voting Shares and Class B Non-Voting Shares, the offer for the Class A Voting Shares may be made on different terms than the offer made to the holders of Class B Non-Voting Shares.

Rogers Communications Inc. 13 Fiscal 2024

ITEM 7.2 – CONSTRAINTS

RESTRICTIONS ON THE TRANSFER, VOTING, AND ISSUE OF SHARES

We have ownership interests in several Canadian entities licensed or authorized to operate under applicable communications laws (the Laws), including the: 

•Broadcasting Act (Canada);

•Telecommunications Act (Canada); and

•Radiocommunication Act (Canada).

The Laws have foreign ownership limits (the Limits) for various classes of licensed or authorized entities. A copy of the Limits can be obtained from our Corporate Secretary. The Laws also impose a number of restrictions on changes in effective control of licensees or authorized entities, and the transfer of licences held by them. RCI’s Articles of Amalgamation therefore impose restrictions on the issue and transfer of its shares and the exercise of voting rights to ensure that we, and any corporation existing in a Canadian jurisdiction in which we have an interest, are: 

•qualified to hold or obtain any cable television, broadcasting, or telecommunications licence or authorized to operate a similar entity under the Laws; and

•not in breach of the Laws or any licences issued to us or to any of our Canadian subsidiaries, associates, or affiliates under the Laws.

If the Board considers that RCI's, or its subsidiaries', ability to hold and obtain licences, or to remain in compliance with the Laws, may be in jeopardy, the Board may invoke the restrictions in our Articles of Amalgamation on transfer, voting, and issue of our shares.

ITEM 7.3 – RATINGS

Credit ratings provide an independent measure of credit quality of an issue of securities and can affect our ability to obtain short-term and long-term financing and the terms of the financing. If rating agencies lower the credit ratings on our debt, particularly a downgrade below investment-grade, it could adversely affect our cost of financing and access to liquidity and capital.

We have engaged, and compensated, each of S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and DBRS Morningstar to rate certain of our public debt issues. During the last two years, we have made an annual payment of less than $100,000 to a credit rating organization for an information service other than a credit rating service. Below is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at December 31, 2024.

Issuance	S&P Global Ratings Services	Moody's	Fitch	DBRS Morningstar
Corporate credit issuer default rating	BBB- (stable)	Baa3 (stable)	BBB- (stable)	BBB (low) (stable)
Senior unsecured debt	BBB- (stable)	Baa3 (stable)	BBB- (stable)	BBB (low) (stable)
Subordinated debt	BB (stable)	Ba2 (stable)	BB (stable)	N/A 1
US commercial paper	A-3	P-3	N/A 1	N/A 1

1As at December 31, 2024, we have not sought a rating from Fitch or DBRS Morningstar for our short-term obligations or from DBRS Morningstar for our subordinated debt

In connection with our February 2025 subordinated note issuance, we sought a rating from DBRS Morningstar on those subordinated notes, which were rated BB (stable). DBRS Morningstar has not provided a rating for the subordinated notes we issued in 2021 or 2022. The subordinated notes issued in February 2025 were rated Ba1 by Moody's. Moody's credit ratings for our previously issued subordinated notes did not change.

Ratings for long-term debt instruments across the universe of composite rates range from AAA (S&P, Fitch, and DBRS Morningstar) or Aaa (Moody's), representing the highest quality of securities rated, to D (S&P and DBRS Morningstar), Substantial Risk (Fitch), and C (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to range from BBB- (S&P and Fitch), BBB (DBRS Morningstar), or Baa3 (Moody's) to AAA (S&P, Fitch, and DBRS Morningstar) or Aaa (Moody's).

Ratings for short-term debt instruments across the universe of composite rates ranges from A-1+ (S&P) or P-1 (Moody's), representing the highest quality of securities rated, to C (S&P), and not prime (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to be ratings of at least A-3 (S&P), or P-3 (Moody's) quality or higher.

Credit ratings are not recommendations to purchase, hold, or sell securities, nor are they a comment on market price or investor suitability. There is no assurance that a rating will remain in effect for a given period, or that a rating will not be

Rogers Communications Inc. 14 Fiscal 2024

revised or withdrawn entirely by a rating agency if it believes circumstances warrant it. The ratings on our senior debt provided by S&P, Fitch, Moody's, and DBRS Morningstar are investment-grade ratings.

ITEM 8 – Market for Securities

Class B Non-Voting Shares (CUSIP # 775109200) are listed in Canada on the Toronto Stock Exchange under the symbol RCI.B and in the United States on the New York Stock Exchange under the symbol RCI. Class A Voting Shares (CUSIP # 775109101) are listed on the Toronto Stock Exchange under the symbol RCI.A.

ITEM 8.1 – TRADING PRICE AND VOLUME

The following table sets forth, for the periods indicated, the reported high, low, and close prices and volume traded on the Toronto Stock Exchange for Class B Non-Voting Shares and Class A Voting Shares.

RCI.B
Month	High ($)	Low ($)	Close ($)	Volume
2024/01	64.71	61.22	62.80	23,364,743
2024/02	64.55	59.61	60.06	24,244,613
2024/03	60.80	55.44	55.50	42,128,620
2024/04	55.49	51.05	51.57	37,706,232
2024/05	55.13	51.01	55.07	27,006,001
2024/06	55.62	50.00	50.60	43,993,303
2024/07	53.85	48.67	53.39	25,546,372
2024/08	55.62	52.30	54.63	28,436,176
2024/09	56.55	53.52	54.38	36,146,049
2024/10	54.45	50.10	50.57	33,969,537
2024/11	51.79	48.81	50.00	34,697,046
2024/12	50.98	43.13	44.19	54,647,337
RCI.A
Month	High ($)	Low ($)	Close ($)	Volume
2024/01	64.95	60.55	63.50	32,882
2024/02	64.28	60.00	60.00	15,817
2024/03	62.24	56.70	56.70	23,952
2024/04	57.99	54.00	55.51	26,069
2024/05	60.00	55.41	58.50	24,165
2024/06	60.50	53.78	53.78	17,782
2024/07	57.00	52.50	55.87	18,738
2024/08	58.00	55.03	55.82	9,583
2024/09	59.00	55.25	56.75	32,332
2024/10	58.16	52.55	55.49	24,217
2024/11	57.20	51.77	53.50	51,704
2024/12	54.90	46.53	47.41	42,471

ITEM 8.2 – PRIOR SALES

In September 2023, we issued $3.0 billion of senior notes, including:

•$500 million of 5.65% senior notes due 2026;

•$1 billion of 5.70% senior notes due 2028;

•$500 million of 5.80% senior notes due 2030; and

•$1 billion of 5.90% senior notes due 2033.

In February 2024, we issued US$2.5 billion of senior notes, including:

•$1.25 billion of 5.00% senior notes due 2029; and

•$1.25 billion of 5.30% senior notes due 2034.

Rogers Communications Inc. 15 Fiscal 2024

In February 2025, we issued US$2.1 billion and $1.0 billion of subordinated notes including:

•US$1.1 billion of 7.00% subordinated notes due 2055;

•US$1.0 billion of 7.125% subordinated notes due 2055; and

•$1.0 billion of 5.625% subordinated notes due 2055.

ITEM 9 – Escrowed Securities and Securities Subject to Contractual Restriction on Transfer

N/A

Rogers Communications Inc. 16 Fiscal 2024

ITEM 10 – Directors and Officers

ITEM 10.1 - Name, Occupations and Security Holding

Set forth below is information regarding the directors and senior executive officers of RCI as at March 6, 2025, including their city, province or state, and country of residence, and their principal occupation(s) within the five preceding years. Each director is elected at the annual meeting of shareholders to serve until the next annual meeting or until a successor is duly elected unless, prior thereto, he or she resigns or his or her office becomes vacant by death or other cause under applicable law. Officers are appointed by, and serve at the discretion of, the Board.

Name	Position
Directors
Edward S. Rogers (1)(2)(3)(9)(10)	Director, Executive Chair of RCI, and Chair of the Rogers Control Trust
Tony Staffieri	Director, President and Chief Executive Officer
Michael J. Cooper (5)	Director
Trevor English (4)(5)(8)	Director
Ivan Fecan (6)(7)(8)	Director
Robert J. Gemmell (1)(2)(3)(6)(8)	Lead Director
Jan L. Innes (2)(4)(5)(7)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Diane A. Kazarian, FCPA, CPA (7)(8)	Director
Dr. Mohamed Lachemi (5)(6)	Director
David A. Robinson (1)(2)(7)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Lisa A. Rogers (4)(9)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Bradley S. Shaw (3)	Director
Wayne Sparrow (4)	Director
John H. Tory, K.C., O.Ont (3)(6)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Senior Executive Officers
Tony Staffieri	Director, President and Chief Executive Officer
Glenn A. Brandt	Chief Financial Officer
Edward S. Rogers	Director, Executive Chair of RCI, and Chair of the Rogers Control Trust
TheHonourableNavdeep Bains	Chief Corporate Affairs Officer
Marisa Fabiano	Chief Human Resources Officer
Bret D. Leech	President, Residential
Anne E. Martin-Vachon	President, Wireless
Iain S. Kennedy	Chief Information and Cyber Security Officer
Mark J. Kennedy	Chief Technology Officer
Thomas A. Turner(10)	President, Business and member of the Advisory Committee of the Rogers Control Trust
Terrie Tweddle	Chief Brand and Communications Officer
Colette S. Watson	President, Rogers Sports & Media
Mahes S. Wickramasinghe	President, Group Operations
Marisa L. Wyse	Chief Legal Officer and Corporate Secretary

(1)Denotes member of Executive Committee

(2)Denotes member of Nominating Committee

(3)Denotes member of Finance Committee

(4)Denotes member of ESG Committee

(5)Denotes member of Pension Committee

(6)Denotes member of Corporate Governance Committee

(7)Denotes member of Human Resources Committee

(8)Denotes member of Audit and Risk Committee

(9)Edward S. Rogers and Lisa A. Rogers are immediate family members of each other and members of the family of the late Ted Rogers. For additional information, please see “Outstanding Shares and Main Shareholders” in RCI’s 2024 Information Circular available on SEDAR+ at sedarplus.ca.

(10)Voting control of RCI is held by the Rogers Control Trust. See “Outstanding Shares and Main Shareholders” in RCI’s 2024 Information Circular available on SEDAR+ at sedarplus.ca. Each of the individuals that are noted above as holding positions with the Rogers Control Trust have held such positions since December 2008, with the exception of Jan L. Innes who has held such position since December 2023, and Thomas A. Turner who has held such position since March 2023.

Edward S. Rogers resides in Toronto, Ontario, Canada and has been a director of RCI since May 1997. Mr. Rogers currently serves as Executive Chair of the Board of RCI. Prior to becoming Chair in January 2018, Mr. Rogers was the Deputy Chair of RCI from September 2009. Mr. Rogers is also Chair of Rogers Bank, Chair of the Toronto Blue Jays, and is on the Board of Directors of Maple Leaf Sports & Entertainment and Cablelabs. He is the Rogers Control Trust Chair. Mr. Rogers served in various management positions at Rogers Communications for over 20 years, including as President & CEO of Rogers Cable Inc. After graduating from the University of Western Ontario, Mr. Rogers spent three years with Comcast Corporation. Mr. Rogers was a member of the Economic Council of Canada from 2010 to 2013.

Rogers Communications Inc. 17 Fiscal 2024

Michael J. Cooper resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Mr. Cooper is the President and Chief Responsible Officer of Dream Unlimited Corp. and founder of Dream Asset Management Corporation (DAM). He is also the Chair and Chief Executive Officer of Dream Office Real Estate Investment Trust. Mr. Cooper helped found DAM in 1996 and continues to lead the business as President and Chief Responsible Officer. Mr. Cooper was also involved in the formation of Dream Global Real Estate Investment Trust, previously a TSX-listed real estate investment trust, the assets and subsidiaries of which were sold in 2019. Mr. Cooper holds a LL.B from the University of Western Ontario and a M.B.A. from York University.

Trevor English resides in Calgary, Alberta, Canada and has been a director of RCI since April 2023. Mr. English has over 25 years of experience in corporate finance, mergers & acquisitions, investor relations, business development, and financial analysis. Mr. English joined the Shaw Family Group in April 2023, and currently holds the position of Chief Investment Officer. He also serves on the board of directors of Auctus Property Fund GP. Mr. English served as Executive Vice President, Chief Financial & Corporate Development Officer of Shaw from May 2018 until prior to Shaw's acquisition by Rogers in April 2023. Previously, Mr. English served as Shaw's Executive Vice President, Chief Strategy and Business Development Officer from March 2016 to May 2018. Prior to joining Shaw in 2004, Mr. English worked for CIBC World Markets Inc. in Canada and the United Kingdom, commencing in 1997. Mr. English holds a B.Comm from the University of Calgary and a Chartered Financial Analyst designation.

Ivan Fecan resides in Vancouver, British Columbia, Canada and has been a director of RCI since October 2021. Mr. Fecan is a Canadian media executive and producer. Mr. Fecan was President and CEO of Baton Broadcasting and its successors, CTV Inc. and CTVglobemedia, from 1996 to 2011. Previously, he was VP of English TV at the CBC, VP of Creative Affairs at NBC, News Director at Citytv, and a CBC Radio Producer. Mr. Fecan serves on the boards of the University Health Network Foundation, the Council for Canadian American Relations, and is a Trustee Emeritus at the Art Gallery of Ontario. Mr. Fecan was the producer and executive producer of the hit Canadian sitcom Kim's Convenience. Mr. Fecan holds a B.A. from York University, and has two honorary doctorates.

Robert J. Gemmell resides in Oakville, Ontario, Canada, has been a director of RCI since April 2017, and has served as Lead Director since November 2021. Mr. Gemmell spent 25 years as an investment banker in the United States and in Canada. Mr. Gemmell was President and Chief Executive Officer of Citigroup Global Markets Canada and its predecessor companies (Salomon Brothers Canada and Salomon Smith Barney Canada) from 1996 to 2008. In addition, he was a member of the Global Operating Committee of Citigroup Global Markets from 2006 to 2008. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business.

Jan L. Innes resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Ms. Innes is a board director and public affairs specialist. Ms. Innes spent most of her career at Rogers Communications. She joined Rogers in 1995 as Vice President, Communications, and in 2011, became Vice President, Government Relations. Ms. Innes retired from Rogers in 2015. Prior to joining Rogers, Ms. Innes was Vice President of Public Affairs at Unitel Communications Inc. Previously, Ms. Innes held senior political staff positions at both Queen's Park in Toronto and Parliament Hill in Ottawa. Ms. Innes is the Chair of the Board of Directors of the Rogers Group of Funds and a member of the Advisory Committee of the Rogers Control Trust. Ms. Innes holds a B.A. (Honours) from the University of Toronto and in 2014, completed the Directors Education Program at the Rotman School of Management, receiving the ICD.D designation.

Diane A. Kazarian, FCPA, CPA resides in Toronto, Ontario, Canada and has been a director of RCI since April 2024. Ms. Kazarian was previously the first female Managing Partner of the Greater Toronto Area at PwC and a member of PwC’s Leadership Team. Reporting directly to the Chief Executive Officer, Ms. Kazarian led PwC’s largest market in Canada and managed a team of approximately 300 partners and 4,000 individuals. Ms. Kazarian is Chair of the board of St. Joseph’s Health Centre Foundation and a Corporate Director of Choice Properties REIT, Gibson Energy Inc. and OMERS Administration Corporation. She also sits on the Boards of MaRS Discovery District, Unity Health Toronto and Bryant University. Ms. Kazarian holds a BSBA from Bryant University. She is a Fellow Chartered Professional Accountant (FCPA) and a Fellow Chartered Accountant (FCA) in Ontario and a Certified Public Accountant (CPA) in the United States. Ms. Kazarian has received the Certified Director designation (ICD.D) from the Institute of Corporate Directors and the Global Competent Boards ESG designation (GCB.D).

Dr. Mohamed Lachemi resides in Mississauga, Ontario, Canada and has been a director of RCI since April 2022. Dr. Lachemi has been President and Vice-Chancellor of Toronto Metropolitan University since April 2016. Since joining Toronto Metropolitan University in 1998 as professor of civil engineering, Dr. Lachemi has served in progressively senior roles, including Dean of the Faculty of Engineering and Architecture Science, and Provost (COO) and Vice President Academic. Dr. Lachemi is a recipient of the Order of Ontario, a Fellow of the Canadian Society for Civil Engineering, and a Fellow of the Canadian Academy of Engineering. Dr. Lachemi also serves as a board member of DMZ Ventures, WUSC (World University Service of Canada) and GTAA (Greater Toronto Airports Authority), and he is a Rogers representative on the Cultural Sponsorship Program board of directors. He is past Chair of the Council of Ontario Universities and COU Holding Association Inc. and was a member of the NRC Council from 2018 to 2021. Dr. Lachemi holds a M.A.Sc. and Ph.D. from the University of Sherbrooke and a B.Sc. in Civil Engineering from the University of Science and Technology of Oran, Algeria.

Rogers Communications Inc. 18 Fiscal 2024

David A. Robinson resides in Toronto, Ontario, Canada and has been a director of RCI since April 2022. Mr. Robinson was previously the Chief Commercial Officer of Foghorn Payments Inc., a Canadian payment processing service provider for businesses. Mr. Robinson joined Rogers in 1990 and served in progressively more senior roles over his 30-year career at the Company. From August 2015 to June 2019, Mr. Robinson served as President and Chief Executive Officer of Rogers Bank. As SVP, Financial Services, Rogers Communications from 2014 to 2015, Mr. Robinson provided executive sponsorship of financial services efforts at Rogers, including Rogers Bank, the Today's Shopping Choice private label credit card program, as well as the Company’s investments in its mobile-payment joint ventures, Enstream and Suretap. Mr. Robinson is a member of the Advisory Committee of the Rogers Control Trust. He also serves as a director of Mobi724 Global Solutions Inc. Mr. Robinson holds a B.A. (Honours) from Queen’s University, a M.B.A. from the University of Western Ontario, and in 2021, completed the Directors Education Program at the Rotman School of Management, receiving the ICD.D designation.

Lisa A. Rogers resides in Victoria, British Columbia, Canada and has been a director of RCI since April 2023. She is the founder, President and CEO of The Annual Foundation, a private foundation focused predominantly on supporting smaller Canadian charitable organizations and those located outside of the major Canadian centres. Ms. Rogers is a member of the Advisory Committee of the Rogers Control Trust. She has previously served on the Board of Directors for Rogers Broadcasting (now Rogers Media) and worked as a Business Development Analyst for Rogers Cablesystems Limited. Ms. Rogers has a B.A. from the University of Western Ontario, a graduate diploma from The London School of Economics and Political Science, and a M.B.A. from Bayes Business School (City, University of London).

Bradley S. Shaw resides in Calgary, Alberta, Canada and has been a director of RCI since April 2023. Mr. Shaw served as Chief Executive Officer of Shaw from November 2010 to April 3, 2023. He was also the Executive Chair of the Board of Shaw and Chair of the Executive Committee from March 2020 to April 3, 2023. Mr. Shaw led the transformation of Shaw from a Western-based cable company to a leading Canadian connectivity company. He was instrumental in building Shaw Direct into one of North America's leading direct-to-home satellite television providers and he played a key role in the launch of Shaw's digital home phone service in 2005. Mr. Shaw is Chair of the Shaw Family Living Trust and a director of several private companies. Mr. Shaw is a director of Shaw Family Foundation and managing director of The HOP Foundation, both non-profit organizations. Mr. Shaw sits on the Patrons' Council of the Alberta Children's Hospital Foundation.

Wayne Sparrow resides in Vancouver, British Columbia, Canada and has been a director of RCI since April 2024. Chief Wayne Sparrow (yəχʷyaχʷələq) has served as elected chief of Musqueam Indian Band since 2012. Prior to that, Chief Sparrow served as an elected councillor of Musqueam Indian Band, starting in 1995. Chief Sparrow is Chair of Musqueam Capital Corporation (MCC), the economic development arm of Musqueam, and he sits on the Musqueam Fisheries Commission, which he chaired from 2000 to 2020. During his time as chief, the MST Development Corporation (MSTDC), a business partnership between Musqueam, Squamish, and Tsleil-Waututh Nations, has acquired substantial property holdings of over 20 million square feet, including the Jericho Lands and Heather Lands. Chief Sparrow leads Musqueam in signing precedent-setting agreements that renew and strengthen relationships between Musqueam, neighbouring First Nations, governments, industry, and other partners. Under Chief Sparrow’s leadership, Musqueam signed a 30-year agreement with the Vancouver International Airport in 2017, and in 2021, it signed a relationship agreement with the Vancouver Fraser Port Authority. These agreements recognize Musqueam’s ongoing stewardship of their lands and waters, and prioritize economic, education, and training opportunities for members. In 2022, Chief Sparrow was awarded the Rix Award for Engaged Community Citizenship from the Greater Vancouver Board of Trade for his work advancing economic reconciliation and supporting youth and adult athletic programs.

Tony Staffieri resides in Toronto, Ontario, Canada and has served as President and Chief Executive Officer and a director of RCI since January 2022. He first joined the Company as Chief Financial Officer in April 2012. Since becoming Chief Executive Officer, he has closed the transformative merger with Shaw, turned around the Company's performance, and led the industry with innovative firsts. Prior to joining Rogers, he held senior executive positions with Bell Canada and Celestica, and was a Senior Partner at PwC. He serves as Chair of the Board of Governors for Toronto Metropolitan University and is a Board Director at Maple Leaf Sports & Entertainment. He is a Fellow Chartered Professional Accountant and Fellow Chartered Accountant. He holds a B.B.A. from the Schulich School of Business.

John H. Tory, K.C., O.Ont resides in Toronto, Ontario, Canada and has been a director of RCI since April 2024. Mr. Tory has had a multi-faceted career as a lawyer, chief executive, corporate director, broadcaster, and, from 2014 to 2023, he served as Mayor of Toronto. Mr. Tory was previously a director of RCI (2010 to 2014) and the President and Chief Executive Officer of Rogers Cable Inc. (1999 to 2003) and Rogers Media Inc. (1995 to 1999). Prior to that, Mr. Tory was a managing partner of the law firm Torys LLP. Mr. Tory has served as a director of Metro Inc. and Cara Operations, and is a member of the Advisory Committee of the Rogers Control Trust. Mr. Tory was also the founder and Chair of Civic Action, volunteer Chair and Commissioner of the Canadian Football League, Chair of the Toronto United Way campaign, and Chair of three campaigns for St. Michael’s Hospital. He is a member of the Toronto International Film Festival Board and the board of the WoodGreen foundation. Mr. Tory has a B.A. from the University of Toronto and a LL.B from Osgoode Hall Law School. He is a member of the Order of Ontario.

Rogers Communications Inc. 19 Fiscal 2024

Glenn A. Brandt resides in Millgrove, Ontario, Canada and has served as Chief Financial Officer since January 2022. Since joining Rogers 33 years ago, Mr. Brandt has held several senior roles in the Company, most recently as Senior Vice President, Corporate Finance from September 2016 to January 2022, overseeing various portfolios including Treasury, Tax, Corporate Development, Investor Relations, and Procurement and Supply Chain. Mr. Brandt is a trusted advisor with over 35 years in financial management, including extensive experience across corporate finance, raising capital, and working with credit rating agencies. Prior to joining Rogers, Mr. Brandt was with the Toronto Dominion Bank in Corporate & Investment and Commercial Banking. Mr. Brandt holds a B.Comm from the University of Toronto and a M.B.A. from the Schulich School of Business.

The Honourable Navdeep Bains resides in Mississauga, Ontario, Canada and has served as Chief Corporate Affairs Officer since May 2023. Mr. Bains leads the Public Policy and Environmental, Social and Governance (ESG) efforts for the Company, drawing on his deep expertise in policy matters to advance critical issues, including the digital divide and Canada's digital economy. He also serves on the board of directors of the Jays Care Foundation. Prior to joining Rogers, Mr. Bains served as Vice-Chair in Global Investment Banking for CIBC from October 2021 to May 2023. From November 2015 to January 2021, Mr. Bains served as one of the longest serving federal Ministers of Innovation, Science and Industry, where he introduced the most comprehensive innovation and skills plan for Canada in over three decades. Mr. Bains was a distinguished visiting professor at Toronto Metropolitan University's Ted Rogers School of Management, an adjunct lecturer at the Master of Public Service program at the University of Waterloo, and worked for several years in accounting and finance for the Ford Motor Company of Canada. Mr. Bains holds a Fellow Chartered Professional Accountant designation and has a M.B.A. from the University of Windsor and a B.Com from York University.

Marisa Fabiano resides in North York, Ontario, Canada and has served as Chief Human Resources Officer since February 2024. Ms. Fabiano is responsible for leading the company’s HR portfolio, including creating an engaging and inclusive employee experience. She has spent over a decade at Rogers in financial leadership roles, including Head of Business Finance & Shaw Integration from April 2022 to December 2022, and most recently as Senior Vice President of Corporate Finance & Controller from December 2022 to February 2024. Prior to that, she served as Senior Vice President and Head of Financial Operations from July 2017 to April 2022. Ms. Fabiano has more than 25 years of experience in leadership positions within the telecommunication, industrial, and consumer goods industries, including at Bell Canada, Husky Injection Molding, and Coca Cola Beverages. Ms. Fabiano holds a B.B.A. from Schulich School of Business, ICD.D designation from the Canadian Institute of Corporate Directors, and is a Certified Professional Accountant.

Iain S. Kennedy resides in Toronto, Ontario, Canada and has served as Chief Information and Cyber Security Officer since October 2024. Mr. Kennedy is responsible for leading the company’s IT strategy, operation of its systems, and information security. Mr. Kennedy has over 25 years of experience in technology, operations, and transformation leadership roles. Most recently, he was the Chief Technology Officer at Indigo from 2023 to 2024, where he was responsible for the information technology, information security and IT digital, and data science teams. Before that, he held senior roles at Canadian Tire, as Executive Vice President from 2017 to 2022, and Blackberry from 2013 to 2017, including as Global Chief Information Officer. Mr. Kennedy holds a M.B.A. from the Ivey School of Business at Western University and a B.Sc. in Computer Science from Western University.

Mark J. Kennedy resides in St. Catharines, Ontario, Canada and has served as Chief Technology Officer since September 2024. Mr. Kennedy is responsible for leading the teams responsible for designing, building, and operating Canada’s largest and most reliable 5G network and largest cable network. Mr. Kennedy is a seasoned network leader with over three decades of experience in senior roles with global technology companies. With experience in network strategy, implementation, and operations, he has led high-performing teams responsible for wireless and wireline networks across Europe and Asia. Mr. Kennedy joined Rogers in 2019 and has held progressively senior leadership positions on the Network team. Most recently, he served as Senior Vice-President, Wireless Core Engineering and National Network Implementation from September 2023 to September 2024, where he was responsible for the company’s wireless core network, network implementation, and build for Rogers’ wireless and wireline networks.

Bret D. Leech resides in Toronto, Ontario, Canada and has served as President, Residential since February 2024. Mr. Leech is responsible for the strategy and execution of Residential Product, Content, Marketing, and Sales. Mr. Leech was previously Chief Human Resources Officer from February 2022 to February 2024, where he played an integral role in the Company’s integration with Shaw. Prior to joining Rogers, Mr. Leech held a series of senior executive leadership positions with telecommunication, financial, and technology organizations in Canada, China, Japan, and the United States. Most recently, Mr. Leech was Group Vice President at Southeast Toyota Finance from January 2021 to December 2021. Before returning to Rogers, Mr. Leech was Division President Lending Solutions at Fiserv, Inc. from March 2016 to February 2018. In April 2018, Mr. Leech led the sale of Fiserv, Inc.'s Lending Solutions business to an independent joint venture, Sagent Lending Technologies (Sagent), becoming its President and CEO and member of the board. Following a series of acquisitions, Mr. Leech separated Sagent's two primary lines of business, taking a board and Executive Chairman position with Sagent in March 2021 and continuing as President and CEO of the second entity, defi SOLUTIONS, until October 2020. Mr. Leech holds a B.A. from Dalhousie University, a M.B.A. from the University of Toronto, a MSc from the University of Reading Henley’s School of Business, and is a graduate of Harvard's Advanced Management Program.

Rogers Communications Inc. 20 Fiscal 2024

Anne E. Martin-Vachon resides in Trois-Rivières, Québec, Canada and has served as President, Wireless since January 2025. Ms. Martin-Vachon is responsible for overseeing the company’s wireless business, including the Rogers, Fido, and chatr brands. She initially joined Rogers in August 2016 and previously served as Senior Vice President, Sales, Wireless and Chief Retail Officer, and President of TSC (Today’s Shopping Choice). Ms. Martin-Vachon brings over 35 years of experience in consumer retail organizations. She has also held executive leadership roles ranging from Chief Marketing Officer to Chief Executive Officer at powerhouse companies, including the Home Shopping Network, Nordstrom US, Lise Watier, Bath & Body Works, and Procter & Gamble. Ms. Martin-Vachon serves as Chair of the Retail Council of Canada. She holds a M.B.A. from McGill University and a B.B.A. from the University of Québec in Trois-Rivières.

Thomas A. Turner resides in Toronto, Ontario, Canada and has served as President, Business since July 2022. Mr. Turner is responsible for delivering Wireless, Wireline, IoT, Wholesale, and Data Centre/Cloud products and solutions to small, medium, large, and public sector businesses across Canada. Prior to taking on the President, Business role, Mr. Turner held several executive leadership positions within Rogers, most recently as the Senior Vice President of Sales for Business, from July 2011 to July 2022. Mr. Turner built his career at Rogers Communications since 1992, holding key leadership roles across Rogers Cable, Wireless, and Media business units. Mr. Turner is a member of the Advisory Committee of the Rogers Control Trust, a member of the Board of Directors of Rogers Voting Shares Holdings, as well as an Advisory Council Member for the Ted Rogers Sales Leadership Program at Toronto Metropolitan University. Mr. Turner has previously served as a Board Member for the Toronto Board of Trade, the largest policy and advocacy group for the city’s business community. Mr. Turner holds a B.A. from Michigan State University and a J.D. from the Ph.D. program at Michigan State University College of Law.

Terrie Tweddle resides in Oakville, Ontario, Canada and has served as Chief Brand and Communications Officer since April 2023. She is responsible for leading the Company's Branding, Communications, and Sponsorship portfolios. She previously worked at Rogers from August 2008 to February 2020 leading Communications and Corporate Social Responsibility. She brings 25 years' experience leading Communications, Branding, and Social Responsibility for top-tier brands including Molson-Coors, Visa International, and Sun Life Financial. Prior to rejoining Rogers, she served as Global Head of Marketing and Communications at a global pension plan with $250 billion in net assets. She serves on the board of directors of The Canadian Journalism Foundation. She holds a B.A. from the University of Ottawa and is a graduate of Harvard's Leadership Development program.

Colette S. Watson resides in Ottawa, Ontario, Canada and has served as President, Rogers Sports & Media since January 2022. Ms. Watson was previously Senior Vice President, TV & Broadcast Operations from November 2016 to June 2020. Ms. Watson is responsible for driving strategy and overseeing operations for the Company’s robust portfolio of media assets. Prior to rejoining Rogers, Ms. Watson was the President of CPAC, a not-for-profit, commercial-free specialty television channel from April 2019 to January 2022. Fluently bilingual, Ms. Watson has 33 years of experience across programming, regulatory, and communications, including a variety of senior roles across Rogers' Media, Regulatory, and Cable divisions. Ms. Watson joined Rogers in 1990 as Bureau Chief of the Rogers Ottawa Bureau. She became Vice President of Community Programming in 1995 and performed the dual role of President of CPAC and Vice President of Community Programming until her appointment to Rogers Media in 2016. Ms. Watson is also a past recipient of the esteemed Trailblazer of the Year award by Canadian Women in Communications. Ms. Watson holds a diploma in Communications from St. Lawrence College.

Mahes S. Wickramasinghe resides in Toronto, Ontario, Canada and has served as President, Group Operations since February 2024. Mr. Wickramasinghe was previously Chief Commercial Officer from April 2023 to February 2024, and prior to that, Chief Administrative Officer from January 2022. Mr. Wickramasinghe is responsible for Customer Experience, including Digital, Capital Management and Financial Services (including Rogers Bank). Procurement and Supply Chain, Corporate Development and Corporate Security. Mr. Wickramasinghe has spent over two decades in senior executive roles across large Canadian and global organizations, most recently as Executive Vice-President, Canadian Tire Corporation from September 2016 to October 2021, including as Chief Corporate Officer from September 2016 to March 2020, as President, Canadian Tire Financial Services and President & CEO, Canadian Tire Bank from March 2020 to July 2021, and as Chairman of Helly Hansen until October 2021. Prior to that, Mr. Wickramasinghe was Chief Strategy Officer at Canadian Tire from February 2014 to September 2016. Mr. Wickramasinghe also held executive leadership positions at BCE Inc. and Bell Aliant from 2003 to 2008. From 2008 to 2012, Mr. Wickramasinghe was Chief Administrative Officer of CIBC FirstCaribbean, based in Barbados, and from July 2012 to September 2013, he was Senior Vice President, Corporate Finance at Rogers. He started his career in public accounting and was a partner with Arthur Andersen and joined CIBC in 1995 and held a number of senior positions and was appointed Senior Vice President in 2001. Mr. Wickramasinghe is a member of the Institute of Chartered Accountants (Sri Lanka) and the American Institute of Certified Public Accountants and a Fellow of the Chartered Institute of Management (UK). He is on the Board of Directors for SunOpta Inc.

Marisa L. Wyse resides in Toronto, Ontario, Canada and has served as Chief Legal Officer and Corporate Secretary since January 2022. Since joining Rogers in 2014 as Senior Tax Counsel, Ms. Wyse has held increasingly senior roles, including as Vice President, Corporate Development from November 2018 to January 2022. Prior to joining Rogers, Ms. Wyse practiced as a tax lawyer at a Canadian law firm from 2006 to 2013. Ms. Wyse holds a J.D. in Law from the University of Toronto and a Bachelor of Computer Engineering from McGill University. Ms. Wyse was admitted to the Ontario Bar in 2006.

Rogers Communications Inc. 21 Fiscal 2024

As at December 31, 2024, RCI’s directors and executive officers as a group owned, directly or indirectly, an aggregate of 108,403,398 Class A Voting Shares, representing approximately 97.53% of the issued and outstanding Class A Voting Shares. Certain directors have positions with, or are beneficiaries of, the Rogers Control Trust, which holds voting control of the Rogers group of companies for the benefit of successive generations of the Rogers family. See “Outstanding Shares and Main Shareholders” in RCI’s 2024 Information Circular available on SEDAR+ at sedarplus.ca.

COMPOSITION OF THE BOARD

The Board currently has 14 members.

Independent Directors

The Board is responsible for determining whether a director is “independent” within the meaning of National Instrument 58-101 - "Disclosure of Corporate Governance Practices" (NI 58-101). Certain directors may be principals of, partners in, or hold other positions with entities that provide legal, financial, or other services to us. The Board has adopted discretionary Director Material Relationship Standards for the purpose of assisting the Board in making determinations regarding whether or not a direct or indirect business, commercial, banking, consulting, professional, or charitable relationship a director may have with RCI or its subsidiaries is a material relationship that could, in the view of the Board, reasonably interfere with the exercise of the director’s independent judgment. These standards can be reviewed on our website at investors.rogers.com.

Based on the information provided by each director and the recommendations of the Corporate Governance Committee, the Board has determined that the following directors are independent in accordance with the requirements of NI 58-101 and the standards referred to above. In making this determination, the Board considered all of the relationships that each director has with the Company (taking the discretionary standards referred to above and other factors the Board considered relevant into account) and concluded that none of the relationships considered would likely impair the director’s independent judgment.

Michael J. Cooper

Trevor English

Ivan Fecan

Robert J. Gemmell

Jan L. Innes

Diane A. Kazarian, FCPA, CPA

Dr. Mohamed Lachemi

David A. Robinson

Wayne Sparrow

John H. Tory, K.C., O.Ont.

Lead Director

Pursuant to the Board Charter, the Board has appointed Robert J. Gemmell as Lead Director. The Lead Director facilitates the functioning of the Board independently of management of the Company and provides independent leadership to the Board. Shareholders wishing to contact the Lead Director may write to the Lead Director, in care of the Corporate Secretary, at the head office of the Company, 333 Bloor Street East, 10th Floor, Toronto, Ontario M4W 1G9, Canada.

BOARD COMMITTEES

The Board has eight permanent (or standing) committees. The Board may appoint special committees to deal with specific matters. A special committee might, for example, consider proposed material transactions between the significant shareholder and us or between our subsidiaries and us. In those cases, the committee would consist entirely of independent directors who have no relationship to us or to the significant shareholder other than as a director. Charters for the various Board committees can be reviewed on our website at investors.rogers.com.

CONTROLLED COMPANY EXEMPTION

The NYSE listing standards require a listed company to have, among other things, a nominating committee consisting entirely of independent directors. The rules permit a “controlled company” to be exempt from these requirements. A “controlled company” is a company of which more than 50% of the voting power is held by an individual, group, or another company. The Board has determined that it is appropriate for directors affiliated with the controlling shareholder to serve on the Board committees, apart from the Audit and Risk Committee, because of the alignment of interests between our controlling shareholder and our minority shareholders, namely the creation of value and long-term growth. Accordingly, the Board has approved the Company’s reliance on the controlled company exemption with regards to membership of the nominating committee.

FOREIGN PRIVATE ISSUER STATUS

Under the NYSE listing standards, a “foreign private issuer”, such as the Company, is not required to comply with most of the NYSE corporate governance listing standards. However, foreign private issuers are required to disclose any significant ways in which their corporate governance practices differ from those followed by US companies under the NYSE listing standards.

Rogers Communications Inc. 22 Fiscal 2024

Shareholder Approval of Equity Compensation Plans

The NYSE listing standards require shareholder approval of all equity compensation plans and material revisions to such plans, subject to limited exceptions. The definition of “equity compensation plan” covers plans that provide for the delivery of newly issued or treasury securities. The TSX rules provide that only the creation of, or material amendments to, equity compensation plans that provide for new issuances of securities are subject to shareholder approval in certain circumstances. We follow the TSX rules with respect to the requirements for shareholder approval of equity compensation plans and material revisions to such plans.

CORPORATE GOVERNANCE PRACTICES

The Board endorses the principle that our corporate governance practices are a fundamental part of our proper functioning as a corporation. The Board believes that these corporate governance practices enhance the interests of our security holders, employees, customers, and of others dealing with us. Our Statement of Corporate Governance Practices can be reviewed on our website at investors.rogers.com.

ITEM 10.2 - Cease Trade Orders, Bankruptcies, Penalties, or Sanctions

To our knowledge, based on information supplied by the directors and executive officers, none of our directors or senior executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company is, or within the ten years prior to the date hereof has been, a director or executive officer of any company that: (i) while that person was acting in that capacity was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; (ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or (iii) within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager, or trustee appointed to hold its assets.

None of our directors or executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company has, within the ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager, or trustee appointed to hold the assets of the director, officer, or shareholder.

ITEM 10.3 - Conflicts of Interest

The Board has adopted both a Directors Code of Conduct and Ethics and the Business Conduct Policy for directors, officers, and employees, which we refer to as the Codes. The Codes require our directors, officers, and employees to disclose any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest, among other requirements.

To ensure the directors exercise independent judgment in considering transactions, agreements, or decisions in respect of which a director has a material interest, the directors follow a practice whereby any such director with a material interest must be absent during any board discussion pertaining thereto and must not cast a vote on such matter.

Issues arising in connection with the Codes, including conflicts of interest, are reported to the Audit and Risk Committee (in the case of the Business Conduct Policy) or to the Corporate Governance Committee (in the case of the Directors Code of Conduct and Ethics), each of which are responsible for monitoring compliance with the applicable Code and applying and interpreting the applicable Code in particular situations. The Committees must inform the Board of Code violations.

Processes are in place to ensure compliance with the Codes by the Board, officers, and employees, such as distribution of the Business Conduct Policy to our employees and the STAR Hotline, our anonymous whistleblower hotline.

The Codes can be reviewed on our website at investors.rogers.com.

ITEM 11 – Promoters

N/A

Rogers Communications Inc. 23 Fiscal 2024

ITEM 12 – Legal Proceedings and Regulatory Actions

ITEM 12.1 – LEGAL PROCEEDINGS

The following is incorporated by reference herein: “Litigation Risks”, beginning on page 76 of our 2024 MD&A.

ITEM 12.2 – REGULATORY ACTIONS

N/A

ITEM 13 – Interest of Management and Others in Material Transactions

N/A

ITEM 14 – Transfer Agents and Registrars

RCI's Canadian Transfer Agent and Registrar is:

TSX Trust Company

301 - 100 Adelaide Street West

Toronto, Ontario M5H 4H1

RCI's United States Transfer Agent and Registrar is:

Equiniti Trust Company, LLC

48 Wall Street, Floor 23

NY 10005

USA

Shareholders with questions relating to distributions, transfer of shares, lost stock certificates, and/or address changes should be directed to TSX Trust Company:

Tel: 1.800.387.0825 (US and Canada) / 416.682.3860 (Outside North America)

Fax: 1.888.249.6189

E-mail: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

By mail/courier:

301 - 100 Adelaide Street West

Toronto, Ontario M5H 4H1

ITEM 15 – Material Contracts

N/A

ITEM 16 – Interests of Experts

ITEM 16.1 – NAME OF EXPERTS

Our auditor is KPMG LLP, Chartered Professional Accountants, Toronto, Ontario, Canada, Firm ID: 85.

ITEM 16.2 – INTERESTS OF EXPERTS

KPMG LLP is our auditor and has confirmed that it is independent with respect to the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation and that they are independent accountants with respect to the Company under all relevant US professional and regulatory standards.

Rogers Communications Inc. 24 Fiscal 2024

ITEM 17 – Audit and Risk Committee

ITEM 17.1 – AUDIT AND RISK COMMITTEE MANDATE

OUR MAIN RESPONSIBILITIES:

•oversee reliable, accurate and clear policies and practices for the preparation of financial reports to shareholders

•oversee the design, implementation and review of internal controls - the necessary checks and balances must be in place

•recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditors' work - the shareholders' auditors report directly to the Audit and Risk Committee (the “Committee”)

•meet with the Company's external and internal auditors and evaluate the effectiveness and independence of each

•oversee the establishment and maintenance of processes and controls that ensure the Company complies with applicable laws and regulations relating to financial reporting and risk management

•review the annual strategic risk assessment, including management’s implementation of risk policies and actions to monitor and control major risk exposures

•review the Company’s business continuity and disaster recovery plans

•receive reports on, and approve, if appropriate, transactions with related parties

PURPOSE OF THE AUDIT AND RISK COMMITTEE

The Committee shall assist the Board of the Company in fulfilling its oversight responsibilities in the following principal areas:

(i)financial reporting processes and the integrity of financial statements provided by the Company to the public;

(ii)recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditor’s work;

(iii)the qualifications and performance of internal auditors;

(iv)the Company’s accounting systems, financial controls and disclosure controls;

(v)compliance with applicable legal and regulatory requirements; and

(vi)the implementation of appropriate risk assessment systems to identify and manage principal risks of the Company’s business.

In addition to the responsibilities specifically enumerated in this Mandate, the Board may refer to the Committee, as it sees fit, on matters and questions relating to the financial position of the Company and its subsidiaries.

INDEPENDENCE

The Committee is composed entirely of independent directors within the meaning of applicable securities laws and the Company’s Director Material Relationship Standards.

The members meet regularly without management present.

The members have the authority to engage independent advisors, paid for by the Company, to help the Committee make the best possible decisions on the financial reporting, accounting and risk management policies and practices, disclosure practices and internal controls of the Company.

MEMBERSHIP

The Committee shall be comprised of not less than three members of the Board, each of whom shall be independent of management in accordance with applicable securities laws and based on the Company’s Director Material Relationship Standards.

The Chief Executive Officer may attend each meeting of the Committee at the invitation of the Chair of the Committee (the “Chair”).

The members shall be selected based upon the following, in accordance with applicable laws, rules and regulations:

(a)Independence. Each member shall be independent in accordance with applicable securities laws and based on the Company’s Director Material Relationship Standards and in such regard shall have no direct or indirect material relationship with the Company that, in the view of the Board, could reasonably interfere with the exercise of a member’s independent judgment.

(b)Financially Literate. Each member shall be financially literate or must become financially literate within a reasonable period after his or her appointment to the Committee. For these purposes, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. In addition, at least one member must be a financial expert as defined in accordance with applicable securities laws.

Rogers Communications Inc. 25 Fiscal 2024

(c)Commitment. In addition to being a member of the Committee and of any audit committee of any affiliate of the Company, if a member of the Committee is also on the audit committee of more than two additional public companies, the Board or the Nominating Committee shall determine that such simultaneous service does not impair the ability of such member to serve effectively on the Committee.

CHAIR AND SECRETARY

The Chair shall be chosen by the Board and shall serve in that capacity until the next Annual General Meeting of Shareholders of the Company or until his or her earlier resignation or removal by resolution of the Board. The Secretary of the Company shall be the Secretary of the Committee, provided that if the Secretary is not present, the Chair of the meeting may appoint a secretary for the meeting with the consent of the Committee members who are present.

MEETINGS

The times and locations of meetings of the Committee, and the calling of and procedures at such meetings, shall be determined from time to time by the Committee, in consultation with management when necessary, provided that there shall be a minimum of four meetings per year. Subject to the notice provisions of the Articles of the Company, written notice shall be provided no later than 48 hours prior to meetings, unless waived by all members of the Committee. Notice of every meeting shall be given to the external and internal auditors of the Company.

Agendas for meetings of the Committee shall be prepared by the Chair, in consultation with management and the Corporate Secretary, and shall be circulated to Committee members prior to Committee meetings. A quorum for meetings of the Committee shall be a majority of members.

A member of the Committee may be designated as the liaison member to report on the deliberations of the Committee to the Board.

REMUNERATION

The members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board may determine from time to time.

RESOURCES AND AUTHORITY

The Committee shall have the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of the Company, outside consultants, independent legal counsel and other advisors and experts as it determines necessary to carry out its duties, without seeking approval of the Board or management.

The Committee shall have the authority to conduct any investigation necessary and appropriate to fulfill its responsibilities.

The Committee has direct access to, and the authority to communicate directly with, the external auditors, internal auditors, the Chief Legal Officer and Corporate Secretary of the Company and other officers and employees of the Company.

The members of the Committee shall have the right to inspect all the books and records of the Company and its subsidiaries and to discuss such accounts and records and any matters relating to the financial position, risk management and internal controls of the Company with the officers and external and internal auditors of the Company and its subsidiaries for the purpose of performing their duties. Any member of the Committee may require the external or internal auditors to attend any or every meeting of the Committee.

RESPONSIBILITIES

The Company’s management is responsible for the preparation of the Company’s financial statements and the external auditors are responsible for auditing those financial statements, in accordance with applicable standards. The Committee is responsible for overseeing the conduct of those activities by the Company’s management and external auditors and overseeing the activities of the internal auditors. The Company’s external auditors are accountable to the Committee.

It is recognized that members of the Committee are not full-time employees of the Company and do not represent themselves as accountants or auditors by profession or experts in the fields of accounting, auditing or the preparation of financial statements. It is not the duty or responsibility of the Committee or its members to conduct “field work” or other types of auditing or accounting reviews or procedures. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from whom it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary.

The specific responsibilities of the Committee shall include those listed below. The enumerated responsibilities are not intended to restrict the Committee from reviewing and making recommendations regarding any matters related to its purpose.

Rogers Communications Inc. 26 Fiscal 2024

1.Financial Reporting Process and Financial Statements

(a)in consultation with the external auditors and the internal auditors, review the integrity of the Company’s financial reporting process, both internal and external, and any material issues as to the adequacy of the internal controls and any special audit steps adopted in light of material control deficiencies identified to it by the external or internal auditors or of which the Committee otherwise becomes aware;

(b)review all material transactions and material contracts entered into by the Company and its subsidiaries with any insider or related party of the Company, other than officer or employee compensation arrangements approved or recommended by the Human Resources Committee or director remuneration approved or recommended by the Corporate Governance Committee;

(c)review and discuss with management and the external auditors the Company’s annual audited consolidated financial statements and its interim unaudited consolidated financial statements, and discuss with the external auditors the matters required to be discussed by generally accepted auditing standards in Canada and/or the United States, as applicable, as may be modified or supplemented, and for such purpose, receive and review the year-end report by the external auditors describing: (i) all critical accounting policies and practices used by the Company, (ii) all material alternative accounting treatments of financial information within International Financial Reporting Standards (IFRS) and/or specified financial measures (including non-GAAP measures) that have been discussed with management, including the ramifications of the use of such alternative treatments and disclosures and the treatment preferred by the external auditors, and (iii) other material written communications between the external auditors and management, and discuss such annual report with the external auditors;

(d)following completion of the annual audit, review with each of management, the external auditors and the internal auditors any significant issues, concerns or difficulties encountered during the audit;

(e)resolve disagreements between management and the external auditors regarding financial reporting;

(f)review the interim quarterly and annual financial statements and press releases prior to the release of earnings information;

(g)review emerging accounting issues and their potential impact on the Company’s financial reporting;

(h)review and be satisfied that adequate procedures are in place for the review and timely disclosure of any public disclosure of financial information by the Company extracted or derived from the Company’s financial statements, other than the disclosure referred to in (f), and periodically assess the adequacy of those procedures;

(i)meet separately, periodically, with each of management, the internal auditors and the external auditors;

(j)approve, on behalf of the Board, the interim consolidated financial statements, the Company’s disclosure under “Management's Discussion and Analysis” for interim periods and interim earnings press releases, provided that such approval is subsequently reported to the Board at its next meeting; and

(k)review ESG- and climate-related information included in the Company’s financial reporting.

2.External Auditors

(a)require the external auditors to report directly to the Committee;

(b)be directly responsible for the selection, nomination, retention, termination and oversight of the work of the Company’s external auditors engaged for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attestation services for the Company, and in such regard recommend to the Board the external auditors to be nominated for approval by the shareholders. A formal review of the qualifications, expertise, resources and the overall performance of the external auditors is conducted annually. A comprehensive review of the external auditors is conducted at least every five years and findings are presented to the Board;

(c)recommend to the Board the compensation of the external auditors;

(d)pre-approve all audit engagements and the provision by the external auditors of all non-audit services, including fees and terms for all audit engagements and non-audit engagements, and in such regard the Committee may establish the types of non-audit services the external auditors shall be prohibited from providing and shall establish the types of audit, audit-related and non-audit services for which the Committee will retain the external auditors. The Committee may delegate to any one of its members the authority to pre-approve non-audit services to be provided by the external auditor, provided that any such pre-approval shall be presented to the full Committee at its next scheduled meeting following such pre-approval;

(e)review and approve the Company’s policies for the hiring of partners and employees and former partners and employees of the external auditors;

(f)review the annual audit plan with the external auditors;

(g)consider, assess and report to the Board regarding the independence, objectivity, professional skepticism, and performance of the external auditors, at least annually, including an evaluation of the lead partner and consideration of rotation of such lead partner and the audit firm itself; and

(h)request and review a report by the external auditors, to be submitted at least annually, regarding the auditing firm’s relationships with the Company, internal quality control procedures, any material issues raised by the most recent internal quality control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the external auditors, and any steps taken to deal with any such issues.

Rogers Communications Inc. 27 Fiscal 2024

3.Internal Auditors

(a)review and approve the internal audit charter annually;

(b)approve the annual internal audit plan and discuss internal audit’s mandate with the Chief Audit Executive, including the staffing, responsibilities and budgets;

(c)obtain periodic reports from the Chief Audit Executive regarding internal audit findings and the Company’s progress in remedying any significant audit findings;

(d)review the scope, responsibilities and effectiveness of the internal audit team, including its independence from management, credentials, resources and working relationship with the external auditors; and

(e)review and recommend for approval the appointment and dismissal of the Chief Audit Executive.

4.Accounting Systems, Internal Controls and Disclosure Controls

(a)oversee management’s design and implementation of and reporting on internal controls;

(b)receive and review reports from management, the internal auditors and the external auditors regarding the reliability and effective operation of the Company’s accounting system and internal controls;

(c)review with senior management the controls and procedures adopted by the Company to confirm that material information about the Company and its subsidiaries that is required to be disclosed under applicable law or stock exchange rules is disclosed within the required time periods;

(d)review and discuss with management, the external auditors and internal audit compliance with the Company’s Disclosure Policy by Directors, Officers and other management personnel;

(e)review with senior management and the Chief Audit Executive the adequacy of the internal controls adopted by the Company to safeguard assets from loss and unauthorized use, to prevent, deter and detect fraud, and to verify the accuracy of the financial records and review any special audit steps adopted in light of material weaknesses or significant deficiencies; and

(f)review disclosures made to the Committee by the Chief Executive Officer and Chief Financial Officer during their certification process for applicable securities law filings about any significant deficiencies and material weaknesses in the design or operation of the Company’s internal control over financial reporting that are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information required to be disclosed by the Company in the reports that it files or submits under U.S. federal securities law or applicable Canadian federal and provincial legislation and regulations within the required time periods, and any fraud, whether or not material, involving management or other employees who have a significant role in the Company’s internal control over financial reporting.

5.Legal and Regulatory Requirements

(a)receive and review timely analysis by management of significant issues relating to public disclosure and reporting;

(b)review, prior to finalization, periodic public disclosure documents containing financial information, including Management’s Discussion and Analysis and the Annual Information Form;

(c)review disclosures related to the Committee required to be included in the Company’s continuous disclosure filings;

(d)review with the Company’s Chief Legal Officer and Corporate Secretary legal compliance matters, significant litigation and other legal matters that could have a significant impact on the Company’s financial statements; and

(e)assist the Board in the oversight of compliance with legal and regulatory requirements.

6.Risk Management

The Committee will review the Company's:

(a)annual strategic risk assessment identifying principal risks and their potential impact on the Company's ability to achieve its business objectives;

(b)processes for identifying, assessing and managing risks;

(c)major risk exposures and trends from all areas (e.g. information and cyber security, external threats, financial, data, privacy, physical security, environmental impact, new business initiatives) and management’s implementation of risk policies and procedures to monitor and control such exposures;

(d)business continuity plans and disaster recovery plans;

(e)insurance coverage maintained by the Company at least annually; and

(f)other risk management matters from time to time as the Committee may consider appropriate or as the Board may specifically direct.

7.Additional Responsibilities

(a)establish procedures and policies for:

i.the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and

ii.the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

(b)prepare and review with the Board an annual performance evaluation of the Committee;

(c)review the adequacy of staffing of key financial functions and management’s plans for improvements;

Rogers Communications Inc. 28 Fiscal 2024

(d)review earnings guidance provided to stakeholders, including analysts and rating agencies;

(e)periodically review with senior management the status of significant taxation matters;

(f)report regularly to the Board, including on matters such as the quality or integrity of the Company’s financial statements, compliance with legal or regulatory requirements, the performance of the internal audit function, the performance of the risk management process and the performance and independence of the external auditors; and

(g)review and reassess the adequacy of the Committee’s Mandate on an annual basis.

ITEM 17.2 – COMPOSITION OF THE AUDIT AND RISK COMMITTEE

The following individuals are the members of the Audit and Risk Committee, each of whom is considered to be independent:

Robert J. Gemmell (Chair)

Trevor English

Ivan Fecan

Diane A. Kazarian, FCPA, CPA

ITEM 17.3 – RELEVANT EDUCATION AND EXPERIENCE

Each member of the Audit and Risk Committee is financially literate and has the ability to perform his or her responsibilities as a member of the Audit and Risk Committee based on his or her education and experience as summarized below: 

Mr. Gemmell (Chair)	Former President and Chief Executive Officer of Citigroup Global Markets Canada. 25 years as an investment banker in the United States and in Canada. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business.
Mr. English	Former Executive Vice President, Chief Financial & Corporate Development Officer of Shaw. Over 25 years of experience in corporate finance, mergers & acquisitions, investor relations, business development, and financial analysis. Mr. English holds a B.Comm from the University of Calgary and a Chartered Financial Analyst designation.
Mr. Fecan	Former President and CEO of Baton Broadcasting. Mr. Fecan holds a B.A. from York University.
Ms. Kazarian	Previously Managing Partner of the Greater Toronto Area at PwC. Ms. Kazarian holds a BSBA from Bryant University. She is a Fellow Chartered Professional Accountant (FCPA) and a Fellow Chartered Accountant (FCA) in Ontario and a Certified Public Accountant (CPA) in the United States.

ITEM 17.4 – RELIANCE ON CERTAIN EXEMPTIONS

N/A

ITEM 17.5 – RELIANCE ON THE EXEMPTION IN SUBSECTION 3.3(2) OR SECTION 3.6

N/A

ITEM 17.6 – RELIANCE ON SECTION 3.8

N/A

ITEM 17.7 – AUDIT AND RISK COMMITTEE OVERSIGHT

N/A

ITEM 17.8 – PRE-APPROVAL POLICIES AND PROCEDURES

Our policy regarding pre-approval of all audit, audit-related and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC.

(a)Annually management provides the Audit and Risk Committee with a list of the audit-related and non-audit services that are anticipated to be provided during the year for pre-approval. The Audit and Risk Committee reviews the services with the auditor and management and considers whether the provision of the service is compatible with maintaining the auditor’s independence.

(b)Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

Rogers Communications Inc. 29 Fiscal 2024

(c)The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk Committee to approve requests for services not included in the pre-approved list of services or for services not previously pre-approved by the Audit and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

(d)A review of all audit and non-audit services and fees rendered to the Company by KPMG LLP is reviewed each quarter by the Audit and Risk Committee.

Our policy regarding pre-approval of all audit, audit-related, and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC. None of the audit-related fees, tax fees, or all other fees described in the table below were approved by the Audit and Risk Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

ITEM 17.9 – EXTERNAL AUDITORS’ FEES AND SERVICES

The following table presents fees for professional services rendered by KPMG LLP to us for the audit of our annual financial statements for 2024 and 2023, and fees billed for all other services rendered by KPMG LLP.

Auditors’ Fees	2024		2023
	$	%	$	%
Audit Fees (1)	13,842,168	92.8	13,243,685	94.8
Audit-Related Fees (2)	869,910	5.8	597,740	4.3
Tax Fees (3)	211,777	1.4	131,866	0.9
Total	14,923,855	100.0	13,973,291	100.0

(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audits and reviews of subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

(2)Consists primarily of pension plan audits, French translation of certain filings with regulatory authorities, and other assurance engagements.

(3)Consists of fees for tax consultation and compliance services, including indirect taxes.

ITEM 18 – Additional Information

ITEM 18.1 – ADDITIONAL INFORMATION

Additional information, including directors’ and officers’ remuneration and indebtedness, principal holders of our securities, and securities authorized for issuance under equity compensation plans, is contained in our management information circular for the most recent annual meeting of shareholders that involved the election of directors. Additional financial information is provided in our 2024 Annual Audited Consolidated Financial Statements and notes thereto and our 2024 MD&A.

Our Corporate Secretary can be contacted at our principal office, located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9 Canada (telephone: 416.935.7777). Additional information relating to RCI is also available on SEDAR+ (sedarplus.ca), on EDGAR (sec.gov), and on our website (investors.rogers.com).

Rogers Communications Inc. 30 Fiscal 2024

EX-99.3

Exhibit 99.3

Management's Responsibility for Financial Reporting

December 31, 2024

The accompanying consolidated financial statements of Rogers Communications Inc. and its subsidiaries and all the information in Management's Discussion and Analysis (MD&A) are the responsibility of management and have been approved by the Board of Directors.

Management has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The consolidated financial statements include certain amounts that are based on management's best estimates and judgments and, in their opinion, present fairly, in all material respects, Rogers Communications Inc.'s financial position, results of operations, and cash flows. Management has prepared the financial information presented elsewhere in MD&A and has ensured that it is consistent with the consolidated financial statements.

Management has developed and maintains a system of internal controls that further enhances the integrity of the consolidated financial statements. The system of internal controls is supported by the internal audit function and includes management communication to employees about its policies on ethical business conduct.

Management believes these internal controls provide reasonable assurance that:

•transactions are properly authorized and recorded;

•financial records are reliable and form a proper basis for the preparation of consolidated financial statements; and

•the assets of Rogers Communications Inc. and its subsidiaries are properly accounted for and safeguarded.

The Board of Directors is responsible for overseeing management's responsibility for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board of Directors carries out this responsibility through its Audit and Risk Committee.

The Audit and Risk Committee meets regularly with management, as well as the internal and external auditors, to discuss internal control over the financial reporting process, auditing matters, and financial reporting issues; to satisfy itself that each party is properly discharging its responsibilities; and to review MD&A, the consolidated financial statements, and the external auditors' reports. The Audit and Risk Committee reports its findings to the Board of Directors for its consideration when approving the consolidated financial statements for issuance to the shareholders. The Audit and Risk Committee also considers the engagement or re-appointment of the external auditors before submitting its recommendation to the Board of Directors for review and for shareholder approval.

The consolidated financial statements have been audited by KPMG LLP, the external auditors, in accordance with the standards of the Public Company Accounting Oversight Board (United States) on behalf of the shareholders. Our internal control over financial reporting as of December 31, 2024 has been audited by KPMG LLP, in accordance with the standards of the Public Company Accountability Oversight Board (United States). KPMG LLP has full and free access to the Audit and Risk Committee.

March 6, 2025

/s/ Tony Staffieri	/s/ Glenn Brandt
Tony Staffieri	Glenn Brandt
President and Chief Executive Officer	Chief Financial Officer

Rogers Communications Inc. 1 2024 Annual Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Rogers Communications Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Rogers Communications Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two‑year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and its cash flows for each of the years in the two‑year period ended December 31, 2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 6, 2025 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit and Risk Committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Recoverability of the carrying value of goodwill in the Media segment

As discussed in Note 10 to the consolidated financial statements, the Company tests goodwill for impairment once per year as of October 1, or more frequently if they identify indicators of impairment. Goodwill is impaired if the recoverable amount of a cash-generating unit (CGU) or group of cash-generating units (CGUs) that contain goodwill is less than the carrying amount. The Company makes judgments in determining CGUs and the allocation of goodwill for the purpose of impairment testing. Goodwill is monitored at an operating segment level in the Media segment. The goodwill balance in the Media segment as of December 31, 2024 was $969 million. A number of businesses within the Company's Media segment are partially reliant on traditional advertising revenues, are subject to a highly competitive environment and continue to have profitability challenges due to declining advertising revenue growth rates and increasing costs of producing and/or providing content. The estimate of the recoverable amount, which is determined based on the fair value less costs to sell using discounted cash flow and market approaches, is based on significant estimates developed by the Company relating to future cash flows, the terminal growth rate, the discount rate and revenue multiples applied in its valuation model.

We identified the assessment of the recoverability of the carrying value of goodwill in the Media segment as a critical audit matter. There were judgments applied in assessing the level at which goodwill was tested and there was a high degree of subjective auditor judgment required in evaluating the key assumptions used in the valuation models, which included the CGUs' future cash flows, the discount rate, the terminal growth rate and revenue multiples.

Rogers Communications Inc. 2 2024 Annual Financial Statements

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's impairment testing process, including controls related to the determination that goodwill should be tested at the Media segment level and the key assumptions used in estimating the recoverable amount of the Media segment. We assessed the judgment applied in determining the allocation of goodwill to the Media Group of CGUs. We compared the Company's historical cash flow forecasts to actual results achieved to assess the Company's ability to accurately forecast financial results. We compared the cash flow forecasts used to estimate the recoverable amount to approved plans. We assessed the assumptions used to determine the Media segment's future cash flows by comparing to underlying documentation and external market and relevant industry data. We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the discount rate, by comparing the Company's inputs to the discount rate to publicly available data for comparable entities, independently developing a range of reasonable discount rates and comparing those to the Company's rate, the terminal growth rate for the Media segment, by comparing to underlying documentation and publicly available market data, and the revenue multiples by evaluating precedent transactions and comparable public information. We performed sensitivity analyses over the Company's key assumptions used to determine the recoverable amount to assess the impact of changes in those assumptions on the Company's determination of the recoverable amount.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company's auditor since 1969.

Toronto, Canada

March 6, 2025

Rogers Communications Inc. 3 2024 Annual Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Rogers Communications Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Rogers Communications Inc.'s (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated March 6, 2025 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included under the heading Management's Report on Internal Control over Financial Reporting contained within Management's Discussion and Analysis for the year ended December 31, 2024. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 6, 2025

Rogers Communications Inc. 4 2024 Annual Financial Statements

Consolidated Statements of Income

(In millions of Canadian dollars, except per share amounts)

Years ended December 31	Note	2024	2023
Revenue	6	20,604	19,308
Operating expenses:
Operating costs	7	10,987	10,727
Depreciation and amortization	8, 9, 10	4,616	4,121
Restructuring, acquisition and other	11	406	685
Finance costs	12	2,295	2,047
Other (income) expense	13	(6)	362
Income before income tax expense		2,306	1,366
Income tax expense	14	572	517
Net income for the year		1,734	849
Earnings per share:
Basic	15	$3.25	$1.62
Diluted	15	$3.20	$1.62

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 5 2024 Annual Financial Statements

Consolidated Statements of Comprehensive Income

(In millions of Canadian dollars)

Years ended December 31	Note	2024	2023
Net income for the year		1,734	849
Other comprehensive loss:
Items that will not be reclassified to net income:
Defined benefit pension plans:
Remeasurements	25	177	(197)
Related income tax (expense) recovery		(48)	50
Defined benefit pension plans		129	(147)
Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value	20	11	(374)
Related income tax (expense) recovery		(1)	52
Equity investments measured at FVTOCI		10	(322)
Items that will not be reclassified to net income		139	(469)
Items that may subsequently be reclassified to net income:
Cash flow hedging derivative instruments:
Unrealized gain (loss) in fair value of derivative instruments		1,081	(910)
Reclassification to net income of (gain) loss on debt derivatives		(1,983)	470
Reclassification to net income or property, plant and equipment of gain on expenditure derivatives		(63)	(89)
Reclassification to net income for accrued interest		(57)	(48)
Related income tax (expense) recovery		(145)	65
Cash flow hedging derivative instruments		(1,167)	(512)
Share of other comprehensive income of equity-accounted investments, net of tax		—	2
Items that may subsequently be reclassified to net income		(1,167)	(510)
Other comprehensive loss for the year		(1,028)	(979)
Comprehensive income (loss) for the year		706	(130)

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 6 2024 Annual Financial Statements

Consolidated Statements of Financial Position

(In millions of Canadian dollars)

		As at December 31	As at December 31
	Note	2024	2023
Assets
Current assets:
Cash and cash equivalents		898	800
Accounts receivable	16	5,478	4,996
Inventories	17	641	456
Current portion of contract assets	6	171	163
Other current assets	18	849	1,202
Current portion of derivative instruments	19	336	80
Assets held for sale	8	—	137
Total current assets		8,373	7,834
Property, plant and equipment	8, 9	25,072	24,332
Intangible assets	10	17,858	17,896
Investments	20	615	598
Derivative instruments	19	997	571
Financing receivables	16	1,189	1,101
Other long-term assets	6	1,027	670
Goodwill	3, 10	16,280	16,280
Total assets		71,411	69,282
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings	21	2,959	1,750
Accounts payable and accrued liabilities		4,059	4,221
Income tax payable		26	—
Other current liabilities	19, 22	482	434
Contract liabilities	6	800	773
Current portion of long-term debt	23	3,696	1,100
Current portion of lease liabilities	9	587	504
Total current liabilities		12,609	8,782
Provisions	22	61	54
Long-term debt	23	38,200	39,755
Lease liabilities	9	2,191	2,089
Other long-term liabilities	6, 19, 24	1,666	1,783
Deferred tax liabilities	14	6,281	6,379
Total liabilities		61,008	58,842
Shareholders' equity		10,403	10,440
Total liabilities and shareholders' equity		71,411	69,282
Guarantees	29
Commitments and contingent liabilities	30
Subsequent events	23, 26, 30

The accompanying notes are an integral part of the consolidated financial statements.

On behalf of the Board of Directors:

/s/ Edward S. Rogers	/s/ Robert J. Gemmell
Edward S. Rogers Director	Robert J. Gemmell Director

Rogers Communications Inc. 7 2024 Annual Financial Statements

Consolidated Statements of Changes in Shareholders' Equity

(In millions of Canadian dollars, except number of shares)

	Class A Voting Shares		Class B Non-Voting Shares
Year ended December 31, 2024	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total shareholders' equity
Balances, January 1, 2024	71	111,152	1,921	418,869	9,839	(17)	(1,384)	10	10,440
Net income for the year	—	—	—	—	1,734	—	—	—	1,734
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	—	—	—	—	129	—	—	—	129
FVTOCI investments, net of tax	—	—	—	—	—	10	—	—	10
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	(1,167)	—	(1,167)
Total other comprehensive income (loss)	—	—	—	—	129	10	(1,167)	—	(1,028)
Comprehensive income (loss) for the year	—	—	—	—	1,863	10	(1,167)	—	706
Transactions with shareholders recorded directly in equity:
Dividends declared (note 26)	—	—	—	—	(1,068)	—	—	—	(1,068)
Share price change on DRIP dividends	—	—	—	—	(4)	—	—	—	(4)
Shares issued as settlement of dividends (note 26)	—	—	329	6,080	—	—	—	—	329
Total transactions with shareholders	—	—	329	6,080	(1,072)	—	—	—	(743)
Balances, December 31, 2024	71	111,152	2,250	424,949	10,630	(7)	(2,551)	10	10,403

	Class A Voting Shares		Class B Non-Voting Shares
Year ended December 31, 2023	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total shareholders' equity
Balances, January 1, 2023	71	111,152	397	393,773	9,816	672	(872)	8	10,092
Net income for the period	—	—	—	—	849	—	—	—	849
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	—	—	—	—	(147)	—	—	—	(147)
FVTOCI investments, net of tax	—	—	—	—	—	(322)	—	—	(322)
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	(512)	—	(512)
Share of equity-accounted investments, net of tax	—	—	—	—	—	—	—	2	2
Total other comprehensive income (loss)	—	—	—	—	(147)	(322)	(512)	2	(979)
Comprehensive income (loss) for the year	—	—	—	—	702	(322)	(512)	2	(130)
Reclassification to retained earnings for disposition of FVTOCI investments	—	—	—	—	367	(367)	—	—	—
Transactions with shareholders recorded directly in equity:
Dividends declared (note 26)	—	—	—	—	(1,046)	—	—	—	(1,046)
Shares issued as settlement of dividends (note 26)	—	—	74	1,455	—	—	—	—	74
Shares issued as consideration (note 3)	—	—	1,450	23,641	—	—	—	—	1,450
Total transactions with shareholders	—	—	1,524	25,096	(1,046)	—	—	—	478
Balances, December 31, 2023	71	111,152	1,921	418,869	9,839	(17)	(1,384)	10	10,440

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 8 2024 Annual Financial Statements

Consolidated Statements of Cash Flows

(In millions of Canadian dollars)

Years ended December 31	Note	2024	2023
Operating activities:
Net income for the year		1,734	849
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	8, 9, 10	4,616	4,121
Program rights amortization	10	63	70
Finance costs	12	2,295	2,047
Income tax expense	14	572	517
Post-employment benefits contributions, net of expense	25	82	46
(Gains) losses from associates and joint ventures	20	(8)	412
Other		(166)	5
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid		9,188	8,067
Change in net operating assets and liabilities	31	(876)	(627)
Income taxes paid		(545)	(439)
Interest paid, net		(2,087)	(1,780)
Cash provided by operating activities		5,680	5,221
Investing activities:
Capital expenditures	8, 31	(4,041)	(3,934)
Additions to program rights	10	(72)	(74)
Changes in non-cash working capital related to capital expenditures and intangible assets		136	(2)
Acquisitions and other strategic transactions, net of cash acquired	31	(475)	(16,215)
Other		(3)	25
Cash used in investing activities		(4,455)	(20,200)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings	21	1,138	(1,439)
Net (repayment) issuance of long-term debt	23	(1,103)	5,040
Net proceeds on settlement of debt derivatives and forward contracts	19	107	492
Transaction costs incurred	23	(47)	(284)
Principal payments of lease liabilities	9	(478)	(370)
Dividends paid to common shareholders	26	(739)	(960)
Other		(5)	—
Cash provided by (used in) financing activities		(1,127)	2,479
Change in cash and cash equivalents and restricted cash and cash equivalents		98	(12,500)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period		800	13,300
Cash and cash equivalents, end of period		898	800

Cash and cash equivalents are defined as cash and short-term deposits that have an original maturity of less than 90 days, less bank advances.

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 9 2024 Annual Financial Statements

Notes to Consolidated Financial Statements

Page		Note	Page		Note
10	Note 1	Nature of the Business	38	Note 18	Other Current Assets
11	Note 2	Material Accounting Policies	38	Note 19	Financial Risk Management and Financial Instruments
13	Note 3	Business Combinations
17	Note 4	Capital Risk Management	49	Note 20	Investments
19	Note 5	Segmented Information	51	Note 21	Short-Term Borrowings
20	Note 6	Revenue	53	Note 22	Provisions
25	Note 7	Operating Costs	55	Note 23	Long-Term Debt
25	Note 8	Property, Plant and Equipment	59	Note 24	Other Long-Term Liabilities
27	Note 9	Leases	59	Note 25	Post-Employment Benefits
29	Note 10	Intangible Assets and Goodwill	65	Note 26	Shareholders' Equity
32	Note 11	Restructuring, Acquisition and Other	66	Note 27	Stock-Based Compensation
33	Note 12	Finance Costs	69	Note 28	Related Party Transactions
33	Note 13	Other Expense (Income)	70	Note 29	Guarantees
34	Note 14	Income Taxes	71	Note 30	Commitments and Contingent Liabilities
36	Note 15	Earnings Per Share	73	Note 31	Supplemental Cash Flow Information
36	Note 16	Accounts Receivable
37	Note 17	Inventories

NOTE 1: NATURE OF THE BUSINESS

Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

During the year ended December 31, 2024, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries. Effective January 1, 2024, Shaw Cablesystems G.P., Shaw Telecom G.P., and Shaw Satellite G.P., which had operated aspects of Cable following the acquisition of Shaw Communications Inc. (Shaw, and Shaw Transaction) on April 3, 2023, were amalgamated with RCCI.

See note 5 for more information about our reportable operating segments.

BUSINESS SEASONALITY

Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.

Rogers Communications Inc. 10 2024 Annual Financial Statements

Wireless

Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. More aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.

The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, which in turn are affected by the foreign exchange rate of the Canadian dollar and general economic conditions.

Cable

Cable operating results are affected by modest seasonal fluctuations, typically caused by:

•university and college students who live in temporary residences:

•moving out early in the second quarter and canceling their service; and

•students moving in late in the third quarter and signing up for cable service;

•individuals temporarily suspending wireline service for extended vacations or seasonal relocations;

•individuals temporarily activating satellite services for second or vacation homes during the second and third quarter;

•the timing of service pricing changes; and

•the concentrated marketing we generally conduct in our fourth quarter.

Cable results from our enterprise customers do not generally have any unique seasonal aspects.

Media

Seasonal fluctuations relate to:

•periods of increased consumer activity and their impact on advertising and related retail cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter;

•the Major League Baseball season, where:

•games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the year);

•revenue related to game day ticket sales, merchandise sales, and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game day ticket sales and merchandise sales, if and when the Toronto Blue Jays play in the postseason (in the fourth quarter of the year); and

•programming and production costs and player payroll are expensed based on the number of games aired or played, as applicable; and

•the National Hockey League (NHL) season, where:

•regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). We expect a correlation between the quality of revenue and earnings and the extent of Canadian teams' presence during the playoffs;

•programming and production costs are expensed based on the timing of when the rights are aired or are expected to be consumed; and

•advertising revenue and programming expenses are concentrated when games are played, with playoff games commanding a premium in advertising revenue.

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 6, 2025.

NOTE 2: MATERIAL ACCOUNTING POLICIES

(a)BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 19, including investments (which are also disclosed in note 20), which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 25; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 27.

Rogers Communications Inc. 11 2024 Annual Financial Statements

(b)BASIS OF CONSOLIDATION

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation. In determining whether we control an entity, we assess the degree of power we can exert over the entity, the degree of variability to which we are exposed from our involvement with the entity, and whether we have the ability to affect our returns using our power.

(c)FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average exchange rate for the month in which the transaction was recognized.

(d)ASSETS HELD FOR SALE

We classify non-current assets, or disposal groups consisting of assets and liabilities, as held-for-sale if it is highly probable their carrying amounts will be recovered primarily through a sale rather than through continued use. Assets, or disposal groups, classified as held-for-sale are measured at the lower of (i) their carrying amount and (ii) fair value less costs to sell. Once classified as held-for-sale, property, plant and equipment and finite-life intangible assets are no longer depreciated or amortized, respectively. Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. We regularly reassess assets or disposal groups classified as held-for-sale to determine if their sales are still highly probable and, if not, we reclassify them to their original captions in the Consolidated Statement of Financial Position.

(e)NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2024

We adopted the following IFRS amendments in 2024. Except for the amendments to IAS 7 and IFRS 7, they did not have a material effect on our consolidated financial statements.

•Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current, clarifying the classification requirements in the standard for liabilities as current or non-current.

•Amendments to IFRS 16, Leases - Lease Liability in a Sale and Leaseback, clarifying subsequent measurement requirements for sale and leaseback transactions for seller-lessees.

•Amendments to IAS 1, Presentation of Financial Statements - Non-current Liabilities with Covenants, modifying the 2020 amendments to IAS 1 to further clarify the classification, presentation, and disclosure requirements in the standard for non-current liabilities with covenants.

•Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures - Supplier Finance Arrangements, adding disclosure requirements that require entities to provide qualitative and quantitative information about supplier finance arrangements (see note 19).

(f)RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:

•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve how information is communicated in the financial statements, with a focus on information in the statement of income (January 1, 2027).

•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).

We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements. We do not expect the amendments to have a material impact.

(g)ADDITIONAL MATERIAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS

When preparing our consolidated financial statements, we make judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. The accounting policies applied in 2024 were consistent with those applied in 2023. Our material accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our material accounting policies.

Rogers Communications Inc. 12 2024 Annual Financial Statements

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
3	Business Combinations	13	X	X	X
5	Reportable Segments	19	X		X
6	Revenue Recognition	20	X	X	X
8	Property, Plant and Equipment	25	X	X	X
9	Leases	27	X	X	X
10	Intangible Assets and Goodwill	29	X	X	X
11	Restructuring, Acquisition and Other	32	X		X
14	Income Taxes	34	X		X
15	Earnings Per Share	36	X
16	Accounts Receivable	36	X		X
17	Inventories	37	X
19	Financial Instruments	38	X	X	X
20	Investments	49	X	X
22	Provisions	53	X	X	X
25	Post-Employment Benefits	59	X	X
27	Stock-Based Compensation	66	X	X
30	Commitments and Contingent Liabilities	71	X		X

NOTE 3: BUSINESS COMBINATIONS

ACCOUNTING POLICY

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

ESTIMATES

We use estimates in determining the value of assets acquired and liabilities assumed in business combinations, most significantly property, plant and equipment and intangible assets, including the related deferred tax impacts.

JUDGMENTS

We use significant judgment to determine what is, and what is not, part of a business combination, including the timing of when control transfers to us. This requires assessing the nature of other transactions entered into with the acquiree to ensure we account for the business combination using only the consideration transferred for the assets acquired and liabilities assumed in the exchange.

We also use significant judgment in determining the valuation methodologies applied to various assets and liabilities.

ACQUISITION OF SHAW COMMUNICATIONS INC.

On April 3, 2023, after receiving all required regulatory approvals and after the Freedom Transaction (as defined below) closed, we acquired all the issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) of Shaw (Shaw Transaction) for total consideration of $20.5 billion, consisting of:

•$19 billion of cash (consisting of $13 billion of cash and restricted cash and $6 billion borrowed from our $6 billion non-revolving term loan facility); and

•approximately $1.5 billion through the issuance of 23.6 million RCI Class B Non-Voting common shares (Class B Non-Voting Shares) (based on the opening share price of Rogers Class B Non-Voting Shares on April 3, 2023 of $61.33).

On April 3, 2023, the outstanding shares of Freedom Mobile Inc. (Freedom), a subsidiary of Shaw, were sold to Videotron Ltd. (Videotron), a subsidiary of Quebecor Inc. (Quebecor) (Freedom Transaction). The Freedom Transaction was effected pursuant to an agreement entered into on August 12, 2022 among Rogers, Shaw, Quebecor, and Videotron, which provided for the sale of all Freedom-branded wireless and Internet customers and all of Freedom's infrastructure, spectrum licences, and retail locations. In connection with the closing of the Freedom Transaction, Rogers entered into long-term

Rogers Communications Inc. 13 2024 Annual Financial Statements

commercial arrangements with Freedom, Videotron and/or Quebecor under which Rogers (or its subsidiaries) will provide to Quebecor (or its subsidiaries) certain services, including:

•continued access to Shaw's "Go WiFi" hotspots for Freedom Mobile subscribers;

•roaming services on an incidental, non-permanent basis;

•wholesale mobile virtual network operator access services;

•third-party Internet access services; and

•certain backhaul, backbone, and other transport services.

As consideration for the above sale and long-term commercial arrangements, Quebecor paid $2.85 billion as adjusted pursuant to the terms of the divestiture agreement, resulting in net cash received of $2.15 billion after accounting for the Freedom debt assumed by Quebecor.

Rogers and Quebecor provided each other with customary transition services to facilitate (i) the operation of the Freedom and Shaw Mobile businesses for a period of time post-closing and (ii) the separation of Freedom's business from the other businesses and operations of Shaw and its affiliates. The Freedom Transaction did not include the sale of Shaw Mobile-branded wireless subscribers; accordingly, these wireless subscribers were acquired by Rogers.

On April 3, 2023, following the completion of the Shaw Transaction, Shaw Communications Inc. was amalgamated with RCI. As a result of this amalgamation, RCI became the issuer and assumed all of Shaw's obligations under the indenture governing Shaw's outstanding senior notes with a total principal amount of $4.55 billion as at April 3, 2023. As a result, the assumed senior notes now rank equally with RCI's other unsecured senior notes and debentures, bank credit facilities, and letter of credit facilities. In connection with the Shaw Transaction, RCCI provided a guarantee for Shaw's payment obligations under those senior notes.

Regulatory approval

On March 31, 2023, the Minister of Innovation, Science and Industry approved the transfer of Freedom's spectrum licences to Videotron, following which the Shaw Transaction and Freedom Transaction closed on April 3, 2023.

As part of the regulatory approval process, we agreed to certain legally enforceable undertakings with Innovation, Science and Economic Development Canada (ISED Canada), including:

•$1 billion of investments over five years to connect rural, remote, and Indigenous communities across Western Canada and to close critical connectivity gaps faster for underserved areas, including to make broadband Internet services available where broadband Internet at a minimum 50 megabit per second (Mbps) download speeds and 10 Mbps upload speeds is not currently available and to make 5G wireless service available where mobile service using long-term evolution (LTE) is not available;

•$2.5 billion of investments over five years to enhance and expand 5G coverage across Western Canada and $3 billion over five years related to additional network, services, and technology investments, including the expansion of our Cable network;

•expanding Connected for Success, our low-cost, high-speed Internet program, to low-income Canadians across Western Canada and implementing a new Connected for Success wireless program for low-income Canadians across Canada, such that Connected for Success will be available to more than 2.5 million eligible Canadians within five years;

•maintaining a strong presence in Western Canada, including creating 3,000 new jobs within five years (and maintaining those jobs until the tenth anniversary of closing) and maintaining a Western Canada headquarters in Calgary for at least ten years; and

•continuing to offer wireless plans to existing Shaw Mobile customers as at the closing date with the same terms and conditions (including eligibility) as the Shaw Mobile plans that were available as at the closing date for five years.

If any material element of any of the above commitments is not met, we could be liable to pay ISED $100 million in damages per year (to a maximum of $1 billion) until the earlier of (i) such material elements having been met or fulfilled or (ii) ten years after the closing date. As at December 31, 2024, we were in compliance with these requirements.

The acquired Shaw business

The Shaw business we acquired provided cable telecommunications, satellite video services, and data networking to residential customers, businesses, and public sector entities in British Columbia, Alberta, Saskatchewan, and Manitoba (Western Canada). Shaw's primary products as at April 3, 2023, included Internet (through Fibre+), Video (through Total TV and Shaw Direct satellite), home phone services, and Wireless services (through Shaw Mobile to consumers in British Columbia and Alberta). The Shaw business we acquired expanded our cable network footprint, allowing us to provide cable services in most provinces across the country.

The results from the acquired Shaw wireline operations are included in our Cable segment and the results of the acquired Shaw Mobile operations are included in our Wireless segment, from the date of acquisition, consistent with our reportable segment definitions.

Rogers Communications Inc. 14 2024 Annual Financial Statements

Purchase price allocation

The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities as at April 3, 2023.

(In millions of dollars)	Total
Cash consideration 1	19,033
Issuance of 23.6 million Class B Non-Voting shares 2	1,450
Fair value of consideration transferred	20,483
Net identifiable asset or liability:
Accounts receivable (net of allowance for doubtful accounts of $31 million)	310
Other current assets 3	2,448
Property, plant and equipment 4	8,022
Intangible assets 5	5,974
Investments	123
Other long-term assets 3	48
Bank advances	(25)
Short-term borrowings 6	(200)
Accounts payable and accrued liabilities	(545)
Other current liabilities	(33)
Contract liabilities 7	(164)
Current portion of long-term debt 8	(1,000)
Current portion of lease liabilities 9	(59)
Provisions	(6)
Long-term debt 8	(3,526)
Lease liabilities 9	(268)
Other long-term liabilities 10	(109)
Deferred tax liabilities 11	(2,693)
Total fair value of identifiable net assets acquired	8,297
Goodwill 12	12,186

1    Includes $151 million of cash used to settle Shaw stock-based compensation programs.

2    Recorded at fair value based on the market price of RCI Class B Non-Voting shares on the acquisition date.

3    Consists of contract assets, inventories, prepaid expenses, and other assets as described in note 31.

4    Includes land and buildings, cable networks, computer equipment and software, customer premise equipment, leasehold improvements, equipment and vehicles, and right-of-use assets. Property, plant and equipment (excluding land) are expected to be amortized over remaining useful lives of 1 to 36 years.

5    Includes customer relationships, brand names, and other intangible assets. Intangible assets of $270 million, $5,314 million, and $390 million were allocated to our Wireless, Cable West (i.e. legacy Shaw), and Satellite cash-generating units (CGUs), respectively. Customer relationships, brand names, and other intangible assets are expected to be amortized over average useful lives of eight to fifteen years, three years, and fifteen years, respectively.

6    Short-term borrowings were repaid in April 2023 (see note 21).

7    Represents the fair value of the cost required to fulfill the related contractual obligations.

8    Represents the notional principal value of Shaw's outstanding senior notes of $4,550 million and the fair value decrement of $24 million, which will be amortized into finance costs using the effective interest method over the respective remaining terms of the outstanding senior notes, representing a weighted average term to maturity of 9.7 years and weighted average interest rate of 4.7%.

9    Represents the present value of future lease payments at the April 3, 2023 incremental borrowing rate of the consolidated company.

10    Includes the fair value of the cost required to fulfill the related pension and post-employment obligations.

11    Represents the net deferred income tax liability relating to the estimated fair values of assets acquired and liabilities assumed.

12    Goodwill arises principally from the expected synergies following the integration of Shaw, and future growth of our combined business and customer base as a result of the acquisition. Goodwill is not deductible for tax purposes. Goodwill arising from the transaction of $432 million, $11,675 million, and $79 million has been allocated to our Wireless, Cable (group), and Satellite CGUs, respectively.

Property, plant and equipment

Property, plant and equipment will be amortized over their remaining estimated useful lives, estimated as follows.

Asset	Basis	Estimated remaining useful life
Buildings	Diminishing balance	1 to 36 years
Cable and wireless network	Straight-line	1 to 30 years
Computer equipment and software	Straight-line	1 to 10 years
Customer premise equipment	Straight-line	1 to 5 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	1 to 10 years
Right-of-use assets	Straight-line	Over remaining lease term

Rogers Communications Inc. 15 2024 Annual Financial Statements

The valuation of the acquired property, plant and equipment, and particularly the long-lived fibre and access network assets, was complex and required significant estimation. This required considerable estimates in determining, for example, the size, length, age, and replacement cost of Shaw's network, including various underlying characteristics, such as type of network infrastructure (for example, fibre optic or coaxial cable), geography (rural or urban), and placement (aerial or underground). Each of these characteristics can have a significantly different cost to build or replace, and therefore fair value. Changes in any of these estimates and assumptions can also have a significant impact on the valuation of the acquired property, plant and equipment.

Property, plant and equipment (other than land and building) was primarily valued using a depreciated replacement cost approach, which required estimating the gross replacement cost of each asset (either through direct comparison to current prices or by applying inflationary factors to historical costs) and then applying a depreciation factor to reflect the age of the in-service asset.

Land and building assets were valued using an income approach (for buildings) and a direct market comparison approach (for the underlying land). This involved assessing comparable properties in the relevant markets to identify characteristics, such as vacancy rates and income capitalization rates, to apply to the valuation of each building. The land was valued by comparing to similar plots of land in the relevant markets.

Intangible assets

Customer relationships will be amortized over their estimated useful lives of eight to fifteen years. Brand names will be amortized over their estimated useful life of three years. Other intangible assets will be amortized over their estimated useful life of fifteen years.

The valuation of the acquired intangible assets, particularly customer relationships, required significant estimation and judgment. For customer relationships, we used the multi-period excess earnings method to estimate a value, which requires estimates to determine expected subscriber churn rates and the expected cash flow that would be provided by each subscriber, including an assessment of synergies to be realized. We also used judgment in selecting the appropriate discount rate to apply to the gross cash flows for each asset. Changes in any of these estimates and assumptions can also have a significant impact on the valuation of the acquired customer relationship assets.

Pro forma information

Revenue of approximately $3.2 billion and a net loss of approximately $200 million from the acquired Shaw operations are included in the 2023 consolidated statement of income from the date of acquisition. Our consolidated revenue and net income for the year ended December 31, 2023 would have been approximately $20.4 billion and $650 million, respectively, had the Shaw Transaction closed on January 1, 2023. These pro forma amounts reflect financing costs, depreciation and amortization of applicable elements of the purchase price allocation, related tax adjustments, and the elimination of intercompany transactions.

OTHER ACQUISITIONS

During the year ended December 31, 2023, we made two individually immaterial acquisitions, including:

•BAI Communications' Canadian operations (BAI Canada), in April 2023; and

•Comwave, a cable services reseller based in Ontario, in November 2023.

The acquired operations did not have a significant impact on our consolidated revenue or results of operations during the year ended December 31, 2023, nor would they have had a significant impact had both closed on January 1, 2023.

Rogers Communications Inc. 16 2024 Annual Financial Statements

Purchase price allocations

The table below summarizes the aggregated purchase price allocations for these acquisitions.

(In millions of dollars)	Total
Cash consideration 1	153
Fair value of consideration	153
Net identifiable asset or liability:
Current assets	12
Property, plant and equipment	20
Intangible assets 2	83
Accounts payable and accrued liabilities	(11)
Long-term liabilities	(3)
Deferred tax liabilities	(11)
Total fair value of identifiable net assets acquired	90
Goodwill 3	63

1    Includes $12 million of cash not yet paid as at December 31, 2023 that was subject to customary closing conditions.

2    Primarily reflects customer relationships with estimated useful lives of 6 to 20 years.

3    Goodwill arises principally from the expected synergies following these acquisitions and future growth of our combined businesses as a result of the acquisitions. Goodwill is not deductible for tax purposes.

NOTE 4: CAPITAL RISK MANAGEMENT

Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all our commitments and to execute our business plan. We define capital we manage as shareholders' equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), net of cash and cash equivalents and derivative instruments.

We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.

The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires a minimum level of regulatory capital be maintained. Our subsidiary was in compliance with that requirement as at December 31, 2024 and 2023. The capital requirements are not material to us as at December 31, 2024 or December 31, 2023.

With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.

KEY METRICS AND RATIOS

We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.

Adjusted net debt and debt leverage ratio

We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. As a result of the Shaw Transaction (see note 3) on April 3, 2023, our adjusted net debt increased due to the drawings on our $6 billion term loan facility (see note 23), the debt assumed from Shaw, and the use of restricted cash, and our debt leverage ratio increased correspondingly. In order to meet our stated objective of returning our debt leverage ratio to approximately 3.5 within 36 months of closing the Shaw Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and

Rogers Communications Inc. 17 2024 Annual Financial Statements

monetizations, equity financing, and debt repayment, as applicable. As at December 31, 2024 and 2023, we met our objectives for these metrics.

	As at December 31
(In millions of dollars, except ratios)	2024	2023
Adjusted net debt 1	43,330	43,134
Divided by: trailing 12-month adjusted EBITDA	9,617	8,581
Debt leverage ratio	4.5	5.0

1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

Trailing 12-month adjusted EBITDA as at December 31, 2023 reflects the combined results of Rogers including Shaw for the period since the Shaw Transaction closed in April 2023 to December 2023 and standalone Rogers results prior to April 2023.

Free cash flow

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Adjusted EBITDA	5	9,617	8,581
Deduct:
Capital expenditures 1	8, 31	4,041	3,934
Interest on borrowings, net and capitalized interest	12	1,986	1,794
Cash income taxes 2		545	439
Free cash flow		3,045	2,414

1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cash provided by operating activities		5,680	5,221
Add (deduct):
Capital expenditures	8, 31	(4,041)	(3,934)
Interest on borrowings, net and capitalized interest	12	(1,986)	(1,794)
Interest paid, net		2,087	1,780
Restructuring, acquisition and other	11	406	685
Program rights amortization	10	(63)	(70)
Change in net operating assets and liabilities	31	876	627
Other adjustments 1	13, 25	86	(101)
Free cash flow		3,045	2,414

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other investment income from our financial statements.

Available liquidity

Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2024 and 2023, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

Rogers Communications Inc. 18 2024 Annual Financial Statements

Our Canada Infrastructure Bank credit agreement (see note 23) is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This year, we borrowed $64 million under this facility.

As at December 31, 2024		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		898	—	—	—	898
Bank credit facilities 2:
Revolving	23	4,000	—	10	455	3,535
Non-revolving	21	500	500	—	—	—
Outstanding letters of credit	23	3	—	3	—	—
Receivables securitization 2	21	2,400	2,000	—	—	400
Total		7,801	2,500	13	455	4,833

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2023		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		800	—	—	—	800
Bank credit facilities 2:
Revolving	23	4,000	—	10	151	3,839
Non-revolving	21	500	—	—	—	500
Outstanding letters of credit	23	243	—	243	—	—
Receivables securitization 2	21	2,400	1,600	—	—	800
Total		7,943	1,600	253	151	5,939

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

NOTE 5: SEGMENTED INFORMATION

ACCOUNTING POLICY

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

JUDGMENTS

We make significant judgments in determining our operating segments and in determining the appropriate allocation of shared costs between our segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.

REPORTABLE SEGMENTS

Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments,

Rogers Communications Inc. 19 2024 Annual Financial Statements

corporate administrative functions, and eliminations of inter-segment revenue and costs. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis.

INFORMATION BY SEGMENT

Year ended December 31, 2024	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,528	7,801	2,215	60	20,604
Revenue from internal customers		67	75	269	(411)	—
Total revenue	6	10,595	7,876	2,484	(351)	20,604
Operating costs	7	5,283	3,358	2,400	(54)	10,987
Adjusted EBITDA		5,312	4,518	84	(297)	9,617
Depreciation and amortization	8, 9, 10					4,616
Restructuring, acquisition and other	11					406
Finance costs	12					2,295
Other income	13					(6)
Income before income tax expense						2,306
Capital expenditures	8	1,596	1,939	263	243	4,041
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		30,282	33,504	3,034	4,591	71,411

Year ended December 31, 2023	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,184	6,964	2,086	74	19,308
Revenue from internal customers		38	41	249	(328)	—
Total revenue	6	10,222	7,005	2,335	(254)	19,308
Operating costs	7	5,236	3,231	2,258	2	10,727
Adjusted EBITDA		4,986	3,774	77	(256)	8,581
Depreciation and amortization	8, 9, 10					4,121
Restructuring, acquisition and other	11					685
Finance costs	12					2,047
Other expense	13					362
Income before income tax expense						1,366
Capital expenditures	8	1,625	1,865	250	194	3,934
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		28,613	34,099	2,896	3,674	69,282

NOTE 6: REVENUE

ACCOUNTING POLICY

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers, as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Rogers Communications Inc. 20 2024 Annual Financial Statements

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, as well as other league distributions	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are transferred to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on contracts containing significant financing components and on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Holders of the Rogers Mastercard have the option to finance devices through Rogers Bank over 36-month or 48-month terms. Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Rogers Communications Inc. 21 2024 Annual Financial Statements

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which ranges from 12 to 90 months. Effective January 1, 2024, as a result of an increase in the customer lifecycle, we updated our amortization period for consumer Wireless and Cable commissions from 24 months to 32 months to better reflect the estimated economic lives of these relationships, which lowered amortization by approximately $115 million for the year.

ESTIMATES

We use estimates in:

•determining the transaction price of our contracts, which requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract;

•determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations; and

•determining the appropriate amortization period of deferred commission cost assets, taking into account the expected pattern of benefits we will receive from the payment of commissions.

Determining the transaction price

The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.

Determining the stand-alone selling price and the allocation of the transaction price

The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer.

In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which we are entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.

JUDGMENTS

We make significant judgments in determining whether a promise to deliver goods or services is considered distinct and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.

Distinct goods and services

We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For distinct items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.

Residual value arrangements

Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination and to estimate the extent of device returns.

Rogers Communications Inc. 22 2024 Annual Financial Statements

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		276	197
Additions from new contracts with customers, net of terminations and renewals		173	204
Contract assets acquired	3	—	35
Amortization of contract assets to accounts receivable		(181)	(160)
Balance, end of year		268	276
Current		171	163
Long-term		97	113
Balance, end of year		268	276

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		1,044	461
Contract liabilities assumed	3	—	164
Revenue deferred in previous year and recognized as revenue in current year		(771)	(574)
Net additions from contracts with customers		809	993
Balance, end of year		1,082	1,044
Current		800	773
Long-term		282	271
Balance, end of year		1,082	1,044

DEFERRED COMMISSION COST ASSETS

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2024 and 2023. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into operating costs within one year of the date of the financial statements) or "other long-term assets".

	Years ended December 31
(In millions of dollars)	2024	2023
Balance, beginning of year	488	374
Additions to deferred commission cost assets	640	492
Amortization recognized on deferred commission cost assets	(375)	(378)
Balance, end of year	753	488
Current	417	341
Long-term	336	147
Balance, end of year	753	488

Rogers Communications Inc. 23 2024 Annual Financial Statements

UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2024. The unsatisfied portion of the transaction price of the performance obligations relates primarily to monthly services; we expect to recognize it substantially over the next three to five years.

(In millions of dollars)	2025	2026	2027	Thereafter	Total
Telecommunications service	2,739	934	64	235	3,972

We have elected to utilize the following practical expedients and not disclose:

•the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or

•the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2024	2023
Wireless
Service revenue	8,041	7,764
Equipment revenue	2,487	2,420
Revenue from external customers	10,528	10,184
Service revenue from internal customers	67	38
Total Wireless	10,595	10,222
Cable
Service revenue	7,750	6,921
Equipment revenue	51	43
Revenue from external customers	7,801	6,964
Service revenue from internal customers	75	41
Total Cable	7,876	7,005
Media
Revenue from external customers	2,215	2,086
Revenue from internal customers	269	249
Total Media	2,484	2,335
Corporate items
Revenue from external customers	60	74
Revenue from internal customers	23	3
Total Corporate items	83	77
Intercompany eliminations	(434)	(331)
Total revenue	20,604	19,308
Total service revenue	18,066	16,845
Total equipment revenue	2,538	2,463
Total revenue	20,604	19,308

Rogers Communications Inc. 24 2024 Annual Financial Statements

NOTE 7: OPERATING COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cost of equipment sales	17	2,540	2,451
Merchandise for resale	17	209	217
Other external purchases		5,930	5,606
Employee salaries, benefits, and stock-based compensation		2,308	2,453
Total operating costs		10,987	10,727

NOTE 8: PROPERTY, PLANT AND EQUIPMENT

ACCOUNTING POLICY

The following accounting policy applies to property, plant and equipment excluding right-of-use assets. Our accounting policy for right-of-use assets is included in note 9.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 22); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

We recognize government financial assistance related to property, plant and equipment as a reduction of the cost or carrying amount of the asset when there is reasonable assurance we will comply with the conditions of the assistance and the assistance will be received.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 10 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and

Rogers Communications Inc. 25 2024 Annual Financial Statements

review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates as described in note 10 in determining the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

DETAILS OF PROPERTY, PLANT AND EQUIPMENT

The tables below summarize our property, plant and equipment as at December 31, 2024 and 2023.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2024	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Additions and transfers	296	2,466	425	285	37	121	470	4,100	480	4,580
Disposals and other	262	(815)	(442)	(83)	(11)	(45)	—	(1,134)	(177)	(1,311)
As at December 31, 2024	2,005	32,150	7,914	3,205	843	1,527	2,734	50,378	4,047	54,425
Accumulated depreciation
As at January 1, 2024	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Depreciation	106	2,068	866	492	63	70	—	3,665	408	4,073
Disposals and other	134	(766)	(468)	(148)	(14)	(43)	—	(1,305)	(239)	(1,544)
As at December 31, 2024	714	17,342	5,988	2,417	496	1,044	—	28,001	1,352	29,353
Net carrying amount
As at January 1, 2024	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332
As at December 31, 2024	1,291	14,808	1,926	788	347	483	2,734	22,377	2,695	25,072

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2023	1,283	23,110	6,992	2,097	711	1,312	1,706	37,211	2,928	40,139
Additions and transfers	108	2,377	868	259	39	106	285	4,042	751	4,793
Acquisitions from business combinations	308	5,946	370	640	78	99	273	7,714	328	8,042
Disposals and other	(252)	(934)	(299)	7	(11)	(66)	—	(1,555)	(263)	(1,818)
As at December 31, 2023	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Accumulated depreciation
As at January 1, 2023	567	14,949	5,079	1,748	390	955	—	23,688	877	24,565
Depreciation	55	1,918	810	402	66	80	—	3,331	371	3,702
Disposals and other	(148)	(827)	(299)	(77)	(9)	(18)	—	(1,378)	(65)	(1,443)
As at December 31, 2023	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Net carrying amount
As at January 1, 2023	716	8,161	1,913	349	321	357	1,706	13,523	2,051	15,574
As at December 31, 2023	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332

During the year ended December 31, 2024, we recognized $134 million (2023 - $111 million) in network capital expenditure-related government grants and received $59 million (2023 - $59 million) in cash.

During 2024, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 4.2% (2023 - 4.8%).

Annually, we perform an analysis to identify fully depreciated assets that have been retired from active use. In 2024, this resulted in an adjustment to cost and accumulated depreciation of $1,281 million (2023 - $1,167 million). The disposals had nil impact on the Consolidated Statements of Income.

Rogers Communications Inc. 26 2024 Annual Financial Statements

ASSETS HELD FOR SALE

As at December 31, 2024, as a result of deterioration in the relevant real estate markets, we have reclassified the land and building assets that had been held for sale as at December 31, 2023 into property, plant and equipment. The reclassification did not have a material impact on our results of operations.

NOTE 9: LEASES

ACCOUNTING POLICY

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

Rogers Communications Inc. 27 2024 Annual Financial Statements

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to twenty years. Variable lease payments during 2024 were $20 million (2023 - $26 million).

Rogers Communications Inc. 28 2024 Annual Financial Statements

Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2024. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $715 million as at December 31, 2024 (2023 - $591 million).

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Lease liabilities, beginning of year		2,593	2,028
Net additions		656	600
Lease liabilities assumed	3	—	327
Interest expense on lease liabilities		137	111
Interest payments on lease liabilities		(130)	(103)
Principal payments of lease liabilities		(478)	(370)
Lease liabilities, end of year		2,778	2,593
Current liability		587	504
Long-term liability		2,191	2,089
Lease liabilities		2,778	2,593

NOTE 10: INTANGIBLE ASSETS AND GOODWILL

ACCOUNTING POLICY

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 20 years
Brand names	3 to 10 years
Other intangible assets	15 to 20 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

Rogers Communications Inc. 29 2024 Annual Financial Statements

The costs for multi-year sports and television broadcast rights agreements are recognized in operating costs during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets" on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

Rogers Communications Inc. 30 2024 Annual Financial Statements

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. For example, in Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.

DETAILS OF INTANGIBLE ASSETS

The tables below summarize our intangible assets as at December 31, 2024 and 2023.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2024	11,717	330	420	7,604	200	75	52	20,398	16,501	36,899
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Additions	480	—	—	8	72	22	—	582	—	582
Disposals and other 1	—	(15)	—	—	(72)	—	—	(87)	—	(87)
As at December 31, 2024	12,197	216	406	7,612	195	97	52	20,775	16,280	37,055
Accumulated amortization
As at January 1, 2024	—	—	270	2,025	68	19	2	2,384	—	2,384
Amortization 2	—	—	—	513	62	25	3	603	—	603
Disposals and other 1	—	—	—	—	(70)	—	—	(70)	—	(70)
As at December 31, 2024	—	—	270	2,538	60	44	5	2,917	—	2,917
Net carrying amount
As at January 1, 2024	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176
As at December 31, 2024	12,197	216	136	5,074	135	53	47	17,858	16,280	34,138

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $603 million of total amortization, $62 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $541 million in "depreciation and amortization" on the Consolidated Statements of Income.

Rogers Communications Inc. 31 2024 Annual Financial Statements

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2023	11,714	330	420	1,674	189	—	—	14,327	4,252	18,579
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,714	231	406	1,674	184	—	—	14,209	4,031	18,240
Additions	3	—	—	—	74	—	—	77	—	77
Acquisitions from business combinations (note 3)	—	—	—	5,930	—	75	52	6,057	12,249	18,306
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Accumulated amortization
As at January 1, 2023	—	—	270	1,627	61	—	—	1,958	—	1,958
Amortization 2	—	—	—	398	70	19	2	489	—	489
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	—	—	270	2,025	68	19	2	2,384	—	2,384
Net carrying amount
As at January 1, 2023	11,714	231	136	47	123	—	—	12,251	4,031	16,282
As at December 31, 2023	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $489 million of total amortization, $70 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $419 million in "depreciation and amortization" on the Consolidated Statements of Income.

In November 2023, we won 860 spectrum licences covering 87% of the Canadian population at a total cost of $475 million in the 3800 MHz spectrum licence auction. In May 2024, we made the final payment and obtained these licences, recognizing them at a cost of $480 million including directly attributable transaction costs.

ANNUAL IMPAIRMENT TESTING

For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, significantly correspond to our reportable segments as disclosed in note 5. Our Cable reportable segment as disclosed in note 5 is composed of our Cable CGU and our Satellite CGU.

Below is an overview of the methods and key assumptions we used in 2024, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,634	12,331	Value in use	5	2.0	7.9
Cable	13,598	—	Value in use	5	1.0	8.0
Media group	969	216	Fair value less costs of disposal	5	2.0	11.0

Our fair value measurement for Media is classified as Level 3 in the fair value hierarchy.

During the year ended December 31, 2024, we recognized $15 million in restructuring, acquisition and other related to an impairment of the broadcast licences in our Radio CGU (part of our Media group) as a result of the continued decline in the advertising market and a corresponding decline in the CGU's recoverable amount. We did not recognize an impairment charge related to our goodwill or intangible assets in 2023 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values.

NOTE 11: RESTRUCTURING, ACQUISITION AND OTHER

ACCOUNTING POLICY

We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses.

Rogers Communications Inc. 32 2024 Annual Financial Statements

JUDGMENTS

We make significant judgments in determining the appropriate classification of costs to be included in "restructuring, acquisition and other".

RESTRUCTURING, ACQUISITION AND OTHER COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Restructuring, acquisition and other excluding Shaw Transaction-related costs		276	365
Shaw Transaction-related costs	3	130	320
Total restructuring, acquisition and other		406	685

The restructuring, acquisition and other costs excluding Shaw Transaction-related costs in 2023 and 2024 include severance and other departure-related costs associated with the targeted restructuring of our employee base, including costs related to voluntary departure programs. These costs also included costs related to real estate rationalization programs, an impairment of our radio broadcast licences (in 2024), and transaction costs related to other completed and potential acquisitions and other corporate transactions.

The Shaw Transaction-related costs in 2023 and 2024 consisted of incremental costs supporting acquisition (in 2023) and integration activities (in 2023 and 2024) related to the Shaw Transaction. This includes significant costs in the second quarter of 2023 relating to closing-related fees, the Shaw Transaction-related employee retention program, and the cost of the tangible benefits package related to the broadcasting portion of the Shaw Transaction.

NOTE 12: FINANCE COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Total interest on borrowings 1	23	2,022	1,981
Interest earned on restricted cash and cash equivalents		—	(149)
Interest on borrowings, net		2,022	1,832
Interest on lease liabilities	9	137	111
Interest on post-employment benefits	25	(5)	(13)
Loss (gain) on foreign exchange		222	(111)
Change in fair value of derivative instruments		(205)	108
Capitalized interest		(36)	(38)
Deferred transaction costs and other		160	158
Total finance costs		2,295	2,047

1    Interest on borrowings includes interest on short-term borrowings and on long-term debt.

FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS

We recognized $222 million in net foreign exchange losses in 2024 (2023 - $111 million in net gains). These losses were primarily attributed to our $6 billion term loan facility (see note 23) and our US CP program borrowings (see note 19).

These foreign exchange losses were offset by the $205 million gain (2023 - $108 million loss) related to the change in fair value of derivatives which were not designated as hedges for accounting purposes, primarily attributed to the debt derivatives we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.

NOTE 13: OTHER (INCOME) EXPENSE

		Years ended December 31
(In millions of dollars)	Note	2024	2023
(Income) losses from associates and joint ventures	20	(8)	412
Other investment income (losses)		2	(50)
Total other (income) expense		(6)	362

Rogers Communications Inc. 33 2024 Annual Financial Statements

NOTE 14: INCOME TAXES

ACCOUNTING POLICY

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

JUDGMENTS

We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.

INCOME TAX EXPENSE

	Years ended December 31
(In millions of dollars)	2024	2023
Current tax expense:
For the current period	884	370
Change in estimate relating to prior periods	(20)	(43)
Total current tax expense	864	327
Deferred tax (recovery) expense:
(Reversal) origination of temporary differences	(291)	91
Change in tax rate	—	52
Change in estimate relating to prior periods	(1)	47
Total deferred tax (recovery) expense	(292)	190
Total income tax expense	572	517

Rogers Communications Inc. 34 2024 Annual Financial Statements

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2024		2023
Statutory income tax rate	26.2	%	26.2	%
Income before income tax expense	2,306		1,366
Computed income tax expense	604		358
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	(13)		9
Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate	—		52
Non-taxable income from security investments	—		(16)
Non-deductible loss on joint venture's non-controlling interest purchase obligation	—		111
Other	(19)		3
Total income tax expense	572		517
Effective income tax rate	24.8	%	37.8	%

DEFERRED TAX ASSETS AND LIABILITIES

Below is a summary of the movement of net deferred tax assets and liabilities during 2024 and 2023.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)
Recovery (expense) in net income	284	(29)	1	17	(56)	75	292
Expense in other comprehensive income	—	—	(1)	—	—	(193)	(194)
December 31, 2024	(3,225)	(3,345)	(2)	571	(179)	(101)	(6,281)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2022	(2,149)	(1,754)	(89)	458	(87)	(31)	(3,652)
(Expense) recovery in net income	(95)	(89)	35	14	(36)	(19)	(190)
Recovery in other comprehensive income	—	—	52	—	—	115	167
Acquisitions	(1,265)	(1,473)	—	82	—	(48)	(2,704)
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2024	2023
Realized capital losses in Canada that can be applied against future capital gains	73	73
Unrealized capital losses on debt and derivative instruments	2,572	926
Tax losses in foreign jurisdictions 1	72	71
Deductible temporary differences in foreign jurisdictions	44	41
Total unrecognized temporary differences	2,761	1,111

1    $40 million of the tax losses in foreign jurisdictions expire between 2025 and 2037, the remaining $32 million can be carried forward indefinitely.

There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal

Rogers Communications Inc. 35 2024 Annual Financial Statements

and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.

NOTE 15: EARNINGS PER SHARE

ACCOUNTING POLICY

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

EARNINGS PER SHARE CALCULATION

	Years ended December 31
(In millions of dollars, except per share amounts)	2024	2023
Numerator (basic) - Net income for the year	1,734	849
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	534	523
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	535	524
Earnings per share:
Basic	$3.25	$1.62
Diluted	$3.20	$1.62

For the years ended December 31, 2024 and 2023, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2024 was reduced by $20 million (2023 - $2 million) in the diluted earnings per share calculation.

For the year ended December 31, 2024, there were 9,513,710 options out of the money (2023 - 8,742,224) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

NOTE 16: ACCOUNTS RECEIVABLE

ACCOUNTING POLICY

Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

Rogers Communications Inc. 36 2024 Annual Financial Statements

ACCOUNTS RECEIVABLE BY TYPE

		As at December 31
(In millions of dollars)	Note	2024	2023
Customer accounts receivable		5,762	5,236
Other accounts receivable		1,132	1,072
Allowance for doubtful accounts	19	(227)	(211)
Total accounts receivable		6,667	6,097
Current		5,478	4,996
Long-term		1,189	1,101
Total accounts receivable		6,667	6,097

The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and is composed of our financing receivables that will be billed to customers beyond one year of the date of the financial statements.

Below is a breakdown of our financing receivable balances.

	As at December 31
(In millions of dollars)	2024	2023
Current financing receivables	2,341	2,111
Long-term financing receivables	1,189	1,101
Total financing receivables	3,530	3,212

NOTE 17: INVENTORIES

ACCOUNTING POLICY

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

INVENTORIES BY TYPE

	As at December 31
(In millions of dollars)	2024	2023
Wireless devices and accessories	538	361
Other finished goods and merchandise	103	95
Total inventories	641	456

Cost of equipment sales and merchandise for resale includes $2,749 million of inventory costs for 2024 (2023 - $2,668 million).

Rogers Communications Inc. 37 2024 Annual Financial Statements

NOTE 18: OTHER CURRENT ASSETS

		As at December 31
(In millions of dollars)	Note	2024	2023
Prepaid expenses		304	321
Current portion of deferred commission costs	6	417	341
Income tax receivable		—	274
Other		128	266
Total other current assets		849	1,202

NOTE 19: FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

ACCOUNTING POLICY

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Financial instrument	Classification and measurement method
Financial assets
Cash and cash equivalents	Amortized cost
Accounts receivable	Amortized cost
Financing receivables	Amortized cost
Investments, measured at FVTOCI	FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advances	Amortized cost
Short-term borrowings	Amortized cost
Accounts payable	Amortized cost
Accrued liabilities	Amortized cost
Long-term debt	Amortized cost
Lease liabilities	Amortized cost
Derivatives 2
Debt derivatives 3	FVTOCI and FVTPL
Expenditure derivatives	FVTOCI
Equity derivatives	FVTPL 4
Virtual power purchase agreement	FVTPL

1    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

2    Derivatives can be in an asset or liability position at a point in time historically or in the future.

3    Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures and our lease liabilities are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

Rogers Communications Inc. 38 2024 Annual Financial Statements

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

Derivatives	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward cross-currency interest rate exchange agreements Forward foreign exchange agreements
Expenditure derivatives	Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures	Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives	Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year from the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables,

Rogers Communications Inc. 39 2024 Annual Financial Statements

financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 6);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

ESTIMATES

Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.

We make estimates when determining the credit losses we expect to recognize on an asset while taking into account whether we use a twelve-month period or the asset's lifetime.

JUDGMENTS

We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.

Rogers Communications Inc. 40 2024 Annual Financial Statements

FINANCIAL RISKS

We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.

Financial instrument	Financial risks
Financial assets
Cash and cash equivalents	Credit and foreign exchange
Accounts receivable	Credit and foreign exchange
Financing receivables	Credit
Investments, measured at FVTOCI	Liquidity, market price, and foreign exchange
Financial liabilities
Bank advances	Liquidity
Short-term borrowings	Liquidity, foreign exchange, and interest rate
Accounts payable	Liquidity
Accrued liabilities	Liquidity
Long-term debt	Liquidity, foreign exchange, and interest rate
Lease liabilities	Liquidity and foreign exchange
Derivatives 1
Debt derivatives	Credit, liquidity, and foreign exchange
Expenditure derivatives	Credit, liquidity, and foreign exchange
Equity derivatives	Credit, liquidity, and market price
Virtual power purchase agreement	Credit, liquidity, and market price

1    Derivatives can be in an asset or liability position at a point in time historically or in the future.

CREDIT RISK

Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us.

Our credit risk exposure is primarily attributable to our cash and cash equivalents, our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, and equity derivatives. Our broad customer base limits the concentration of this risk. Our "accounts receivables" and "financing receivables" on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.

Accounts receivable and financing receivables

We measure our allowance for doubtful accounts related to our accounts receivable and financing receivables using lifetime expected credit losses. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable and financing receivables. As at December 31, 2024, $687 million (2023 - $626 million) of gross accounts receivable and financing receivables are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.

Rogers Communications Inc. 41 2024 Annual Financial Statements

Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.

	As at December 31
(In millions of dollars)	2024	2023
Customer accounts receivable
Unbilled financing receivables	3,530	3,212
Less than 30 days past billing date	1,419	1,270
30-60 days past billing date	334	324
61-90 days past billing date	122	118
Greater than 90 days past billing date	131	101
Total customer accounts receivable (net of allowances of $226 and $211, respectively)	5,536	5,025
Total contract assets (net of allowances of $1 and $2, respectively)	268	276
Total customer accounts receivable and contract assets	5,804	5,301

Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		213	184
Allowance for doubtful accounts expense		259	176
Acquired in business combination	3	—	31
Net use		(245)	(178)
Balance, end of year		227	213

We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance these controls will continue to be effective or our current credit loss experience will continue.

Derivative instruments

Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&P Global Ratings (or the equivalent) ranging from A to AA-.

LIQUIDITY RISK

Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 4). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

Rogers Communications Inc. 42 2024 Annual Financial Statements

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2024 and 2023.

Rogers Communications Inc. 43 2024 Annual Financial Statements

December 31, 2024	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	1,925	3,303	2,528	13,480

December 31, 2023	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	2,049	3,784	2,608	14,201

MARKET PRICE RISK

Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our share price or energy, will affect our income, cash flows, or the value of our financial instruments.

Market price risk - Class B Non-Voting Shares

Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.

Market price risk - energy prices

We have a virtual power purchase agreement (VPPA) that entitles us to the benefits of 38% of the total energy generated by a solar facility in Alberta. The fair value of the VPPA is based, in part, on the market rate for energy in Alberta.

FOREIGN EXCHANGE RISK

We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We typically designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US CP program as hedges for accounting purposes. We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them as hedges for certain of our forecast operational and capital expenditures. As at December 31, 2024, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.

A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2024.

INTEREST RATE RISK

We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings, bank credit facilities, and term loan facility. As at December 31, 2024, 90.8% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2023 - 85.6%).

Sensitivity analysis

Below is a sensitivity analysis for significant exposures with respect to our expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2024 and 2023 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.

	Net income		Other comprehensive income
(Change in millions of dollars)	2024	2023	2024	2023
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	12	9
Short-term borrowings
1% change in interest rates	22	13	—	—
Bank credit facilities (floating)
1% change in interest rates	7	32	—	—

Rogers Communications Inc. 44 2024 Annual Financial Statements

DERIVATIVE INSTRUMENTS

As at December 31, 2024 and 2023, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net (liability) asset position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31, 2024
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	11,116	1.2510	13,906	1,194	224	970
As liabilities	6,550	1.3127	8,598	(842)	(5)	(837)
Short-term debt derivatives not accounted for as hedges:
As assets	666	1.4282	952	7	7	—
As liabilities	696	1.4421	1,004	(2)	(2)	—
Net mark-to-market debt derivative asset				357	224	133
Expenditure derivatives accounted for as cash flow hedges:
As assets	1,590	1.3362	2,125	132	105	27
Net mark-to-market expenditure derivative asset				132	105	27
Equity derivatives not accounted for as hedges:
As liabilities	—	—	320	(54)	(54)	—
Net mark-to-market equity derivative liability				(54)	(54)	—
Virtual power purchase agreement not accounted     for as hedges:
As liabilities	—	—	—	(10)	(2)	(8)
Net mark-to-market virtual power purchase agreement				(10)	(2)	(8)
Net mark-to-market asset				425	273	152

	As at December 31, 2023
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	4,557	1.1583	5,278	599	29	570
As liabilities	10,550	1.3055	13,773	(1,069)	(26)	(1,043)
Short-term debt derivatives not accounted for as hedges:
As liabilities	3,354	1.3526	4,537	(101)	(101)	—
Net mark-to-market debt derivative liability				(571)	(98)	(473)
Expenditure derivatives accounted for as cash flow hedges:
As assets	600	1.3147	789	4	3	1
As liabilities	1,050	1.3315	1,398	(19)	(7)	(12)
Net mark-to-market expenditure derivative liability				(15)	(4)	(11)
Equity derivatives not accounted for as hedges:
As assets	—	—	324	48	48	—
Net mark-to-market liability				(538)	(54)	(484)

Rogers Communications Inc. 45 2024 Annual Financial Statements

Below is a summary of the net cash proceeds on debt derivatives and forward contracts.

	Years ended December 31
(In millions of dollars)	2024	2023
Proceeds on debt derivatives related to US commercial paper	2,478	2,486
Proceeds on debt derivatives related to credit facility borrowings	23,368	47,126
Proceeds on debt derivatives related to senior notes	—	3,232
Proceeds on debt derivatives related to lease liabilities	203	185
Total proceeds on debt derivatives	26,049	53,029
Payments on debt derivatives related to US commercial paper	(2,466)	(2,506)
Payments on debt derivatives related to credit facility borrowings	(23,280)	(47,136)
Payments on debt derivatives related to senior notes	—	(2,710)
Payments on debt derivatives related to lease liabilities	(196)	(185)
Total payments on debt derivatives	(25,942)	(52,537)
Net proceeds on settlement of debt derivatives	107	492
Net proceeds on settlement of debt derivatives and forward contracts	107	492

Below is a summary of the changes in fair value of our derivative instruments for 2024 and 2023.

Year ended December 31, 2024	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Virtual power purchase agreement	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	(470)	(101)	(15)	48	—	(538)
Proceeds received from settlement of derivatives	(203)	(25,846)	(1,640)	—	(1)	(27,690)
Payment on derivatives settled	196	25,746	1,590	—	2	27,534
Increase (decrease) in fair value of derivatives	829	206	197	(102)	(11)	1,119
Derivative instruments, end of year	352	5	132	(54)	(10)	425
Mark-to-market asset	1,194	7	132	—	—	1,333
Mark-to-market liability	(842)	(2)	—	(54)	(10)	(908)
Mark-to-market asset (liability)	352	5	132	(54)	(10)	425

Year ended December 31, 2023	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	916	72	94	54	1,136
Proceeds received from settlement of derivatives	(3,232)	(49,612)	(1,297)	—	(54,141)
Payment on derivatives settled	2,710	49,642	1,479	—	53,831
(Decrease) increase in fair value of derivatives	(864)	(203)	(291)	(6)	(1,364)
Derivative instruments, end of year	(470)	(101)	(15)	48	(538)
Mark-to-market asset	599	—	4	48	651
Mark-to-market liability	(1,069)	(101)	(19)	—	(1,189)
Mark-to-market (liability) asset	(470)	(101)	(15)	48	(538)

Debt derivatives

We use cross-currency interest rate agreements and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings (see note 21). We typically designate the debt derivatives related to our senior notes, debentures, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt

Rogers Communications Inc. 46 2024 Annual Financial Statements

instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.

During 2024 and 2023, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	14,943	1.366	20,407	38,205	1.348	51,517
Debt derivatives settled	17,136	1.364	23,368	34,964	1.348	47,126
Net cash received (paid) on settlement			87			(10)
US commercial paper program
Debt derivatives entered	2,008	1.374	2,758	1,803	1.357	2,447
Debt derivatives settled	1,807	1.371	2,478	1,848	1.345	2,486
Net cash received (paid) on settlement			13			(20)

In 2024, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated senior notes issued (see note 23). Below is a summary of the debt derivatives we entered to hedge senior notes issued during 2024. We did not enter into any debt derivatives related to senior notes issued in 2023.

(In millions of dollars, except for coupon and interest rates)
		US$			Hedging effect
Effective date	Principal/Notional amount (US$)	Maturity date	Coupon rate		Fixed hedged (Cdn$) interest rate 1		Equivalent (Cdn$)
2024 issuances
February 9, 2024	1,250	2029	5.000	%	4.735	%	1,684
February 9, 2024	1,250	2034	5.300	%	5.107	%	1,683

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

In October 2023, we repaid the entire outstanding principal amount of our US$850 million 4.10% senior notes and the associated debt derivatives at maturity, resulting in a repayment of $877 million, net of $288 million received on settlement of the associated debt derivatives.

In March 2023, we settled the derivatives associated with our US$1 billion senior notes due 2025, which were not designated as hedges for accounting purposes. We subsequently entered into new derivatives associated with those senior notes, which we designated as hedges for accounting purposes. We received a net $60 million relating to these transactions.

As at December 31, 2024, we had US$17,250 million (2023 - US$14,750 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged economically using debt derivatives, at an average rate of $1.272/US$ (December 31, 2023 - $1.259/US$).

During 2024 and 2023, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	271	1.369	371	274	1.336	366
Debt derivatives settled	214	1.322	283	142	1.310	186

As at December 31, 2024, we had US$416 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2023 - US$357 million) with terms to maturity ranging from January 2025 to December 2027 (2023 - January 2024 to December 2026), at an average rate of $1.349/US$ (2023 - $1.329/US$).

Rogers Communications Inc. 47 2024 Annual Financial Statements

Expenditure derivatives

Below is a summary of the expenditure derivatives we entered and settled during 2024 and 2023 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	1,140	1.340	1,528	1,650	1.325	2,187
Expenditure derivatives acquired	—	—	—	212	1.330	282
Expenditure derivatives settled	1,200	1.325	1,590	1,172	1.262	1,479

As at December 31, 2024, we had US$1,590 million of expenditure derivatives outstanding (2023 - US$1,650 million), at an average rate of $1.336/US$ (2023 - $1.325/US$), with terms to maturity ranging from January 2025 to December 2026 (2023 - January 2024 to December 2025).

Equity derivatives

We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 27). The equity derivatives have terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.

As at December 31, 2024, we had equity derivatives outstanding for 6.0 million (2023 - 6.0 million) Class B Non-Voting Shares with a weighted average price of $53.27 (2023 - $54.02).

In 2023, we entered into 0.5 million equity derivatives with a weighted average price of $58.14 as a result of the issuance of additional performance restricted share units in 2023.

Additionally, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share.

FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For these debt derivatives and expenditure derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:

•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;

•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and

•Level 3 valuations are based on inputs that are not based on observable market data.

There were no transfers between Level 1, Level 2, or Level 3 during the years ended December 31, 2024 or 2023.

Below is a summary of the financial instruments carried at fair value.

Rogers Communications Inc. 48 2024 Annual Financial Statements

			As at December 31
	Carrying value		Fair value (Level 2)		Fair value (Level 3)
(In millions of dollars)	2024	2023	2024	2023	2024	2023
Financial assets
Investments, measured at FVTOCI:
Investments in private companies	128	118	—	—	128	118
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,194	599	1,194	599	—	—
Debt derivatives not accounted for as hedges	7	—	7	—	—	—
Expenditure derivatives accounted for as cash flow hedges	132	4	132	4	—	—
Equity derivatives not accounted for as hedges	—	48	—	48	—	—
Total financial assets	1,461	769	1,333	651	128	118
Financial liabilities
Long-term debt (including current portion)	41,896	40,855	39,765	39,001	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	842	1,069	842	1,069	—	—
Debt derivatives not accounted for as hedges	2	101	2	101	—	—
Expenditure derivatives accounted for as cash flow hedges	—	19	—	19	—	—
Equity derivatives not accounted as hedges	54	—	54	—
Total financial liabilities	42,794	42,044	40,663	40,190	—	—

We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2024 and 2023.

SUPPLIER FINANCE ARRANGEMENTS

We are enrolled in supplier finance arrangement programs with two large financial institutions. The principal purpose of these arrangements is to enable willing suppliers to receive payments from the financial institutions prior to invoice due dates. The payment terms for these arrangements are net 15 days from the invoice date if with the program. The range of payment due dates for trade payables that are not part of the arrangement are net 60 to 90 days from the invoice date. The payment terms for our liabilities due to the financial institutions is 30 to 45 days. There are no extended payment terms, security, or guarantees provided under these programs.

The following table presents additional information about the carrying amounts of our accounts payable and accrued liabilities subject to our supplier finance arrangements.

(In millions of dollars)	As at December 31, 2024	As at January 1, 2024
Presented within accounts payable and accrued liabilities	273	256
for which suppliers have received payment from the finance provider	264	208

NOTE 20: INVESTMENTS

ACCOUNTING POLICY

Investments in private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

Rogers Communications Inc. 49 2024 Annual Financial Statements

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

ESTIMATES

Significant estimates are required in determining the fair value of one of our joint ventures' obligations to purchase at fair value the non-controlling interest in one of its investments.

INVESTMENTS BY TYPE

	As at December 31
(In millions of dollars)	2024	2023
Investments in private companies, measured at FVTOCI	128	118
Investments, associates and joint ventures	487	480
Total investments	615	598

INVESTMENTS, MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Publicly traded companies

In 2023, we sold our interests in Cogeco Inc. and Cogeco Communications Inc. for $829 million to Caisse de dépôt et placement du Québec and realized gains of $261 million in other comprehensive income. As we had disposed of our entire interest in these two entities, we reclassified $367 million of gains, net of income taxes, within accumulated other comprehensive income from our FVTOCI investment reserve into retained earnings.

INVESTMENTS, ASSOCIATES AND JOINT VENTURES

We have interests in a number of associates and joint ventures, some of which include:

Maple Leaf Sports and Entertainment Limited (MLSE)

MLSE, a sports and entertainment company, owns and operates the Scotiabank Arena, the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and other assets. We, along with BCE Inc. (Bell), jointly own an indirect net 75% equity interest in MLSE with our portion representing a 37.5% equity interest in MLSE. Our investment in MLSE is accounted for as a joint venture using the equity method.

On September 18, 2024, we announced an agreement with Bell to acquire Bell's indirect 37.5% ownership stake in MLSE for a purchase price of $4.7 billion subject to certain adjustments, payable in cash (MLSE Transaction). The MLSE Transaction will also provide Bell the opportunity to renew its existing MLSE broadcast and sponsorship rights over the long-term at fair market value. This includes access to content rights for 50% of Toronto Maple Leafs regional games and 50% of Toronto Raptors games for which MLSE controls the rights. In December 2024, we received clearance from the Competition Bureau to proceed with the MLSE Transaction. We still require sports league approvals and approval from the Canadian Radio-television and Telecommunications Commission before the MLSE Transaction can close. When the MLSE Transaction closes, we will be the largest owner of MLSE, with a controlling interest in 75% of MLSE.

Glentel

Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by Bell. Our investment in Glentel is accounted for as a joint venture using the equity method.

Rogers Communications Inc. 50 2024 Annual Financial Statements

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2024	2023
Current assets	749	581
Long-term assets	3,584	3,423
Current liabilities	(1,234)	(1,109)
Long-term liabilities	(3,395)	(2,456)
Total net assets	(296)	439
Our share of net assets	(99)	290
Revenue	2,731	2,546
Expenses	(3,473)	(3,710)
Net loss	(742)	(1,164)
Our share of net loss	(376)	(589)

The holder of the 25% non-controlling interest in MLSE has a right to require its interest be purchased at a future date at fair value. During the year ended December 31, 2023, we recognized a $422 million loss in other expense related to our share of a change in the fair value of that obligation. As a result of the loss, the balance of this investment was reduced to nil and we have an unrecognized loss related to that investment as at December 31, 2024 of $588 million (2023 - $186 million), which is reflected in "our share of net assets" and "our share of net loss" in the table above.

NOTE 21: SHORT-TERM BORROWINGS

	As at December 31
(In millions of dollars)	2024	2023
Receivables securitization program	2,000	1,600
US commercial paper program (net of the discount on issuance)	452	150
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,959	1,750

Rogers Communications Inc. 51 2024 Annual Financial Statements

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			800			—
Repayment of receivables securitization			(400)			(1,000)
Net proceeds received from (repayment of) receivables securitization			400			(1,000)
Proceeds received from US commercial paper	2,009	1.373	2,759	1,803	1.357	2,447
Repayment of US commercial paper	(1,819)	1.371	(2,494)	(1,858)	1.345	(2,499)
Net proceeds received from (repayment of) US commercial paper			265			(52)
Proceeds received from non-revolving credit facilities (Cdn$)			—			375
Proceeds received from non-revolving credit facilities (US$)	2,899	1.378	3,996	2,125	1.349	2,866
Total proceeds received from non-revolving credit facilities			3,996			3,241
Repayment of non-revolving credit facilities (Cdn$)			—			(758)
Repayment of non-revolving credit facilities (US$)	(2,547)	1.383	(3,523)	(2,125)	1.351	(2,870)
Total repayment of non-revolving credit facilities			(3,523)			(3,628)
Net proceeds received from (repayment of) non-revolving credit facilities			473			(387)
Net proceeds received from (repayment of) short-term borrowings			1,138			(1,439)

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in June 2024 to an expiration date of June 28, 2027. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.

	As at December 31
(In millions of dollars)	2024	2023
Receivables sold to buyer as security	3,186	3,178
Short-term borrowings from buyer	(2,000)	(1,600)
Overcollateralization	1,186	1,578

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Receivables securitization program, beginning of year		1,600	2,400
Receivables securitization program assumed	3	—	200
Net proceeds received from (repayment of) receivables securitization		400	(1,000)
Receivables securitization program, end of year		2,000	1,600

In April 2023, we repaid the outstanding $200 million of borrowings under Shaw's legacy accounts receivable securitization program, subsequent to which the program was terminated. This repayment is included in "net proceeds received from (repayment of) receivables securitization" above.

Rogers Communications Inc. 52 2024 Annual Financial Statements

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	113	1.327	150	158	1.354	214
Net proceeds received from (repayment of) US commercial paper	190	n/m	265	(55)	n/m	(52)
Discounts on issuance 1	11	1.364	15	10	1.400	14
Loss (gain) on foreign exchange 1			22			(26)
US commercial paper, end of year	314	1.439	452	113	1.327	150

n/m - not meaningful

1    Included in "finance costs".

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITIES

In November 2023, we entered into three non-revolving credit facilities with an aggregate limit of $2 billion. In December 2023, we terminated two of these credit facilities and reduced the amount available from $2 billion to $500 million. Drawings on this facility were recognized as short-term borrowings on our Consolidated Statements of Financial Position. Borrowings under this facility were unsecured, guaranteed by RCCI, and ranked equally in right of payment with all of our other credit facilities and senior notes and debentures. In March 2024, we borrowed US$185 million under this facility maturing in March 2025. In April 2024, we borrowed an additional US$184 million under the facility, resulting in it being fully drawn.

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.

	Years ended December 31
(In millions of dollars)	2024	2023
Non-revolving credit facility, beginning of year	—	371
Net proceeds received from (repayment of) non-revolving credit facilities	473	(387)
Discounts on issuance 1	—	12
Loss on foreign exchange 1	34	4
Non-revolving credit facility, end of year	507	—

1    Included in "finance costs".

Concurrent with the credit facility borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

NOTE 22: PROVISIONS

ACCOUNTING POLICY

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's

Rogers Communications Inc. 53 2024 Annual Financial Statements

best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 11).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

ESTIMATES

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

JUDGMENTS

Judgment is required to determine when we are subject to unavoidable costs arising from onerous contracts. These judgments may include, for example, whether a certain promise is legally binding or whether we may be successful in negotiations with the counterparty.

PROVISIONS DETAILS

(In millions of dollars)	Decommissioning liabilities	Other	Total
December 31, 2023	61	15	76
Additions	—	9	9
Adjustments to existing provisions	4	(7)	(3)
December 31, 2024	65	17	82
Current (recorded in "other current liabilities")	11	10	21
Long-term	54	7	61

Decommissioning and restoration costs

Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.

Rogers Communications Inc. 54 2024 Annual Financial Statements

NOTE 23: LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2024	2023
Term loan facility				Floating		1,001	4,286
Canada Infrastructure Bank credit facility	2052			1.000	%	64	—
Senior notes	2024		600	4.000	%	—	600
Senior notes 1	2024		500	4.350	%	—	500
Senior notes	2025	US	1,000	2.950	%	1,439	1,323
Senior notes	2025		1,250	3.100	%	1,250	1,250
Senior notes	2025	US	700	3.625	%	1,007	926
Senior notes	2026		500	5.650	%	500	500
Senior notes	2026	US	500	2.900	%	718	661
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027		300	3.800	%	300	300
Senior notes	2027	US	1,300	3.200	%	1,871	1,719
Senior notes	2028		1,000	5.700	%	1,000	1,000
Senior notes 1	2028		500	4.400	%	500	500
Senior notes 1	2029		500	3.300	%	500	500
Senior notes	2029		1,000	3.750	%	1,000	1,000
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes	2029	US	1,250	5.000	%	1,799	—
Senior notes	2030		500	5.800	%	500	500
Senior notes 1	2030		500	2.900	%	500	500
Senior notes	2032	US	2,000	3.800	%	2,878	2,645
Senior notes	2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	2032	US	200	8.750	%	288	265
Senior notes	2033		1,000	5.900	%	1,000	1,000
Senior notes	2034	US	1,250	5.300	%	1,799	—
Senior notes	2038	US	350	7.500	%	504	463
Senior notes	2039		500	6.680	%	500	500
Senior notes 1	2039		1,450	6.750	%	1,450	1,450
Senior notes	2040		800	6.110	%	800	800
Senior notes	2041		400	6.560	%	400	400
Senior notes	2042	US	750	4.500	%	1,079	992
Senior notes	2043	US	500	4.500	%	719	661
Senior notes	2043	US	650	5.450	%	935	860
Senior notes	2044	US	1,050	5.000	%	1,511	1,389
Senior notes	2048	US	750	4.300	%	1,079	992
Senior notes 1	2049		300	4.250	%	300	300
Senior notes	2049	US	1,250	4.350	%	1,799	1,653
Senior notes	2049	US	1,000	3.700	%	1,439	1,323
Senior notes	2052	US	2,000	4.550	%	2,878	2,645
Senior notes	2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,079	992
						42,886	41,895
Deferred transaction costs and discounts						(951)	(1,040)
Deferred government grant liability						(39)	—
Less current portion						(3,696)	(1,100)
Total long-term debt						38,200	39,755

1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3.

2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

Rogers Communications Inc. 55 2024 Annual Financial Statements

Each of the above senior notes and debentures are unsecured and, as at December 31, 2024, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 19).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (Cdn$)			64			—
Credit facility borrowings (US$)	—	—	—	220	1.368	301
Credit facility repayments (US$)	—	—	—	(220)	1.336	(294)
Net borrowings under credit facilities			64			7
Term loan facility net borrowings (US$) 1	8	n/m	18	4,506	1.350	6,082
Term loan facility net repayments (US$)	(2,553)	1.352	(3,452)	(1,265)	1.340	(1,695)
Net repayments under term loan facility			(3,434)			4,387
Senior note issuances (Cdn$)			—			3,000
Senior note issuances (US$)	2,500	1.347	3,367	—	—	—
Total senior note issuances			3,367			3,000
Senior note repayments (Cdn$)			(1,100)			(500)
Senior note repayments (US$)	—	—	—	(1,350)	1.373	(1,854)
Total senior note repayments			(1,100)			(2,354)
Net issuance of senior notes			2,267			646
Net (repayment) issuance of long-term debt			(1,103)			5,040

1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Long-term debt, beginning of year		40,855	31,733
Net (repayment) issuance of long-term debt		(1,103)	5,040
Long-term debt assumed	3	—	4,526
Increase in government grant liability related to Canada Infrastructure Bank facility		(39)	—
Loss (gain) on foreign exchange		2,094	(549)
Deferred transaction costs incurred		(52)	(31)
Amortization of deferred transaction costs		141	136
Long-term debt, end of year		41,896	40,855
Current		3,696	1,100
Long-term		38,200	39,755
Long-term debt, end of year		41,896	40,855

In April 2023, we assumed $4.55 billion principal amount of Shaw's senior notes upon closing the Shaw Transaction (see note 3), of which $500 million was repaid at maturity in November 2023 and $500 million was repaid at maturity in January 2024.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2024, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.61% (2023 - 4.85%).

Rogers Communications Inc. 56 2024 Annual Financial Statements

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the adjusted term Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA).

In April 2024, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026.

In April 2023, we drew the maximum $6 billion on the term loan facility upon closing the Shaw Transaction (see note 3), consisting of $2 billion from each of the three tranches. The three tranches mature on April 3, 2026, 2027, and 2028, respectively. During the year ended December 31, 2023, we repaid $1,600 million of the tranche maturing on April 3, 2027. In February 2024, we used the proceeds from the issuance of US$2.5 billion of senior notes (see "Issuance of senior notes and related debt derivatives" below) to repay an additional $3.4 billion of the facility such that $1 billion remains outstanding under the April 2026 tranche.

The interest rate charged on borrowings from the term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the adjusted term SOFR or CORRA.

We have an $815 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other things, increase the limit from $665 million. As at December 31, 2024, we had drawn $64 million on the credit facility and have recognized a government grant liability of $39 million related to this loan.

The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Each of our subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares.

Rogers Communications Inc. 57 2024 Annual Financial Statements

ISSUANCE OF SENIOR NOTES AND RELATED DEBT DERIVATIVES

Below is a summary of the senior notes we issued in 2024 and 2023.

(In millions of dollars, except interest rates and discounts)						Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate
2024 issuances
February 9, 2024	US	1,250	2029	5.000	%	99.714	%	1,684	20
February 9, 2024	US	1,250	2034	5.300	%	99.119	%	1,683	30
2023 issuances
September 21, 2023		500	2026	5.650	%	99.853	%	500	3
September 21, 2023		1,000	2028	5.700	%	99.871	%	1,000	8
September 21, 2023		500	2030	5.800	%	99.932	%	500	4
September 21, 2023		1,000	2033	5.900	%	99.441	%	1,000	12

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

2025

In February 2025, we issued three tranches of subordinated notes, consisting of:

•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;

•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and

•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivative to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. We intend to use the proceeds to repay maturing senior notes and to partially fund the MLSE Transaction.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2024

In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we also entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion).

2023

In September 2023, we issued senior notes with an aggregate principal amount of $3 billion. As a result, we received net proceeds of $2.98 billion which we used for general corporate purposes, including the repayment of outstanding debt.

REPAYMENT OF SENIOR NOTES AND RELATED DERIVATIVE SETTLEMENTS

2024

During the year ended December 31, 2024, we repaid the entire outstanding principal of our $500 million 4.35% and $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes.

2023

During the year ended December 31, 2023, we repaid the entire outstanding principal of our $500 million 3.80% senior notes, which were assumed in the Shaw Transaction, at maturity. There were no derivatives associated with these senior notes. In addition, we repaid the entire outstanding principal of our US$850 million 4.10% senior notes and our US$500 million 3.00% senior notes, including the associated debt derivatives, at maturity. As a result, we repaid $2,188 million, net of $522 million received on settlement of the associated debt derivatives.

Rogers Communications Inc. 58 2024 Annual Financial Statements

PRINCIPAL REPAYMENTS

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

TERMS AND CONDITIONS

As at December 31, 2024 and 2023, we were in compliance with all financial covenants and financial ratios in our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2024, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

NOTE 24: OTHER LONG-TERM LIABILITIES

		As at December 31
(In millions of dollars)	Note	2024	2023
Derivative instruments	19	845	1,055
Contract liabilities	6	282	271
Supplemental executive retirement plan	25	93	94
Stock-based compensation	27	31	47
Other		415	316
Total other long-term liabilities		1,666	1,783

NOTE 25: POST-EMPLOYMENT BENEFITS

ACCOUNTING POLICY

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

Rogers Communications Inc. 59 2024 Annual Financial Statements

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

ESTIMATES

Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense.

Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2024.

Principal actuarial assumptions

	2024		2023
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	4.8	%	4.6	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		2.0% to 7.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		95% of CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	4.6	%	5.3	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Sensitivity of key assumptions

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

Rogers Communications Inc. 60 2024 Annual Financial Statements

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2024	2023
Discount rate
Impact of 0.5% increase	(174)	(183)
Impact of 0.5% decrease	197	208
Rate of future compensation increase
Impact of 0.25% increase	12	13
Impact of 0.25% decrease	(12)	(13)
Mortality rate
Impact of 1 year increase	36	38
Impact of 1 year decrease	(40)	(42)

POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY

We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.

The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.

We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.

In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.

The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:

•overseeing the funding, administration, communication, and investment management of the plans;

•selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;

•proposing, considering, and approving amendments to the plans;

•proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;

•reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and

•reviewing and approving the audited financial statements of the pension plan funds.

The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:

•contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;

•specifying the kinds of investments that can be held in the plans and monitoring compliance;

•using asset allocation and diversification strategies; and

•purchasing annuities from time to time.

The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.

Rogers Communications Inc. 61 2024 Annual Financial Statements

The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows.

POST-EMPLOYMENT BENEFIT PLAN DETAILS

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

	As at December 31
(In millions of dollars)	2024	2023
Plan assets, at fair value	2,385	2,339
Accrued benefit obligations	(2,197)	(2,260)
Surplus of plan assets over accrued benefit obligations	188	79
Effect of asset ceiling limit	(13)	(3)
Net deferred pension asset	175	76
Consists of:
Deferred pension asset	183	76
Deferred pension liability	(8)	—
Net deferred pension asset	175	76

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan assets, beginning of year	2,339	2,770
Interest income	110	134
Remeasurements, recognized in other comprehensive income and equity	101	149
Contributions by employees	25	28
Contributions by employer	5	19
Benefits paid	(51)	(89)
Impact of annuitization	(141)	(737)
Impact of Shaw Transaction	—	67
Administrative expenses paid from plan assets	(3)	(2)
Plan assets, end of year	2,385	2,339

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligations, beginning of year	2,260	2,430
Current service cost	86	76
Interest cost	102	116
Benefits paid	(51)	(89)
Impact of annuitization	(140)	(736)
Contributions by employees	25	28
Impact of Shaw Transaction	—	55
Remeasurements, recognized in other comprehensive income and equity	(85)	380
Accrued benefit obligations, end of year	2,197	2,260

Rogers Communications Inc. 62 2024 Annual Financial Statements

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2024	2023
Equity securities	1,406	1,371
Debt securities	929	914
Other - cash	50	54
Total fair value of plan assets	2,385	2,339

Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan cost:
Current service cost	86	76
Net interest income	(8)	(18)
Net pension expense	78	58
Administrative expense	3	4
Total pension cost recognized in net income	81	62

Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Interest income on plan assets	(110)	(134)
Interest cost on plan obligation	102	116
Net interest income, recognized in finance costs	(8)	(18)

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Return on plan assets (excluding interest income)	101	149
Change in financial assumptions	70	(328)
Change in demographic assumptions	—	(8)
Effect of experience adjustments	15	(44)
Change in asset ceiling	(10)	40
Remeasurement gain (loss), recognized in other comprehensive income and equity	176	(191)

PURCHASES OF ANNUITIES

In July 2024 and July 2023, our defined benefit pension plans purchased approximately $147 million and $737 million, respectively, of annuities from insurance companies for substantially all the retired members in the plans at those times. The aggregate premiums for the annuities were funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchases required a remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.

Rogers Communications Inc. 63 2024 Annual Financial Statements

SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligation, beginning of year	94	83
Pension expense, recognized in employee salaries and benefits expense	4	9
Net interest cost, recognized in finance costs	3	5
Remeasurement (gain) loss, recognized in other comprehensive income	(1)	6
Benefits paid	(7)	(9)
Accrued benefit obligation, end of year	93	94

DEFINED CONTRIBUTION PLANS

We also have defined contribution plans with total pension expense of $39 million in 2024 (2023 - $43 million), which is included in employee salaries and benefits expense.

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2024		2023
Equity securities:
Domestic	12.2	%	12.0	%	3% to 13%
International	46.7	%	46.6	%	27% to 37%
Debt securities	39.0	%	39.1	%	45% to 75%
Other - cash	2.1	%	2.3	%	0% to 5%
Total	100.0	%	100.0	%

Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $6 million (2023 - $7 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.

We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2024	2023
Employer contribution	5	19
Employee contribution	25	28
Total contribution	30	47

We estimate our 2025 employer contributions to our funded plans to be nil. The actual value will depend on the results of the 2025 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2024 is 17 years (2023 - 17 years). The duration of the defined benefit obligation has increased as a result of purchasing annuities for the retired members.

Plan assets recognized an actual net gain of $209 million in 2024 (2023 - $281 million net gain).

We have recognized a cumulative gain in "other comprehensive income" and "retained earnings" of $41 million as at December 31, 2024 (2023 - $88 million loss) associated with post-retirement benefit plans.

Rogers Communications Inc. 64 2024 Annual Financial Statements

NOTE 26: SHAREHOLDERS' EQUITY

CAPITAL STOCK

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series	●	None
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure Rogers remains qualified to hold the licences referred to above.

In relation to our issuances of subordinated notes in prior years (see note 23), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

On April 3, 2023, we issued 23.6 million Class B Non-Voting Shares as partial consideration for the Shaw Transaction (see note 3).

DIVIDENDS

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

				Dividends paid (in millions of dollars)			Number of Class B Non-Voting Shares issued (in thousands) 1
Declaration date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total
January 31, 2024	March 11, 2024	April 3, 2024	0.50	183	83	266	1,552
April 23, 2024	June 10, 2024	July 5, 2024	0.50	185	81	266	1,651
July 23, 2024	September 9, 2024	October 3, 2024	0.50	181	86	267	1,633
October 23, 2024	December 9, 2024	January 3, 2025	0.50	185	84	269	1,943
February 1, 2023	March 10, 2023	April 3, 2023	0.50	252	—	252	—
April 25, 2023	June 9, 2023	July 5, 2023	0.50	264	—	264	—
July 25, 2023	September 8, 2023	October 3, 2023	0.50	191	74	265	1,454
November 8, 2023	December 8, 2023	January 2, 2024	0.50	190	75	265	1,244

1    Class B Non-Voting Shares are issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).

We have a dividend reinvestment plan (DRIP) that allows eligible holders of Class A Shares and Class B Non-Voting Shares who are residents of Canada and the United States to acquire additional Class B Non-Voting Shares through reinvestment of the cash dividends paid on their respective shareholdings. During 2023, the plan was amended to permit, at the Board's discretion, a small discount from the five-day volume-weighted average market price when shares are issued from treasury under the plan. Previously, all Class B Non-Voting Shares received by participants under the plan were purchased in the Canadian open market with no discount.

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.

Rogers Communications Inc. 65 2024 Annual Financial Statements

On January 29, 2025, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 2, 2025, to shareholders of record on March 10, 2025.

NOTE 27: STOCK-BASED COMPENSATION

ACCOUNTING POLICY

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".

Wealth+ program

Certain employees voluntarily participate in a Wealth+ program, which allows them to exchange some or all of their annual cash bonus and receive RSUs. We match employee deferrals up to a certain amount. Expenses relating to the Wealth+ program are included in "operating costs".

ESTIMATES

Significant management estimates are used to determine the fair value of stock options. The table below shows the weighted average fair value of stock options granted during 2024 and 2023 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.

	Years ended December 31
	2024		2023
Weighted average fair value	$8.08		$12.07
Risk-free interest rate	3.4	%	3.4	%
Dividend yield	3.6	%	3.2	%
Volatility of Class B Non-Voting Shares	24.2	%	23.4	%
Weighted average expected life	5.4 years		5.5 years

Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.

Rogers Communications Inc. 66 2024 Annual Financial Statements

STOCK-BASED COMPENSATION EXPENSE

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2024	2023
Stock options	(58)	24
Restricted share units	20	32
Deferred share units	(10)	2
Equity derivative effect, net of interest receipt	102	7
Total stock-based compensation expense	54	65

As at December 31, 2024, we had a total liability recognized at its fair value of $103 million (2023 - $224 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $72 million (2023 - $177 million) and is included in "accounts payable and accrued liabilities". The long-term portion of this is $31 million (2023 - $47 million) and is included in "other long-term liabilities" (see note 24).

The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2024 was $32 million (2023 - $67 million).

We paid $70 million in 2024 (2023 - $75 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $56.88 (2023 - $64.21).

STOCK OPTIONS

Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Human Resources Committee. There are 65 million options authorized under various plans; each option has a term of seven to ten years. The vesting period is generally graded vesting over four years; however, the Human Resources Committee may adjust the vesting terms on the grant date. The exercise price is typically equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX.

Performance options

We did not grant performance-based options in 2024 (2023 - nil). Certain performance options granted in prior years have certain non-market vesting conditions related to the Shaw Transaction, including the achievement of certain preset integration-related milestones by the second anniversary of closing the Shaw Transaction. As at December 31, 2024, we had 2,583,435 performance options (2023 - 2,740,952) outstanding. The outstanding options that were granted prior to 2022 vest on a graded basis over four years provided certain targeted stock prices are met on or after each anniversary date.

Summary of stock options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2024		Year ended December 31, 2023
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	10,593,645	$63.88	9,860,208	$63.58
Granted	353,105	$61.39	1,594,879	$64.86
Exercised	(153,615)	$53.04	(329,877)	$54.90
Forfeited	(1,085,288)	$64.44	(531,565)	$66.92
Outstanding, end of year	9,707,847	$63.89	10,593,645	$63.88
Exercisable, end of year	6,135,190	$63.69	4,749,678	$62.86

Rogers Communications Inc. 67 2024 Annual Financial Statements

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2024.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$44.97 - $44.99	75,055	0.17	$44.97	75,055	$44.97
$45.00 - $49.99	119,082	1.16	$49.95	119,082	$49.95
$55.00 - $59.99	1,446,572	5.16	$58.46	1,226,855	$58.46
$60.00 - $64.99	2,537,699	5.04	$62.29	1,691,760	$62.49
$65.00 - $69.99	4,768,804	6.79	$65.58	2,261,803	$65.65
$70.00 - $73.00	760,635	3.58	$73.00	760,635	$73.00
	9,707,847	5.72	$63.89	6,135,190	$63.69

Unrecognized stock-based compensation expense as at December 31, 2024 related to stock option plans was $1 million (2023 - $14 million) and will be recognized in net income within periods of up to the next four years as the options vest.

RESTRICTED SHARE UNITS

The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.

On the vesting date, we redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan.

Performance RSUs

We granted 378,296 performance-based RSUs to certain key employees in 2024 (2023 - 719,851). The performance RSUs granted in 2023 have certain non-market vesting conditions related to the Shaw Transaction, including the achievement of certain preset integration-related milestones by the second anniversary of closing the Shaw Transaction. For performance RSUs granted prior to 2023, the number of units that vest and will be paid three years from the grant date will be within 0% to 100% of the initial number granted and reinvested dividends based upon the achievement of certain annual targets.

Summary of RSUs

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	2,551,728	2,402,489
Granted and reinvested dividends	1,246,949	1,518,926
Exercised	(943,096)	(856,212)
Forfeited	(407,357)	(513,475)
Outstanding, end of year	2,448,224	2,551,728

Unrecognized stock-based compensation expense as at December 31, 2024 related to these RSUs was $35 million (2023 - $57 million) and will be recognized in net income over periods of up to the next three years as the RSUs vest.

DEFERRED SHARE UNITS

The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.

Performance DSUs

We granted 6,157 performance-based DSUs to certain key executives in 2024 (2023 - 6,190) through reinvested dividends. All performance-based DSUs currently outstanding are fully vested.

Rogers Communications Inc. 68 2024 Annual Financial Statements

Summary of DSUs

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	956,410	1,139,884
Granted and reinvested dividends	231,590	80,510
Exercised	(279,098)	(259,441)
Forfeited	(224)	(4,543)
Outstanding, end of year	908,678	956,410

Unrecognized stock-based compensation expense related to granted DSUs as at December 31, 2024 was $5 million (2023 - nil) and will be recognized in net income over the next three years as the executive DSUs vest.

EMPLOYEE SHARE ACCUMULATION PLAN

Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a bi-weekly basis on the open market on behalf of the employee. On a bi-weekly basis, we make a contribution of 25% to 50% of the employee's contribution that period and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense.

Compensation expense related to the employee share accumulation plan was $61 million in 2024 (2023 - $57 million).

EQUITY DERIVATIVES

We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 19) and recognized a $102 million expense (2023 - $7 million expense) in stock-based compensation expense for these derivatives.

NOTE 28: RELATED PARTY TRANSACTIONS

CONTROLLING SHAREHOLDER

Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, some of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.

We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2024 and 2023.

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.

Compensation

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Salaries and other short-term employee benefits	20	23
Post-employment benefits	2	2
Stock-based compensation 1	34	26
Total compensation	56	51

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

In addition to the amounts included in "post-employment benefits" in the table above, we assumed a liability of $102 million through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the

Rogers Communications Inc. 69 2024 Annual Financial Statements

director will be paid $1 million per month until March 2035, $12 million of which was paid in 2024 (2023 - $8 million).The remaining liability of $91 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next year) or "other long-term liabilities".

Transactions

We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for each of 2024 and 2023.

On closing of the Shaw Transaction, we entered into an advisory agreement with Brad Shaw in accordance with the arrangement agreement, pursuant to which he will be paid $20 million for a two-year period following closing in exchange for performing certain services related to the transition and integration of Shaw, of which $10 million was recognized in net income and paid during the year ended December 31, 2024 (2023 - $8 million). This amount is included in "Salaries and other short-term employee benefits" in the table above. We have also entered into certain other transactions with the Shaw Family Group. Total amounts paid to the Shaw Family Group in 2024 and 2023 were under $1 million.

We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction.

SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS

Our material operating subsidiaries, along with our relative ownership percentages, as at December 31, 2024 and 2023 were as follows. Each is incorporated in Canada and has the same reporting period for annual financial statement reporting.

	Jurisdiction of Incorporation	Ownership Percentage
Subsidiary		2024		2023
Rogers Communications Canada Inc.	Canada	100	%	100	%
Rogers Media Inc.	Canada	100	%	100	%

When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. There are no significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to us as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.

Associates and joint arrangements

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support).

	Years ended December 31
(In millions of dollars)	2024	2023
Revenue	45	36
Purchases	231	203

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2024	2023
Accounts receivable	101	97
Accounts payable and accrued liabilities	163	113

NOTE 29: GUARANTEES

We had the following guarantees as at December 31, 2024 and 2023 as part of our normal course of business:

BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS

As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.

Rogers Communications Inc. 70 2024 Annual Financial Statements

SALES OF SERVICES

As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

PURCHASES AND DEVELOPMENT OF ASSETS

As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

INDEMNIFICATIONS

We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.

No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2024 or 2023. Historically, we have not made any significant payments under these indemnifications or guarantees.

NOTE 30: COMMITMENTS AND CONTINGENT LIABILITIES

ACCOUNTING POLICY

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

JUDGMENTS

We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.

SUMMARY OF COMMITMENTS

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2024.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	190	206	109	—	505
Purchase obligations 2	635	781	494	924	2,834
Program rights 3	856	921	586	1,082	3,445
Total commitments	1,681	1,908	1,189	2,006	6,784

1    Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

2    Contractual obligations under service, product, and wireless device contracts to which we have committed.

3    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2024
Acquisition of property, plant and equipment	611
Our share of commitments related to associates and joint ventures	432
Total other commitments	1,043

We also have a commitment to acquire Bell's indirect 37.5% ownership stake in MLSE for a purchase price of $4.7 billion subject to certain adjustments (see note 20).

Rogers Communications Inc. 71 2024 Annual Financial Statements

CONTINGENT LIABILITIES

We have the following contingent liabilities as at December 31, 2024:

July 2022 network outage

As a result of the network outage that occurred on July 8, 2022, a total of four applications were filed in the Quebec Superior Court seeking authorization to commence a class action against Rogers in relation to this network outage. One of the applications was subsequently withdrawn. Two additional applications have since been suspended. The remaining application seeks to institute a class action on behalf of all persons who, among other things, experienced a wireless or wireline service interruption as a result of, or were otherwise impacted by, the outage. The application claims various damages, including, among others, contractual damages, damages for lost profits, and punitive damages.

At this time, we are unable to assess the likelihood of success of the active application or the suspended applications, or predict the magnitude of any liability we might incur by virtue of the claims underlying those applications or any corresponding or similar claims that may be brought against us in the future. As such, we have not recognized a liability for this contingency. If successful, one of those claims could have a material adverse effect on our business, financial results, or financial condition. It is also possible that similar or corresponding claims could be filed in other jurisdictions.

System access fee - Saskatchewan

In 2004, a class action was commenced against providers of wireless communications in Canada under the Class Actions Act (Saskatchewan). The class action relates to the system access fee wireless carriers charge to some of their customers. The plaintiffs are seeking unspecified damages and punitive damages, which would effectively be a reimbursement of all system access fees collected.

In 2007, the Saskatchewan Court granted the plaintiffs' application to have the proceeding certified as a national, "opt-in" class action where affected customers outside Saskatchewan must take specific steps to participate in the proceeding. In 2008, our motion to stay the proceeding based on the arbitration clause in our wireless service agreements was granted. The Saskatchewan Court directed that its order, in respect of the certification of the action, would exclude customers who are bound by an arbitration clause from the class of plaintiffs.

In 2009, counsel for the plaintiffs began a second proceeding under the Class Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an "opt-out" class proceeding. This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process.

At the time the Saskatchewan class action was commenced, corresponding claims were filed in multiple jurisdictions across Canada. The claims in all provinces other than Saskatchewan have now been dismissed or discontinued. We have not recognized a liability for this contingency.

911 fee

In June 2008, a class action was launched in Saskatchewan against providers of wireless communications services in Canada. It involves allegations of breach of contract, misrepresentation, and false advertising, among other things, in relation to the 911 fee that had been charged by us and the other wireless telecommunication providers in Canada. The plaintiffs are seeking unspecified damages and restitution. The plaintiffs intend to seek an order certifying the proceeding as a national class action in Saskatchewan. We have not recognized a liability for this contingency.

Income taxes

We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 14) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.

Other claims

There are certain other claims and potential claims against us. We do not expect any of these, individually or in the aggregate, to have a material adverse effect on our financial results.

Outcome of proceedings

In addition to the legal proceedings described above, we are involved in various other disputes, governmental and/or regulatory inspections, investigations and proceedings, and other litigation matters. Such legal proceedings can be complex, costly, and highly disruptive to our business operations by diverting the attention and energy of management and other key personnel. It is not possible for us to predict the outcome of such legal proceedings due to the various factors and uncertainties involved in the legal process. Potential outcomes include judgment, awards, settlements, or orders that could have a material adverse effect on our business, reputation, financial condition and results. Legal proceedings could impose restraints on our current or future manner of doing business. The amounts ultimately paid or received upon settlement or pursuant to a final judgment, order, or decree may differ materially from amounts accrued in our financial statements.

Rogers Communications Inc. 72 2024 Annual Financial Statements

Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of the current legal proceedings to which we are subject, individually or in total, will have a material adverse impact on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

NOTE 31: SUPPLEMENTAL CASH FLOW INFORMATION

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2024	2023
Accounts receivable, excluding financing receivables	(396)	(362)
Financing receivables	(318)	(367)
Contract assets	7	(44)
Inventories	(185)	(4)
Other current assets	146	1
Accounts payable and accrued liabilities	(209)	11
Contract and other liabilities	79	138
Total change in net operating assets and liabilities	(876)	(627)

CAPITAL EXPENDITURES

	Years ended December 31
(In millions of dollars)	2024	2023
Capital expenditures before proceeds on disposition	4,100	4,042
Proceeds on disposition	(59)	(108)
Capital expenditures	4,041	3,934

ACQUISITIONS AND OTHER STRATEGIC TRANSACTIONS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Net cash consideration for Shaw Transaction 1	3	—	(16,903)
Net cash consideration for other acquisitions	3	—	(141)
Cash received on sale of Cogeco shares	20	—	829
Cash consideration for 3800 MHz spectrum acquisition		(475)	—
Acquisitions and other strategic transactions, net of cash acquired		(475)	(16,215)

1    Includes $19,033 million cash paid for the Shaw Shares net of $25 million of bank advances on Shaw's opening balance sheet and $2,155 million received from the sale of outstanding shares of Freedom Mobile and the related services described in note 3.

Rogers Communications Inc. 73 2024 Annual Financial Statements

XML

Cover Page	12 Months Ended
	Dec. 31, 2024 shares
Entity Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-10805
Entity Registrant Name	Rogers Communications Inc.
Entity Incorporation, State or Country Code	A1
Entity Primary SIC Number	4841
Entity Address, Address Line One	333 Bloor Street East, 10th Floor
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M4W 1G9
City Area Code	416
Local Phone Number	935-7777
Title of 12(b) Security	Class B Non-Voting
Trading Symbol	RCI
Security Exchange Name	NYSE
Security Reporting Obligation	15(d)
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0000733099
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Voting Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	111,152,011
Class B Non-Voting Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	424,949,191
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	111 Eighth Avenue, 13th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	CT Corporation System

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Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Toronto, ON, Canada
Auditor Firm ID	85

XML

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenue	$ 20,604	$ 19,308
Operating expenses:
Operating costs	10,987	10,727
Depreciation and amortization	4,616	4,121
Restructuring, acquisition and other	406	685
Finance costs	2,295	2,047
Other (income) expense	(6)	362
Income before income tax expense	2,306	1,366
Income tax expense	572	517
Net income for the year	$ 1,734	$ 849
Earnings per share:
Basic (in dollars per share)	$ 3.25	$ 1.62
Diluted (in dollars per share)	$ 3.20	$ 1.62

XML

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of comprehensive income [abstract]
Net income for the year	$ 1,734	$ 849
Defined benefit pension plans:
Remeasurements	177	(197)
Related income tax (expense) recovery	(48)	50
Defined benefit pension plans	129	(147)
Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value	11	(374)
Related income tax (expense) recovery	(1)	52
Equity investments measured at FVTOCI	10	(322)
Items that will not be reclassified to net income	139	(469)
Cash flow hedging derivative instruments:
Unrealized gain (loss) in fair value of derivative instruments	1,081	(910)
Reclassification to net income of (gain) loss on debt derivatives	(1,983)	470
Reclassification to net income or property, plant and equipment of gain on expenditure derivatives	(63)	(89)
Reclassification to net income for accrued interest	(57)	(48)
Related income tax (expense) recovery	(145)	65
Cash flow hedging derivative instruments	(1,167)	(512)
Share of other comprehensive income of equity-accounted investments, net of tax	0	2
Items that may subsequently be reclassified to net income	(1,167)	(510)
Other comprehensive loss for the year	(1,028)	(979)
Comprehensive income (loss) for the year	$ 706	$ (130)

XML

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 898	$ 800
Accounts receivable	5,478	4,996
Inventories	641	456
Current portion of contract assets	171	163
Other current assets	849	1,202
Current portion of derivative instruments	336	80
Assets held for sale	0	137
Total current assets	8,373	7,834
Property, plant and equipment	25,072	24,332
Intangible assets	17,858	17,896
Investments	615	598
Derivative instruments	997	571
Financing receivables	1,189	1,101
Other long-term assets	1,027	670
Goodwill	16,280	16,280
Total assets	71,411	69,282
Current liabilities:
Short-term borrowings	2,959	1,750
Accounts payable and accrued liabilities	4,059	4,221
Income tax payable	26	0
Other current liabilities	482	434
Contract liabilities	800	773
Current portion of long-term debt	3,696	1,100
Current portion of lease liabilities	587	504
Total current liabilities	12,609	8,782
Provisions	61	54
Long-term debt	38,200	39,755
Lease liabilities	2,191	2,089
Other long-term liabilities	1,666	1,783
Deferred tax liabilities	6,281	6,379
Total liabilities	61,008	58,842
Shareholders' equity attributable to common shareholders	10,403	10,440
Total liabilities and shareholders' equity	$ 71,411	$ 69,282

XML

Consolidated Statements of Changes in Shareholders' Equity - CAD ($) shares in Thousands, $ in Millions	Total	Class B Non-Voting Shares	Issued capital Class A Voting Shares	Issued capital Class B Non-Voting Shares	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve
Shareholders' equity, beginning balance at Dec. 31, 2022	$ 10,092		$ 71	$ 397	$ 9,816	$ 672	$ (872)	$ 8
Number of shares, beginning balance at Dec. 31, 2022			111,152	393,773
Net income for the year	849				849
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	(147)				(147)
FVTOCI investments, net of tax	(322)					(322)
Derivative instruments accounted for as hedges, net of tax	(512)						(512)
Share of equity-accounted investments, net of tax	2							2
Other comprehensive loss for the year	(979)				(147)	(322)	(512)	2
Comprehensive income (loss) for the year	(130)				702	(322)	(512)	2
Reclassification to retained earnings for disposition of FVTOCI investments	0				367	(367)
Transactions with shareholders recorded directly in equity:
Dividends declared (note 26)	(1,046)				(1,046)
Shares issued as settlement of dividends (note 26)	74			$ 74
Shares issued as consideration (note 3)	1,450			$ 1,450
Shares issued as consideration (note 3) (in shares)				23,641
Total transactions with shareholders	478		$ 0	$ 1,524	(1,046)
Total transactions with shareholders (in shares)			0	25,096
Shareholders' equity, ending balance at Dec. 31, 2023	10,440		$ 71	$ 1,921	9,839	(17)	(1,384)	10
Number of shares, ending balance at Dec. 31, 2023			111,152	418,869
Transactions with shareholders recorded directly in equity:
Shares issued as settlement of dividends (note 26) (in shares)		1,244		1,455
Net income for the year	1,734				1,734
Defined benefit pension plans, net of tax	129				129
FVTOCI investments, net of tax	10					10
Derivative instruments accounted for as hedges, net of tax	(1,167)						(1,167)
Share of equity-accounted investments, net of tax	0
Other comprehensive loss for the year	(1,028)				129	10	(1,167)	0
Comprehensive income (loss) for the year	706				1,863	10	(1,167)	0
Dividends declared (note 26)	(1,068)				(1,068)
Share price change on DRIP dividends	(4)				(4)
Shares issued as settlement of dividends (note 26)	329			$ 329
Total transactions with shareholders	(743)		$ 0	$ 329	(1,072)
Total transactions with shareholders (in shares)			0	6,080
Shareholders' equity, ending balance at Dec. 31, 2024	$ 10,403		$ 71	$ 2,250	$ 10,630	$ (7)	$ (2,551)	$ 10
Number of shares, ending balance at Dec. 31, 2024			111,152	424,949
Transactions with shareholders recorded directly in equity:
Shares issued as settlement of dividends (note 26) (in shares)		1,943		6,080

XML

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income for the year	$ 1,734	$ 849
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	4,616	4,121
Program rights amortization	63	70
Finance costs	2,295	2,047
Income tax expense	572	517
Post-employment benefits contributions, net of expense	82	46
(Income) losses from associates and joint ventures	(8)	412
Other	(166)	5
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid	9,188	8,067
Change in net operating assets and liabilities	(876)	(627)
Income taxes paid	(545)	(439)
Interest paid, net	(2,087)	(1,780)
Cash provided by operating activities	5,680	5,221
Investing activities:
Capital expenditures	(4,041)	(3,934)
Additions to program rights	(72)	(74)
Changes in non-cash working capital related to capital expenditures and intangible assets	136	(2)
Acquisitions and other strategic transactions, net of cash acquired	(475)	(16,215)
Other	(3)	25
Cash used in investing activities	(4,455)	(20,200)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings	1,138	(1,439)
Net (repayment) issuance of long-term debt	(1,103)	5,040
Net proceeds on settlement of debt derivatives and forward contracts	107	492
Transaction costs incurred	(47)	(284)
Principal payments of lease liabilities	(478)	(370)
Dividends paid to common shareholders	(739)	(960)
Other	(5)	0
Cash provided by (used in) financing activities	(1,127)	2,479
Change in cash and cash equivalents and restricted cash and cash equivalents	98	(12,500)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	800	13,300
Cash and cash equivalents, end of period	$ 898	$ 800

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NATURE OF THE BUSINESS

12 Months Ended

Dec. 31, 2024

Corporate information and statement of IFRS compliance [abstract]

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS

Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

During the year ended December 31, 2024, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries. Effective January 1, 2024, Shaw Cablesystems G.P., Shaw Telecom G.P., and Shaw Satellite G.P., which had operated aspects of Cable following the acquisition of Shaw Communications Inc. (Shaw, and Shaw Transaction) on April 3, 2023, were amalgamated with RCCI.

See note 5 for more information about our reportable operating segments.

BUSINESS SEASONALITY

Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.

Wireless

Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. More aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.

The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, which in turn are affected by the foreign exchange rate of the Canadian dollar and general economic conditions.

Cable

Cable operating results are affected by modest seasonal fluctuations, typically caused by:

•university and college students who live in temporary residences:

•moving out early in the second quarter and canceling their service; and

•students moving in late in the third quarter and signing up for cable service;

•individuals temporarily suspending wireline service for extended vacations or seasonal relocations;

•individuals temporarily activating satellite services for second or vacation homes during the second and third quarter;

•the timing of service pricing changes; and

•the concentrated marketing we generally conduct in our fourth quarter.

Cable results from our enterprise customers do not generally have any unique seasonal aspects.

Media

Seasonal fluctuations relate to:

•periods of increased consumer activity and their impact on advertising and related retail cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter;

•the Major League Baseball season, where:

•games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the year);

•revenue related to game day ticket sales, merchandise sales, and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game day ticket sales and merchandise sales, if and when the Toronto Blue Jays play in the postseason (in the fourth quarter of the year); and

•programming and production costs and player payroll are expensed based on the number of games aired or played, as applicable; and

•the National Hockey League (NHL) season, where:

•regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). We expect a correlation between the quality of revenue and earnings and the extent of Canadian teams' presence during the playoffs;

•programming and production costs are expensed based on the timing of when the rights are aired or are expected to be consumed; and

•advertising revenue and programming expenses are concentrated when games are played, with playoff games commanding a premium in advertising revenue.

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 6, 2025.

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MATERIAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

List of Accounting Policies [Abstract]

MATERIAL ACCOUNTING POLICIES

MATERIAL ACCOUNTING POLICIES

(a)BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 19, including investments (which are also disclosed in note 20), which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 25; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 27.

(b)BASIS OF CONSOLIDATION

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation. In determining whether we control an entity, we assess the degree of power we can exert over the entity, the degree of variability to which we are exposed from our involvement with the entity, and whether we have the ability to affect our returns using our power.

(c)FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average exchange rate for the month in which the transaction was recognized.

(d)ASSETS HELD FOR SALE

We classify non-current assets, or disposal groups consisting of assets and liabilities, as held-for-sale if it is highly probable their carrying amounts will be recovered primarily through a sale rather than through continued use. Assets, or disposal groups, classified as held-for-sale are measured at the lower of (i) their carrying amount and (ii) fair value less costs to sell. Once classified as held-for-sale, property, plant and equipment and finite-life intangible assets are no longer depreciated or amortized, respectively. Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. We regularly reassess assets or disposal groups classified as held-for-sale to determine if their sales are still highly probable and, if not, we reclassify them to their original captions in the Consolidated Statement of Financial Position.

(e)NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2024

We adopted the following IFRS amendments in 2024. Except for the amendments to IAS 7 and IFRS 7, they did not have a material effect on our consolidated financial statements.

•Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current, clarifying the classification requirements in the standard for liabilities as current or non-current.

•Amendments to IFRS 16, Leases - Lease Liability in a Sale and Leaseback, clarifying subsequent measurement requirements for sale and leaseback transactions for seller-lessees.

•Amendments to IAS 1, Presentation of Financial Statements - Non-current Liabilities with Covenants, modifying the 2020 amendments to IAS 1 to further clarify the classification, presentation, and disclosure requirements in the standard for non-current liabilities with covenants.

•Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures - Supplier Finance Arrangements, adding disclosure requirements that require entities to provide qualitative and quantitative information about supplier finance arrangements (see note 19).

(f)RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:

•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve how information is communicated in the financial statements, with a focus on information in the statement of income (January 1, 2027).

•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).

We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements. We do not expect the amendments to have a material impact.

(g)ADDITIONAL MATERIAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS

When preparing our consolidated financial statements, we make judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. The accounting policies applied in 2024 were consistent with those applied in 2023. Our material accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our material accounting policies.

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
3	Business Combinations	13	X	X	X
5	Reportable Segments	19	X		X
6	Revenue Recognition	20	X	X	X
8	Property, Plant and Equipment	25	X	X	X
9	Leases	27	X	X	X
10	Intangible Assets and Goodwill	29	X	X	X
11	Restructuring, Acquisition and Other	32	X		X
14	Income Taxes	34	X		X
15	Earnings Per Share	36	X
16	Accounts Receivable	36	X		X
17	Inventories	37	X
19	Financial Instruments	38	X	X	X
20	Investments	49	X	X
22	Provisions	53	X	X	X
25	Post-Employment Benefits	59	X	X
27	Stock-Based Compensation	66	X	X
30	Commitments and Contingent Liabilities	71	X		X

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BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about business combination [abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

ACCOUNTING POLICY

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

ESTIMATES

We use estimates in determining the value of assets acquired and liabilities assumed in business combinations, most significantly property, plant and equipment and intangible assets, including the related deferred tax impacts.

JUDGMENTS

We use significant judgment to determine what is, and what is not, part of a business combination, including the timing of when control transfers to us. This requires assessing the nature of other transactions entered into with the acquiree to ensure we account for the business combination using only the consideration transferred for the assets acquired and liabilities assumed in the exchange.

We also use significant judgment in determining the valuation methodologies applied to various assets and liabilities.

ACQUISITION OF SHAW COMMUNICATIONS INC.

On April 3, 2023, after receiving all required regulatory approvals and after the Freedom Transaction (as defined below) closed, we acquired all the issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) of Shaw (Shaw Transaction) for total consideration of $20.5 billion, consisting of:

•$19 billion of cash (consisting of $13 billion of cash and restricted cash and $6 billion borrowed from our $6 billion non-revolving term loan facility); and

•approximately $1.5 billion through the issuance of 23.6 million RCI Class B Non-Voting common shares (Class B Non-Voting Shares) (based on the opening share price of Rogers Class B Non-Voting Shares on April 3, 2023 of $61.33).

On April 3, 2023, the outstanding shares of Freedom Mobile Inc. (Freedom), a subsidiary of Shaw, were sold to Videotron Ltd. (Videotron), a subsidiary of Quebecor Inc. (Quebecor) (Freedom Transaction). The Freedom Transaction was effected pursuant to an agreement entered into on August 12, 2022 among Rogers, Shaw, Quebecor, and Videotron, which provided for the sale of all Freedom-branded wireless and Internet customers and all of Freedom's infrastructure, spectrum licences, and retail locations. In connection with the closing of the Freedom Transaction, Rogers entered into long-term

commercial arrangements with Freedom, Videotron and/or Quebecor under which Rogers (or its subsidiaries) will provide to Quebecor (or its subsidiaries) certain services, including:

•continued access to Shaw's "Go WiFi" hotspots for Freedom Mobile subscribers;

•roaming services on an incidental, non-permanent basis;

•wholesale mobile virtual network operator access services;

•third-party Internet access services; and

•certain backhaul, backbone, and other transport services.

As consideration for the above sale and long-term commercial arrangements, Quebecor paid $2.85 billion as adjusted pursuant to the terms of the divestiture agreement, resulting in net cash received of $2.15 billion after accounting for the Freedom debt assumed by Quebecor.

Rogers and Quebecor provided each other with customary transition services to facilitate (i) the operation of the Freedom and Shaw Mobile businesses for a period of time post-closing and (ii) the separation of Freedom's business from the other businesses and operations of Shaw and its affiliates. The Freedom Transaction did not include the sale of Shaw Mobile-branded wireless subscribers; accordingly, these wireless subscribers were acquired by Rogers.

On April 3, 2023, following the completion of the Shaw Transaction, Shaw Communications Inc. was amalgamated with RCI. As a result of this amalgamation, RCI became the issuer and assumed all of Shaw's obligations under the indenture governing Shaw's outstanding senior notes with a total principal amount of $4.55 billion as at April 3, 2023. As a result, the assumed senior notes now rank equally with RCI's other unsecured senior notes and debentures, bank credit facilities, and letter of credit facilities. In connection with the Shaw Transaction, RCCI provided a guarantee for Shaw's payment obligations under those senior notes.

Regulatory approval

On March 31, 2023, the Minister of Innovation, Science and Industry approved the transfer of Freedom's spectrum licences to Videotron, following which the Shaw Transaction and Freedom Transaction closed on April 3, 2023.

As part of the regulatory approval process, we agreed to certain legally enforceable undertakings with Innovation, Science and Economic Development Canada (ISED Canada), including:

•$1 billion of investments over five years to connect rural, remote, and Indigenous communities across Western Canada and to close critical connectivity gaps faster for underserved areas, including to make broadband Internet services available where broadband Internet at a minimum 50 megabit per second (Mbps) download speeds and 10 Mbps upload speeds is not currently available and to make 5G wireless service available where mobile service using long-term evolution (LTE) is not available;

•$2.5 billion of investments over five years to enhance and expand 5G coverage across Western Canada and $3 billion over five years related to additional network, services, and technology investments, including the expansion of our Cable network;

•expanding Connected for Success, our low-cost, high-speed Internet program, to low-income Canadians across Western Canada and implementing a new Connected for Success wireless program for low-income Canadians across Canada, such that Connected for Success will be available to more than 2.5 million eligible Canadians within five years;

•maintaining a strong presence in Western Canada, including creating 3,000 new jobs within five years (and maintaining those jobs until the tenth anniversary of closing) and maintaining a Western Canada headquarters in Calgary for at least ten years; and

•continuing to offer wireless plans to existing Shaw Mobile customers as at the closing date with the same terms and conditions (including eligibility) as the Shaw Mobile plans that were available as at the closing date for five years.

If any material element of any of the above commitments is not met, we could be liable to pay ISED $100 million in damages per year (to a maximum of $1 billion) until the earlier of (i) such material elements having been met or fulfilled or (ii) ten years after the closing date. As at December 31, 2024, we were in compliance with these requirements.

The acquired Shaw business

The Shaw business we acquired provided cable telecommunications, satellite video services, and data networking to residential customers, businesses, and public sector entities in British Columbia, Alberta, Saskatchewan, and Manitoba (Western Canada). Shaw's primary products as at April 3, 2023, included Internet (through Fibre+), Video (through Total TV and Shaw Direct satellite), home phone services, and Wireless services (through Shaw Mobile to consumers in British Columbia and Alberta). The Shaw business we acquired expanded our cable network footprint, allowing us to provide cable services in most provinces across the country.

The results from the acquired Shaw wireline operations are included in our Cable segment and the results of the acquired Shaw Mobile operations are included in our Wireless segment, from the date of acquisition, consistent with our reportable segment definitions.

Purchase price allocation

The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities as at April 3, 2023.

(In millions of dollars)	Total
Cash consideration 1	19,033
Issuance of 23.6 million Class B Non-Voting shares 2	1,450
Fair value of consideration transferred	20,483
Net identifiable asset or liability:
Accounts receivable (net of allowance for doubtful accounts of $31 million)	310
Other current assets 3	2,448
Property, plant and equipment 4	8,022
Intangible assets 5	5,974
Investments	123
Other long-term assets 3	48
Bank advances	(25)
Short-term borrowings 6	(200)
Accounts payable and accrued liabilities	(545)
Other current liabilities	(33)
Contract liabilities 7	(164)
Current portion of long-term debt 8	(1,000)
Current portion of lease liabilities 9	(59)
Provisions	(6)
Long-term debt 8	(3,526)
Lease liabilities 9	(268)
Other long-term liabilities 10	(109)
Deferred tax liabilities 11	(2,693)
Total fair value of identifiable net assets acquired	8,297
Goodwill 12	12,186

1    Includes $151 million of cash used to settle Shaw stock-based compensation programs.

2    Recorded at fair value based on the market price of RCI Class B Non-Voting shares on the acquisition date.

3    Consists of contract assets, inventories, prepaid expenses, and other assets as described in note 31.

4    Includes land and buildings, cable networks, computer equipment and software, customer premise equipment, leasehold improvements, equipment and vehicles, and right-of-use assets. Property, plant and equipment (excluding land) are expected to be amortized over remaining useful lives of 1 to 36 years.

5    Includes customer relationships, brand names, and other intangible assets. Intangible assets of $270 million, $5,314 million, and $390 million were allocated to our Wireless, Cable West (i.e. legacy Shaw), and Satellite cash-generating units (CGUs), respectively. Customer relationships, brand names, and other intangible assets are expected to be amortized over average useful lives of eight to fifteen years, three years, and fifteen years, respectively.

6    Short-term borrowings were repaid in April 2023 (see note 21).

7    Represents the fair value of the cost required to fulfill the related contractual obligations.

8    Represents the notional principal value of Shaw's outstanding senior notes of $4,550 million and the fair value decrement of $24 million, which will be amortized into finance costs using the effective interest method over the respective remaining terms of the outstanding senior notes, representing a weighted average term to maturity of 9.7 years and weighted average interest rate of 4.7%.

9    Represents the present value of future lease payments at the April 3, 2023 incremental borrowing rate of the consolidated company.

10    Includes the fair value of the cost required to fulfill the related pension and post-employment obligations.

11    Represents the net deferred income tax liability relating to the estimated fair values of assets acquired and liabilities assumed.

12    Goodwill arises principally from the expected synergies following the integration of Shaw, and future growth of our combined business and customer base as a result of the acquisition. Goodwill is not deductible for tax purposes. Goodwill arising from the transaction of $432 million, $11,675 million, and $79 million has been allocated to our Wireless, Cable (group), and Satellite CGUs, respectively.

Property, plant and equipment

Property, plant and equipment will be amortized over their remaining estimated useful lives, estimated as follows.

Asset	Basis	Estimated remaining useful life
Buildings	Diminishing balance	1 to 36 years
Cable and wireless network	Straight-line	1 to 30 years
Computer equipment and software	Straight-line	1 to 10 years
Customer premise equipment	Straight-line	1 to 5 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	1 to 10 years
Right-of-use assets	Straight-line	Over remaining lease term

The valuation of the acquired property, plant and equipment, and particularly the long-lived fibre and access network assets, was complex and required significant estimation. This required considerable estimates in determining, for example, the size, length, age, and replacement cost of Shaw's network, including various underlying characteristics, such as type of network infrastructure (for example, fibre optic or coaxial cable), geography (rural or urban), and placement (aerial or underground). Each of these characteristics can have a significantly different cost to build or replace, and therefore fair value. Changes in any of these estimates and assumptions can also have a significant impact on the valuation of the acquired property, plant and equipment.

Property, plant and equipment (other than land and building) was primarily valued using a depreciated replacement cost approach, which required estimating the gross replacement cost of each asset (either through direct comparison to current prices or by applying inflationary factors to historical costs) and then applying a depreciation factor to reflect the age of the in-service asset.

Land and building assets were valued using an income approach (for buildings) and a direct market comparison approach (for the underlying land). This involved assessing comparable properties in the relevant markets to identify characteristics, such as vacancy rates and income capitalization rates, to apply to the valuation of each building. The land was valued by comparing to similar plots of land in the relevant markets.

Intangible assets

Customer relationships will be amortized over their estimated useful lives of eight to fifteen years. Brand names will be amortized over their estimated useful life of three years. Other intangible assets will be amortized over their estimated useful life of fifteen years.

The valuation of the acquired intangible assets, particularly customer relationships, required significant estimation and judgment. For customer relationships, we used the multi-period excess earnings method to estimate a value, which requires estimates to determine expected subscriber churn rates and the expected cash flow that would be provided by each subscriber, including an assessment of synergies to be realized. We also used judgment in selecting the appropriate discount rate to apply to the gross cash flows for each asset. Changes in any of these estimates and assumptions can also have a significant impact on the valuation of the acquired customer relationship assets.

Pro forma information

Revenue of approximately $3.2 billion and a net loss of approximately $200 million from the acquired Shaw operations are included in the 2023 consolidated statement of income from the date of acquisition. Our consolidated revenue and net income for the year ended December 31, 2023 would have been approximately $20.4 billion and $650 million, respectively, had the Shaw Transaction closed on January 1, 2023. These pro forma amounts reflect financing costs, depreciation and amortization of applicable elements of the purchase price allocation, related tax adjustments, and the elimination of intercompany transactions.

OTHER ACQUISITIONS

During the year ended December 31, 2023, we made two individually immaterial acquisitions, including:

•BAI Communications' Canadian operations (BAI Canada), in April 2023; and

•Comwave, a cable services reseller based in Ontario, in November 2023.

The acquired operations did not have a significant impact on our consolidated revenue or results of operations during the year ended December 31, 2023, nor would they have had a significant impact had both closed on January 1, 2023.

Purchase price allocations

The table below summarizes the aggregated purchase price allocations for these acquisitions.

(In millions of dollars)	Total
Cash consideration 1	153
Fair value of consideration	153
Net identifiable asset or liability:
Current assets	12
Property, plant and equipment	20
Intangible assets 2	83
Accounts payable and accrued liabilities	(11)
Long-term liabilities	(3)
Deferred tax liabilities	(11)
Total fair value of identifiable net assets acquired	90
Goodwill 3	63

1    Includes $12 million of cash not yet paid as at December 31, 2023 that was subject to customary closing conditions.

2    Primarily reflects customer relationships with estimated useful lives of 6 to 20 years.

3    Goodwill arises principally from the expected synergies following these acquisitions and future growth of our combined businesses as a result of the acquisitions. Goodwill is not deductible for tax purposes.

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CAPITAL RISK MANAGEMENT

12 Months Ended

Dec. 31, 2024

Share Capital, Reserves And Other Equity Interest [Abstract]

CAPITAL RISK MANAGEMENT

CAPITAL RISK MANAGEMENT

Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all our commitments and to execute our business plan. We define capital we manage as shareholders' equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), net of cash and cash equivalents and derivative instruments.

We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.

The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires a minimum level of regulatory capital be maintained. Our subsidiary was in compliance with that requirement as at December 31, 2024 and 2023. The capital requirements are not material to us as at December 31, 2024 or December 31, 2023.

With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.

KEY METRICS AND RATIOS

We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.

Adjusted net debt and debt leverage ratio

We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. As a result of the Shaw Transaction (see note 3) on April 3, 2023, our adjusted net debt increased due to the drawings on our $6 billion term loan facility (see note 23), the debt assumed from Shaw, and the use of restricted cash, and our debt leverage ratio increased correspondingly. In order to meet our stated objective of returning our debt leverage ratio to approximately 3.5 within 36 months of closing the Shaw Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and

monetizations, equity financing, and debt repayment, as applicable. As at December 31, 2024 and 2023, we met our objectives for these metrics.

	As at December 31
(In millions of dollars, except ratios)	2024	2023
Adjusted net debt 1	43,330	43,134
Divided by: trailing 12-month adjusted EBITDA	9,617	8,581
Debt leverage ratio	4.5	5.0

1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

Trailing 12-month adjusted EBITDA as at December 31, 2023 reflects the combined results of Rogers including Shaw for the period since the Shaw Transaction closed in April 2023 to December 2023 and standalone Rogers results prior to April 2023.

Free cash flow

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Adjusted EBITDA	5	9,617	8,581
Deduct:
Capital expenditures 1	8, 31	4,041	3,934
Interest on borrowings, net and capitalized interest	12	1,986	1,794
Cash income taxes 2		545	439
Free cash flow		3,045	2,414

1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cash provided by operating activities		5,680	5,221
Add (deduct):
Capital expenditures	8, 31	(4,041)	(3,934)
Interest on borrowings, net and capitalized interest	12	(1,986)	(1,794)
Interest paid, net		2,087	1,780
Restructuring, acquisition and other	11	406	685
Program rights amortization	10	(63)	(70)
Change in net operating assets and liabilities	31	876	627
Other adjustments 1	13, 25	86	(101)
Free cash flow		3,045	2,414

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other investment income from our financial statements.

Available liquidity

Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2024 and 2023, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

Our Canada Infrastructure Bank credit agreement (see note 23) is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This year, we borrowed $64 million under this facility.

As at December 31, 2024		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		898	—	—	—	898
Bank credit facilities 2:
Revolving	23	4,000	—	10	455	3,535
Non-revolving	21	500	500	—	—	—
Outstanding letters of credit	23	3	—	3	—	—
Receivables securitization 2	21	2,400	2,000	—	—	400
Total		7,801	2,500	13	455	4,833

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2023		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		800	—	—	—	800
Bank credit facilities 2:
Revolving	23	4,000	—	10	151	3,839
Non-revolving	21	500	—	—	—	500
Outstanding letters of credit	23	243	—	243	—	—
Receivables securitization 2	21	2,400	1,600	—	—	800
Total		7,943	1,600	253	151	5,939

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

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SEGMENTED INFORMATION

12 Months Ended

Dec. 31, 2024

Operating Segments [Abstract]

SEGMENTED INFORMATION

SEGMENTED INFORMATION

ACCOUNTING POLICY

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

JUDGMENTS

We make significant judgments in determining our operating segments and in determining the appropriate allocation of shared costs between our segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.

REPORTABLE SEGMENTS

Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments,

corporate administrative functions, and eliminations of inter-segment revenue and costs. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis.

INFORMATION BY SEGMENT

Year ended December 31, 2024	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,528	7,801	2,215	60	20,604
Revenue from internal customers		67	75	269	(411)	—
Total revenue	6	10,595	7,876	2,484	(351)	20,604
Operating costs	7	5,283	3,358	2,400	(54)	10,987
Adjusted EBITDA		5,312	4,518	84	(297)	9,617
Depreciation and amortization	8, 9, 10					4,616
Restructuring, acquisition and other	11					406
Finance costs	12					2,295
Other income	13					(6)
Income before income tax expense						2,306
Capital expenditures	8	1,596	1,939	263	243	4,041
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		30,282	33,504	3,034	4,591	71,411

Year ended December 31, 2023	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,184	6,964	2,086	74	19,308
Revenue from internal customers		38	41	249	(328)	—
Total revenue	6	10,222	7,005	2,335	(254)	19,308
Operating costs	7	5,236	3,231	2,258	2	10,727
Adjusted EBITDA		4,986	3,774	77	(256)	8,581
Depreciation and amortization	8, 9, 10					4,121
Restructuring, acquisition and other	11					685
Finance costs	12					2,047
Other expense	13					362
Income before income tax expense						1,366
Capital expenditures	8	1,625	1,865	250	194	3,934
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		28,613	34,099	2,896	3,674	69,282

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REVENUE

12 Months Ended

Dec. 31, 2024

Revenue [abstract]

REVENUE

REVENUE

ACCOUNTING POLICY

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers, as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, as well as other league distributions	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are transferred to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on contracts containing significant financing components and on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Holders of the Rogers Mastercard have the option to finance devices through Rogers Bank over 36-month or 48-month terms. Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which ranges from 12 to 90 months. Effective January 1, 2024, as a result of an increase in the customer lifecycle, we updated our amortization period for consumer Wireless and Cable commissions from 24 months to 32 months to better reflect the estimated economic lives of these relationships, which lowered amortization by approximately $115 million for the year.

ESTIMATES

We use estimates in:

•determining the transaction price of our contracts, which requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract;

•determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations; and

•determining the appropriate amortization period of deferred commission cost assets, taking into account the expected pattern of benefits we will receive from the payment of commissions.

Determining the transaction price

The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.

Determining the stand-alone selling price and the allocation of the transaction price

The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer.

In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which we are entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.

JUDGMENTS

We make significant judgments in determining whether a promise to deliver goods or services is considered distinct and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.

Distinct goods and services

We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For distinct items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.

Residual value arrangements

Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination and to estimate the extent of device returns.

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		276	197
Additions from new contracts with customers, net of terminations and renewals		173	204
Contract assets acquired	3	—	35
Amortization of contract assets to accounts receivable		(181)	(160)
Balance, end of year		268	276
Current		171	163
Long-term		97	113
Balance, end of year		268	276

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		1,044	461
Contract liabilities assumed	3	—	164
Revenue deferred in previous year and recognized as revenue in current year		(771)	(574)
Net additions from contracts with customers		809	993
Balance, end of year		1,082	1,044
Current		800	773
Long-term		282	271
Balance, end of year		1,082	1,044

DEFERRED COMMISSION COST ASSETS

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2024 and 2023. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into operating costs within one year of the date of the financial statements) or "other long-term assets".

	Years ended December 31
(In millions of dollars)	2024	2023
Balance, beginning of year	488	374
Additions to deferred commission cost assets	640	492
Amortization recognized on deferred commission cost assets	(375)	(378)
Balance, end of year	753	488
Current	417	341
Long-term	336	147
Balance, end of year	753	488

UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2024. The unsatisfied portion of the transaction price of the performance obligations relates primarily to monthly services; we expect to recognize it substantially over the next three to five years.

(In millions of dollars)	2025	2026	2027	Thereafter	Total
Telecommunications service	2,739	934	64	235	3,972

We have elected to utilize the following practical expedients and not disclose:

•the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or

•the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2024	2023
Wireless
Service revenue	8,041	7,764
Equipment revenue	2,487	2,420
Revenue from external customers	10,528	10,184
Service revenue from internal customers	67	38
Total Wireless	10,595	10,222
Cable
Service revenue	7,750	6,921
Equipment revenue	51	43
Revenue from external customers	7,801	6,964
Service revenue from internal customers	75	41
Total Cable	7,876	7,005
Media
Revenue from external customers	2,215	2,086
Revenue from internal customers	269	249
Total Media	2,484	2,335
Corporate items
Revenue from external customers	60	74
Revenue from internal customers	23	3
Total Corporate items	83	77
Intercompany eliminations	(434)	(331)
Total revenue	20,604	19,308
Total service revenue	18,066	16,845
Total equipment revenue	2,538	2,463
Total revenue	20,604	19,308

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OPERATING COSTS

12 Months Ended

Dec. 31, 2024

Operating Costs [Abstract]

OPERATING COSTS

OPERATING COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cost of equipment sales	17	2,540	2,451
Merchandise for resale	17	209	217
Other external purchases		5,930	5,606
Employee salaries, benefits, and stock-based compensation		2,308	2,453
Total operating costs		10,987	10,727

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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, plant and equipment [abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

ACCOUNTING POLICY

The following accounting policy applies to property, plant and equipment excluding right-of-use assets. Our accounting policy for right-of-use assets is included in note 9.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 22); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

We recognize government financial assistance related to property, plant and equipment as a reduction of the cost or carrying amount of the asset when there is reasonable assurance we will comply with the conditions of the assistance and the assistance will be received.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 10 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and

review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates as described in note 10 in determining the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

DETAILS OF PROPERTY, PLANT AND EQUIPMENT

The tables below summarize our property, plant and equipment as at December 31, 2024 and 2023.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2024	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Additions and transfers	296	2,466	425	285	37	121	470	4,100	480	4,580
Disposals and other	262	(815)	(442)	(83)	(11)	(45)	—	(1,134)	(177)	(1,311)
As at December 31, 2024	2,005	32,150	7,914	3,205	843	1,527	2,734	50,378	4,047	54,425
Accumulated depreciation
As at January 1, 2024	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Depreciation	106	2,068	866	492	63	70	—	3,665	408	4,073
Disposals and other	134	(766)	(468)	(148)	(14)	(43)	—	(1,305)	(239)	(1,544)
As at December 31, 2024	714	17,342	5,988	2,417	496	1,044	—	28,001	1,352	29,353
Net carrying amount
As at January 1, 2024	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332
As at December 31, 2024	1,291	14,808	1,926	788	347	483	2,734	22,377	2,695	25,072

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2023	1,283	23,110	6,992	2,097	711	1,312	1,706	37,211	2,928	40,139
Additions and transfers	108	2,377	868	259	39	106	285	4,042	751	4,793
Acquisitions from business combinations	308	5,946	370	640	78	99	273	7,714	328	8,042
Disposals and other	(252)	(934)	(299)	7	(11)	(66)	—	(1,555)	(263)	(1,818)
As at December 31, 2023	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Accumulated depreciation
As at January 1, 2023	567	14,949	5,079	1,748	390	955	—	23,688	877	24,565
Depreciation	55	1,918	810	402	66	80	—	3,331	371	3,702
Disposals and other	(148)	(827)	(299)	(77)	(9)	(18)	—	(1,378)	(65)	(1,443)
As at December 31, 2023	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Net carrying amount
As at January 1, 2023	716	8,161	1,913	349	321	357	1,706	13,523	2,051	15,574
As at December 31, 2023	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332

During the year ended December 31, 2024, we recognized $134 million (2023 - $111 million) in network capital expenditure-related government grants and received $59 million (2023 - $59 million) in cash.

During 2024, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 4.2% (2023 - 4.8%).

Annually, we perform an analysis to identify fully depreciated assets that have been retired from active use. In 2024, this resulted in an adjustment to cost and accumulated depreciation of $1,281 million (2023 - $1,167 million). The disposals had nil impact on the Consolidated Statements of Income.

ASSETS HELD FOR SALE

As at December 31, 2024, as a result of deterioration in the relevant real estate markets, we have reclassified the land and building assets that had been held for sale as at December 31, 2023 into property, plant and equipment. The reclassification did not have a material impact on our results of operations.

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LEASES

12 Months Ended

Dec. 31, 2024

Disclosure of leases [Abstract]

LEASES

LEASES

ACCOUNTING POLICY

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to twenty years. Variable lease payments during 2024 were $20 million (2023 - $26 million).

Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2024. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $715 million as at December 31, 2024 (2023 - $591 million).

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Lease liabilities, beginning of year		2,593	2,028
Net additions		656	600
Lease liabilities assumed	3	—	327
Interest expense on lease liabilities		137	111
Interest payments on lease liabilities		(130)	(103)
Principal payments of lease liabilities		(478)	(370)
Lease liabilities, end of year		2,778	2,593
Current liability		587	504
Long-term liability		2,191	2,089
Lease liabilities		2,778	2,593

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INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

ACCOUNTING POLICY

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 20 years
Brand names	3 to 10 years
Other intangible assets	15 to 20 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating costs during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets" on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. For example, in Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.

DETAILS OF INTANGIBLE ASSETS

The tables below summarize our intangible assets as at December 31, 2024 and 2023.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2024	11,717	330	420	7,604	200	75	52	20,398	16,501	36,899
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Additions	480	—	—	8	72	22	—	582	—	582
Disposals and other 1	—	(15)	—	—	(72)	—	—	(87)	—	(87)
As at December 31, 2024	12,197	216	406	7,612	195	97	52	20,775	16,280	37,055
Accumulated amortization
As at January 1, 2024	—	—	270	2,025	68	19	2	2,384	—	2,384
Amortization 2	—	—	—	513	62	25	3	603	—	603
Disposals and other 1	—	—	—	—	(70)	—	—	(70)	—	(70)
As at December 31, 2024	—	—	270	2,538	60	44	5	2,917	—	2,917
Net carrying amount
As at January 1, 2024	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176
As at December 31, 2024	12,197	216	136	5,074	135	53	47	17,858	16,280	34,138

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $603 million of total amortization, $62 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $541 million in "depreciation and amortization" on the Consolidated Statements of Income.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2023	11,714	330	420	1,674	189	—	—	14,327	4,252	18,579
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,714	231	406	1,674	184	—	—	14,209	4,031	18,240
Additions	3	—	—	—	74	—	—	77	—	77
Acquisitions from business combinations (note 3)	—	—	—	5,930	—	75	52	6,057	12,249	18,306
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Accumulated amortization
As at January 1, 2023	—	—	270	1,627	61	—	—	1,958	—	1,958
Amortization 2	—	—	—	398	70	19	2	489	—	489
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	—	—	270	2,025	68	19	2	2,384	—	2,384
Net carrying amount
As at January 1, 2023	11,714	231	136	47	123	—	—	12,251	4,031	16,282
As at December 31, 2023	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $489 million of total amortization, $70 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $419 million in "depreciation and amortization" on the Consolidated Statements of Income.

In November 2023, we won 860 spectrum licences covering 87% of the Canadian population at a total cost of $475 million in the 3800 MHz spectrum licence auction. In May 2024, we made the final payment and obtained these licences, recognizing them at a cost of $480 million including directly attributable transaction costs.

ANNUAL IMPAIRMENT TESTING

For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, significantly correspond to our reportable segments as disclosed in note 5. Our Cable reportable segment as disclosed in note 5 is composed of our Cable CGU and our Satellite CGU.

Below is an overview of the methods and key assumptions we used in 2024, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,634	12,331	Value in use	5	2.0	7.9
Cable	13,598	—	Value in use	5	1.0	8.0
Media group	969	216	Fair value less costs of disposal	5	2.0	11.0

Our fair value measurement for Media is classified as Level 3 in the fair value hierarchy.

During the year ended December 31, 2024, we recognized $15 million in restructuring, acquisition and other related to an impairment of the broadcast licences in our Radio CGU (part of our Media group) as a result of the continued decline in the advertising market and a corresponding decline in the CGU's recoverable amount. We did not recognize an impairment charge related to our goodwill or intangible assets in 2023 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values.

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RESTRUCTURING, ACQUISITION AND OTHER

12 Months Ended

Dec. 31, 2024

Restructuring, Acquisition, And Other [Abstract]

RESTRUCTURING, ACQUISITION AND OTHER

RESTRUCTURING, ACQUISITION AND OTHER

ACCOUNTING POLICY

We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses.

JUDGMENTS

We make significant judgments in determining the appropriate classification of costs to be included in "restructuring, acquisition and other".

RESTRUCTURING, ACQUISITION AND OTHER COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Restructuring, acquisition and other excluding Shaw Transaction-related costs		276	365
Shaw Transaction-related costs	3	130	320
Total restructuring, acquisition and other		406	685

The restructuring, acquisition and other costs excluding Shaw Transaction-related costs in 2023 and 2024 include severance and other departure-related costs associated with the targeted restructuring of our employee base, including costs related to voluntary departure programs. These costs also included costs related to real estate rationalization programs, an impairment of our radio broadcast licences (in 2024), and transaction costs related to other completed and potential acquisitions and other corporate transactions.

The Shaw Transaction-related costs in 2023 and 2024 consisted of incremental costs supporting acquisition (in 2023) and integration activities (in 2023 and 2024) related to the Shaw Transaction. This includes significant costs in the second quarter of 2023 relating to closing-related fees, the Shaw Transaction-related employee retention program, and the cost of the tangible benefits package related to the broadcasting portion of the Shaw Transaction.

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FINANCE COSTS

12 Months Ended

Dec. 31, 2024

Finance Costs [Abstract]

FINANCE COSTS

FINANCE COSTS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Total interest on borrowings 1	23	2,022	1,981
Interest earned on restricted cash and cash equivalents		—	(149)
Interest on borrowings, net		2,022	1,832
Interest on lease liabilities	9	137	111
Interest on post-employment benefits	25	(5)	(13)
Loss (gain) on foreign exchange		222	(111)
Change in fair value of derivative instruments		(205)	108
Capitalized interest		(36)	(38)
Deferred transaction costs and other		160	158
Total finance costs		2,295	2,047

1    Interest on borrowings includes interest on short-term borrowings and on long-term debt.

FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS

We recognized $222 million in net foreign exchange losses in 2024 (2023 - $111 million in net gains). These losses were primarily attributed to our $6 billion term loan facility (see note 23) and our US CP program borrowings (see note 19).

These foreign exchange losses were offset by the $205 million gain (2023 - $108 million loss) related to the change in fair value of derivatives which were not designated as hedges for accounting purposes, primarily attributed to the debt derivatives we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.

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OTHER (INCOME) EXPENSE

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

OTHER (INCOME) EXPENSE

OTHER (INCOME) EXPENSE

		Years ended December 31
(In millions of dollars)	Note	2024	2023
(Income) losses from associates and joint ventures	20	(8)	412
Other investment income (losses)		2	(50)
Total other (income) expense		(6)	362

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INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

ACCOUNTING POLICY

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

JUDGMENTS

We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.

INCOME TAX EXPENSE

	Years ended December 31
(In millions of dollars)	2024	2023
Current tax expense:
For the current period	884	370
Change in estimate relating to prior periods	(20)	(43)
Total current tax expense	864	327
Deferred tax (recovery) expense:
(Reversal) origination of temporary differences	(291)	91
Change in tax rate	—	52
Change in estimate relating to prior periods	(1)	47
Total deferred tax (recovery) expense	(292)	190
Total income tax expense	572	517

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2024		2023
Statutory income tax rate	26.2	%	26.2	%
Income before income tax expense	2,306		1,366
Computed income tax expense	604		358
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	(13)		9
Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate	—		52
Non-taxable income from security investments	—		(16)
Non-deductible loss on joint venture's non-controlling interest purchase obligation	—		111
Other	(19)		3
Total income tax expense	572		517
Effective income tax rate	24.8	%	37.8	%

DEFERRED TAX ASSETS AND LIABILITIES

Below is a summary of the movement of net deferred tax assets and liabilities during 2024 and 2023.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)
Recovery (expense) in net income	284	(29)	1	17	(56)	75	292
Expense in other comprehensive income	—	—	(1)	—	—	(193)	(194)
December 31, 2024	(3,225)	(3,345)	(2)	571	(179)	(101)	(6,281)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2022	(2,149)	(1,754)	(89)	458	(87)	(31)	(3,652)
(Expense) recovery in net income	(95)	(89)	35	14	(36)	(19)	(190)
Recovery in other comprehensive income	—	—	52	—	—	115	167
Acquisitions	(1,265)	(1,473)	—	82	—	(48)	(2,704)
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2024	2023
Realized capital losses in Canada that can be applied against future capital gains	73	73
Unrealized capital losses on debt and derivative instruments	2,572	926
Tax losses in foreign jurisdictions 1	72	71
Deductible temporary differences in foreign jurisdictions	44	41
Total unrecognized temporary differences	2,761	1,111

1    $40 million of the tax losses in foreign jurisdictions expire between 2025 and 2037, the remaining $32 million can be carried forward indefinitely.

There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal

and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.

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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings per share [abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

ACCOUNTING POLICY

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

EARNINGS PER SHARE CALCULATION

	Years ended December 31
(In millions of dollars, except per share amounts)	2024	2023
Numerator (basic) - Net income for the year	1,734	849
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	534	523
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	535	524
Earnings per share:
Basic	$3.25	$1.62
Diluted	$3.20	$1.62

For the years ended December 31, 2024 and 2023, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2024 was reduced by $20 million (2023 - $2 million) in the diluted earnings per share calculation.

For the year ended December 31, 2024, there were 9,513,710 options out of the money (2023 - 8,742,224) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

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ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

ACCOUNTING POLICY

Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

ACCOUNTS RECEIVABLE BY TYPE

		As at December 31
(In millions of dollars)	Note	2024	2023
Customer accounts receivable		5,762	5,236
Other accounts receivable		1,132	1,072
Allowance for doubtful accounts	19	(227)	(211)
Total accounts receivable		6,667	6,097
Current		5,478	4,996
Long-term		1,189	1,101
Total accounts receivable		6,667	6,097

The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and is composed of our financing receivables that will be billed to customers beyond one year of the date of the financial statements.

Below is a breakdown of our financing receivable balances.

	As at December 31
(In millions of dollars)	2024	2023
Current financing receivables	2,341	2,111
Long-term financing receivables	1,189	1,101
Total financing receivables	3,530	3,212

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INVENTORIES

12 Months Ended

Dec. 31, 2024

Inventories [Abstract]

INVENTORIES

INVENTORIES

ACCOUNTING POLICY

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

INVENTORIES BY TYPE

	As at December 31
(In millions of dollars)	2024	2023
Wireless devices and accessories	538	361
Other finished goods and merchandise	103	95
Total inventories	641	456

Cost of equipment sales and merchandise for resale includes $2,749 million of inventory costs for 2024 (2023 - $2,668 million).

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OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS

		As at December 31
(In millions of dollars)	Note	2024	2023
Prepaid expenses		304	321
Current portion of deferred commission costs	6	417	341
Income tax receivable		—	274
Other		128	266
Total other current assets		849	1,202

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

ACCOUNTING POLICY

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Financial instrument	Classification and measurement method
Financial assets
Cash and cash equivalents	Amortized cost
Accounts receivable	Amortized cost
Financing receivables	Amortized cost
Investments, measured at FVTOCI	FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advances	Amortized cost
Short-term borrowings	Amortized cost
Accounts payable	Amortized cost
Accrued liabilities	Amortized cost
Long-term debt	Amortized cost
Lease liabilities	Amortized cost
Derivatives 2
Debt derivatives 3	FVTOCI and FVTPL
Expenditure derivatives	FVTOCI
Equity derivatives	FVTPL 4
Virtual power purchase agreement	FVTPL

1    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

2    Derivatives can be in an asset or liability position at a point in time historically or in the future.

3    Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures and our lease liabilities are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

Derivatives	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward cross-currency interest rate exchange agreements Forward foreign exchange agreements
Expenditure derivatives	Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures	Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives	Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year from the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables,

financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 6);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

ESTIMATES

Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.

We make estimates when determining the credit losses we expect to recognize on an asset while taking into account whether we use a twelve-month period or the asset's lifetime.

JUDGMENTS

We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.

FINANCIAL RISKS

We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.

Financial instrument	Financial risks
Financial assets
Cash and cash equivalents	Credit and foreign exchange
Accounts receivable	Credit and foreign exchange
Financing receivables	Credit
Investments, measured at FVTOCI	Liquidity, market price, and foreign exchange
Financial liabilities
Bank advances	Liquidity
Short-term borrowings	Liquidity, foreign exchange, and interest rate
Accounts payable	Liquidity
Accrued liabilities	Liquidity
Long-term debt	Liquidity, foreign exchange, and interest rate
Lease liabilities	Liquidity and foreign exchange
Derivatives 1
Debt derivatives	Credit, liquidity, and foreign exchange
Expenditure derivatives	Credit, liquidity, and foreign exchange
Equity derivatives	Credit, liquidity, and market price
Virtual power purchase agreement	Credit, liquidity, and market price

1    Derivatives can be in an asset or liability position at a point in time historically or in the future.

CREDIT RISK

Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us.

Our credit risk exposure is primarily attributable to our cash and cash equivalents, our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, and equity derivatives. Our broad customer base limits the concentration of this risk. Our "accounts receivables" and "financing receivables" on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.

Accounts receivable and financing receivables

We measure our allowance for doubtful accounts related to our accounts receivable and financing receivables using lifetime expected credit losses. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable and financing receivables. As at December 31, 2024, $687 million (2023 - $626 million) of gross accounts receivable and financing receivables are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.

Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.

	As at December 31
(In millions of dollars)	2024	2023
Customer accounts receivable
Unbilled financing receivables	3,530	3,212
Less than 30 days past billing date	1,419	1,270
30-60 days past billing date	334	324
61-90 days past billing date	122	118
Greater than 90 days past billing date	131	101
Total customer accounts receivable (net of allowances of $226 and $211, respectively)	5,536	5,025
Total contract assets (net of allowances of $1 and $2, respectively)	268	276
Total customer accounts receivable and contract assets	5,804	5,301

Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		213	184
Allowance for doubtful accounts expense		259	176
Acquired in business combination	3	—	31
Net use		(245)	(178)
Balance, end of year		227	213

We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance these controls will continue to be effective or our current credit loss experience will continue.

Derivative instruments

Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&P Global Ratings (or the equivalent) ranging from A to AA-.

LIQUIDITY RISK

Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 4). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2024 and 2023.

December 31, 2024	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	1,925	3,303	2,528	13,480

December 31, 2023	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	2,049	3,784	2,608	14,201

MARKET PRICE RISK

Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our share price or energy, will affect our income, cash flows, or the value of our financial instruments.

Market price risk - Class B Non-Voting Shares

Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.

Market price risk - energy prices

We have a virtual power purchase agreement (VPPA) that entitles us to the benefits of 38% of the total energy generated by a solar facility in Alberta. The fair value of the VPPA is based, in part, on the market rate for energy in Alberta.

FOREIGN EXCHANGE RISK

We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We typically designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US CP program as hedges for accounting purposes. We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them as hedges for certain of our forecast operational and capital expenditures. As at December 31, 2024, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.

A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2024.

INTEREST RATE RISK

We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings, bank credit facilities, and term loan facility. As at December 31, 2024, 90.8% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2023 - 85.6%).

Sensitivity analysis

Below is a sensitivity analysis for significant exposures with respect to our expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2024 and 2023 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.

	Net income		Other comprehensive income
(Change in millions of dollars)	2024	2023	2024	2023
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	12	9
Short-term borrowings
1% change in interest rates	22	13	—	—
Bank credit facilities (floating)
1% change in interest rates	7	32	—	—

DERIVATIVE INSTRUMENTS

As at December 31, 2024 and 2023, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net (liability) asset position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31, 2024
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	11,116	1.2510	13,906	1,194	224	970
As liabilities	6,550	1.3127	8,598	(842)	(5)	(837)
Short-term debt derivatives not accounted for as hedges:
As assets	666	1.4282	952	7	7	—
As liabilities	696	1.4421	1,004	(2)	(2)	—
Net mark-to-market debt derivative asset				357	224	133
Expenditure derivatives accounted for as cash flow hedges:
As assets	1,590	1.3362	2,125	132	105	27
Net mark-to-market expenditure derivative asset				132	105	27
Equity derivatives not accounted for as hedges:
As liabilities	—	—	320	(54)	(54)	—
Net mark-to-market equity derivative liability				(54)	(54)	—
Virtual power purchase agreement not accounted     for as hedges:
As liabilities	—	—	—	(10)	(2)	(8)
Net mark-to-market virtual power purchase agreement				(10)	(2)	(8)
Net mark-to-market asset				425	273	152

	As at December 31, 2023
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	4,557	1.1583	5,278	599	29	570
As liabilities	10,550	1.3055	13,773	(1,069)	(26)	(1,043)
Short-term debt derivatives not accounted for as hedges:
As liabilities	3,354	1.3526	4,537	(101)	(101)	—
Net mark-to-market debt derivative liability				(571)	(98)	(473)
Expenditure derivatives accounted for as cash flow hedges:
As assets	600	1.3147	789	4	3	1
As liabilities	1,050	1.3315	1,398	(19)	(7)	(12)
Net mark-to-market expenditure derivative liability				(15)	(4)	(11)
Equity derivatives not accounted for as hedges:
As assets	—	—	324	48	48	—
Net mark-to-market liability				(538)	(54)	(484)

Below is a summary of the net cash proceeds on debt derivatives and forward contracts.

	Years ended December 31
(In millions of dollars)	2024	2023
Proceeds on debt derivatives related to US commercial paper	2,478	2,486
Proceeds on debt derivatives related to credit facility borrowings	23,368	47,126
Proceeds on debt derivatives related to senior notes	—	3,232
Proceeds on debt derivatives related to lease liabilities	203	185
Total proceeds on debt derivatives	26,049	53,029
Payments on debt derivatives related to US commercial paper	(2,466)	(2,506)
Payments on debt derivatives related to credit facility borrowings	(23,280)	(47,136)
Payments on debt derivatives related to senior notes	—	(2,710)
Payments on debt derivatives related to lease liabilities	(196)	(185)
Total payments on debt derivatives	(25,942)	(52,537)
Net proceeds on settlement of debt derivatives	107	492
Net proceeds on settlement of debt derivatives and forward contracts	107	492

Below is a summary of the changes in fair value of our derivative instruments for 2024 and 2023.

Year ended December 31, 2024	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Virtual power purchase agreement	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	(470)	(101)	(15)	48	—	(538)
Proceeds received from settlement of derivatives	(203)	(25,846)	(1,640)	—	(1)	(27,690)
Payment on derivatives settled	196	25,746	1,590	—	2	27,534
Increase (decrease) in fair value of derivatives	829	206	197	(102)	(11)	1,119
Derivative instruments, end of year	352	5	132	(54)	(10)	425
Mark-to-market asset	1,194	7	132	—	—	1,333
Mark-to-market liability	(842)	(2)	—	(54)	(10)	(908)
Mark-to-market asset (liability)	352	5	132	(54)	(10)	425

Year ended December 31, 2023	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	916	72	94	54	1,136
Proceeds received from settlement of derivatives	(3,232)	(49,612)	(1,297)	—	(54,141)
Payment on derivatives settled	2,710	49,642	1,479	—	53,831
(Decrease) increase in fair value of derivatives	(864)	(203)	(291)	(6)	(1,364)
Derivative instruments, end of year	(470)	(101)	(15)	48	(538)
Mark-to-market asset	599	—	4	48	651
Mark-to-market liability	(1,069)	(101)	(19)	—	(1,189)
Mark-to-market (liability) asset	(470)	(101)	(15)	48	(538)

Debt derivatives

We use cross-currency interest rate agreements and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings (see note 21). We typically designate the debt derivatives related to our senior notes, debentures, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt

instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.

During 2024 and 2023, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	14,943	1.366	20,407	38,205	1.348	51,517
Debt derivatives settled	17,136	1.364	23,368	34,964	1.348	47,126
Net cash received (paid) on settlement			87			(10)
US commercial paper program
Debt derivatives entered	2,008	1.374	2,758	1,803	1.357	2,447
Debt derivatives settled	1,807	1.371	2,478	1,848	1.345	2,486
Net cash received (paid) on settlement			13			(20)

In 2024, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated senior notes issued (see note 23). Below is a summary of the debt derivatives we entered to hedge senior notes issued during 2024. We did not enter into any debt derivatives related to senior notes issued in 2023.

(In millions of dollars, except for coupon and interest rates)
		US$			Hedging effect
Effective date	Principal/Notional amount (US$)	Maturity date	Coupon rate		Fixed hedged (Cdn$) interest rate 1		Equivalent (Cdn$)
2024 issuances
February 9, 2024	1,250	2029	5.000	%	4.735	%	1,684
February 9, 2024	1,250	2034	5.300	%	5.107	%	1,683

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

In October 2023, we repaid the entire outstanding principal amount of our US$850 million 4.10% senior notes and the associated debt derivatives at maturity, resulting in a repayment of $877 million, net of $288 million received on settlement of the associated debt derivatives.

In March 2023, we settled the derivatives associated with our US$1 billion senior notes due 2025, which were not designated as hedges for accounting purposes. We subsequently entered into new derivatives associated with those senior notes, which we designated as hedges for accounting purposes. We received a net $60 million relating to these transactions.

As at December 31, 2024, we had US$17,250 million (2023 - US$14,750 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged economically using debt derivatives, at an average rate of $1.272/US$ (December 31, 2023 - $1.259/US$).

During 2024 and 2023, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	271	1.369	371	274	1.336	366
Debt derivatives settled	214	1.322	283	142	1.310	186

As at December 31, 2024, we had US$416 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2023 - US$357 million) with terms to maturity ranging from January 2025 to December 2027 (2023 - January 2024 to December 2026), at an average rate of $1.349/US$ (2023 - $1.329/US$).

Expenditure derivatives

Below is a summary of the expenditure derivatives we entered and settled during 2024 and 2023 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	1,140	1.340	1,528	1,650	1.325	2,187
Expenditure derivatives acquired	—	—	—	212	1.330	282
Expenditure derivatives settled	1,200	1.325	1,590	1,172	1.262	1,479

As at December 31, 2024, we had US$1,590 million of expenditure derivatives outstanding (2023 - US$1,650 million), at an average rate of $1.336/US$ (2023 - $1.325/US$), with terms to maturity ranging from January 2025 to December 2026 (2023 - January 2024 to December 2025).

Equity derivatives

We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 27). The equity derivatives have terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.

As at December 31, 2024, we had equity derivatives outstanding for 6.0 million (2023 - 6.0 million) Class B Non-Voting Shares with a weighted average price of $53.27 (2023 - $54.02).

In 2023, we entered into 0.5 million equity derivatives with a weighted average price of $58.14 as a result of the issuance of additional performance restricted share units in 2023.

Additionally, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share.

FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For these debt derivatives and expenditure derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:

•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;

•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and

•Level 3 valuations are based on inputs that are not based on observable market data.

There were no transfers between Level 1, Level 2, or Level 3 during the years ended December 31, 2024 or 2023.

Below is a summary of the financial instruments carried at fair value.

			As at December 31
	Carrying value		Fair value (Level 2)		Fair value (Level 3)
(In millions of dollars)	2024	2023	2024	2023	2024	2023
Financial assets
Investments, measured at FVTOCI:
Investments in private companies	128	118	—	—	128	118
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,194	599	1,194	599	—	—
Debt derivatives not accounted for as hedges	7	—	7	—	—	—
Expenditure derivatives accounted for as cash flow hedges	132	4	132	4	—	—
Equity derivatives not accounted for as hedges	—	48	—	48	—	—
Total financial assets	1,461	769	1,333	651	128	118
Financial liabilities
Long-term debt (including current portion)	41,896	40,855	39,765	39,001	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	842	1,069	842	1,069	—	—
Debt derivatives not accounted for as hedges	2	101	2	101	—	—
Expenditure derivatives accounted for as cash flow hedges	—	19	—	19	—	—
Equity derivatives not accounted as hedges	54	—	54	—
Total financial liabilities	42,794	42,044	40,663	40,190	—	—

We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2024 and 2023.

SUPPLIER FINANCE ARRANGEMENTS

We are enrolled in supplier finance arrangement programs with two large financial institutions. The principal purpose of these arrangements is to enable willing suppliers to receive payments from the financial institutions prior to invoice due dates. The payment terms for these arrangements are net 15 days from the invoice date if with the program. The range of payment due dates for trade payables that are not part of the arrangement are net 60 to 90 days from the invoice date. The payment terms for our liabilities due to the financial institutions is 30 to 45 days. There are no extended payment terms, security, or guarantees provided under these programs.

The following table presents additional information about the carrying amounts of our accounts payable and accrued liabilities subject to our supplier finance arrangements.

(In millions of dollars)	As at December 31, 2024	As at January 1, 2024
Presented within accounts payable and accrued liabilities	273	256
for which suppliers have received payment from the finance provider	264	208

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INVESTMENTS

12 Months Ended

Dec. 31, 2024

Interests in Other Entities [Abstract]

INVESTMENTS

INVESTMENTS

ACCOUNTING POLICY

Investments in private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

ESTIMATES

Significant estimates are required in determining the fair value of one of our joint ventures' obligations to purchase at fair value the non-controlling interest in one of its investments.

INVESTMENTS BY TYPE

	As at December 31
(In millions of dollars)	2024	2023
Investments in private companies, measured at FVTOCI	128	118
Investments, associates and joint ventures	487	480
Total investments	615	598

INVESTMENTS, MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Publicly traded companies

In 2023, we sold our interests in Cogeco Inc. and Cogeco Communications Inc. for $829 million to Caisse de dépôt et placement du Québec and realized gains of $261 million in other comprehensive income. As we had disposed of our entire interest in these two entities, we reclassified $367 million of gains, net of income taxes, within accumulated other comprehensive income from our FVTOCI investment reserve into retained earnings.

INVESTMENTS, ASSOCIATES AND JOINT VENTURES

We have interests in a number of associates and joint ventures, some of which include:

Maple Leaf Sports and Entertainment Limited (MLSE)

MLSE, a sports and entertainment company, owns and operates the Scotiabank Arena, the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and other assets. We, along with BCE Inc. (Bell), jointly own an indirect net 75% equity interest in MLSE with our portion representing a 37.5% equity interest in MLSE. Our investment in MLSE is accounted for as a joint venture using the equity method.

On September 18, 2024, we announced an agreement with Bell to acquire Bell's indirect 37.5% ownership stake in MLSE for a purchase price of $4.7 billion subject to certain adjustments, payable in cash (MLSE Transaction). The MLSE Transaction will also provide Bell the opportunity to renew its existing MLSE broadcast and sponsorship rights over the long-term at fair market value. This includes access to content rights for 50% of Toronto Maple Leafs regional games and 50% of Toronto Raptors games for which MLSE controls the rights. In December 2024, we received clearance from the Competition Bureau to proceed with the MLSE Transaction. We still require sports league approvals and approval from the Canadian Radio-television and Telecommunications Commission before the MLSE Transaction can close. When the MLSE Transaction closes, we will be the largest owner of MLSE, with a controlling interest in 75% of MLSE.

Glentel

Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by Bell. Our investment in Glentel is accounted for as a joint venture using the equity method.

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2024	2023
Current assets	749	581
Long-term assets	3,584	3,423
Current liabilities	(1,234)	(1,109)
Long-term liabilities	(3,395)	(2,456)
Total net assets	(296)	439
Our share of net assets	(99)	290
Revenue	2,731	2,546
Expenses	(3,473)	(3,710)
Net loss	(742)	(1,164)
Our share of net loss	(376)	(589)

The holder of the 25% non-controlling interest in MLSE has a right to require its interest be purchased at a future date at fair value. During the year ended December 31, 2023, we recognized a $422 million loss in other expense related to our share of a change in the fair value of that obligation. As a result of the loss, the balance of this investment was reduced to nil and we have an unrecognized loss related to that investment as at December 31, 2024 of $588 million (2023 - $186 million), which is reflected in "our share of net assets" and "our share of net loss" in the table above.

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SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

	As at December 31
(In millions of dollars)	2024	2023
Receivables securitization program	2,000	1,600
US commercial paper program (net of the discount on issuance)	452	150
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,959	1,750

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			800			—
Repayment of receivables securitization			(400)			(1,000)
Net proceeds received from (repayment of) receivables securitization			400			(1,000)
Proceeds received from US commercial paper	2,009	1.373	2,759	1,803	1.357	2,447
Repayment of US commercial paper	(1,819)	1.371	(2,494)	(1,858)	1.345	(2,499)
Net proceeds received from (repayment of) US commercial paper			265			(52)
Proceeds received from non-revolving credit facilities (Cdn$)			—			375
Proceeds received from non-revolving credit facilities (US$)	2,899	1.378	3,996	2,125	1.349	2,866
Total proceeds received from non-revolving credit facilities			3,996			3,241
Repayment of non-revolving credit facilities (Cdn$)			—			(758)
Repayment of non-revolving credit facilities (US$)	(2,547)	1.383	(3,523)	(2,125)	1.351	(2,870)
Total repayment of non-revolving credit facilities			(3,523)			(3,628)
Net proceeds received from (repayment of) non-revolving credit facilities			473			(387)
Net proceeds received from (repayment of) short-term borrowings			1,138			(1,439)

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in June 2024 to an expiration date of June 28, 2027. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.

	As at December 31
(In millions of dollars)	2024	2023
Receivables sold to buyer as security	3,186	3,178
Short-term borrowings from buyer	(2,000)	(1,600)
Overcollateralization	1,186	1,578

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Receivables securitization program, beginning of year		1,600	2,400
Receivables securitization program assumed	3	—	200
Net proceeds received from (repayment of) receivables securitization		400	(1,000)
Receivables securitization program, end of year		2,000	1,600

In April 2023, we repaid the outstanding $200 million of borrowings under Shaw's legacy accounts receivable securitization program, subsequent to which the program was terminated. This repayment is included in "net proceeds received from (repayment of) receivables securitization" above.

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	113	1.327	150	158	1.354	214
Net proceeds received from (repayment of) US commercial paper	190	n/m	265	(55)	n/m	(52)
Discounts on issuance 1	11	1.364	15	10	1.400	14
Loss (gain) on foreign exchange 1			22			(26)
US commercial paper, end of year	314	1.439	452	113	1.327	150

n/m - not meaningful

1    Included in "finance costs".

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITIES

In November 2023, we entered into three non-revolving credit facilities with an aggregate limit of $2 billion. In December 2023, we terminated two of these credit facilities and reduced the amount available from $2 billion to $500 million. Drawings on this facility were recognized as short-term borrowings on our Consolidated Statements of Financial Position. Borrowings under this facility were unsecured, guaranteed by RCCI, and ranked equally in right of payment with all of our other credit facilities and senior notes and debentures. In March 2024, we borrowed US$185 million under this facility maturing in March 2025. In April 2024, we borrowed an additional US$184 million under the facility, resulting in it being fully drawn.

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.

	Years ended December 31
(In millions of dollars)	2024	2023
Non-revolving credit facility, beginning of year	—	371
Net proceeds received from (repayment of) non-revolving credit facilities	473	(387)
Discounts on issuance 1	—	12
Loss on foreign exchange 1	34	4
Non-revolving credit facility, end of year	507	—

1    Included in "finance costs".

Concurrent with the credit facility borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2024	2023
Term loan facility				Floating		1,001	4,286
Canada Infrastructure Bank credit facility	2052			1.000	%	64	—
Senior notes	2024		600	4.000	%	—	600
Senior notes 1	2024		500	4.350	%	—	500
Senior notes	2025	US	1,000	2.950	%	1,439	1,323
Senior notes	2025		1,250	3.100	%	1,250	1,250
Senior notes	2025	US	700	3.625	%	1,007	926
Senior notes	2026		500	5.650	%	500	500
Senior notes	2026	US	500	2.900	%	718	661
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027		300	3.800	%	300	300
Senior notes	2027	US	1,300	3.200	%	1,871	1,719
Senior notes	2028		1,000	5.700	%	1,000	1,000
Senior notes 1	2028		500	4.400	%	500	500
Senior notes 1	2029		500	3.300	%	500	500
Senior notes	2029		1,000	3.750	%	1,000	1,000
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes	2029	US	1,250	5.000	%	1,799	—
Senior notes	2030		500	5.800	%	500	500
Senior notes 1	2030		500	2.900	%	500	500
Senior notes	2032	US	2,000	3.800	%	2,878	2,645
Senior notes	2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	2032	US	200	8.750	%	288	265
Senior notes	2033		1,000	5.900	%	1,000	1,000
Senior notes	2034	US	1,250	5.300	%	1,799	—
Senior notes	2038	US	350	7.500	%	504	463
Senior notes	2039		500	6.680	%	500	500
Senior notes 1	2039		1,450	6.750	%	1,450	1,450
Senior notes	2040		800	6.110	%	800	800
Senior notes	2041		400	6.560	%	400	400
Senior notes	2042	US	750	4.500	%	1,079	992
Senior notes	2043	US	500	4.500	%	719	661
Senior notes	2043	US	650	5.450	%	935	860
Senior notes	2044	US	1,050	5.000	%	1,511	1,389
Senior notes	2048	US	750	4.300	%	1,079	992
Senior notes 1	2049		300	4.250	%	300	300
Senior notes	2049	US	1,250	4.350	%	1,799	1,653
Senior notes	2049	US	1,000	3.700	%	1,439	1,323
Senior notes	2052	US	2,000	4.550	%	2,878	2,645
Senior notes	2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,079	992
						42,886	41,895
Deferred transaction costs and discounts						(951)	(1,040)
Deferred government grant liability						(39)	—
Less current portion						(3,696)	(1,100)
Total long-term debt						38,200	39,755

1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3.

2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2024, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 19).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (Cdn$)			64			—
Credit facility borrowings (US$)	—	—	—	220	1.368	301
Credit facility repayments (US$)	—	—	—	(220)	1.336	(294)
Net borrowings under credit facilities			64			7
Term loan facility net borrowings (US$) 1	8	n/m	18	4,506	1.350	6,082
Term loan facility net repayments (US$)	(2,553)	1.352	(3,452)	(1,265)	1.340	(1,695)
Net repayments under term loan facility			(3,434)			4,387
Senior note issuances (Cdn$)			—			3,000
Senior note issuances (US$)	2,500	1.347	3,367	—	—	—
Total senior note issuances			3,367			3,000
Senior note repayments (Cdn$)			(1,100)			(500)
Senior note repayments (US$)	—	—	—	(1,350)	1.373	(1,854)
Total senior note repayments			(1,100)			(2,354)
Net issuance of senior notes			2,267			646
Net (repayment) issuance of long-term debt			(1,103)			5,040

1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Long-term debt, beginning of year		40,855	31,733
Net (repayment) issuance of long-term debt		(1,103)	5,040
Long-term debt assumed	3	—	4,526
Increase in government grant liability related to Canada Infrastructure Bank facility		(39)	—
Loss (gain) on foreign exchange		2,094	(549)
Deferred transaction costs incurred		(52)	(31)
Amortization of deferred transaction costs		141	136
Long-term debt, end of year		41,896	40,855
Current		3,696	1,100
Long-term		38,200	39,755
Long-term debt, end of year		41,896	40,855

In April 2023, we assumed $4.55 billion principal amount of Shaw's senior notes upon closing the Shaw Transaction (see note 3), of which $500 million was repaid at maturity in November 2023 and $500 million was repaid at maturity in January 2024.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2024, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.61% (2023 - 4.85%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the adjusted term Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA).

In April 2024, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026.

In April 2023, we drew the maximum $6 billion on the term loan facility upon closing the Shaw Transaction (see note 3), consisting of $2 billion from each of the three tranches. The three tranches mature on April 3, 2026, 2027, and 2028, respectively. During the year ended December 31, 2023, we repaid $1,600 million of the tranche maturing on April 3, 2027. In February 2024, we used the proceeds from the issuance of US$2.5 billion of senior notes (see "Issuance of senior notes and related debt derivatives" below) to repay an additional $3.4 billion of the facility such that $1 billion remains outstanding under the April 2026 tranche.

The interest rate charged on borrowings from the term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the adjusted term SOFR or CORRA.

We have an $815 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other things, increase the limit from $665 million. As at December 31, 2024, we had drawn $64 million on the credit facility and have recognized a government grant liability of $39 million related to this loan.

The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Each of our subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares.

ISSUANCE OF SENIOR NOTES AND RELATED DEBT DERIVATIVES

Below is a summary of the senior notes we issued in 2024 and 2023.

(In millions of dollars, except interest rates and discounts)						Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate
2024 issuances
February 9, 2024	US	1,250	2029	5.000	%	99.714	%	1,684	20
February 9, 2024	US	1,250	2034	5.300	%	99.119	%	1,683	30
2023 issuances
September 21, 2023		500	2026	5.650	%	99.853	%	500	3
September 21, 2023		1,000	2028	5.700	%	99.871	%	1,000	8
September 21, 2023		500	2030	5.800	%	99.932	%	500	4
September 21, 2023		1,000	2033	5.900	%	99.441	%	1,000	12

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

2025

In February 2025, we issued three tranches of subordinated notes, consisting of:

•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;

•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and

•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivative to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. We intend to use the proceeds to repay maturing senior notes and to partially fund the MLSE Transaction.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2024

In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we also entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion).

2023

In September 2023, we issued senior notes with an aggregate principal amount of $3 billion. As a result, we received net proceeds of $2.98 billion which we used for general corporate purposes, including the repayment of outstanding debt.

REPAYMENT OF SENIOR NOTES AND RELATED DERIVATIVE SETTLEMENTS

2024

During the year ended December 31, 2024, we repaid the entire outstanding principal of our $500 million 4.35% and $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes.

2023

During the year ended December 31, 2023, we repaid the entire outstanding principal of our $500 million 3.80% senior notes, which were assumed in the Shaw Transaction, at maturity. There were no derivatives associated with these senior notes. In addition, we repaid the entire outstanding principal of our US$850 million 4.10% senior notes and our US$500 million 3.00% senior notes, including the associated debt derivatives, at maturity. As a result, we repaid $2,188 million, net of $522 million received on settlement of the associated debt derivatives.

PRINCIPAL REPAYMENTS

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

TERMS AND CONDITIONS

As at December 31, 2024 and 2023, we were in compliance with all financial covenants and financial ratios in our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2024, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

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PROVISIONS

12 Months Ended

Dec. 31, 2024

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

PROVISIONS

PROVISIONS

ACCOUNTING POLICY

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's

best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 11).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

ESTIMATES

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

JUDGMENTS

Judgment is required to determine when we are subject to unavoidable costs arising from onerous contracts. These judgments may include, for example, whether a certain promise is legally binding or whether we may be successful in negotiations with the counterparty.

PROVISIONS DETAILS

(In millions of dollars)	Decommissioning liabilities	Other	Total
December 31, 2023	61	15	76
Additions	—	9	9
Adjustments to existing provisions	4	(7)	(3)
December 31, 2024	65	17	82
Current (recorded in "other current liabilities")	11	10	21
Long-term	54	7	61

Decommissioning and restoration costs

Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.

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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

LONG-TERM DEBT

SHORT-TERM BORROWINGS

	As at December 31
(In millions of dollars)	2024	2023
Receivables securitization program	2,000	1,600
US commercial paper program (net of the discount on issuance)	452	150
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,959	1,750

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			800			—
Repayment of receivables securitization			(400)			(1,000)
Net proceeds received from (repayment of) receivables securitization			400			(1,000)
Proceeds received from US commercial paper	2,009	1.373	2,759	1,803	1.357	2,447
Repayment of US commercial paper	(1,819)	1.371	(2,494)	(1,858)	1.345	(2,499)
Net proceeds received from (repayment of) US commercial paper			265			(52)
Proceeds received from non-revolving credit facilities (Cdn$)			—			375
Proceeds received from non-revolving credit facilities (US$)	2,899	1.378	3,996	2,125	1.349	2,866
Total proceeds received from non-revolving credit facilities			3,996			3,241
Repayment of non-revolving credit facilities (Cdn$)			—			(758)
Repayment of non-revolving credit facilities (US$)	(2,547)	1.383	(3,523)	(2,125)	1.351	(2,870)
Total repayment of non-revolving credit facilities			(3,523)			(3,628)
Net proceeds received from (repayment of) non-revolving credit facilities			473			(387)
Net proceeds received from (repayment of) short-term borrowings			1,138			(1,439)

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in June 2024 to an expiration date of June 28, 2027. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.

	As at December 31
(In millions of dollars)	2024	2023
Receivables sold to buyer as security	3,186	3,178
Short-term borrowings from buyer	(2,000)	(1,600)
Overcollateralization	1,186	1,578

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Receivables securitization program, beginning of year		1,600	2,400
Receivables securitization program assumed	3	—	200
Net proceeds received from (repayment of) receivables securitization		400	(1,000)
Receivables securitization program, end of year		2,000	1,600

In April 2023, we repaid the outstanding $200 million of borrowings under Shaw's legacy accounts receivable securitization program, subsequent to which the program was terminated. This repayment is included in "net proceeds received from (repayment of) receivables securitization" above.

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	113	1.327	150	158	1.354	214
Net proceeds received from (repayment of) US commercial paper	190	n/m	265	(55)	n/m	(52)
Discounts on issuance 1	11	1.364	15	10	1.400	14
Loss (gain) on foreign exchange 1			22			(26)
US commercial paper, end of year	314	1.439	452	113	1.327	150

n/m - not meaningful

1    Included in "finance costs".

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITIES

In November 2023, we entered into three non-revolving credit facilities with an aggregate limit of $2 billion. In December 2023, we terminated two of these credit facilities and reduced the amount available from $2 billion to $500 million. Drawings on this facility were recognized as short-term borrowings on our Consolidated Statements of Financial Position. Borrowings under this facility were unsecured, guaranteed by RCCI, and ranked equally in right of payment with all of our other credit facilities and senior notes and debentures. In March 2024, we borrowed US$185 million under this facility maturing in March 2025. In April 2024, we borrowed an additional US$184 million under the facility, resulting in it being fully drawn.

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.

	Years ended December 31
(In millions of dollars)	2024	2023
Non-revolving credit facility, beginning of year	—	371
Net proceeds received from (repayment of) non-revolving credit facilities	473	(387)
Discounts on issuance 1	—	12
Loss on foreign exchange 1	34	4
Non-revolving credit facility, end of year	507	—

1    Included in "finance costs".

Concurrent with the credit facility borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 19). We have not designated these debt derivatives as hedges for accounting purposes.

LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2024	2023
Term loan facility				Floating		1,001	4,286
Canada Infrastructure Bank credit facility	2052			1.000	%	64	—
Senior notes	2024		600	4.000	%	—	600
Senior notes 1	2024		500	4.350	%	—	500
Senior notes	2025	US	1,000	2.950	%	1,439	1,323
Senior notes	2025		1,250	3.100	%	1,250	1,250
Senior notes	2025	US	700	3.625	%	1,007	926
Senior notes	2026		500	5.650	%	500	500
Senior notes	2026	US	500	2.900	%	718	661
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027		300	3.800	%	300	300
Senior notes	2027	US	1,300	3.200	%	1,871	1,719
Senior notes	2028		1,000	5.700	%	1,000	1,000
Senior notes 1	2028		500	4.400	%	500	500
Senior notes 1	2029		500	3.300	%	500	500
Senior notes	2029		1,000	3.750	%	1,000	1,000
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes	2029	US	1,250	5.000	%	1,799	—
Senior notes	2030		500	5.800	%	500	500
Senior notes 1	2030		500	2.900	%	500	500
Senior notes	2032	US	2,000	3.800	%	2,878	2,645
Senior notes	2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	2032	US	200	8.750	%	288	265
Senior notes	2033		1,000	5.900	%	1,000	1,000
Senior notes	2034	US	1,250	5.300	%	1,799	—
Senior notes	2038	US	350	7.500	%	504	463
Senior notes	2039		500	6.680	%	500	500
Senior notes 1	2039		1,450	6.750	%	1,450	1,450
Senior notes	2040		800	6.110	%	800	800
Senior notes	2041		400	6.560	%	400	400
Senior notes	2042	US	750	4.500	%	1,079	992
Senior notes	2043	US	500	4.500	%	719	661
Senior notes	2043	US	650	5.450	%	935	860
Senior notes	2044	US	1,050	5.000	%	1,511	1,389
Senior notes	2048	US	750	4.300	%	1,079	992
Senior notes 1	2049		300	4.250	%	300	300
Senior notes	2049	US	1,250	4.350	%	1,799	1,653
Senior notes	2049	US	1,000	3.700	%	1,439	1,323
Senior notes	2052	US	2,000	4.550	%	2,878	2,645
Senior notes	2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,079	992
						42,886	41,895
Deferred transaction costs and discounts						(951)	(1,040)
Deferred government grant liability						(39)	—
Less current portion						(3,696)	(1,100)
Total long-term debt						38,200	39,755

1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3.

2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2024, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 19).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (Cdn$)			64			—
Credit facility borrowings (US$)	—	—	—	220	1.368	301
Credit facility repayments (US$)	—	—	—	(220)	1.336	(294)
Net borrowings under credit facilities			64			7
Term loan facility net borrowings (US$) 1	8	n/m	18	4,506	1.350	6,082
Term loan facility net repayments (US$)	(2,553)	1.352	(3,452)	(1,265)	1.340	(1,695)
Net repayments under term loan facility			(3,434)			4,387
Senior note issuances (Cdn$)			—			3,000
Senior note issuances (US$)	2,500	1.347	3,367	—	—	—
Total senior note issuances			3,367			3,000
Senior note repayments (Cdn$)			(1,100)			(500)
Senior note repayments (US$)	—	—	—	(1,350)	1.373	(1,854)
Total senior note repayments			(1,100)			(2,354)
Net issuance of senior notes			2,267			646
Net (repayment) issuance of long-term debt			(1,103)			5,040

1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Long-term debt, beginning of year		40,855	31,733
Net (repayment) issuance of long-term debt		(1,103)	5,040
Long-term debt assumed	3	—	4,526
Increase in government grant liability related to Canada Infrastructure Bank facility		(39)	—
Loss (gain) on foreign exchange		2,094	(549)
Deferred transaction costs incurred		(52)	(31)
Amortization of deferred transaction costs		141	136
Long-term debt, end of year		41,896	40,855
Current		3,696	1,100
Long-term		38,200	39,755
Long-term debt, end of year		41,896	40,855

In April 2023, we assumed $4.55 billion principal amount of Shaw's senior notes upon closing the Shaw Transaction (see note 3), of which $500 million was repaid at maturity in November 2023 and $500 million was repaid at maturity in January 2024.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2024, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.61% (2023 - 4.85%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the adjusted term Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA).

In April 2024, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026.

In April 2023, we drew the maximum $6 billion on the term loan facility upon closing the Shaw Transaction (see note 3), consisting of $2 billion from each of the three tranches. The three tranches mature on April 3, 2026, 2027, and 2028, respectively. During the year ended December 31, 2023, we repaid $1,600 million of the tranche maturing on April 3, 2027. In February 2024, we used the proceeds from the issuance of US$2.5 billion of senior notes (see "Issuance of senior notes and related debt derivatives" below) to repay an additional $3.4 billion of the facility such that $1 billion remains outstanding under the April 2026 tranche.

The interest rate charged on borrowings from the term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the adjusted term SOFR or CORRA.

We have an $815 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other things, increase the limit from $665 million. As at December 31, 2024, we had drawn $64 million on the credit facility and have recognized a government grant liability of $39 million related to this loan.

The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Each of our subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares.

ISSUANCE OF SENIOR NOTES AND RELATED DEBT DERIVATIVES

Below is a summary of the senior notes we issued in 2024 and 2023.

(In millions of dollars, except interest rates and discounts)						Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate
2024 issuances
February 9, 2024	US	1,250	2029	5.000	%	99.714	%	1,684	20
February 9, 2024	US	1,250	2034	5.300	%	99.119	%	1,683	30
2023 issuances
September 21, 2023		500	2026	5.650	%	99.853	%	500	3
September 21, 2023		1,000	2028	5.700	%	99.871	%	1,000	8
September 21, 2023		500	2030	5.800	%	99.932	%	500	4
September 21, 2023		1,000	2033	5.900	%	99.441	%	1,000	12

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

2025

In February 2025, we issued three tranches of subordinated notes, consisting of:

•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;

•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and

•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivative to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. We intend to use the proceeds to repay maturing senior notes and to partially fund the MLSE Transaction.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2024

In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we also entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion).

2023

In September 2023, we issued senior notes with an aggregate principal amount of $3 billion. As a result, we received net proceeds of $2.98 billion which we used for general corporate purposes, including the repayment of outstanding debt.

REPAYMENT OF SENIOR NOTES AND RELATED DERIVATIVE SETTLEMENTS

2024

During the year ended December 31, 2024, we repaid the entire outstanding principal of our $500 million 4.35% and $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes.

2023

During the year ended December 31, 2023, we repaid the entire outstanding principal of our $500 million 3.80% senior notes, which were assumed in the Shaw Transaction, at maturity. There were no derivatives associated with these senior notes. In addition, we repaid the entire outstanding principal of our US$850 million 4.10% senior notes and our US$500 million 3.00% senior notes, including the associated debt derivatives, at maturity. As a result, we repaid $2,188 million, net of $522 million received on settlement of the associated debt derivatives.

PRINCIPAL REPAYMENTS

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

TERMS AND CONDITIONS

As at December 31, 2024 and 2023, we were in compliance with all financial covenants and financial ratios in our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2024, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

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OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

		As at December 31
(In millions of dollars)	Note	2024	2023
Derivative instruments	19	845	1,055
Contract liabilities	6	282	271
Supplemental executive retirement plan	25	93	94
Stock-based compensation	27	31	47
Other		415	316
Total other long-term liabilities		1,666	1,783

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POST-EMPLOYMENT BENEFITS

12 Months Ended

Dec. 31, 2024

Employee Benefits [Abstract]

POST-EMPLOYMENT BENEFITS

POST-EMPLOYMENT BENEFITS

ACCOUNTING POLICY

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

ESTIMATES

Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense.

Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2024.

Principal actuarial assumptions

	2024		2023
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	4.8	%	4.6	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		2.0% to 7.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		95% of CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	4.6	%	5.3	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Sensitivity of key assumptions

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2024	2023
Discount rate
Impact of 0.5% increase	(174)	(183)
Impact of 0.5% decrease	197	208
Rate of future compensation increase
Impact of 0.25% increase	12	13
Impact of 0.25% decrease	(12)	(13)
Mortality rate
Impact of 1 year increase	36	38
Impact of 1 year decrease	(40)	(42)

POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY

We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.

The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.

We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.

In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.

The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:

•overseeing the funding, administration, communication, and investment management of the plans;

•selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;

•proposing, considering, and approving amendments to the plans;

•proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;

•reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and

•reviewing and approving the audited financial statements of the pension plan funds.

The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:

•contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;

•specifying the kinds of investments that can be held in the plans and monitoring compliance;

•using asset allocation and diversification strategies; and

•purchasing annuities from time to time.

The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.

The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows.

POST-EMPLOYMENT BENEFIT PLAN DETAILS

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

	As at December 31
(In millions of dollars)	2024	2023
Plan assets, at fair value	2,385	2,339
Accrued benefit obligations	(2,197)	(2,260)
Surplus of plan assets over accrued benefit obligations	188	79
Effect of asset ceiling limit	(13)	(3)
Net deferred pension asset	175	76
Consists of:
Deferred pension asset	183	76
Deferred pension liability	(8)	—
Net deferred pension asset	175	76

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan assets, beginning of year	2,339	2,770
Interest income	110	134
Remeasurements, recognized in other comprehensive income and equity	101	149
Contributions by employees	25	28
Contributions by employer	5	19
Benefits paid	(51)	(89)
Impact of annuitization	(141)	(737)
Impact of Shaw Transaction	—	67
Administrative expenses paid from plan assets	(3)	(2)
Plan assets, end of year	2,385	2,339

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligations, beginning of year	2,260	2,430
Current service cost	86	76
Interest cost	102	116
Benefits paid	(51)	(89)
Impact of annuitization	(140)	(736)
Contributions by employees	25	28
Impact of Shaw Transaction	—	55
Remeasurements, recognized in other comprehensive income and equity	(85)	380
Accrued benefit obligations, end of year	2,197	2,260

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2024	2023
Equity securities	1,406	1,371
Debt securities	929	914
Other - cash	50	54
Total fair value of plan assets	2,385	2,339

Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan cost:
Current service cost	86	76
Net interest income	(8)	(18)
Net pension expense	78	58
Administrative expense	3	4
Total pension cost recognized in net income	81	62

Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Interest income on plan assets	(110)	(134)
Interest cost on plan obligation	102	116
Net interest income, recognized in finance costs	(8)	(18)

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Return on plan assets (excluding interest income)	101	149
Change in financial assumptions	70	(328)
Change in demographic assumptions	—	(8)
Effect of experience adjustments	15	(44)
Change in asset ceiling	(10)	40
Remeasurement gain (loss), recognized in other comprehensive income and equity	176	(191)

PURCHASES OF ANNUITIES

In July 2024 and July 2023, our defined benefit pension plans purchased approximately $147 million and $737 million, respectively, of annuities from insurance companies for substantially all the retired members in the plans at those times. The aggregate premiums for the annuities were funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchases required a remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.

SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligation, beginning of year	94	83
Pension expense, recognized in employee salaries and benefits expense	4	9
Net interest cost, recognized in finance costs	3	5
Remeasurement (gain) loss, recognized in other comprehensive income	(1)	6
Benefits paid	(7)	(9)
Accrued benefit obligation, end of year	93	94

DEFINED CONTRIBUTION PLANS

We also have defined contribution plans with total pension expense of $39 million in 2024 (2023 - $43 million), which is included in employee salaries and benefits expense.

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2024		2023
Equity securities:
Domestic	12.2	%	12.0	%	3% to 13%
International	46.7	%	46.6	%	27% to 37%
Debt securities	39.0	%	39.1	%	45% to 75%
Other - cash	2.1	%	2.3	%	0% to 5%
Total	100.0	%	100.0	%

Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $6 million (2023 - $7 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.

We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2024	2023
Employer contribution	5	19
Employee contribution	25	28
Total contribution	30	47

We estimate our 2025 employer contributions to our funded plans to be nil. The actual value will depend on the results of the 2025 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2024 is 17 years (2023 - 17 years). The duration of the defined benefit obligation has increased as a result of purchasing annuities for the retired members.

Plan assets recognized an actual net gain of $209 million in 2024 (2023 - $281 million net gain).

We have recognized a cumulative gain in "other comprehensive income" and "retained earnings" of $41 million as at December 31, 2024 (2023 - $88 million loss) associated with post-retirement benefit plans.

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SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Share Capital, Reserves And Other Equity Interest [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

CAPITAL STOCK

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series	●	None
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure Rogers remains qualified to hold the licences referred to above.

In relation to our issuances of subordinated notes in prior years (see note 23), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

On April 3, 2023, we issued 23.6 million Class B Non-Voting Shares as partial consideration for the Shaw Transaction (see note 3).

DIVIDENDS

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

				Dividends paid (in millions of dollars)			Number of Class B Non-Voting Shares issued (in thousands) 1
Declaration date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total
January 31, 2024	March 11, 2024	April 3, 2024	0.50	183	83	266	1,552
April 23, 2024	June 10, 2024	July 5, 2024	0.50	185	81	266	1,651
July 23, 2024	September 9, 2024	October 3, 2024	0.50	181	86	267	1,633
October 23, 2024	December 9, 2024	January 3, 2025	0.50	185	84	269	1,943
February 1, 2023	March 10, 2023	April 3, 2023	0.50	252	—	252	—
April 25, 2023	June 9, 2023	July 5, 2023	0.50	264	—	264	—
July 25, 2023	September 8, 2023	October 3, 2023	0.50	191	74	265	1,454
November 8, 2023	December 8, 2023	January 2, 2024	0.50	190	75	265	1,244

1    Class B Non-Voting Shares are issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).

We have a dividend reinvestment plan (DRIP) that allows eligible holders of Class A Shares and Class B Non-Voting Shares who are residents of Canada and the United States to acquire additional Class B Non-Voting Shares through reinvestment of the cash dividends paid on their respective shareholdings. During 2023, the plan was amended to permit, at the Board's discretion, a small discount from the five-day volume-weighted average market price when shares are issued from treasury under the plan. Previously, all Class B Non-Voting Shares received by participants under the plan were purchased in the Canadian open market with no discount.

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.

On January 29, 2025, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 2, 2025, to shareholders of record on March 10, 2025.

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-based Payment Arrangements [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

ACCOUNTING POLICY

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".

Wealth+ program

Certain employees voluntarily participate in a Wealth+ program, which allows them to exchange some or all of their annual cash bonus and receive RSUs. We match employee deferrals up to a certain amount. Expenses relating to the Wealth+ program are included in "operating costs".

ESTIMATES

Significant management estimates are used to determine the fair value of stock options. The table below shows the weighted average fair value of stock options granted during 2024 and 2023 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.

	Years ended December 31
	2024		2023
Weighted average fair value	$8.08		$12.07
Risk-free interest rate	3.4	%	3.4	%
Dividend yield	3.6	%	3.2	%
Volatility of Class B Non-Voting Shares	24.2	%	23.4	%
Weighted average expected life	5.4 years		5.5 years

Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.

STOCK-BASED COMPENSATION EXPENSE

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2024	2023
Stock options	(58)	24
Restricted share units	20	32
Deferred share units	(10)	2
Equity derivative effect, net of interest receipt	102	7
Total stock-based compensation expense	54	65

As at December 31, 2024, we had a total liability recognized at its fair value of $103 million (2023 - $224 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $72 million (2023 - $177 million) and is included in "accounts payable and accrued liabilities". The long-term portion of this is $31 million (2023 - $47 million) and is included in "other long-term liabilities" (see note 24).

The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2024 was $32 million (2023 - $67 million).

We paid $70 million in 2024 (2023 - $75 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $56.88 (2023 - $64.21).

STOCK OPTIONS

Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Human Resources Committee. There are 65 million options authorized under various plans; each option has a term of seven to ten years. The vesting period is generally graded vesting over four years; however, the Human Resources Committee may adjust the vesting terms on the grant date. The exercise price is typically equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX.

Performance options

We did not grant performance-based options in 2024 (2023 - nil). Certain performance options granted in prior years have certain non-market vesting conditions related to the Shaw Transaction, including the achievement of certain preset integration-related milestones by the second anniversary of closing the Shaw Transaction. As at December 31, 2024, we had 2,583,435 performance options (2023 - 2,740,952) outstanding. The outstanding options that were granted prior to 2022 vest on a graded basis over four years provided certain targeted stock prices are met on or after each anniversary date.

Summary of stock options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2024		Year ended December 31, 2023
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	10,593,645	$63.88	9,860,208	$63.58
Granted	353,105	$61.39	1,594,879	$64.86
Exercised	(153,615)	$53.04	(329,877)	$54.90
Forfeited	(1,085,288)	$64.44	(531,565)	$66.92
Outstanding, end of year	9,707,847	$63.89	10,593,645	$63.88
Exercisable, end of year	6,135,190	$63.69	4,749,678	$62.86

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2024.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$44.97 - $44.99	75,055	0.17	$44.97	75,055	$44.97
$45.00 - $49.99	119,082	1.16	$49.95	119,082	$49.95
$55.00 - $59.99	1,446,572	5.16	$58.46	1,226,855	$58.46
$60.00 - $64.99	2,537,699	5.04	$62.29	1,691,760	$62.49
$65.00 - $69.99	4,768,804	6.79	$65.58	2,261,803	$65.65
$70.00 - $73.00	760,635	3.58	$73.00	760,635	$73.00
	9,707,847	5.72	$63.89	6,135,190	$63.69

Unrecognized stock-based compensation expense as at December 31, 2024 related to stock option plans was $1 million (2023 - $14 million) and will be recognized in net income within periods of up to the next four years as the options vest.

RESTRICTED SHARE UNITS

The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.

On the vesting date, we redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan.

Performance RSUs

We granted 378,296 performance-based RSUs to certain key employees in 2024 (2023 - 719,851). The performance RSUs granted in 2023 have certain non-market vesting conditions related to the Shaw Transaction, including the achievement of certain preset integration-related milestones by the second anniversary of closing the Shaw Transaction. For performance RSUs granted prior to 2023, the number of units that vest and will be paid three years from the grant date will be within 0% to 100% of the initial number granted and reinvested dividends based upon the achievement of certain annual targets.

Summary of RSUs

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	2,551,728	2,402,489
Granted and reinvested dividends	1,246,949	1,518,926
Exercised	(943,096)	(856,212)
Forfeited	(407,357)	(513,475)
Outstanding, end of year	2,448,224	2,551,728

Unrecognized stock-based compensation expense as at December 31, 2024 related to these RSUs was $35 million (2023 - $57 million) and will be recognized in net income over periods of up to the next three years as the RSUs vest.

DEFERRED SHARE UNITS

The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.

Performance DSUs

We granted 6,157 performance-based DSUs to certain key executives in 2024 (2023 - 6,190) through reinvested dividends. All performance-based DSUs currently outstanding are fully vested.

Summary of DSUs

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	956,410	1,139,884
Granted and reinvested dividends	231,590	80,510
Exercised	(279,098)	(259,441)
Forfeited	(224)	(4,543)
Outstanding, end of year	908,678	956,410

Unrecognized stock-based compensation expense related to granted DSUs as at December 31, 2024 was $5 million (2023 - nil) and will be recognized in net income over the next three years as the executive DSUs vest.

EMPLOYEE SHARE ACCUMULATION PLAN

Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a bi-weekly basis on the open market on behalf of the employee. On a bi-weekly basis, we make a contribution of 25% to 50% of the employee's contribution that period and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense.

Compensation expense related to the employee share accumulation plan was $61 million in 2024 (2023 - $57 million).

EQUITY DERIVATIVES

We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 19) and recognized a $102 million expense (2023 - $7 million expense) in stock-based compensation expense for these derivatives.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

Related Party [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

CONTROLLING SHAREHOLDER

Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, some of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.

We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2024 and 2023.

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.

Compensation

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Salaries and other short-term employee benefits	20	23
Post-employment benefits	2	2
Stock-based compensation 1	34	26
Total compensation	56	51

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

In addition to the amounts included in "post-employment benefits" in the table above, we assumed a liability of $102 million through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the

director will be paid $1 million per month until March 2035, $12 million of which was paid in 2024 (2023 - $8 million).The remaining liability of $91 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next year) or "other long-term liabilities".

Transactions

We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for each of 2024 and 2023.

On closing of the Shaw Transaction, we entered into an advisory agreement with Brad Shaw in accordance with the arrangement agreement, pursuant to which he will be paid $20 million for a two-year period following closing in exchange for performing certain services related to the transition and integration of Shaw, of which $10 million was recognized in net income and paid during the year ended December 31, 2024 (2023 - $8 million). This amount is included in "Salaries and other short-term employee benefits" in the table above. We have also entered into certain other transactions with the Shaw Family Group. Total amounts paid to the Shaw Family Group in 2024 and 2023 were under $1 million.

We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction.

SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS

Our material operating subsidiaries, along with our relative ownership percentages, as at December 31, 2024 and 2023 were as follows. Each is incorporated in Canada and has the same reporting period for annual financial statement reporting.

	Jurisdiction of Incorporation	Ownership Percentage
Subsidiary		2024		2023
Rogers Communications Canada Inc.	Canada	100	%	100	%
Rogers Media Inc.	Canada	100	%	100	%

When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. There are no significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to us as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.

Associates and joint arrangements

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support).

	Years ended December 31
(In millions of dollars)	2024	2023
Revenue	45	36
Purchases	231	203

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2024	2023
Accounts receivable	101	97
Accounts payable and accrued liabilities	163	113

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GUARANTEES

12 Months Ended

Dec. 31, 2024

Guarantees1 [Abstract]

GUARANTEES

GUARANTEES

We had the following guarantees as at December 31, 2024 and 2023 as part of our normal course of business:

BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS

As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.

SALES OF SERVICES

As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

PURCHASES AND DEVELOPMENT OF ASSETS

As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

INDEMNIFICATIONS

We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.

No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2024 or 2023. Historically, we have not made any significant payments under these indemnifications or guarantees.

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COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2024

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

ACCOUNTING POLICY

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

JUDGMENTS

We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.

SUMMARY OF COMMITMENTS

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2024.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	190	206	109	—	505
Purchase obligations 2	635	781	494	924	2,834
Program rights 3	856	921	586	1,082	3,445
Total commitments	1,681	1,908	1,189	2,006	6,784

1    Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

2    Contractual obligations under service, product, and wireless device contracts to which we have committed.

3    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2024
Acquisition of property, plant and equipment	611
Our share of commitments related to associates and joint ventures	432
Total other commitments	1,043

We also have a commitment to acquire Bell's indirect 37.5% ownership stake in MLSE for a purchase price of $4.7 billion subject to certain adjustments (see note 20).

CONTINGENT LIABILITIES

We have the following contingent liabilities as at December 31, 2024:

July 2022 network outage

As a result of the network outage that occurred on July 8, 2022, a total of four applications were filed in the Quebec Superior Court seeking authorization to commence a class action against Rogers in relation to this network outage. One of the applications was subsequently withdrawn. Two additional applications have since been suspended. The remaining application seeks to institute a class action on behalf of all persons who, among other things, experienced a wireless or wireline service interruption as a result of, or were otherwise impacted by, the outage. The application claims various damages, including, among others, contractual damages, damages for lost profits, and punitive damages.

At this time, we are unable to assess the likelihood of success of the active application or the suspended applications, or predict the magnitude of any liability we might incur by virtue of the claims underlying those applications or any corresponding or similar claims that may be brought against us in the future. As such, we have not recognized a liability for this contingency. If successful, one of those claims could have a material adverse effect on our business, financial results, or financial condition. It is also possible that similar or corresponding claims could be filed in other jurisdictions.

System access fee - Saskatchewan

In 2004, a class action was commenced against providers of wireless communications in Canada under the Class Actions Act (Saskatchewan). The class action relates to the system access fee wireless carriers charge to some of their customers. The plaintiffs are seeking unspecified damages and punitive damages, which would effectively be a reimbursement of all system access fees collected.

In 2007, the Saskatchewan Court granted the plaintiffs' application to have the proceeding certified as a national, "opt-in" class action where affected customers outside Saskatchewan must take specific steps to participate in the proceeding. In 2008, our motion to stay the proceeding based on the arbitration clause in our wireless service agreements was granted. The Saskatchewan Court directed that its order, in respect of the certification of the action, would exclude customers who are bound by an arbitration clause from the class of plaintiffs.

In 2009, counsel for the plaintiffs began a second proceeding under the Class Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an "opt-out" class proceeding. This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process.

At the time the Saskatchewan class action was commenced, corresponding claims were filed in multiple jurisdictions across Canada. The claims in all provinces other than Saskatchewan have now been dismissed or discontinued. We have not recognized a liability for this contingency.

911 fee

In June 2008, a class action was launched in Saskatchewan against providers of wireless communications services in Canada. It involves allegations of breach of contract, misrepresentation, and false advertising, among other things, in relation to the 911 fee that had been charged by us and the other wireless telecommunication providers in Canada. The plaintiffs are seeking unspecified damages and restitution. The plaintiffs intend to seek an order certifying the proceeding as a national class action in Saskatchewan. We have not recognized a liability for this contingency.

Income taxes

We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 14) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.

Other claims

There are certain other claims and potential claims against us. We do not expect any of these, individually or in the aggregate, to have a material adverse effect on our financial results.

Outcome of proceedings

In addition to the legal proceedings described above, we are involved in various other disputes, governmental and/or regulatory inspections, investigations and proceedings, and other litigation matters. Such legal proceedings can be complex, costly, and highly disruptive to our business operations by diverting the attention and energy of management and other key personnel. It is not possible for us to predict the outcome of such legal proceedings due to the various factors and uncertainties involved in the legal process. Potential outcomes include judgment, awards, settlements, or orders that could have a material adverse effect on our business, reputation, financial condition and results. Legal proceedings could impose restraints on our current or future manner of doing business. The amounts ultimately paid or received upon settlement or pursuant to a final judgment, order, or decree may differ materially from amounts accrued in our financial statements.

Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of the current legal proceedings to which we are subject, individually or in total, will have a material adverse impact on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

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SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2024

Cash Flow Statement [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2024	2023
Accounts receivable, excluding financing receivables	(396)	(362)
Financing receivables	(318)	(367)
Contract assets	7	(44)
Inventories	(185)	(4)
Other current assets	146	1
Accounts payable and accrued liabilities	(209)	11
Contract and other liabilities	79	138
Total change in net operating assets and liabilities	(876)	(627)

CAPITAL EXPENDITURES

	Years ended December 31
(In millions of dollars)	2024	2023
Capital expenditures before proceeds on disposition	4,100	4,042
Proceeds on disposition	(59)	(108)
Capital expenditures	4,041	3,934

ACQUISITIONS AND OTHER STRATEGIC TRANSACTIONS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Net cash consideration for Shaw Transaction 1	3	—	(16,903)
Net cash consideration for other acquisitions	3	—	(141)
Cash received on sale of Cogeco shares	20	—	829
Cash consideration for 3800 MHz spectrum acquisition		(475)	—
Acquisitions and other strategic transactions, net of cash acquired		(475)	(16,215)

1    Includes $19,033 million cash paid for the Shaw Shares net of $25 million of bank advances on Shaw's opening balance sheet and $2,155 million received from the sale of outstanding shares of Freedom Mobile and the related services described in note 3.

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MATERIAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

List of Accounting Policies [Abstract]

Statement of compliance

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 6, 2025.

Basis of presentation

BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 19, including investments (which are also disclosed in note 20), which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 25; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 27.

Basis of consolidation

BASIS OF CONSOLIDATION

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation. In determining whether we control an entity, we assess the degree of power we can exert over the entity, the degree of variability to which we are exposed from our involvement with the entity, and whether we have the ability to affect our returns using our power.

Foreign currency translation

FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average exchange rate for the month in which the transaction was recognized.

Assets held for sale

ASSETS HELD FOR SALE

We classify non-current assets, or disposal groups consisting of assets and liabilities, as held-for-sale if it is highly probable their carrying amounts will be recovered primarily through a sale rather than through continued use. Assets, or disposal groups, classified as held-for-sale are measured at the lower of (i) their carrying amount and (ii) fair value less costs to sell. Once classified as held-for-sale, property, plant and equipment and finite-life intangible assets are no longer depreciated or amortized, respectively. Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. We regularly reassess assets or disposal groups classified as held-for-sale to determine if their sales are still highly probable and, if not, we reclassify them to their original captions in the Consolidated Statement of Financial Position.

New accounting pronouncements adopted in 2024

NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2024

We adopted the following IFRS amendments in 2024. Except for the amendments to IAS 7 and IFRS 7, they did not have a material effect on our consolidated financial statements.

•Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current, clarifying the classification requirements in the standard for liabilities as current or non-current.

•Amendments to IFRS 16, Leases - Lease Liability in a Sale and Leaseback, clarifying subsequent measurement requirements for sale and leaseback transactions for seller-lessees.

•Amendments to IAS 1, Presentation of Financial Statements - Non-current Liabilities with Covenants, modifying the 2020 amendments to IAS 1 to further clarify the classification, presentation, and disclosure requirements in the standard for non-current liabilities with covenants.

•Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures - Supplier Finance Arrangements, adding disclosure requirements that require entities to provide qualitative and quantitative information about supplier finance arrangements (see note 19).

Recent accounting pronouncements not yet adopted

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:

•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve how information is communicated in the financial statements, with a focus on information in the statement of income (January 1, 2027).

•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).

We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements. We do not expect the amendments to have a material impact.

Business combinations

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

Reportable segments

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

Contracts with customers

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers, as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, as well as other league distributions	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are transferred to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on contracts containing significant financing components and on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Holders of the Rogers Mastercard have the option to finance devices through Rogers Bank over 36-month or 48-month terms. Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which ranges from 12 to 90 months. Effective January 1, 2024, as a result of an increase in the customer lifecycle, we updated our amortization period for consumer Wireless and Cable commissions from 24 months to 32 months to better reflect the estimated economic lives of these relationships, which lowered amortization by approximately $115 million for the year.

Property, plant and equipment

The following accounting policy applies to property, plant and equipment excluding right-of-use assets. Our accounting policy for right-of-use assets is included in note 9.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 22); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

We recognize government financial assistance related to property, plant and equipment as a reduction of the cost or carrying amount of the asset when there is reasonable assurance we will comply with the conditions of the assistance and the assistance will be received.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 10 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and

review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates as described in note 10 in determining the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

Leases

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to twenty years.

Intangible assets and goodwill

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 20 years
Brand names	3 to 10 years
Other intangible assets	15 to 20 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating costs during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets" on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. For example, in Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.

Income taxes

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred income tax

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

Earnings per share

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

Accounts receivable

Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

Inventories

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

Recognition, Classification and measurement of financial instruments

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Financial instrument	Classification and measurement method
Financial assets
Cash and cash equivalents	Amortized cost
Accounts receivable	Amortized cost
Financing receivables	Amortized cost
Investments, measured at FVTOCI	FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advances	Amortized cost
Short-term borrowings	Amortized cost
Accounts payable	Amortized cost
Accrued liabilities	Amortized cost
Long-term debt	Amortized cost
Lease liabilities	Amortized cost
Derivatives 2
Debt derivatives 3	FVTOCI and FVTPL
Expenditure derivatives	FVTOCI
Equity derivatives	FVTPL 4
Virtual power purchase agreement	FVTPL

1    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

2    Derivatives can be in an asset or liability position at a point in time historically or in the future.

3    Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures and our lease liabilities are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

Offsetting financial assets and financial liabilities

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

Derivative instruments

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

Derivatives	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward cross-currency interest rate exchange agreements Forward foreign exchange agreements
Expenditure derivatives	Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures	Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives	Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio and hedging reserve

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year from the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables,

financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 6);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

Investments in publicly-traded and private companies

Investments in private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

ESTIMATES

Significant estimates are required in determining the fair value of one of our joint ventures' obligations to purchase at fair value the non-controlling interest in one of its investments.

Decommissioning and restoration costs

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's

best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.

Restructuring and Onerous contracts

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 11).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

Provision estimates

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

Post-employment benefits - Defined Benefit Pension Plan and Defined Contribution Pension Plan

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

Stock option plans, Restricted share unit (RSU) and deferred share unit (DSU) plans, and Employee share accumulation plan

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".

Contingent liabilities

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

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NATURE OF THE BUSINESS (Tables)

12 Months Ended

Dec. 31, 2024

Corporate information and statement of IFRS compliance [abstract]

Disclosure of operating segments

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

INFORMATION BY SEGMENT

Year ended December 31, 2024	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,528	7,801	2,215	60	20,604
Revenue from internal customers		67	75	269	(411)	—
Total revenue	6	10,595	7,876	2,484	(351)	20,604
Operating costs	7	5,283	3,358	2,400	(54)	10,987
Adjusted EBITDA		5,312	4,518	84	(297)	9,617
Depreciation and amortization	8, 9, 10					4,616
Restructuring, acquisition and other	11					406
Finance costs	12					2,295
Other income	13					(6)
Income before income tax expense						2,306
Capital expenditures	8	1,596	1,939	263	243	4,041
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		30,282	33,504	3,034	4,591	71,411

Year ended December 31, 2023	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,184	6,964	2,086	74	19,308
Revenue from internal customers		38	41	249	(328)	—
Total revenue	6	10,222	7,005	2,335	(254)	19,308
Operating costs	7	5,236	3,231	2,258	2	10,727
Adjusted EBITDA		4,986	3,774	77	(256)	8,581
Depreciation and amortization	8, 9, 10					4,121
Restructuring, acquisition and other	11					685
Finance costs	12					2,047
Other expense	13					362
Income before income tax expense						1,366
Capital expenditures	8	1,625	1,865	250	194	3,934
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		28,613	34,099	2,896	3,674	69,282

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MATERIAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

List of Accounting Policies [Abstract]

Disclosure of impact of initial application of new standards or interpretations

Our material accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our material accounting policies.

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
3	Business Combinations	13	X	X	X
5	Reportable Segments	19	X		X
6	Revenue Recognition	20	X	X	X
8	Property, Plant and Equipment	25	X	X	X
9	Leases	27	X	X	X
10	Intangible Assets and Goodwill	29	X	X	X
11	Restructuring, Acquisition and Other	32	X		X
14	Income Taxes	34	X		X
15	Earnings Per Share	36	X
16	Accounts Receivable	36	X		X
17	Inventories	37	X
19	Financial Instruments	38	X	X	X
20	Investments	49	X	X
22	Provisions	53	X	X	X
25	Post-Employment Benefits	59	X	X
27	Stock-Based Compensation	66	X	X
30	Commitments and Contingent Liabilities	71	X		X

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BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about business combination [abstract]

Disclosure of detailed information about business combinations

The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities as at April 3, 2023.

(In millions of dollars)	Total
Cash consideration 1	19,033
Issuance of 23.6 million Class B Non-Voting shares 2	1,450
Fair value of consideration transferred	20,483
Net identifiable asset or liability:
Accounts receivable (net of allowance for doubtful accounts of $31 million)	310
Other current assets 3	2,448
Property, plant and equipment 4	8,022
Intangible assets 5	5,974
Investments	123
Other long-term assets 3	48
Bank advances	(25)
Short-term borrowings 6	(200)
Accounts payable and accrued liabilities	(545)
Other current liabilities	(33)
Contract liabilities 7	(164)
Current portion of long-term debt 8	(1,000)
Current portion of lease liabilities 9	(59)
Provisions	(6)
Long-term debt 8	(3,526)
Lease liabilities 9	(268)
Other long-term liabilities 10	(109)
Deferred tax liabilities 11	(2,693)
Total fair value of identifiable net assets acquired	8,297
Goodwill 12	12,186

1    Includes $151 million of cash used to settle Shaw stock-based compensation programs.

2    Recorded at fair value based on the market price of RCI Class B Non-Voting shares on the acquisition date.

3    Consists of contract assets, inventories, prepaid expenses, and other assets as described in note 31.

4    Includes land and buildings, cable networks, computer equipment and software, customer premise equipment, leasehold improvements, equipment and vehicles, and right-of-use assets. Property, plant and equipment (excluding land) are expected to be amortized over remaining useful lives of 1 to 36 years.

5    Includes customer relationships, brand names, and other intangible assets. Intangible assets of $270 million, $5,314 million, and $390 million were allocated to our Wireless, Cable West (i.e. legacy Shaw), and Satellite cash-generating units (CGUs), respectively. Customer relationships, brand names, and other intangible assets are expected to be amortized over average useful lives of eight to fifteen years, three years, and fifteen years, respectively.

6    Short-term borrowings were repaid in April 2023 (see note 21).

7    Represents the fair value of the cost required to fulfill the related contractual obligations.

8    Represents the notional principal value of Shaw's outstanding senior notes of $4,550 million and the fair value decrement of $24 million, which will be amortized into finance costs using the effective interest method over the respective remaining terms of the outstanding senior notes, representing a weighted average term to maturity of 9.7 years and weighted average interest rate of 4.7%.

9    Represents the present value of future lease payments at the April 3, 2023 incremental borrowing rate of the consolidated company.

10    Includes the fair value of the cost required to fulfill the related pension and post-employment obligations.

11    Represents the net deferred income tax liability relating to the estimated fair values of assets acquired and liabilities assumed.

12    Goodwill arises principally from the expected synergies following the integration of Shaw, and future growth of our combined business and customer base as a result of the acquisition. Goodwill is not deductible for tax purposes. Goodwill arising from the transaction of $432 million, $11,675 million, and $79 million has been allocated to our Wireless, Cable (group), and Satellite CGUs, respectively.

The table below summarizes the aggregated purchase price allocations for these acquisitions.

(In millions of dollars)	Total
Cash consideration 1	153
Fair value of consideration	153
Net identifiable asset or liability:
Current assets	12
Property, plant and equipment	20
Intangible assets 2	83
Accounts payable and accrued liabilities	(11)
Long-term liabilities	(3)
Deferred tax liabilities	(11)
Total fair value of identifiable net assets acquired	90
Goodwill 3	63

1    Includes $12 million of cash not yet paid as at December 31, 2023 that was subject to customary closing conditions.

2    Primarily reflects customer relationships with estimated useful lives of 6 to 20 years.

3    Goodwill arises principally from the expected synergies following these acquisitions and future growth of our combined businesses as a result of the acquisitions. Goodwill is not deductible for tax purposes.

Disclosure of detailed information about property, plant and equipment

Property, plant and equipment will be amortized over their remaining estimated useful lives, estimated as follows.

Asset	Basis	Estimated remaining useful life
Buildings	Diminishing balance	1 to 36 years
Cable and wireless network	Straight-line	1 to 30 years
Computer equipment and software	Straight-line	1 to 10 years
Customer premise equipment	Straight-line	1 to 5 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	1 to 10 years
Right-of-use assets	Straight-line	Over remaining lease term

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

The tables below summarize our property, plant and equipment as at December 31, 2024 and 2023.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2024	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Additions and transfers	296	2,466	425	285	37	121	470	4,100	480	4,580
Disposals and other	262	(815)	(442)	(83)	(11)	(45)	—	(1,134)	(177)	(1,311)
As at December 31, 2024	2,005	32,150	7,914	3,205	843	1,527	2,734	50,378	4,047	54,425
Accumulated depreciation
As at January 1, 2024	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Depreciation	106	2,068	866	492	63	70	—	3,665	408	4,073
Disposals and other	134	(766)	(468)	(148)	(14)	(43)	—	(1,305)	(239)	(1,544)
As at December 31, 2024	714	17,342	5,988	2,417	496	1,044	—	28,001	1,352	29,353
Net carrying amount
As at January 1, 2024	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332
As at December 31, 2024	1,291	14,808	1,926	788	347	483	2,734	22,377	2,695	25,072

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CAPITAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2024

Share Capital, Reserves And Other Equity Interest [Abstract]

Disclosure of key metrics and ratios

	As at December 31
(In millions of dollars, except ratios)	2024	2023
Adjusted net debt 1	43,330	43,134
Divided by: trailing 12-month adjusted EBITDA	9,617	8,581
Debt leverage ratio	4.5	5.0

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Adjusted EBITDA	5	9,617	8,581
Deduct:
Capital expenditures 1	8, 31	4,041	3,934
Interest on borrowings, net and capitalized interest	12	1,986	1,794
Cash income taxes 2		545	439
Free cash flow		3,045	2,414

1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cash provided by operating activities		5,680	5,221
Add (deduct):
Capital expenditures	8, 31	(4,041)	(3,934)
Interest on borrowings, net and capitalized interest	12	(1,986)	(1,794)
Interest paid, net		2,087	1,780
Restructuring, acquisition and other	11	406	685
Program rights amortization	10	(63)	(70)
Change in net operating assets and liabilities	31	876	627
Other adjustments 1	13, 25	86	(101)
Free cash flow		3,045	2,414

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other investment income from our financial statements.

As at December 31, 2024		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		898	—	—	—	898
Bank credit facilities 2:
Revolving	23	4,000	—	10	455	3,535
Non-revolving	21	500	500	—	—	—
Outstanding letters of credit	23	3	—	3	—	—
Receivables securitization 2	21	2,400	2,000	—	—	400
Total		7,801	2,500	13	455	4,833

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2023		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		800	—	—	—	800
Bank credit facilities 2:
Revolving	23	4,000	—	10	151	3,839
Non-revolving	21	500	—	—	—	500
Outstanding letters of credit	23	243	—	243	—	—
Receivables securitization 2	21	2,400	1,600	—	—	800
Total		7,943	1,600	253	151	5,939

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

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SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Operating Segments [Abstract]

Disclosure of operating segments

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

INFORMATION BY SEGMENT

Year ended December 31, 2024	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,528	7,801	2,215	60	20,604
Revenue from internal customers		67	75	269	(411)	—
Total revenue	6	10,595	7,876	2,484	(351)	20,604
Operating costs	7	5,283	3,358	2,400	(54)	10,987
Adjusted EBITDA		5,312	4,518	84	(297)	9,617
Depreciation and amortization	8, 9, 10					4,616
Restructuring, acquisition and other	11					406
Finance costs	12					2,295
Other income	13					(6)
Income before income tax expense						2,306
Capital expenditures	8	1,596	1,939	263	243	4,041
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		30,282	33,504	3,034	4,591	71,411

Year ended December 31, 2023	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue from external customers		10,184	6,964	2,086	74	19,308
Revenue from internal customers		38	41	249	(328)	—
Total revenue	6	10,222	7,005	2,335	(254)	19,308
Operating costs	7	5,236	3,231	2,258	2	10,727
Adjusted EBITDA		4,986	3,774	77	(256)	8,581
Depreciation and amortization	8, 9, 10					4,121
Restructuring, acquisition and other	11					685
Finance costs	12					2,047
Other expense	13					362
Income before income tax expense						1,366
Capital expenditures	8	1,625	1,865	250	194	3,934
Goodwill	10	1,634	13,677	969	—	16,280
Total assets		28,613	34,099	2,896	3,674	69,282

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REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue [abstract]

Disclosure of performance obligations

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, as well as other league distributions	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are transferred to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2024. The unsatisfied portion of the transaction price of the performance obligations relates primarily to monthly services; we expect to recognize it substantially over the next three to five years.

(In millions of dollars)	2025	2026	2027	Thereafter	Total
Telecommunications service	2,739	934	64	235	3,972

Explanation of significant changes in contract assets and contract liabilities

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		276	197
Additions from new contracts with customers, net of terminations and renewals		173	204
Contract assets acquired	3	—	35
Amortization of contract assets to accounts receivable		(181)	(160)
Balance, end of year		268	276
Current		171	163
Long-term		97	113
Balance, end of year		268	276

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2024 and 2023.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		1,044	461
Contract liabilities assumed	3	—	164
Revenue deferred in previous year and recognized as revenue in current year		(771)	(574)
Net additions from contracts with customers		809	993
Balance, end of year		1,082	1,044
Current		800	773
Long-term		282	271
Balance, end of year		1,082	1,044

Disclosure of deferred commission costs assets

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2024 and 2023. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into operating costs within one year of the date of the financial statements) or "other long-term assets".

	Years ended December 31
(In millions of dollars)	2024	2023
Balance, beginning of year	488	374
Additions to deferred commission cost assets	640	492
Amortization recognized on deferred commission cost assets	(375)	(378)
Balance, end of year	753	488
Current	417	341
Long-term	336	147
Balance, end of year	753	488

Disclosure of disaggregation of revenue from contracts with customers

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2024	2023
Wireless
Service revenue	8,041	7,764
Equipment revenue	2,487	2,420
Revenue from external customers	10,528	10,184
Service revenue from internal customers	67	38
Total Wireless	10,595	10,222
Cable
Service revenue	7,750	6,921
Equipment revenue	51	43
Revenue from external customers	7,801	6,964
Service revenue from internal customers	75	41
Total Cable	7,876	7,005
Media
Revenue from external customers	2,215	2,086
Revenue from internal customers	269	249
Total Media	2,484	2,335
Corporate items
Revenue from external customers	60	74
Revenue from internal customers	23	3
Total Corporate items	83	77
Intercompany eliminations	(434)	(331)
Total revenue	20,604	19,308
Total service revenue	18,066	16,845
Total equipment revenue	2,538	2,463
Total revenue	20,604	19,308

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OPERATING COSTS (Tables)

12 Months Ended

Dec. 31, 2024

Operating Costs [Abstract]

Disclosure of operating costs

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Cost of equipment sales	17	2,540	2,451
Merchandise for resale	17	209	217
Other external purchases		5,930	5,606
Employee salaries, benefits, and stock-based compensation		2,308	2,453
Total operating costs		10,987	10,727

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

Property, plant and equipment will be amortized over their remaining estimated useful lives, estimated as follows.

Asset	Basis	Estimated remaining useful life
Buildings	Diminishing balance	1 to 36 years
Cable and wireless network	Straight-line	1 to 30 years
Computer equipment and software	Straight-line	1 to 10 years
Customer premise equipment	Straight-line	1 to 5 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	1 to 10 years
Right-of-use assets	Straight-line	Over remaining lease term

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

The tables below summarize our property, plant and equipment as at December 31, 2024 and 2023.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 9)	Total property, plant and equipment
Cost
As at January 1, 2024	1,447	30,499	7,931	3,003	817	1,451	2,264	47,412	3,744	51,156
Additions and transfers	296	2,466	425	285	37	121	470	4,100	480	4,580
Disposals and other	262	(815)	(442)	(83)	(11)	(45)	—	(1,134)	(177)	(1,311)
As at December 31, 2024	2,005	32,150	7,914	3,205	843	1,527	2,734	50,378	4,047	54,425
Accumulated depreciation
As at January 1, 2024	474	16,040	5,590	2,073	447	1,017	—	25,641	1,183	26,824
Depreciation	106	2,068	866	492	63	70	—	3,665	408	4,073
Disposals and other	134	(766)	(468)	(148)	(14)	(43)	—	(1,305)	(239)	(1,544)
As at December 31, 2024	714	17,342	5,988	2,417	496	1,044	—	28,001	1,352	29,353
Net carrying amount
As at January 1, 2024	973	14,459	2,341	930	370	434	2,264	21,771	2,561	24,332
As at December 31, 2024	1,291	14,808	1,926	788	347	483	2,734	22,377	2,695	25,072

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LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of leases [Abstract]

Summary of activity related to lease liabilities

Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2024. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $715 million as at December 31, 2024 (2023 - $591 million).

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Lease liabilities, beginning of year		2,593	2,028
Net additions		656	600
Lease liabilities assumed	3	—	327
Interest expense on lease liabilities		137	111
Interest payments on lease liabilities		(130)	(103)
Principal payments of lease liabilities		(478)	(370)
Lease liabilities, end of year		2,778	2,593
Current liability		587	504
Long-term liability		2,191	2,089
Lease liabilities		2,778	2,593

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INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2024

Intangible Assets [Abstract]

Disclosure of estimated useful lives of intangible assets

Intangible asset	Estimated useful life
Customer relationships	3 to 20 years
Brand names	3 to 10 years
Other intangible assets	15 to 20 years

Disclosure of reconciliation of changes in intangible assets and goodwill

The tables below summarize our intangible assets as at December 31, 2024 and 2023.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2024	11,717	330	420	7,604	200	75	52	20,398	16,501	36,899
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Additions	480	—	—	8	72	22	—	582	—	582
Disposals and other 1	—	(15)	—	—	(72)	—	—	(87)	—	(87)
As at December 31, 2024	12,197	216	406	7,612	195	97	52	20,775	16,280	37,055
Accumulated amortization
As at January 1, 2024	—	—	270	2,025	68	19	2	2,384	—	2,384
Amortization 2	—	—	—	513	62	25	3	603	—	603
Disposals and other 1	—	—	—	—	(70)	—	—	(70)	—	(70)
As at December 31, 2024	—	—	270	2,538	60	44	5	2,917	—	2,917
Net carrying amount
As at January 1, 2024	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176
As at December 31, 2024	12,197	216	136	5,074	135	53	47	17,858	16,280	34,138

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $603 million of total amortization, $62 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $541 million in "depreciation and amortization" on the Consolidated Statements of Income.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Brand names	Other	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2023	11,714	330	420	1,674	189	—	—	14,327	4,252	18,579
Accumulated impairment losses	—	(99)	(14)	—	(5)	—	—	(118)	(221)	(339)
Cost, net of impairment losses	11,714	231	406	1,674	184	—	—	14,209	4,031	18,240
Additions	3	—	—	—	74	—	—	77	—	77
Acquisitions from business combinations (note 3)	—	—	—	5,930	—	75	52	6,057	12,249	18,306
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	11,717	231	406	7,604	195	75	52	20,280	16,280	36,560
Accumulated amortization
As at January 1, 2023	—	—	270	1,627	61	—	—	1,958	—	1,958
Amortization 2	—	—	—	398	70	19	2	489	—	489
Disposals and other 1	—	—	—	—	(63)	—	—	(63)	—	(63)
As at December 31, 2023	—	—	270	2,025	68	19	2	2,384	—	2,384
Net carrying amount
As at January 1, 2023	11,714	231	136	47	123	—	—	12,251	4,031	16,282
As at December 31, 2023	11,717	231	136	5,579	127	56	50	17,896	16,280	34,176

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $489 million of total amortization, $70 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $419 million in "depreciation and amortization" on the Consolidated Statements of Income.

Schedule of cash-generating units

Below is an overview of the methods and key assumptions we used in 2024, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,634	12,331	Value in use	5	2.0	7.9
Cable	13,598	—	Value in use	5	1.0	8.0
Media group	969	216	Fair value less costs of disposal	5	2.0	11.0

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RESTRUCTURING, ACQUISITION AND OTHER (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring, Acquisition, And Other [Abstract]

Disclosure of detailed information about restructuring, acquisition, and other costs

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Restructuring, acquisition and other excluding Shaw Transaction-related costs		276	365
Shaw Transaction-related costs	3	130	320
Total restructuring, acquisition and other		406	685

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FINANCE COSTS (Tables)

12 Months Ended

Dec. 31, 2024

Finance Costs [Abstract]

Schedule of finance cost

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Total interest on borrowings 1	23	2,022	1,981
Interest earned on restricted cash and cash equivalents		—	(149)
Interest on borrowings, net		2,022	1,832
Interest on lease liabilities	9	137	111
Interest on post-employment benefits	25	(5)	(13)
Loss (gain) on foreign exchange		222	(111)
Change in fair value of derivative instruments		(205)	108
Capitalized interest		(36)	(38)
Deferred transaction costs and other		160	158
Total finance costs		2,295	2,047

1    Interest on borrowings includes interest on short-term borrowings and on long-term debt.

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OTHER (INCOME) EXPENSE (Tables)

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

Disclosure of other expense

		Years ended December 31
(In millions of dollars)	Note	2024	2023
(Income) losses from associates and joint ventures	20	(8)	412
Other investment income (losses)		2	(50)
Total other (income) expense		(6)	362

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Disclosure of major components of tax expense

	Years ended December 31
(In millions of dollars)	2024	2023
Current tax expense:
For the current period	884	370
Change in estimate relating to prior periods	(20)	(43)
Total current tax expense	864	327
Deferred tax (recovery) expense:
(Reversal) origination of temporary differences	(291)	91
Change in tax rate	—	52
Change in estimate relating to prior periods	(1)	47
Total deferred tax (recovery) expense	(292)	190
Total income tax expense	572	517

Disclosure of difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the income tax expense

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2024		2023
Statutory income tax rate	26.2	%	26.2	%
Income before income tax expense	2,306		1,366
Computed income tax expense	604		358
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	(13)		9
Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate	—		52
Non-taxable income from security investments	—		(16)
Non-deductible loss on joint venture's non-controlling interest purchase obligation	—		111
Other	(19)		3
Total income tax expense	572		517
Effective income tax rate	24.8	%	37.8	%

Disclosure of temporary difference, unused tax losses and unused tax credits

Below is a summary of the movement of net deferred tax assets and liabilities during 2024 and 2023.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)
Recovery (expense) in net income	284	(29)	1	17	(56)	75	292
Expense in other comprehensive income	—	—	(1)	—	—	(193)	(194)
December 31, 2024	(3,225)	(3,345)	(2)	571	(179)	(101)	(6,281)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Lease liabilities	Contract and deferred commission cost assets	Other	Total
December 31, 2022	(2,149)	(1,754)	(89)	458	(87)	(31)	(3,652)
(Expense) recovery in net income	(95)	(89)	35	14	(36)	(19)	(190)
Recovery in other comprehensive income	—	—	52	—	—	115	167
Acquisitions	(1,265)	(1,473)	—	82	—	(48)	(2,704)
December 31, 2023	(3,509)	(3,316)	(2)	554	(123)	17	(6,379)

Disclosure of unrecognized deferred tax assets

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2024	2023
Realized capital losses in Canada that can be applied against future capital gains	73	73
Unrealized capital losses on debt and derivative instruments	2,572	926
Tax losses in foreign jurisdictions 1	72	71
Deductible temporary differences in foreign jurisdictions	44	41
Total unrecognized temporary differences	2,761	1,111

1    $40 million of the tax losses in foreign jurisdictions expire between 2025 and 2037, the remaining $32 million can be carried forward indefinitely.

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EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings per share [abstract]

Disclosure of earnings per share

	Years ended December 31
(In millions of dollars, except per share amounts)	2024	2023
Numerator (basic) - Net income for the year	1,734	849
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	534	523
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	535	524
Earnings per share:
Basic	$3.25	$1.62
Diluted	$3.20	$1.62

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ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Schedule of receivables

		As at December 31
(In millions of dollars)	Note	2024	2023
Customer accounts receivable		5,762	5,236
Other accounts receivable		1,132	1,072
Allowance for doubtful accounts	19	(227)	(211)
Total accounts receivable		6,667	6,097
Current		5,478	4,996
Long-term		1,189	1,101
Total accounts receivable		6,667	6,097

Disclosure Of financing receivable

Below is a breakdown of our financing receivable balances.

	As at December 31
(In millions of dollars)	2024	2023
Current financing receivables	2,341	2,111
Long-term financing receivables	1,189	1,101
Total financing receivables	3,530	3,212

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2024

Inventories [Abstract]

Schedule of inventories

	As at December 31
(In millions of dollars)	2024	2023
Wireless devices and accessories	538	361
Other finished goods and merchandise	103	95
Total inventories	641	456

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OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Detailed disclosure of other current assets

		As at December 31
(In millions of dollars)	Note	2024	2023
Prepaid expenses		304	321
Current portion of deferred commission costs	6	417	341
Income tax receivable		—	274
Other		128	266
Total other current assets		849	1,202

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

Detailed information about financial instruments

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Financial instrument	Classification and measurement method
Financial assets
Cash and cash equivalents	Amortized cost
Accounts receivable	Amortized cost
Financing receivables	Amortized cost
Investments, measured at FVTOCI	FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advances	Amortized cost
Short-term borrowings	Amortized cost
Accounts payable	Amortized cost
Accrued liabilities	Amortized cost
Long-term debt	Amortized cost
Lease liabilities	Amortized cost
Derivatives 2
Debt derivatives 3	FVTOCI and FVTPL
Expenditure derivatives	FVTOCI
Equity derivatives	FVTPL 4
Virtual power purchase agreement	FVTPL

1    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

2    Derivatives can be in an asset or liability position at a point in time historically or in the future.

3    Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures and our lease liabilities are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

Derivatives	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward cross-currency interest rate exchange agreements Forward foreign exchange agreements
Expenditure derivatives	Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures	Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives	Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense	Total return swap agreements

We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.

Financial instrument	Financial risks
Financial assets
Cash and cash equivalents	Credit and foreign exchange
Accounts receivable	Credit and foreign exchange
Financing receivables	Credit
Investments, measured at FVTOCI	Liquidity, market price, and foreign exchange
Financial liabilities
Bank advances	Liquidity
Short-term borrowings	Liquidity, foreign exchange, and interest rate
Accounts payable	Liquidity
Accrued liabilities	Liquidity
Long-term debt	Liquidity, foreign exchange, and interest rate
Lease liabilities	Liquidity and foreign exchange
Derivatives 1
Debt derivatives	Credit, liquidity, and foreign exchange
Expenditure derivatives	Credit, liquidity, and foreign exchange
Equity derivatives	Credit, liquidity, and market price
Virtual power purchase agreement	Credit, liquidity, and market price

1    Derivatives can be in an asset or liability position at a point in time historically or in the future.

Below is a summary of our net (liability) asset position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31, 2024
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	11,116	1.2510	13,906	1,194	224	970
As liabilities	6,550	1.3127	8,598	(842)	(5)	(837)
Short-term debt derivatives not accounted for as hedges:
As assets	666	1.4282	952	7	7	—
As liabilities	696	1.4421	1,004	(2)	(2)	—
Net mark-to-market debt derivative asset				357	224	133
Expenditure derivatives accounted for as cash flow hedges:
As assets	1,590	1.3362	2,125	132	105	27
Net mark-to-market expenditure derivative asset				132	105	27
Equity derivatives not accounted for as hedges:
As liabilities	—	—	320	(54)	(54)	—
Net mark-to-market equity derivative liability				(54)	(54)	—
Virtual power purchase agreement not accounted     for as hedges:
As liabilities	—	—	—	(10)	(2)	(8)
Net mark-to-market virtual power purchase agreement				(10)	(2)	(8)
Net mark-to-market asset				425	273	152

	As at December 31, 2023
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)	Current	Long-term
Debt derivatives accounted for as cash flow hedges:
As assets	4,557	1.1583	5,278	599	29	570
As liabilities	10,550	1.3055	13,773	(1,069)	(26)	(1,043)
Short-term debt derivatives not accounted for as hedges:
As liabilities	3,354	1.3526	4,537	(101)	(101)	—
Net mark-to-market debt derivative liability				(571)	(98)	(473)
Expenditure derivatives accounted for as cash flow hedges:
As assets	600	1.3147	789	4	3	1
As liabilities	1,050	1.3315	1,398	(19)	(7)	(12)
Net mark-to-market expenditure derivative liability				(15)	(4)	(11)
Equity derivatives not accounted for as hedges:
As assets	—	—	324	48	48	—
Net mark-to-market liability				(538)	(54)	(484)

Analysis of age of financial assets that are past due but not impaired

Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.

	As at December 31
(In millions of dollars)	2024	2023
Customer accounts receivable
Unbilled financing receivables	3,530	3,212
Less than 30 days past billing date	1,419	1,270
30-60 days past billing date	334	324
61-90 days past billing date	122	118
Greater than 90 days past billing date	131	101
Total customer accounts receivable (net of allowances of $226 and $211, respectively)	5,536	5,025
Total contract assets (net of allowances of $1 and $2, respectively)	268	276
Total customer accounts receivable and contract assets	5,804	5,301

Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Balance, beginning of year		213	184
Allowance for doubtful accounts expense		259	176
Acquired in business combination	3	—	31
Net use		(245)	(178)
Balance, end of year		227	213

Disclosure of maturity analysis for non-derivative financial liabilities

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2024.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	190	206	109	—	505
Purchase obligations 2	635	781	494	924	2,834
Program rights 3	856	921	586	1,082	3,445
Total commitments	1,681	1,908	1,189	2,006	6,784

1    Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

2    Contractual obligations under service, product, and wireless device contracts to which we have committed.

3    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.

Disclosure of maturity analysis for derivative financial liabilities

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Summary of net interest payments

Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2024 and 2023.

December 31, 2024	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	1,925	3,303	2,528	13,480

December 31, 2023	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	2,049	3,784	2,608	14,201

Sensitivity analysis for interest rate risk

Below is a sensitivity analysis for significant exposures with respect to our expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2024 and 2023 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.

	Net income		Other comprehensive income
(Change in millions of dollars)	2024	2023	2024	2023
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	12	9
Short-term borrowings
1% change in interest rates	22	13	—	—
Bank credit facilities (floating)
1% change in interest rates	7	32	—	—

Net cash proceeds (payments) on debt derivatives and forward contracts

Below is a summary of the net cash proceeds on debt derivatives and forward contracts.

	Years ended December 31
(In millions of dollars)	2024	2023
Proceeds on debt derivatives related to US commercial paper	2,478	2,486
Proceeds on debt derivatives related to credit facility borrowings	23,368	47,126
Proceeds on debt derivatives related to senior notes	—	3,232
Proceeds on debt derivatives related to lease liabilities	203	185
Total proceeds on debt derivatives	26,049	53,029
Payments on debt derivatives related to US commercial paper	(2,466)	(2,506)
Payments on debt derivatives related to credit facility borrowings	(23,280)	(47,136)
Payments on debt derivatives related to senior notes	—	(2,710)
Payments on debt derivatives related to lease liabilities	(196)	(185)
Total payments on debt derivatives	(25,942)	(52,537)
Net proceeds on settlement of debt derivatives	107	492
Net proceeds on settlement of debt derivatives and forward contracts	107	492

Changes in fair value of derivative instruments

Below is a summary of the changes in fair value of our derivative instruments for 2024 and 2023.

Year ended December 31, 2024	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Virtual power purchase agreement	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	(470)	(101)	(15)	48	—	(538)
Proceeds received from settlement of derivatives	(203)	(25,846)	(1,640)	—	(1)	(27,690)
Payment on derivatives settled	196	25,746	1,590	—	2	27,534
Increase (decrease) in fair value of derivatives	829	206	197	(102)	(11)	1,119
Derivative instruments, end of year	352	5	132	(54)	(10)	425
Mark-to-market asset	1,194	7	132	—	—	1,333
Mark-to-market liability	(842)	(2)	—	(54)	(10)	(908)
Mark-to-market asset (liability)	352	5	132	(54)	(10)	425

Year ended December 31, 2023	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	916	72	94	54	1,136
Proceeds received from settlement of derivatives	(3,232)	(49,612)	(1,297)	—	(54,141)
Payment on derivatives settled	2,710	49,642	1,479	—	53,831
(Decrease) increase in fair value of derivatives	(864)	(203)	(291)	(6)	(1,364)
Derivative instruments, end of year	(470)	(101)	(15)	48	(538)
Mark-to-market asset	599	—	4	48	651
Mark-to-market liability	(1,069)	(101)	(19)	—	(1,189)
Mark-to-market (liability) asset	(470)	(101)	(15)	48	(538)

Derivative instruments details

During 2024 and 2023, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	14,943	1.366	20,407	38,205	1.348	51,517
Debt derivatives settled	17,136	1.364	23,368	34,964	1.348	47,126
Net cash received (paid) on settlement			87			(10)
US commercial paper program
Debt derivatives entered	2,008	1.374	2,758	1,803	1.357	2,447
Debt derivatives settled	1,807	1.371	2,478	1,848	1.345	2,486
Net cash received (paid) on settlement			13			(20)

(In millions of dollars, except for coupon and interest rates)
		US$			Hedging effect
Effective date	Principal/Notional amount (US$)	Maturity date	Coupon rate		Fixed hedged (Cdn$) interest rate 1		Equivalent (Cdn$)
2024 issuances
February 9, 2024	1,250	2029	5.000	%	4.735	%	1,684
February 9, 2024	1,250	2034	5.300	%	5.107	%	1,683

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

During 2024 and 2023, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	271	1.369	371	274	1.336	366
Debt derivatives settled	214	1.322	283	142	1.310	186

Below is a summary of the expenditure derivatives we entered and settled during 2024 and 2023 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	1,140	1.340	1,528	1,650	1.325	2,187
Expenditure derivatives acquired	—	—	—	212	1.330	282
Expenditure derivatives settled	1,200	1.325	1,590	1,172	1.262	1,479

Fair value measurement of assets

Below is a summary of the financial instruments carried at fair value.

			As at December 31
	Carrying value		Fair value (Level 2)		Fair value (Level 3)
(In millions of dollars)	2024	2023	2024	2023	2024	2023
Financial assets
Investments, measured at FVTOCI:
Investments in private companies	128	118	—	—	128	118
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,194	599	1,194	599	—	—
Debt derivatives not accounted for as hedges	7	—	7	—	—	—
Expenditure derivatives accounted for as cash flow hedges	132	4	132	4	—	—
Equity derivatives not accounted for as hedges	—	48	—	48	—	—
Total financial assets	1,461	769	1,333	651	128	118
Financial liabilities
Long-term debt (including current portion)	41,896	40,855	39,765	39,001	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	842	1,069	842	1,069	—	—
Debt derivatives not accounted for as hedges	2	101	2	101	—	—
Expenditure derivatives accounted for as cash flow hedges	—	19	—	19	—	—
Equity derivatives not accounted as hedges	54	—	54	—
Total financial liabilities	42,794	42,044	40,663	40,190	—	—

Fair value measurement of liabilities

Below is a summary of the financial instruments carried at fair value.

			As at December 31
	Carrying value		Fair value (Level 2)		Fair value (Level 3)
(In millions of dollars)	2024	2023	2024	2023	2024	2023
Financial assets
Investments, measured at FVTOCI:
Investments in private companies	128	118	—	—	128	118
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,194	599	1,194	599	—	—
Debt derivatives not accounted for as hedges	7	—	7	—	—	—
Expenditure derivatives accounted for as cash flow hedges	132	4	132	4	—	—
Equity derivatives not accounted for as hedges	—	48	—	48	—	—
Total financial assets	1,461	769	1,333	651	128	118
Financial liabilities
Long-term debt (including current portion)	41,896	40,855	39,765	39,001	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	842	1,069	842	1,069	—	—
Debt derivatives not accounted for as hedges	2	101	2	101	—	—
Expenditure derivatives accounted for as cash flow hedges	—	19	—	19	—	—
Equity derivatives not accounted as hedges	54	—	54	—
Total financial liabilities	42,794	42,044	40,663	40,190	—	—

Disclosure of financial liabilities that are part of supplier finance arrangements

The following table presents additional information about the carrying amounts of our accounts payable and accrued liabilities subject to our supplier finance arrangements.

(In millions of dollars)	As at December 31, 2024	As at January 1, 2024
Presented within accounts payable and accrued liabilities	273	256
for which suppliers have received payment from the finance provider	264	208

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Interests in Other Entities [Abstract]

Disclosure of investments

	As at December 31
(In millions of dollars)	2024	2023
Investments in private companies, measured at FVTOCI	128	118
Investments, associates and joint ventures	487	480
Total investments	615	598

Disclosure of interests in joint ventures

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2024	2023
Current assets	749	581
Long-term assets	3,584	3,423
Current liabilities	(1,234)	(1,109)
Long-term liabilities	(3,395)	(2,456)
Total net assets	(296)	439
Our share of net assets	(99)	290
Revenue	2,731	2,546
Expenses	(3,473)	(3,710)
Net loss	(742)	(1,164)
Our share of net loss	(376)	(589)

Disclosure of interests in associates

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2024	2023
Current assets	749	581
Long-term assets	3,584	3,423
Current liabilities	(1,234)	(1,109)
Long-term liabilities	(3,395)	(2,456)
Total net assets	(296)	439
Our share of net assets	(99)	290
Revenue	2,731	2,546
Expenses	(3,473)	(3,710)
Net loss	(742)	(1,164)
Our share of net loss	(376)	(589)

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SHORT-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

	As at December 31
(In millions of dollars)	2024	2023
Receivables securitization program	2,000	1,600
US commercial paper program (net of the discount on issuance)	452	150
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,959	1,750

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			800			—
Repayment of receivables securitization			(400)			(1,000)
Net proceeds received from (repayment of) receivables securitization			400			(1,000)
Proceeds received from US commercial paper	2,009	1.373	2,759	1,803	1.357	2,447
Repayment of US commercial paper	(1,819)	1.371	(2,494)	(1,858)	1.345	(2,499)
Net proceeds received from (repayment of) US commercial paper			265			(52)
Proceeds received from non-revolving credit facilities (Cdn$)			—			375
Proceeds received from non-revolving credit facilities (US$)	2,899	1.378	3,996	2,125	1.349	2,866
Total proceeds received from non-revolving credit facilities			3,996			3,241
Repayment of non-revolving credit facilities (Cdn$)			—			(758)
Repayment of non-revolving credit facilities (US$)	(2,547)	1.383	(3,523)	(2,125)	1.351	(2,870)
Total repayment of non-revolving credit facilities			(3,523)			(3,628)
Net proceeds received from (repayment of) non-revolving credit facilities			473			(387)
Net proceeds received from (repayment of) short-term borrowings			1,138			(1,439)

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	113	1.327	150	158	1.354	214
Net proceeds received from (repayment of) US commercial paper	190	n/m	265	(55)	n/m	(52)
Discounts on issuance 1	11	1.364	15	10	1.400	14
Loss (gain) on foreign exchange 1			22			(26)
US commercial paper, end of year	314	1.439	452	113	1.327	150

n/m - not meaningful

1    Included in "finance costs".

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.

	Years ended December 31
(In millions of dollars)	2024	2023
Non-revolving credit facility, beginning of year	—	371
Net proceeds received from (repayment of) non-revolving credit facilities	473	(387)
Discounts on issuance 1	—	12
Loss on foreign exchange 1	34	4
Non-revolving credit facility, end of year	507	—

1    Included in "finance costs".

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2024	2023
Term loan facility				Floating		1,001	4,286
Canada Infrastructure Bank credit facility	2052			1.000	%	64	—
Senior notes	2024		600	4.000	%	—	600
Senior notes 1	2024		500	4.350	%	—	500
Senior notes	2025	US	1,000	2.950	%	1,439	1,323
Senior notes	2025		1,250	3.100	%	1,250	1,250
Senior notes	2025	US	700	3.625	%	1,007	926
Senior notes	2026		500	5.650	%	500	500
Senior notes	2026	US	500	2.900	%	718	661
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027		300	3.800	%	300	300
Senior notes	2027	US	1,300	3.200	%	1,871	1,719
Senior notes	2028		1,000	5.700	%	1,000	1,000
Senior notes 1	2028		500	4.400	%	500	500
Senior notes 1	2029		500	3.300	%	500	500
Senior notes	2029		1,000	3.750	%	1,000	1,000
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes	2029	US	1,250	5.000	%	1,799	—
Senior notes	2030		500	5.800	%	500	500
Senior notes 1	2030		500	2.900	%	500	500
Senior notes	2032	US	2,000	3.800	%	2,878	2,645
Senior notes	2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	2032	US	200	8.750	%	288	265
Senior notes	2033		1,000	5.900	%	1,000	1,000
Senior notes	2034	US	1,250	5.300	%	1,799	—
Senior notes	2038	US	350	7.500	%	504	463
Senior notes	2039		500	6.680	%	500	500
Senior notes 1	2039		1,450	6.750	%	1,450	1,450
Senior notes	2040		800	6.110	%	800	800
Senior notes	2041		400	6.560	%	400	400
Senior notes	2042	US	750	4.500	%	1,079	992
Senior notes	2043	US	500	4.500	%	719	661
Senior notes	2043	US	650	5.450	%	935	860
Senior notes	2044	US	1,050	5.000	%	1,511	1,389
Senior notes	2048	US	750	4.300	%	1,079	992
Senior notes 1	2049		300	4.250	%	300	300
Senior notes	2049	US	1,250	4.350	%	1,799	1,653
Senior notes	2049	US	1,000	3.700	%	1,439	1,323
Senior notes	2052	US	2,000	4.550	%	2,878	2,645
Senior notes	2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,079	992
						42,886	41,895
Deferred transaction costs and discounts						(951)	(1,040)
Deferred government grant liability						(39)	—
Less current portion						(3,696)	(1,100)
Total long-term debt						38,200	39,755

1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3.

2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (Cdn$)			64			—
Credit facility borrowings (US$)	—	—	—	220	1.368	301
Credit facility repayments (US$)	—	—	—	(220)	1.336	(294)
Net borrowings under credit facilities			64			7
Term loan facility net borrowings (US$) 1	8	n/m	18	4,506	1.350	6,082
Term loan facility net repayments (US$)	(2,553)	1.352	(3,452)	(1,265)	1.340	(1,695)
Net repayments under term loan facility			(3,434)			4,387
Senior note issuances (Cdn$)			—			3,000
Senior note issuances (US$)	2,500	1.347	3,367	—	—	—
Total senior note issuances			3,367			3,000
Senior note repayments (Cdn$)			(1,100)			(500)
Senior note repayments (US$)	—	—	—	(1,350)	1.373	(1,854)
Total senior note repayments			(1,100)			(2,354)
Net issuance of senior notes			2,267			646
Net (repayment) issuance of long-term debt			(1,103)			5,040

1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Long-term debt, beginning of year		40,855	31,733
Net (repayment) issuance of long-term debt		(1,103)	5,040
Long-term debt assumed	3	—	4,526
Increase in government grant liability related to Canada Infrastructure Bank facility		(39)	—
Loss (gain) on foreign exchange		2,094	(549)
Deferred transaction costs incurred		(52)	(31)
Amortization of deferred transaction costs		141	136
Long-term debt, end of year		41,896	40,855
Current		3,696	1,100
Long-term		38,200	39,755
Long-term debt, end of year		41,896	40,855

Below is a summary of the senior notes we issued in 2024 and 2023.

(In millions of dollars, except interest rates and discounts)						Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate
2024 issuances
February 9, 2024	US	1,250	2029	5.000	%	99.714	%	1,684	20
February 9, 2024	US	1,250	2034	5.300	%	99.119	%	1,683	30
2023 issuances
September 21, 2023		500	2026	5.650	%	99.853	%	500	3
September 21, 2023		1,000	2028	5.700	%	99.871	%	1,000	8
September 21, 2023		500	2030	5.800	%	99.932	%	500	4
September 21, 2023		1,000	2033	5.900	%	99.441	%	1,000	12

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

Disclosure of detailed information about accounts receivable securitization program

	As at December 31
(In millions of dollars)	2024	2023
Receivables sold to buyer as security	3,186	3,178
Short-term borrowings from buyer	(2,000)	(1,600)
Overcollateralization	1,186	1,578

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Receivables securitization program, beginning of year		1,600	2,400
Receivables securitization program assumed	3	—	200
Net proceeds received from (repayment of) receivables securitization		400	(1,000)
Receivables securitization program, end of year		2,000	1,600

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PROVISIONS (Tables)

12 Months Ended

Dec. 31, 2024

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Disclosure of provisions

(In millions of dollars)	Decommissioning liabilities	Other	Total
December 31, 2023	61	15	76
Additions	—	9	9
Adjustments to existing provisions	4	(7)	(3)
December 31, 2024	65	17	82
Current (recorded in "other current liabilities")	11	10	21
Long-term	54	7	61

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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

	As at December 31
(In millions of dollars)	2024	2023
Receivables securitization program	2,000	1,600
US commercial paper program (net of the discount on issuance)	452	150
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,959	1,750

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			800			—
Repayment of receivables securitization			(400)			(1,000)
Net proceeds received from (repayment of) receivables securitization			400			(1,000)
Proceeds received from US commercial paper	2,009	1.373	2,759	1,803	1.357	2,447
Repayment of US commercial paper	(1,819)	1.371	(2,494)	(1,858)	1.345	(2,499)
Net proceeds received from (repayment of) US commercial paper			265			(52)
Proceeds received from non-revolving credit facilities (Cdn$)			—			375
Proceeds received from non-revolving credit facilities (US$)	2,899	1.378	3,996	2,125	1.349	2,866
Total proceeds received from non-revolving credit facilities			3,996			3,241
Repayment of non-revolving credit facilities (Cdn$)			—			(758)
Repayment of non-revolving credit facilities (US$)	(2,547)	1.383	(3,523)	(2,125)	1.351	(2,870)
Total repayment of non-revolving credit facilities			(3,523)			(3,628)
Net proceeds received from (repayment of) non-revolving credit facilities			473			(387)
Net proceeds received from (repayment of) short-term borrowings			1,138			(1,439)

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	113	1.327	150	158	1.354	214
Net proceeds received from (repayment of) US commercial paper	190	n/m	265	(55)	n/m	(52)
Discounts on issuance 1	11	1.364	15	10	1.400	14
Loss (gain) on foreign exchange 1			22			(26)
US commercial paper, end of year	314	1.439	452	113	1.327	150

n/m - not meaningful

1    Included in "finance costs".

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2024 and 2023.

	Years ended December 31
(In millions of dollars)	2024	2023
Non-revolving credit facility, beginning of year	—	371
Net proceeds received from (repayment of) non-revolving credit facilities	473	(387)
Discounts on issuance 1	—	12
Loss on foreign exchange 1	34	4
Non-revolving credit facility, end of year	507	—

1    Included in "finance costs".

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2024	2023
Term loan facility				Floating		1,001	4,286
Canada Infrastructure Bank credit facility	2052			1.000	%	64	—
Senior notes	2024		600	4.000	%	—	600
Senior notes 1	2024		500	4.350	%	—	500
Senior notes	2025	US	1,000	2.950	%	1,439	1,323
Senior notes	2025		1,250	3.100	%	1,250	1,250
Senior notes	2025	US	700	3.625	%	1,007	926
Senior notes	2026		500	5.650	%	500	500
Senior notes	2026	US	500	2.900	%	718	661
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027		300	3.800	%	300	300
Senior notes	2027	US	1,300	3.200	%	1,871	1,719
Senior notes	2028		1,000	5.700	%	1,000	1,000
Senior notes 1	2028		500	4.400	%	500	500
Senior notes 1	2029		500	3.300	%	500	500
Senior notes	2029		1,000	3.750	%	1,000	1,000
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes	2029	US	1,250	5.000	%	1,799	—
Senior notes	2030		500	5.800	%	500	500
Senior notes 1	2030		500	2.900	%	500	500
Senior notes	2032	US	2,000	3.800	%	2,878	2,645
Senior notes	2032		1,000	4.250	%	1,000	1,000
Senior debentures 2	2032	US	200	8.750	%	288	265
Senior notes	2033		1,000	5.900	%	1,000	1,000
Senior notes	2034	US	1,250	5.300	%	1,799	—
Senior notes	2038	US	350	7.500	%	504	463
Senior notes	2039		500	6.680	%	500	500
Senior notes 1	2039		1,450	6.750	%	1,450	1,450
Senior notes	2040		800	6.110	%	800	800
Senior notes	2041		400	6.560	%	400	400
Senior notes	2042	US	750	4.500	%	1,079	992
Senior notes	2043	US	500	4.500	%	719	661
Senior notes	2043	US	650	5.450	%	935	860
Senior notes	2044	US	1,050	5.000	%	1,511	1,389
Senior notes	2048	US	750	4.300	%	1,079	992
Senior notes 1	2049		300	4.250	%	300	300
Senior notes	2049	US	1,250	4.350	%	1,799	1,653
Senior notes	2049	US	1,000	3.700	%	1,439	1,323
Senior notes	2052	US	2,000	4.550	%	2,878	2,645
Senior notes	2052		1,000	5.250	%	1,000	1,000
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,079	992
						42,886	41,895
Deferred transaction costs and discounts						(951)	(1,040)
Deferred government grant liability						(39)	—
Less current portion						(3,696)	(1,100)
Total long-term debt						38,200	39,755

1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023, see note 3.

2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2024 and 2023.

	Year ended December 31, 2024			Year ended December 31, 2023
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (Cdn$)			64			—
Credit facility borrowings (US$)	—	—	—	220	1.368	301
Credit facility repayments (US$)	—	—	—	(220)	1.336	(294)
Net borrowings under credit facilities			64			7
Term loan facility net borrowings (US$) 1	8	n/m	18	4,506	1.350	6,082
Term loan facility net repayments (US$)	(2,553)	1.352	(3,452)	(1,265)	1.340	(1,695)
Net repayments under term loan facility			(3,434)			4,387
Senior note issuances (Cdn$)			—			3,000
Senior note issuances (US$)	2,500	1.347	3,367	—	—	—
Total senior note issuances			3,367			3,000
Senior note repayments (Cdn$)			(1,100)			(500)
Senior note repayments (US$)	—	—	—	(1,350)	1.373	(1,854)
Total senior note repayments			(1,100)			(2,354)
Net issuance of senior notes			2,267			646
Net (repayment) issuance of long-term debt			(1,103)			5,040

1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Long-term debt, beginning of year		40,855	31,733
Net (repayment) issuance of long-term debt		(1,103)	5,040
Long-term debt assumed	3	—	4,526
Increase in government grant liability related to Canada Infrastructure Bank facility		(39)	—
Loss (gain) on foreign exchange		2,094	(549)
Deferred transaction costs incurred		(52)	(31)
Amortization of deferred transaction costs		141	136
Long-term debt, end of year		41,896	40,855
Current		3,696	1,100
Long-term		38,200	39,755
Long-term debt, end of year		41,896	40,855

Below is a summary of the senior notes we issued in 2024 and 2023.

(In millions of dollars, except interest rates and discounts)						Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate
2024 issuances
February 9, 2024	US	1,250	2029	5.000	%	99.714	%	1,684	20
February 9, 2024	US	1,250	2034	5.300	%	99.119	%	1,683	30
2023 issuances
September 21, 2023		500	2026	5.650	%	99.853	%	500	3
September 21, 2023		1,000	2028	5.700	%	99.871	%	1,000	8
September 21, 2023		500	2030	5.800	%	99.932	%	500	4
September 21, 2023		1,000	2033	5.900	%	99.441	%	1,000	12

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

Disclosure of maturity analysis for non-derivative financial liabilities

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2024.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	190	206	109	—	505
Purchase obligations 2	635	781	494	924	2,834
Program rights 3	856	921	586	1,082	3,445
Total commitments	1,681	1,908	1,189	2,006	6,784

1    Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

2    Contractual obligations under service, product, and wireless device contracts to which we have committed.

3    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.

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OTHER LONG-TERM LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of other long-term liabilities

		As at December 31
(In millions of dollars)	Note	2024	2023
Derivative instruments	19	845	1,055
Contract liabilities	6	282	271
Supplemental executive retirement plan	25	93	94
Stock-based compensation	27	31	47
Other		415	316
Total other long-term liabilities		1,666	1,783

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POST-EMPLOYMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefits [Abstract]

Disclosure of defined benefit plans actuarial assumptions and contributions

Principal actuarial assumptions

	2024		2023
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	4.8	%	4.6	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		2.0% to 7.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		95% of CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	4.6	%	5.3	%
Rate of compensation increase	2.0% to 7.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	95% of CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

	As at December 31
(In millions of dollars)	2024	2023
Plan assets, at fair value	2,385	2,339
Accrued benefit obligations	(2,197)	(2,260)
Surplus of plan assets over accrued benefit obligations	188	79
Effect of asset ceiling limit	(13)	(3)
Net deferred pension asset	175	76
Consists of:
Deferred pension asset	183	76
Deferred pension liability	(8)	—
Net deferred pension asset	175	76

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2024	2023
Employer contribution	5	19
Employee contribution	25	28
Total contribution	30	47

Disclosure of sensitivity of key assumptions

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2024	2023
Discount rate
Impact of 0.5% increase	(174)	(183)
Impact of 0.5% decrease	197	208
Rate of future compensation increase
Impact of 0.25% increase	12	13
Impact of 0.25% decrease	(12)	(13)
Mortality rate
Impact of 1 year increase	36	38
Impact of 1 year decrease	(40)	(42)

Disclosure of net defined benefit liability (asset)

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan assets, beginning of year	2,339	2,770
Interest income	110	134
Remeasurements, recognized in other comprehensive income and equity	101	149
Contributions by employees	25	28
Contributions by employer	5	19
Benefits paid	(51)	(89)
Impact of annuitization	(141)	(737)
Impact of Shaw Transaction	—	67
Administrative expenses paid from plan assets	(3)	(2)
Plan assets, end of year	2,385	2,339

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligations, beginning of year	2,260	2,430
Current service cost	86	76
Interest cost	102	116
Benefits paid	(51)	(89)
Impact of annuitization	(140)	(736)
Contributions by employees	25	28
Impact of Shaw Transaction	—	55
Remeasurements, recognized in other comprehensive income and equity	(85)	380
Accrued benefit obligations, end of year	2,197	2,260

Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2024	2023
Plan cost:
Current service cost	86	76
Net interest income	(8)	(18)
Net pension expense	78	58
Administrative expense	3	4
Total pension cost recognized in net income	81	62

Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Interest income on plan assets	(110)	(134)
Interest cost on plan obligation	102	116
Net interest income, recognized in finance costs	(8)	(18)

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Return on plan assets (excluding interest income)	101	149
Change in financial assumptions	70	(328)
Change in demographic assumptions	—	(8)
Effect of experience adjustments	15	(44)
Change in asset ceiling	(10)	40
Remeasurement gain (loss), recognized in other comprehensive income and equity	176	(191)

PURCHASES OF ANNUITIES

In July 2024 and July 2023, our defined benefit pension plans purchased approximately $147 million and $737 million, respectively, of annuities from insurance companies for substantially all the retired members in the plans at those times. The aggregate premiums for the annuities were funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchases required a remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.

SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2024	2023
Accrued benefit obligation, beginning of year	94	83
Pension expense, recognized in employee salaries and benefits expense	4	9
Net interest cost, recognized in finance costs	3	5
Remeasurement (gain) loss, recognized in other comprehensive income	(1)	6
Benefits paid	(7)	(9)
Accrued benefit obligation, end of year	93	94

Disclosure of fair value of plan assets

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2024	2023
Equity securities	1,406	1,371
Debt securities	929	914
Other - cash	50	54
Total fair value of plan assets	2,385	2,339

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2024		2023
Equity securities:
Domestic	12.2	%	12.0	%	3% to 13%
International	46.7	%	46.6	%	27% to 37%
Debt securities	39.0	%	39.1	%	45% to 75%
Other - cash	2.1	%	2.3	%	0% to 5%
Total	100.0	%	100.0	%

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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Share Capital, Reserves And Other Equity Interest [Abstract]

Disclosure of capital stock

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series	●	None
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

Disclosure of dividends

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

				Dividends paid (in millions of dollars)			Number of Class B Non-Voting Shares issued (in thousands) 1
Declaration date	Record date	Payment date	Dividend per share (dollars)	In cash	In Class B Non-Voting Shares	Total
January 31, 2024	March 11, 2024	April 3, 2024	0.50	183	83	266	1,552
April 23, 2024	June 10, 2024	July 5, 2024	0.50	185	81	266	1,651
July 23, 2024	September 9, 2024	October 3, 2024	0.50	181	86	267	1,633
October 23, 2024	December 9, 2024	January 3, 2025	0.50	185	84	269	1,943
February 1, 2023	March 10, 2023	April 3, 2023	0.50	252	—	252	—
April 25, 2023	June 9, 2023	July 5, 2023	0.50	264	—	264	—
July 25, 2023	September 8, 2023	October 3, 2023	0.50	191	74	265	1,454
November 8, 2023	December 8, 2023	January 2, 2024	0.50	190	75	265	1,244

1    Class B Non-Voting Shares are issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Payment Arrangements [Abstract]

Disclosure of significant measurement estimates to determine fair value of stock-based compensation

The table below shows the weighted average fair value of stock options granted during 2024 and 2023 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.

	Years ended December 31
	2024		2023
Weighted average fair value	$8.08		$12.07
Risk-free interest rate	3.4	%	3.4	%
Dividend yield	3.6	%	3.2	%
Volatility of Class B Non-Voting Shares	24.2	%	23.4	%
Weighted average expected life	5.4 years		5.5 years

Disclosure of stock-based compensation expense

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2024	2023
Stock options	(58)	24
Restricted share units	20	32
Deferred share units	(10)	2
Equity derivative effect, net of interest receipt	102	7
Total stock-based compensation expense	54	65

Disclosure of number and weighted average exercise prices of share options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2024		Year ended December 31, 2023
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	10,593,645	$63.88	9,860,208	$63.58
Granted	353,105	$61.39	1,594,879	$64.86
Exercised	(153,615)	$53.04	(329,877)	$54.90
Forfeited	(1,085,288)	$64.44	(531,565)	$66.92
Outstanding, end of year	9,707,847	$63.89	10,593,645	$63.88
Exercisable, end of year	6,135,190	$63.69	4,749,678	$62.86

Disclosure of range of exercise prices of outstanding share options

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2024.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$44.97 - $44.99	75,055	0.17	$44.97	75,055	$44.97
$45.00 - $49.99	119,082	1.16	$49.95	119,082	$49.95
$55.00 - $59.99	1,446,572	5.16	$58.46	1,226,855	$58.46
$60.00 - $64.99	2,537,699	5.04	$62.29	1,691,760	$62.49
$65.00 - $69.99	4,768,804	6.79	$65.58	2,261,803	$65.65
$70.00 - $73.00	760,635	3.58	$73.00	760,635	$73.00
	9,707,847	5.72	$63.89	6,135,190	$63.69

Disclosure of number and weighted average exercise prices of other equity instruments

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	2,551,728	2,402,489
Granted and reinvested dividends	1,246,949	1,518,926
Exercised	(943,096)	(856,212)
Forfeited	(407,357)	(513,475)
Outstanding, end of year	2,448,224	2,551,728

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2024	2023
Outstanding, beginning of year	956,410	1,139,884
Granted and reinvested dividends	231,590	80,510
Exercised	(279,098)	(259,441)
Forfeited	(224)	(4,543)
Outstanding, end of year	908,678	956,410

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Related Party [Abstract]

Disclosure of interests in subsidiaries

	Jurisdiction of Incorporation	Ownership Percentage
Subsidiary		2024		2023
Rogers Communications Canada Inc.	Canada	100	%	100	%
Rogers Media Inc.	Canada	100	%	100	%

Disclosure of transactions between related parties

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2024	2023
Salaries and other short-term employee benefits	20	23
Post-employment benefits	2	2
Stock-based compensation 1	34	26
Total compensation	56	51

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support).

	Years ended December 31
(In millions of dollars)	2024	2023
Revenue	45	36
Purchases	231	203

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2024	2023
Accounts receivable	101	97
Accounts payable and accrued liabilities	163	113

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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Disclosure of maturity analysis for commitments

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2024 and 2023.

December 31, 2024	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	2,959	2,959	2,959	—	—	—
Accounts payable and accrued liabilities	4,059	4,059	4,059	—	—	—
Income tax payable	26	26	26	—	—	—
Long-term debt 1	41,896	42,886	3,696	8,970	5,799	24,421
Lease liabilities	2,778	3,546	587	1,084	406	1,469
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,124	1,605	519	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,288)	(1,727)	(561)	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	22,506	2,572	3,565	1,684	14,685
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(25,421)	(2,758)	(3,957)	(1,799)	(16,907)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,958	1,958	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,963)	(1,963)	—	—	—
Net carrying amount of derivatives (asset)	(425)
	51,342	50,387	10,961	9,622	6,132	23,672

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

December 31, 2023	Carrying	Contractual	Less than	1 to 3	4 to 5	More than
(In millions of dollars)	amount	cash flows	1 year	years	years	5 years
Short-term borrowings	1,750	1,750	1,750	—	—	—
Accounts payable and accrued liabilities	4,221	4,221	4,221	—	—	—
Long-term debt 1	40,855	41,895	1,100	8,607	8,351	23,837
Lease liabilities	2,593	3,283	504	1,002	405	1,372
Other long-term financial liabilities	49	49	1	2	42	4
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,187	1,591	596	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,182)	(1,587)	(595)	—	—
Equity derivative instruments	—	(48)	(48)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	19,051	228	3,197	2,625	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(19,980)	(228)	(3,154)	(2,711)	(13,887)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	4,538	4,538	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(4,437)	(4,437)	—	—	—
Net carrying amount of derivatives liability	538
	50,006	50,327	7,633	9,655	8,712	24,327

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on their respective five-year anniversaries.

2    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2024.

(In millions of dollars)
2025	3,696
2026	4,220
2027	4,750
2028	1,500
2029	4,299
Thereafter	24,421
Total long-term debt	42,886

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2024.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	190	206	109	—	505
Purchase obligations 2	635	781	494	924	2,834
Program rights 3	856	921	586	1,082	3,445
Total commitments	1,681	1,908	1,189	2,006	6,784

1    Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

2    Contractual obligations under service, product, and wireless device contracts to which we have committed.

3    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.

Disclosure of commitments

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2024
Acquisition of property, plant and equipment	611
Our share of commitments related to associates and joint ventures	432
Total other commitments	1,043

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Cash Flow Statement [Abstract]

Changes in non-cash operating working capital items, capital expenditures, and acquisitions and other strategic transactions

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2024	2023
Accounts receivable, excluding financing receivables	(396)	(362)
Financing receivables	(318)	(367)
Contract assets	7	(44)
Inventories	(185)	(4)
Other current assets	146	1
Accounts payable and accrued liabilities	(209)	11
Contract and other liabilities	79	138
Total change in net operating assets and liabilities	(876)	(627)

CAPITAL EXPENDITURES

	Years ended December 31
(In millions of dollars)	2024	2023
Capital expenditures before proceeds on disposition	4,100	4,042
Proceeds on disposition	(59)	(108)
Capital expenditures	4,041	3,934

ACQUISITIONS AND OTHER STRATEGIC TRANSACTIONS

		Years ended December 31
(In millions of dollars)	Note	2024	2023
Net cash consideration for Shaw Transaction 1	3	—	(16,903)
Net cash consideration for other acquisitions	3	—	(141)
Cash received on sale of Cogeco shares	20	—	829
Cash consideration for 3800 MHz spectrum acquisition		(475)	—
Acquisitions and other strategic transactions, net of cash acquired		(475)	(16,215)

1    Includes $19,033 million cash paid for the Shaw Shares net of $25 million of bank advances on Shaw's opening balance sheet and $2,155 million received from the sale of outstanding shares of Freedom Mobile and the related services described in note 3.

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NATURE OF THE BUSINESS (Details)	12 Months Ended
	Dec. 31, 2024 segment
Corporate information and statement of IFRS compliance [abstract]
Number of reportable segments	3

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MATERIAL ACCOUNTING POLICIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reclassifications or changes in presentation [line items]
Goodwill	$ 16,280,000,000	$ 16,280,000,000
Government grants	134,000,000	111,000,000
Proceeds from government grants	59,000,000	59,000,000
Unsecured Non-Revolving Credit Facility
Disclosure of reclassifications or changes in presentation [line items]
Maximum borrowing capacity	815,000,000	$ 665,000,000
Several individually immaterial acquisitions
Disclosure of reclassifications or changes in presentation [line items]
Goodwill	$ 63,000,000

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BUSINESS COMBINATIONS - Acquisition of Shaw Communications (Details) $ / shares in Units, shares in Millions, number in Millions, citizen in Millions	Apr. 03, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Apr. 30, 2023 CAD ($)	Apr. 03, 2023 shares	Apr. 03, 2023 $ / shares	Apr. 03, 2023 citizen	Apr. 03, 2023 job	Apr. 03, 2023
Shaw Communications Inc. And Freedom Mobile Inc.
Disclosure of detailed information about business combination [line items]
Investments in connectivity for underserved areas	$ 1,000,000,000
Investments in connectivity for underserved areas, period	5 years
Investments in 5G coverage	$ 2,500,000,000
Investments in 5G coverage, period	5 years
Investments in network, services, and technology	$ 3,000,000,000
Investments in network, services, and technology, period	5 years
Number of eligible citizens | citizen						2.5
Number of eligible citizens, term	5 years
Number of new jobs created | job							3,000
Number of new jobs created, period	5 years
Number of new jobs created, required period to be maintained	10 years
Estimated financial effect of contingent liabilities per year if commitments not met	$ 100,000,000
Estimated financial effect of contingent liabilities per year if commitments not met, maximum amount	1,000,000,000
Shaw Communications Inc.
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	20,483,000,000
Cash consideration	19,033,000,000
Cash and restricted cash, transferred amount	13,000,000,000
Proceeds on issuance of long-term debt	6,000,000,000
Maximum borrowing capacity	6,000,000,000	$ 6,000,000,000
Issuance of 23.6 million Class B Non-Voting shares	1,450,000,000
Class B non-voting shares (in shares)				23.6				23.6
Share price (in dollars per share) | $ / shares					$ 61.33
Borrowings recognised as of acquisition date	4,550,000,000		$ 4,550,000,000
Freedom Mobile Inc. | Quebecor Inc.
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	2,850,000,000
Cash consideration	$ 2,150,000,000

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BUSINESS COMBINATIONS - Schedule of Purchase Price Allocation (Details) shares in Millions		12 Months Ended
	Apr. 03, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Apr. 30, 2023 CAD ($)	Apr. 03, 2023 shares	Apr. 03, 2023
Disclosure of detailed information about business combination [line items]
Goodwill		$ 16,280,000,000	$ 16,280,000,000
Amortization of deferred transaction costs		$ 141,000,000	$ 136,000,000
Weighted average
Disclosure of detailed information about business combination [line items]
Interest rate		4.61%	4.85%
Shaw Communications Inc.
Disclosure of detailed information about business combination [line items]
Cash consideration	$ 19,033,000,000
Class B non-voting shares (in shares)					23.6	23,600,000
Issuance of 23.6 million Class B Non-Voting shares	1,450,000,000
Fair value of consideration transferred	20,483,000,000
Allowance for doubtful accounts	31,000,000
Accounts receivable (net of allowance for doubtful accounts of $31 million)	310,000,000
Other current assets	2,448,000,000
Property, plant and equipment	8,022,000,000
Intangible assets	5,974,000,000
Investments	123,000,000
Other long-term assets	48,000,000
Bank advances	(25,000,000)
Short-term borrowings	(200,000,000)
Accounts payable and accrued liabilities	(545,000,000)
Other current liabilities	(33,000,000)
Contract liabilities	(164,000,000)
Current portion of long-term debt	(1,000,000,000)
Current portion of lease liabilities	(59,000,000)
Provisions	(6,000,000)
Long-term debt	(3,526,000,000)
Lease liabilities	(268,000,000)
Other long-term liabilities	(109,000,000)
Deferred tax liabilities	(2,693,000,000)
Total fair value of identifiable net assets acquired	8,297,000,000
Goodwill	12,186,000,000
Cash settlement	151,000,000
Identifiable intangible assets recognised as of acquisition date	5,974,000,000
Borrowings recognised as of acquisition date	4,550,000,000			$ 4,550,000,000
Amortization of deferred transaction costs	$ 24,000,000
Weighted average term to maturity	9 years 8 months 12 days
Goodwill expected to be deductible for tax purposes	$ 0
Shaw Communications Inc. | Wireless
Disclosure of detailed information about business combination [line items]
Intangible assets	270,000,000
Goodwill	432,000,000
Identifiable intangible assets recognised as of acquisition date	270,000,000
Shaw Communications Inc. | Cable West
Disclosure of detailed information about business combination [line items]
Intangible assets	5,314,000,000
Goodwill	11,675,000,000
Identifiable intangible assets recognised as of acquisition date	5,314,000,000
Shaw Communications Inc. | Satellite
Disclosure of detailed information about business combination [line items]
Intangible assets	390,000,000
Goodwill	79,000,000
Identifiable intangible assets recognised as of acquisition date	$ 390,000,000
Shaw Communications Inc. | Brand names
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	3 years	3 years
Shaw Communications Inc. | Other intangible assets
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years	15 years
Shaw Communications Inc. | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment	1 year
Shaw Communications Inc. | Minimum | Cable and wireless network
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Shaw Communications Inc. | Minimum | Customer relationships
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	8 years	8 years
Shaw Communications Inc. | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment	36 years
Shaw Communications Inc. | Maximum | Cable and wireless network
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		30 years
Shaw Communications Inc. | Maximum | Customer relationships
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years	15 years
Shaw Communications Inc. | Weighted average
Disclosure of detailed information about business combination [line items]
Interest rate						4.70%

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BUSINESS COMBINATIONS - Property, Plant, and Equipment Useful Lives (Details) - Shaw Communications Inc.		12 Months Ended
	Apr. 03, 2023	Dec. 31, 2024
Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment	1 year
Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment	36 years
Buildings | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Buildings | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		36 years
Cable and wireless network | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Cable and wireless network | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		30 years
Computer equipment and software | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Computer equipment and software | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		10 years
Customer premise equipment | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Customer premise equipment | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		5 years
Equipment and vehicles | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		1 year
Equipment and vehicles | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, property, plant and equipment		10 years

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BUSINESS COMBINATIONS - Intangible Assets (Details) - Shaw Communications Inc.		12 Months Ended
	Apr. 03, 2023	Dec. 31, 2024
Customer relationships | Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	8 years	8 years
Customer relationships | Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years	15 years
Brand names
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	3 years	3 years
Other intangible assets
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years	15 years

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BUSINESS COMBINATIONS - Pro Forma Disclosures (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about business combination [line items]
Revenue		$ 20,604	$ 19,308
Net income for the year		$ 1,734	849
Shaw Communications Inc.
Disclosure of detailed information about business combination [line items]
Revenue	$ 3,200
Net income for the year	$ 200
Revenue of combined entity as if combination occurred at beginning of period			20,400
Profit (loss) of combined entity as if combination occurred at beginning of period			$ 650

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BUSINESS COMBINATIONS - Other Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($) acquisition
Net identifiable asset or liability:
Goodwill	$ 16,280	$ 16,280
Aggregated individually immaterial business combinations
Disclosure of detailed information about business combination [line items]
Number of acquisitions | acquisition		2
Cash consideration	153
Fair value of consideration transferred	153
Net identifiable asset or liability:
Current assets	12
Property, plant and equipment	20
Intangible assets	83
Accounts payable and accrued liabilities	(11)
Long-term liabilities	(3)
Deferred tax liabilities	(11)
Total fair value of identifiable net assets acquired	90
Goodwill	$ 63
Cash payable, subject to closing conditions		$ 12
Customer relationships | Aggregated individually immaterial business combinations | Minimum
Net identifiable asset or liability:
Useful life measured as period of time, intangible assets other than goodwill	6 years
Customer relationships | Aggregated individually immaterial business combinations | Maximum
Net identifiable asset or liability:
Useful life measured as period of time, intangible assets other than goodwill	20 years

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CAPITAL RISK MANAGEMENT - Narrative (Details)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Apr. 03, 2023 CAD ($)
Disclosure of detailed information about business combination [line items]
Target debt-leverage ratio	3.5
Long-term debt	$ 38,200,000,000	$ 39,755,000,000
Canada Infrastructure Bank Credit Facility due 2052 1.000%
Disclosure of detailed information about business combination [line items]
Long-term debt	64,000,000
Shaw Communications Inc.
Disclosure of detailed information about business combination [line items]
Maximum borrowing capacity	$ 6,000,000,000		$ 6,000,000,000

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CAPITAL RISK MANAGEMENT - Debt Leverage Ratio (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Share Capital, Reserves And Other Equity Interest [Abstract]
Adjusted net debt	$ 43,330	$ 43,134
Divided by: trailing 12-month adjusted EBITDA	$ 9,617	$ 8,581
Debt leverage ratio	4.5	5.0

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CAPITAL RISK MANAGEMENT - Free Cash Flow (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Adjusted EBITDA	$ 9,617	$ 8,581
Deduct:
Capital expenditures	4,041	3,934
Interest on borrowings, net and capitalized interest	1,986	1,794
Cash income taxes	545	439
Free cash flow	$ 3,045	$ 2,414

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CAPITAL RISK MANAGEMENT - Reconciliation of Free Cash Flow (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Cash provided by operating activities	$ 5,680	$ 5,221
Add (deduct):
Capital expenditures	(4,041)	(3,934)
Interest on borrowings, net and capitalized interest	(1,986)	(1,794)
Interest paid, net	2,087	1,780
Restructuring, acquisition and other	406	685
Program rights amortization	(63)	(70)
Change in net operating assets and liabilities	876	627
Other adjustments	86	(101)
Free cash flow	$ 3,045	$ 2,414

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CAPITAL RISK MANAGEMENT - Available Liquidity (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Cash and cash equivalents	$ 898	$ 800
Short-term borrowings	2,959	1,750
Total	7,801	7,943
Net available	4,833	5,939
Revolving and Letters of Credit
Disclosure of classes of share capital [line items]
Borrowings	13	253
Revolving Credit Facility
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	4,000	4,000
Borrowings	10	10
Net available	3,535	3,839
Letters of Credit
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	3	243
Borrowings	3	243
Net available	0	0
Non-Revolving Credit Facility Borrowings and Accounts Receivable Securitization
Disclosure of classes of share capital [line items]
Borrowings	2,500
Non-revolving credit facility borrowings
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	500	500
Borrowings	500
Net available	0	500
Short-term borrowings	507	0	$ 371
Receivables securitization program
Disclosure of classes of share capital [line items]
Net available	400	800
Trade receivables, maximum commitment	2,400	2,400
Short-term borrowings	2,000	1,600	$ 2,400
Accounts Receivable Securitization Program And Non-Revolving Credit Facility
Disclosure of classes of share capital [line items]
Short-term borrowings		1,600
US CP Program
Disclosure of classes of share capital [line items]
Borrowings	$ 455	$ 151

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SEGMENTED INFORMATION (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) segment	Dec. 31, 2023 CAD ($)
Disclosure of operating segments [line items]
Number of reportable segments | segment	3
Revenue	$ 20,604	$ 19,308
Operating costs	10,987	10,727
Adjusted EBITDA	9,617	8,581
Depreciation and amortization	4,616	4,121
Restructuring, acquisition and other	406	685
Finance costs	2,295	2,047
Other (income) expense	(6)	362
Income before income tax expense	2,306	1,366
Capital expenditures	4,041	3,934
Goodwill	16,280	16,280
Total assets	71,411	69,282
External Customers
Disclosure of operating segments [line items]
Revenue	20,604	19,308
Internal Customers
Disclosure of operating segments [line items]
Revenue	0	0
Operating segments | Wireless
Disclosure of operating segments [line items]
Revenue	10,595	10,222
Operating costs	5,283	5,236
Adjusted EBITDA	5,312	4,986
Capital expenditures	1,596	1,625
Goodwill	1,634	1,634
Total assets	30,282	28,613
Operating segments | Wireless | External Customers
Disclosure of operating segments [line items]
Revenue	10,528	10,184
Operating segments | Wireless | Internal Customers
Disclosure of operating segments [line items]
Revenue	67	38
Operating segments | Cable
Disclosure of operating segments [line items]
Revenue	7,876	7,005
Operating costs	3,358	3,231
Adjusted EBITDA	4,518	3,774
Capital expenditures	1,939	1,865
Goodwill	13,677	13,677
Total assets	33,504	34,099
Operating segments | Cable | External Customers
Disclosure of operating segments [line items]
Revenue	7,801	6,964
Operating segments | Cable | Internal Customers
Disclosure of operating segments [line items]
Revenue	75	41
Operating segments | Media
Disclosure of operating segments [line items]
Revenue	2,484	2,335
Operating costs	2,400	2,258
Adjusted EBITDA	84	77
Capital expenditures	263	250
Goodwill	969	969
Total assets	3,034	2,896
Operating segments | Media | External Customers
Disclosure of operating segments [line items]
Revenue	2,215	2,086
Operating segments | Media | Internal Customers
Disclosure of operating segments [line items]
Revenue	269	249
Corporate items and eliminations
Disclosure of operating segments [line items]
Revenue	(351)	(254)
Operating costs	(54)	2
Adjusted EBITDA	(297)	(256)
Capital expenditures	243	194
Goodwill	0	0
Total assets	4,591	3,674
Corporate items and eliminations | External Customers
Disclosure of operating segments [line items]
Revenue	60	74
Corporate items and eliminations | Internal Customers
Disclosure of operating segments [line items]
Revenue	$ (411)	$ (328)

XML

REVENUE - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Decrease in amortization expense	$ 115
Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred Commission Cost Assets, Amortization Period	12 months
Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred Commission Cost Assets, Amortization Period	90 months
Service revenue | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Expected period of recognition (in years)	3 years
Service revenue | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Expected period of recognition (in years)	5 years
Wireless
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred Commission Cost Assets, Amortization Period	32 months	24 months
Wireless | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days
Wireless | Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	24 months
Cable
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred Commission Cost Assets, Amortization Period	32 months	24 months
Cable | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days
Cable | Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	24 months
Media
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days

XML

REVENUE - Contract Assets, Contract Liabilities, Deferred Commission Cost Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]
Balance, beginning of year	$ 276	$ 197
Additions from new contracts with customers, net of terminations and renewals	173	204
Contract assets acquired	0	35
Amortization of contract assets to accounts receivable / Amortization recognized on deferred commission cost assets	(181)	(160)
Balance, end of year	268	276
Current portion of deferred commission costs	171	163
Contract assets	97	113
Balance, beginning of year	1,044	461
Increase through business combinations, contract liabilities	0	164
Revenue deferred in previous year and recognized as revenue in current year	(771)	(574)
Net additions from contracts with customers	809	993
Balance, end of year	1,082	1,044
Contract liabilities	800	773
Non-current contract liabilities	282	271
Deferred commission costs assets
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]
Balance, beginning of year	488	374
Additions from new contracts with customers, net of terminations and renewals	640	492
Amortization of contract assets to accounts receivable / Amortization recognized on deferred commission cost assets	(375)	(378)
Balance, end of year	753	488
Current portion of deferred commission costs	417
Contract assets	$ 336	$ 147

XML

REVENUE - Unsatisfied Portions of Performance Obligations (Details) $ in Millions	Dec. 31, 2024 CAD ($)
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	$ 3,972
2025
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	2,739
2026
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	934
2027
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	64
Thereafter
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	$ 235

XML

REVENUE - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	$ 20,604	$ 19,308
External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	20,604	19,308
Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	0	0
Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	18,066	16,845
Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,538	2,463
Operating segments | Wireless
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	10,595	10,222
Operating segments | Wireless | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	10,528	10,184
Operating segments | Wireless | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	67	38
Operating segments | Wireless | Service revenue | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	8,041	7,764
Operating segments | Wireless | Service revenue | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	67	38
Operating segments | Wireless | Equipment revenue | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,487	2,420
Operating segments | Cable
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	7,876	7,005
Operating segments | Cable | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	7,801	6,964
Operating segments | Cable | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	75	41
Operating segments | Cable | Service revenue | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	7,750	6,921
Operating segments | Cable | Service revenue | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	75	41
Operating segments | Cable | Equipment revenue | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	51	43
Operating segments | Media
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,484	2,335
Operating segments | Media | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,215	2,086
Operating segments | Media | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	269	249
Corporate items
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	83	77
Corporate items | External Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	60	74
Corporate items | Internal Customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	23	3
Intercompany eliminations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	$ (434)	$ (331)

XML

OPERATING COSTS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Costs [Abstract]
Cost of equipment sales	$ 2,540	$ 2,451
Merchandise for resale	209	217
Other external purchases	5,930	5,606
Employee salaries, benefits, and stock-based compensation	2,308	2,453
Total operating costs	$ 10,987	$ 10,727

XML

PROPERTY, PLANT AND EQUIPMENT - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2024
Buildings | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	15 years
Buildings | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	40 years
Cable and wireless network | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Cable and wireless network | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	40 years
Computer equipment and software | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	4 years
Computer equipment and software | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	10 years
Customer premise equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Customer premise equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	6 years
Equipment and vehicles | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Equipment and vehicles | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	20 years

XML

PROPERTY, PLANT AND EQUIPMENT - Changes in Net Carrying Amounts of Property, Plant and Equipment (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets at beginning of period	$ 24,332
Property, plant and equipment including right-of-use assets at end of period	25,072	$ 24,332
Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	21,771	13,523
Property, plant and equipment including right-of-use assets at beginning of period	24,332	15,574
Property, plant and equipment at end of period	22,377	21,771
Property, plant and equipment including right-of-use assets at end of period	25,072	24,332
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	47,412	37,211
Property, plant and equipment including right-of-use assets at beginning of period	51,156	40,139
Additions and transfers to property, plant, and equipment	4,100	4,042
Additions and transfers, including right-of-use assets	4,580	4,793
Acquisitions from business combinations (note 3)		7,714
Acquisitions from business combinations, including right-of-use assets		8,042
Disposals and other	(1,134)	(1,555)
Disposals and other, including right-of-use assets	1,311	1,818
Property, plant and equipment at end of period	50,378	47,412
Property, plant and equipment including right-of-use assets at end of period	54,425	51,156
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(25,641)	(23,688)
Property, plant and equipment including right-of-use assets at beginning of period	(26,824)	(24,565)
Disposals and other	1,305	1,378
Disposals and other, including right-of-use assets	(1,544)	(1,443)
Depreciation	3,665	3,331
Depreciation, property, plant and equipment including right-of-use assets	4,073	3,702
Property, plant and equipment at end of period	(28,001)	(25,641)
Property, plant and equipment including right-of-use assets at end of period	(29,353)	(26,824)
Right-of-use assets | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets at beginning of period	2,561	2,051
Right-of-use assets at end of period	2,695	2,561
Right-of-use assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets at beginning of period	3,744	2,928
Additions and transfers to right-of-use assets	480	751
Acquisitions through business combinations, right-of-use assets		328
Disposals and other, right-of-use assets	(177)	(263)
Right-of-use assets at end of period	4,047	3,744
Right-of-use assets | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets at beginning of period	(1,183)	(877)
Disposals and other, right-of-use assets	239	65
Depreciation, right-of-use assets	408	371
Right-of-use assets at end of period	(1,352)	(1,183)
Land and buildings | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	973	716
Property, plant and equipment at end of period	1,291	973
Land and buildings | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,447	1,283
Additions and transfers to property, plant, and equipment	296	108
Acquisitions from business combinations (note 3)		308
Disposals and other	262	(252)
Property, plant and equipment at end of period	2,005	1,447
Land and buildings | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(474)	(567)
Disposals and other	(134)	148
Depreciation	106	55
Property, plant and equipment at end of period	(714)	(474)
Cable and wireless network | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	14,459	8,161
Property, plant and equipment at end of period	14,808	14,459
Cable and wireless network | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	30,499	23,110
Additions and transfers to property, plant, and equipment	2,466	2,377
Acquisitions from business combinations (note 3)		5,946
Disposals and other	(815)	(934)
Property, plant and equipment at end of period	32,150	30,499
Cable and wireless network | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(16,040)	(14,949)
Disposals and other	766	827
Depreciation	2,068	1,918
Property, plant and equipment at end of period	(17,342)	(16,040)
Computer equipment and software | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	2,341	1,913
Property, plant and equipment at end of period	1,926	2,341
Computer equipment and software | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	7,931	6,992
Additions and transfers to property, plant, and equipment	425	868
Acquisitions from business combinations (note 3)		370
Disposals and other	(442)	(299)
Property, plant and equipment at end of period	7,914	7,931
Computer equipment and software | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(5,590)	(5,079)
Disposals and other	468	299
Depreciation	866	810
Property, plant and equipment at end of period	(5,988)	(5,590)
Customer premise equipment | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	930	349
Property, plant and equipment at end of period	788	930
Customer premise equipment | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	3,003	2,097
Additions and transfers to property, plant, and equipment	285	259
Acquisitions from business combinations (note 3)		640
Disposals and other	(83)	7
Property, plant and equipment at end of period	3,205	3,003
Customer premise equipment | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(2,073)	(1,748)
Disposals and other	148	77
Depreciation	492	402
Property, plant and equipment at end of period	(2,417)	(2,073)
Leasehold improvements | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	370	321
Property, plant and equipment at end of period	347	370
Leasehold improvements | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	817	711
Additions and transfers to property, plant, and equipment	37	39
Acquisitions from business combinations (note 3)		78
Disposals and other	(11)	(11)
Property, plant and equipment at end of period	843	817
Leasehold improvements | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(447)	(390)
Disposals and other	14	9
Depreciation	63	66
Property, plant and equipment at end of period	(496)	(447)
Equipment and vehicles | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	434	357
Property, plant and equipment at end of period	483	434
Equipment and vehicles | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,451	1,312
Additions and transfers to property, plant, and equipment	121	106
Acquisitions from business combinations (note 3)		99
Disposals and other	(45)	(66)
Property, plant and equipment at end of period	1,527	1,451
Equipment and vehicles | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(1,017)	(955)
Disposals and other	43	18
Depreciation	70	80
Property, plant and equipment at end of period	(1,044)	(1,017)
Construction in process | Property, plant and equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	2,264	1,706
Property, plant and equipment at end of period	2,734	2,264
Construction in process | Property, plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	2,264	1,706
Additions and transfers to property, plant, and equipment	470	285
Acquisitions from business combinations (note 3)		273
Disposals and other	0	0
Property, plant and equipment at end of period	2,734	2,264
Construction in process | Property, plant and equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	0	0
Disposals and other	0	0
Depreciation	0	0
Property, plant and equipment at end of period	$ 0	$ 0

XML

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, plant and equipment [abstract]
Government grants	$ 134	$ 111
Proceeds from government grants	$ 59	$ 59
Property, plant and equipment, weighted average capitalised interest rate	4.20%	4.80%
Adjustment to cost and accumulated depreciation	$ 1,281	$ 1,167

XML

LEASES - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Variable lease payments	$ 20	$ 26
Minimum
Lessee, Lease, Description [Line Items]
Non-cancellable contract periods for leases, typical range (in years)	5 years
Maximum
Lessee, Lease, Description [Line Items]
Non-cancellable contract periods for leases, typical range (in years)	20 years

XML

LEASES (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets securing lease liabilities	$ 715	$ 591
Lease liabilities, beginning of year	2,593	2,028
Net additions	656	600
Lease liabilities assumed	0	327
Interest expense on lease liabilities	137	111
Interest payments on lease liabilities	(130)	(103)
Principal payments of lease liabilities	(478)	(370)
Lease liabilities, end of year	2,778	2,593
Current liability	587	504
Long-term liability	$ 2,191	$ 2,089

XML

INTANGIBLE ASSETS AND GOODWILL - Finite useful lives (Details)	12 Months Ended
	Dec. 31, 2024
Customer relationships | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	3 years
Customer relationships | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	20 years
Brand names | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	3 years
Brand names | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	10 years
Other intangible assets | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	15 years
Other intangible assets | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	20 years

XML

INTANGIBLE ASSETS AND GOODWILL - Changes in net carrying amounts of intangible assets and goodwill (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total intangible assets
Beginning of period	$ 17,896
End of period	17,858	$ 17,896
Goodwill
Goodwill at beginning of period	16,280
Goodwill at end of period	16,280	16,280
Gross Carrying Amount, Before Adjustment
Indefinite-life
Accumulated impairment losses		118	$ 118
Finite-life
Accumulated impairment losses		118	118
Total intangible assets
Beginning of period	20,398	14,327
Accumulated impairment losses		118	118
End of period		20,398	14,327
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	36,899	18,579
Impairment loss recognised in profit or loss, intangible assets and goodwill		(339)	(339)
Intangible assets and goodwill at end of period		36,899	18,579
Gross carrying amount
Finite-life
Acquisitions from business combinations		6,057
Total intangible assets
Beginning of period	20,280	14,209
Additions	582	77
Acquisitions from business combinations		6,057
Disposals and other	(87)	(63)
End of period	20,775	20,280	14,209
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	36,560	18,240
Additions	582	77
Acquisitions from business combinations, intangible assets and goodwill		18,306
Disposals and other	(87)	(63)
Intangible assets and goodwill at end of period	37,055	36,560	18,240
Accumulated amortization
Total intangible assets
Beginning of period	2,384	1,958
Amortization	603	489
Disposals and other	(70)	(63)
End of period	2,917	2,384	1,958
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	2,384	1,958
Accumulated impairment losses	603	489
Disposals and other	(70)	(63)
Intangible assets and goodwill at end of period	2,917	2,384	1,958
Net carrying amount
Total intangible assets
Beginning of period	17,896	12,251
End of period	17,858	17,896	12,251
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	34,176	16,282
Intangible assets and goodwill at end of period	34,138	34,176	16,282
Customer relationships | Gross Carrying Amount, Before Adjustment
Indefinite-life
Accumulated impairment losses		0	0
Finite-life
Beginning of period	7,604	1,674
Accumulated impairment losses		0	0
End of period		7,604	1,674
Total intangible assets
Accumulated impairment losses		0	0
Customer relationships | Gross carrying amount
Finite-life
Beginning of period	7,604	1,674
Additions	8	0
Acquisitions from business combinations		5,930
Disposals and other	0	0
End of period	7,612	7,604	1,674
Total intangible assets
Acquisitions from business combinations		5,930
Customer relationships | Accumulated amortization
Finite-life
Beginning of period	2,025	1,627
Amortization	513	398
Disposals and other	0	0
End of period	2,538	2,025	1,627
Customer relationships | Net carrying amount
Finite-life
Beginning of period	5,579	47
End of period	5,074	5,579	47
Acquired program rights | Gross Carrying Amount, Before Adjustment
Indefinite-life
Accumulated impairment losses		5	5
Finite-life
Beginning of period	200	189
Accumulated impairment losses		5	5
End of period		200	189
Total intangible assets
Accumulated impairment losses		5	5
Acquired program rights | Gross carrying amount
Finite-life
Beginning of period	195	184
Additions	72	74
Acquisitions from business combinations		0
Disposals and other	(72)	(63)
End of period	195	195	184
Total intangible assets
Acquisitions from business combinations		0
Acquired program rights | Accumulated amortization
Finite-life
Beginning of period	68	61
Amortization	62	70
Disposals and other	(70)	(63)
End of period	60	68	61
Acquired program rights | Net carrying amount
Finite-life
Beginning of period	127	123
End of period	135	127	123
Brand names | Gross Carrying Amount, Before Adjustment
Indefinite-life
Accumulated impairment losses			0
Finite-life
Beginning of period	75	0
Accumulated impairment losses			0
End of period		75	0
Total intangible assets
Accumulated impairment losses			0
Brand names | Gross carrying amount
Finite-life
Beginning of period	75	0
Additions	22	0
Acquisitions from business combinations		75
Disposals and other	0	0
End of period	97	75	0
Total intangible assets
Acquisitions from business combinations		75
Brand names | Accumulated amortization
Finite-life
Beginning of period	19	0
Amortization	25	19
Disposals and other	0	0
End of period	44	19	0
Brand names | Net carrying amount
Finite-life
Beginning of period	56	0
End of period	53	56	0
Other intangible assets | Gross Carrying Amount, Before Adjustment
Indefinite-life
Accumulated impairment losses			0
Finite-life
Beginning of period	52	0
Accumulated impairment losses			0
End of period		52	0
Total intangible assets
Accumulated impairment losses			0
Other intangible assets | Gross carrying amount
Finite-life
Beginning of period	52	0
Additions	0	0
Acquisitions from business combinations		52
Disposals and other	0	0
End of period	52	52	0
Total intangible assets
Acquisitions from business combinations		52
Other intangible assets | Accumulated amortization
Finite-life
Beginning of period	2	0
Amortization	3	2
Disposals and other	0	0
End of period	5	2	0
Other intangible assets | Net carrying amount
Finite-life
Beginning of period	50	0
End of period	47	50	0
Goodwill | Gross Carrying Amount, Before Adjustment
Goodwill
Goodwill at beginning of period	16,501	4,252
Impairment loss recognised in profit or loss, goodwill		(221)	(221)
Goodwill at end of period		16,501	4,252
Goodwill | Gross carrying amount
Goodwill
Goodwill at beginning of period	16,280	4,031
Additions	0	0
Acquisitions from business combinations, goodwill		12,249
Disposals and other	0	0
Goodwill at end of period	16,280	16,280	4,031
Goodwill | Net carrying amount
Goodwill
Goodwill at beginning of period	16,280	4,031
Goodwill at end of period	16,280	16,280	4,031
Customer relationships, brand names, and other | Accumulated depreciation and amortisation
Total intangible assets
Amortization	541	419
Spectrum licences | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	11,717	11,714
Accumulated impairment losses		0	0
Period end		11,717	11,714
Finite-life
Accumulated impairment losses		0	0
Total intangible assets
Accumulated impairment losses		0	0
Spectrum licences | Gross carrying amount
Indefinite-life
Beginning of period	11,717	11,714
Additions	480	3
Disposals and other	0	0
Period end	12,197	11,717	11,714
Spectrum licences | Accumulated amortization
Indefinite-life
Beginning of period	0	0
Disposals and other	0	0
Period end	0	0	0
Spectrum licences | Net carrying amount
Indefinite-life
Beginning of period	11,717	11,714
Period end	12,197	11,717	11,714
Broadcast licences | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	330	330
Accumulated impairment losses		99	99
Period end		330	330
Finite-life
Accumulated impairment losses		99	99
Total intangible assets
Accumulated impairment losses		99	99
Broadcast licences | Gross carrying amount
Indefinite-life
Beginning of period	231	231
Additions	0	0
Disposals and other	(15)	0
Period end	216	231	231
Broadcast licences | Accumulated amortization
Indefinite-life
Beginning of period	0	0
Disposals and other	0	0
Period end	0	0	0
Broadcast licences | Net carrying amount
Indefinite-life
Beginning of period	231	231
Period end	216	231	231
Brand names | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	420	420
Accumulated impairment losses		14	14
Period end		420	420
Finite-life
Accumulated impairment losses		14	14
Total intangible assets
Accumulated impairment losses		14	14
Brand names | Gross carrying amount
Indefinite-life
Beginning of period	406	406
Additions	0	0
Disposals and other	0	0
Period end	406	406	406
Brand names | Accumulated amortization
Indefinite-life
Beginning of period	270	270
Disposals and other	0	0
Period end	270	270	270
Brand names | Net carrying amount
Indefinite-life
Beginning of period	136	136
Period end	$ 136	$ 136	$ 136

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INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2023 CAD ($) license	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	May 31, 2024 CAD ($)
Disclosure of detailed information about intangible assets [line items]
Spectrum license acquisition, expense		$ 72	$ 74
Media
Disclosure of detailed information about intangible assets [line items]
Impairment loss recognised in profit or loss, intangible assets and goodwill		$ 15	$ 0
Spectrum licences
Disclosure of detailed information about intangible assets [line items]
Number of spectrum licenses won | license	860
Population covered by license (percent)	87.00%
Spectrum license acquisition, expense	$ 475
Intangible assets acquired by way of government grant				$ 480

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INTANGIBLE ASSETS AND GOODWILL - Overview of methods and key assumptions used to determine recoverable amounts for CGUs (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 16,280	$ 16,280
Operating segments | Wireless
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	1,634	1,634
Carrying value of indefinite-life intangible assets	$ 12,331
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	2.00%
Pre-tax discount rates (%)	7.90%
Operating segments | Cable
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 13,677	13,677
Operating segments | Cable | Cable
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	13,598
Carrying value of indefinite-life intangible assets	$ 0
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	1.00%
Pre-tax discount rates (%)	8.00%
Operating segments | Media
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 969	$ 969
Carrying value of indefinite-life intangible assets	$ 216
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	2.00%
Pre-tax discount rates (%)	11.00%

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RESTRUCTURING, ACQUISITION AND OTHER (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring, Acquisition, And Other [Abstract]
Restructuring, acquisition and other excluding Shaw Transaction-related costs	$ 276	$ 365
Shaw Transaction-related costs	130	320
Restructuring, acquisition and other	$ 406	$ 685

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FINANCE COSTS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 03, 2023
Disclosure of attribution of expenses by nature to their function [line items]
Total interest on borrowings	$ 2,022,000,000	$ 1,981,000,000
Interest earned on restricted cash and cash equivalents	0	(149,000,000)
Interest on borrowings	2,022,000,000	1,832,000,000
Interest on lease liabilities	137,000,000	111,000,000
Interest on post-employment benefits	(5,000,000)	(13,000,000)
Loss (gain) on foreign exchange	222,000,000	(111,000,000)
Change in fair value of derivative instruments	(205,000,000)	108,000,000
Capitalized interest	(36,000,000)	(38,000,000)
Deferred transaction costs and other	160,000,000	158,000,000
Total finance costs	2,295,000,000	$ 2,047,000,000
Shaw Communications Inc.
Disclosure of attribution of expenses by nature to their function [line items]
Maximum borrowing capacity	$ 6,000,000,000		$ 6,000,000,000

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OTHER (INCOME) EXPENSE (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
(Income) losses from associates and joint ventures	$ (8)	$ 412
Other investment income (losses)	2	(50)
Other (income) expense	$ (6)	$ 362

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INCOME TAXES - Components of tax expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current tax expense:
For the current period	$ 884	$ 370
Change in estimate relating to prior periods	(20)	(43)
Total current tax expense	864	327
Deferred tax (recovery) expense:
(Reversal) origination of temporary differences	(291)	91
Change in tax rate	0	52
Change in estimate relating to prior periods	(1)	47
Total deferred tax (recovery) expense	(292)	190
Total income tax expense	$ 572	$ 517

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INCOME TAXES - Reconciliation of income tax expense applying statutory tax and effective tax rates (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Statutory income tax rate	26.20%	26.20%
Income before income tax expense	$ 2,306	$ 1,366
Computed income tax expense	604	358
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	(13)	9
Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate	0	52
Non-taxable income from security investments	0	(16)
Non-deductible loss on joint venture's non-controlling interest purchase obligation	0	111
Other	(19)	3
Total income tax expense	$ 572	$ 517
Effective income tax rate	24.80%	37.80%

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INCOME TAXES - Deferred income taxes (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	$ (6,379)	$ (3,652)
Recovery (expense) in net income	292	(190)
Expense in other comprehensive income	(194)	167
Acquisitions		(2,704)
Deferred tax assets (liabilities), end of period	(6,281)	(6,379)
Property, plant and equipment and inventory
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(3,509)	(2,149)
Recovery (expense) in net income	284	(95)
Expense in other comprehensive income	0	0
Acquisitions		(1,265)
Deferred tax assets (liabilities), end of period	(3,225)	(3,509)
Goodwill and other intangibles
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(3,316)	(1,754)
Recovery (expense) in net income	(29)	(89)
Expense in other comprehensive income	0	0
Acquisitions		(1,473)
Deferred tax assets (liabilities), end of period	(3,345)	(3,316)
Investments
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(2)	(89)
Recovery (expense) in net income	1	35
Expense in other comprehensive income	(1)	52
Acquisitions		0
Deferred tax assets (liabilities), end of period	(2)	(2)
Lease liabilities
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	554	458
Recovery (expense) in net income	17	14
Expense in other comprehensive income	0	0
Acquisitions		82
Deferred tax assets (liabilities), end of period	571	554
Contract and deferred commission cost assets
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(123)	(87)
Recovery (expense) in net income	(56)	(36)
Expense in other comprehensive income	0	0
Acquisitions		0
Deferred tax assets (liabilities), end of period	(179)	(123)
Other
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	17	(31)
Recovery (expense) in net income	75	(19)
Expense in other comprehensive income	(193)	115
Acquisitions		(48)
Deferred tax assets (liabilities), end of period	$ (101)	$ 17

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INCOME TAXES - Unrecognized deferred tax assets (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	$ 2,761	$ 1,111
Tax losses in foreign jurisdictions, to be paid between 2025 and 2037	40
Tax losses in foreign jurisdictions, carried forward indefinitely	32
Realized capital losses in Canada that can be applied against future capital gains
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	73	73
Unrealized capital losses on debt and derivative instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	2,572	926
Tax losses in foreign jurisdictions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	72	71
Deductible temporary differences in foreign jurisdictions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	$ 44	$ 41

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EARNINGS PER SHARE (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [line items]
Numerator (basic) - Net income for the year	$ 1,734	$ 849
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic (in shares)	534,000,000	523,000,000
Effect of dilutive securities (in millions):
Employee stock options and restricted share units (in shares)	1,000,000	1,000,000
Weighted average number of shares outstanding - diluted (in shares)	535,000,000	524,000,000
Earnings per share:
Basic (in dollars per share)	$ 3.25	$ 1.62
Diluted (in dollars per share)	$ 3.20	$ 1.62
Dilutive effect of securities on earnings per share	$ 20	$ 2
Share options
Earnings per share:
Number of potential ordinary shares that are antidilutive in period presented (in shares)	9,513,710	8,742,224

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ACCOUNTS RECEIVABLE - Accounts Receivable (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Total accounts receivable	$ 6,667	$ 6,097
Current	5,478	4,996
Long-term	1,189	1,101
Gross carrying amount
Disclosure of detailed information about financial instruments [line items]
Customer accounts receivable	5,762	5,236
Other accounts receivable	1,132	1,072
Allowance for doubtful accounts
Disclosure of detailed information about financial instruments [line items]
Total accounts receivable	$ 227	$ 211

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ACCOUNTS RECEIVABLE - Financing Receivables (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Current financing receivables	$ 2,341	$ 2,111
Long-term financing receivables	1,189	1,101
Total financing receivables	$ 3,530	$ 3,212

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INVENTORIES (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Wireless devices and accessories	$ 538	$ 361
Other finished goods and merchandise	103	95
Total inventories	641	456
Cost of equipment sales and merchandise for resale	$ 2,749	$ 2,668

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OTHER CURRENT ASSETS (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Prepaid expenses	$ 304	$ 321
Current portion of deferred commission costs	417	341
Income tax receivable	0	274
Other	128	266
Total other current assets	$ 849	$ 1,202

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Credit Risk (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets that are either past due or impaired [line items]
Contract assets	$ 268	$ 276	$ 197
Total customer accounts receivable and contract assets	5,804	5,301
Trade Receivables and Contract Assets | Allowance for doubtful accounts
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	227	213	$ 184
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	213	184
Allowance for doubtful accounts expense	259	176
Acquired in business combination	0	31
Net use	(245)	(178)
Balance, end of year	227	213
Accounts receivable
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	5,536	5,025
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	5,025
Balance, end of year	5,536	5,025
Accounts receivable | Unbilled financing receivables
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	3,530	3,212
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	3,212
Balance, end of year	3,530	3,212
Accounts receivable | Less than 30 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,419	1,270
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	1,270
Balance, end of year	1,419	1,270
Accounts receivable | 30-60 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	334	324
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	324
Balance, end of year	334	324
Accounts receivable | 61-90 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	122	118
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	118
Balance, end of year	122	118
Accounts receivable | Greater than 90 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	131	101
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	101
Balance, end of year	131	101
Accounts receivable | Gross carrying amount
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	687	626
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	626
Balance, end of year	687	626
Accounts receivable | Allowance for doubtful accounts
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	226	211
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	211
Balance, end of year	226	211
Contract assets
Disclosure of financial assets that are either past due or impaired [line items]
Contract assets	268	276
Contract assets | Allowance for doubtful accounts
Disclosure of financial assets that are either past due or impaired [line items]
Contract assets	$ 1	$ 2

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings	$ 2,959	$ 1,750
Accounts payable and accrued liabilities	4,059	4,221
Long-term debt	41,896	40,855	$ 31,733
Lease liabilities	2,778	2,593	$ 2,028
Derivative financial liabilities		538
Expenditure derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities		15
Equity derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	54
Debt derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities		101
Debt derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities		470
Liquidity risk
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings	2,959	1,750
Short-term borrowings, undiscounted cash flows	2,959	1,750
Accounts payable and accrued liabilities	4,059	4,221
Accounts payable and accrued liabilities, undiscounted cash flows	4,059	4,221
Income tax payable	26
Income tax payable, undiscounted cash flows	26
Long-term debt	41,896	40,855
Long-term debt, undiscounted cash flows	42,886	41,895
Lease liabilities	2,778	2,593
Lease liabilities, undiscounted cash flows	3,546	3,283
Other long-term financial liabilities	49	49
Other long-term financial liabilities, undiscounted cash flows	49	49
Net carrying amount of derivatives (asset)	(425)	538
Financial liabilities	51,342	50,006
Financial liabilities, undiscounted cash flows	50,387	50,327
Liquidity risk | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	2,959	1,750
Accounts payable and accrued liabilities, undiscounted cash flows	4,059	4,221
Income tax payable, undiscounted cash flows	26
Long-term debt, undiscounted cash flows	3,696	1,100
Lease liabilities, undiscounted cash flows	587	504
Other long-term financial liabilities, undiscounted cash flows	1	1
Financial liabilities, undiscounted cash flows	10,961	7,633
Net interest payments	1,925	2,049
Liquidity risk | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Income tax payable, undiscounted cash flows	0
Long-term debt, undiscounted cash flows	8,970	8,607
Lease liabilities, undiscounted cash flows	1,084	1,002
Other long-term financial liabilities, undiscounted cash flows	2	2
Financial liabilities, undiscounted cash flows	9,622	9,655
Net interest payments	3,303	3,784
Liquidity risk | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Income tax payable, undiscounted cash flows	0
Long-term debt, undiscounted cash flows	5,799	8,351
Lease liabilities, undiscounted cash flows	406	405
Other long-term financial liabilities, undiscounted cash flows	42	42
Financial liabilities, undiscounted cash flows	6,132	8,712
Net interest payments	2,528	2,608
Liquidity risk | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Income tax payable, undiscounted cash flows	0
Long-term debt, undiscounted cash flows	24,421	23,837
Lease liabilities, undiscounted cash flows	1,469	1,372
Other long-term financial liabilities, undiscounted cash flows	4	4
Financial liabilities, undiscounted cash flows	23,672	24,327
Net interest payments	13,480	14,201
Liquidity risk | Expenditure derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	2,124	2,187
Net carrying amount of derivatives (asset)	2,288	2,182
Liquidity risk | Expenditure derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,605	1,591
Net carrying amount of derivatives (asset)	1,727	1,587
Liquidity risk | Expenditure derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	519	596
Net carrying amount of derivatives (asset)	561	595
Liquidity risk | Expenditure derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Expenditure derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Equity derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	(54)	(48)
Liquidity risk | Equity derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	(54)	(48)
Liquidity risk | Equity derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Equity derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Equity derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Debt derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	1,958	4,538
Net carrying amount of derivatives (asset)	1,963	4,437
Liquidity risk | Debt derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,958	4,538
Net carrying amount of derivatives (asset)	1,963	4,437
Liquidity risk | Debt derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	22,506	19,051
Net carrying amount of derivatives (asset)	25,421	19,980
Liquidity risk | Debt derivatives | Cash flow hedges | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	2,572	228
Net carrying amount of derivatives (asset)	2,758	228
Liquidity risk | Debt derivatives | Cash flow hedges | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	3,565	3,197
Net carrying amount of derivatives (asset)	3,957	3,154
Liquidity risk | Debt derivatives | Cash flow hedges | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,684	2,625
Net carrying amount of derivatives (asset)	1,799	2,711
Liquidity risk | Debt derivatives | Cash flow hedges | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	14,685	13,001
Net carrying amount of derivatives (asset)	$ 16,907	$ 13,887

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Price Risk (Details)	Dec. 31, 2024
Financial Instruments [Abstract]
Benefit percentage received in purchase agreement	38.00%

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Interest Rate Risk (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Expenditure derivatives - change in foreign exchange rate, change in Cdn% relative to US$ (in dollars per share)	$ 0.01
Impact on net income	$ 0	$ 0
Impact on other comprehensive income	$ 12	9
Interest rate risk | Short-term borrowings
Disclosure of nature and extent of risks arising from financial instruments [line items]
Short-term borrowings, percent change in interest rates	1.00%
Impact on net income	$ 22	13
Impact on other comprehensive income	$ 0	0
Interest rate risk | Bank credit facilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Short-term borrowings, percent change in interest rates	1.00%
Impact on net income	$ 7	32
Impact on other comprehensive income	$ 0	$ 0
Fixed interest rate | Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percent of borrowings (as a percent)	90.80%	85.60%

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Derivative Instruments - Net Asset (Liability) Position (Details) $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($) $ / $	Dec. 31, 2024 USD ($) $ / $	Dec. 31, 2023 CAD ($) $ / $	Dec. 31, 2023 USD ($) $ / $	Dec. 31, 2022 CAD ($)
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	$ 425				$ 1,136
Derivative financial liabilities			$ (538)
Current derivative financial assets	(336)		(80)
Non-current derivative financial assets	(997)		(571)
Non-current derivative financial liabilities	(845)		(1,055)
Net mark-to-market liability	273		(54)
Net mark-to-market liability	152		(484)
Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Net mark-to-market liability	$ 425		$ (538)
Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Exchange rate, assets | $ / $	1.4282	1.4282
Fair value, assets	$ 5				72
Exchange rate, liabilities | $ / $	1.4421	1.4421	1.3526	1.3526
Derivative financial liabilities			$ (101)
Debt derivatives | United States of America, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets		$ 666
Notional amount, liabilities short-term		$ 696		$ 3,354
Debt derivatives | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	$ 952
Notional amount, liabilities short-term	$ 1,004		$ 4,537
Debt derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Exchange rate, assets | $ / $	1.2510	1.2510	1.1583	1.1583
Fair value, assets	$ 352				916
Exchange rate, liabilities | $ / $	1.3127	1.3127	1.3055	1.3055
Derivative financial liabilities			$ (470)
Current derivative financial assets	$ (224)		(98)
Non-current derivative financial assets	(133)		(473)
Debt derivatives | Cash flow hedges | United States of America, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets		$ 11,116		$ 4,557
Notional amount, liabilities		$ 6,550		$ 10,550
Debt derivatives | Cash flow hedges | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	13,906		5,278
Fair value, assets	357
Notional amount, liabilities	$ 8,598		13,773
Derivative financial liabilities			$ (571)
Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Exchange rate, assets | $ / $	1.3362	1.3362	1.3147	1.3147
Fair value, assets	$ 132				94
Exchange rate, liabilities | $ / $			1.3315	1.3315
Derivative financial liabilities			$ (15)
Current derivative financial assets	(105)
Current derivative financial liabilities			(4)
Non-current derivative financial assets	(27)
Non-current derivative financial liabilities			(11)
Expenditure derivatives | Cash flow hedges | United States of America, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets		$ 1,590		$ 600
Notional amount, liabilities				$ 1,050
Expenditure derivatives | Cash flow hedges | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	2,125		789
Fair value, assets	$ 132
Notional amount, liabilities			1,398
Derivative financial liabilities			$ (15)
Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Exchange rate, assets | $ / $			0	0
Fair value, assets			$ 48		$ 54
Exchange rate, liabilities | $ / $	0	0
Derivative financial liabilities	$ (54)
Current derivative financial liabilities	(54)
Non-current derivative financial liabilities	0
Equity derivatives | United States of America, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets				$ 0
Notional amount, liabilities		$ 0
Equity derivatives | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets			324
Notional amount, liabilities	320
Derivative financial liabilities	$ (54)
Purchase Agreements
Disclosure of detailed information about hedging instruments [line items]
Exchange rate, liabilities | $ / $	0	0
Derivative financial liabilities	$ (10)		0
Current derivative financial liabilities	(2)
Non-current derivative financial liabilities	(8)
Purchase Agreements | United States of America, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, liabilities		$ 0
Purchase Agreements | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Notional amount, liabilities	0
Derivative financial liabilities	(10)
Before Offset Amount
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	1,333		651
Derivative financial liabilities	(908)		(1,189)
Before Offset Amount | Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets			0
Current derivative financial assets	(7)
Current derivative financial liabilities	(2)		(101)
Non-current derivative financial assets	0
Non-current derivative financial liabilities	0		0
Before Offset Amount | Debt derivatives | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	7
Derivative financial liabilities	(2)		(101)
Before Offset Amount | Debt derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Current derivative financial assets	(224)		(29)
Current derivative financial liabilities	(5)		(26)
Non-current derivative financial assets	(970)		(570)
Non-current derivative financial liabilities	(837)		(1,043)
Before Offset Amount | Debt derivatives | Cash flow hedges | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	1,194		599
Derivative financial liabilities	(842)		(1,069)
Before Offset Amount | Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Derivative financial liabilities	0
Current derivative financial assets	(105)		(3)
Current derivative financial liabilities			(7)
Non-current derivative financial assets	(27)		(1)
Non-current derivative financial liabilities			(12)
Before Offset Amount | Expenditure derivatives | Cash flow hedges | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	132		4
Derivative financial liabilities			(19)
Before Offset Amount | Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0
Derivative financial liabilities			0
Current derivative financial assets			(48)
Current derivative financial liabilities	(54)
Non-current derivative financial assets			0
Non-current derivative financial liabilities	0
Before Offset Amount | Equity derivatives | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets			$ 48
Derivative financial liabilities	(54)
Before Offset Amount | Purchase Agreements
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	0
Current derivative financial liabilities	(2)
Non-current derivative financial liabilities	(8)
Before Offset Amount | Purchase Agreements | Canada, Dollars
Disclosure of detailed information about hedging instruments [line items]
Derivative financial liabilities	$ (10)

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Net Cash Proceeds (Payments) on Debt Derivatives (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items]
Total payments on debt derivatives	$ (27,534)	$ (53,831)
Net proceeds on settlement of debt derivatives	107	492
Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	26,049	53,029
Total payments on debt derivatives	(25,942)	(52,537)
Net proceeds on settlement of debt derivatives	107	492
Net proceeds on settlement of debt derivatives and forward contracts	107	492
Debt derivatives | US commercial paper program
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	2,478	2,486
Total payments on debt derivatives	(2,466)	(2,506)
Debt derivatives | Credit facilities
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	23,368	47,126
Total payments on debt derivatives	(23,280)	(47,136)
Debt derivatives | Senior notes
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	0	3,232
Total payments on debt derivatives	0	(2,710)
Debt derivatives | Lease Liabilities
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	203	185
Total payments on debt derivatives	$ (196)	$ (185)

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Fair Value of Derivatives (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year		$ 1,136
Derivative financial liabilities, beginning of year	$ (538)
Proceeds received from settlement of derivatives	(27,690)	(54,141)
Payment on derivatives settled	27,534	53,831
(Decrease) increase in fair value of derivatives	1,119	(1,364)
Derivative financial assets, end of year	425
Derivative financial liabilities, end of year		(538)
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year		72
Derivative financial liabilities, beginning of year	(101)
Proceeds received from settlement of derivatives	(25,846)	(49,612)
Payment on derivatives settled	25,746	49,642
(Decrease) increase in fair value of derivatives	206	(203)
Derivative financial assets, end of year	5
Derivative financial liabilities, end of year		(101)
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	48	54
Proceeds received from settlement of derivatives	0	0
Payment on derivatives settled	0	0
(Decrease) increase in fair value of derivatives	(102)	(6)
Derivative financial assets, end of year		48
Derivative financial liabilities, end of year	(54)
Purchase Agreements
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, beginning of year	0
Proceeds received from settlement of derivatives	(1)
Payment on derivatives settled	2
(Decrease) increase in fair value of derivatives	(11)
Derivative financial liabilities, end of year	(10)	0
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year		916
Derivative financial liabilities, beginning of year	(470)
Proceeds received from settlement of derivatives	(203)	(3,232)
Payment on derivatives settled	196	2,710
(Decrease) increase in fair value of derivatives	829	(864)
Derivative financial assets, end of year	352
Derivative financial liabilities, end of year		(470)
Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year		94
Derivative financial liabilities, beginning of year	(15)
Proceeds received from settlement of derivatives	(1,640)	(1,297)
Payment on derivatives settled	1,590	1,479
(Decrease) increase in fair value of derivatives	197	(291)
Derivative financial assets, end of year	132
Derivative financial liabilities, end of year		(15)
Before Offset Amount
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	651
Derivative financial liabilities, beginning of year	(1,189)
Derivative financial assets, end of year	1,333	651
Derivative financial liabilities, end of year	(908)	(1,189)
Before Offset Amount | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	0
Derivative financial assets, end of year		0
Before Offset Amount | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, beginning of year	0
Derivative financial assets, end of year	0
Derivative financial liabilities, end of year		$ 0
Before Offset Amount | Purchase Agreements
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, end of year	0
Before Offset Amount | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, end of year	$ 0

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Details of Derivative Instruments (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / $	Dec. 31, 2024 USD ($) $ / $	Dec. 31, 2023 CAD ($) $ / $	Dec. 31, 2023 USD ($) $ / $	Dec. 31, 2023 USD ($)
Disclosure of detailed information about financial instruments [line items]
Net proceeds on settlement of debt derivatives and forward contracts	$ 107		$ 492
Payment on derivatives settled	27,534		53,831
Senior Notes Issued 2024 5.000% | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 1,250
Coupon rate (as a percent)		5.00%
Senior Notes Issued 2024 5.300% | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 1,250
Coupon rate (as a percent)		5.30%
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional	$ 371	$ 271	$ 366	$ 274
Debt derivatives entered, exchange rate | $ / $	1.369	1.369	1.336	1.336
Payment on derivatives settled	$ 283	$ 214	$ 186	$ 142
Debt derivatives settled, exchange rate | $ / $	1.322	1.322	1.310	1.310
Notional amount			$ 2,188
Payment on derivatives settled	$ 25,746		49,642
Debt derivatives | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Payment on derivatives settled	196		2,710
Debt derivatives | Credit facilities
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional	$ 20,407	$ 14,943	$ 51,517	$ 38,205
Debt derivatives entered, exchange rate | $ / $	1.366	1.366	1.348	1.348
Payment on derivatives settled	$ 23,368	$ 17,136	$ 47,126	$ 34,964
Debt derivatives settled, exchange rate | $ / $	1.364	1.364	1.348	1.348
Net proceeds on settlement of debt derivatives and forward contracts	$ 87		$ (10)
Debt derivatives | US commercial paper program
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional	$ 2,758	$ 2,008	$ 2,447	$ 1,803
Debt derivatives entered, exchange rate | $ / $	1.374	1.374	1.357	1.357
Payment on derivatives settled	$ 2,478	$ 1,807	$ 2,486	$ 1,848
Debt derivatives settled, exchange rate | $ / $	1.371	1.371	1.345	1.345
Net proceeds on settlement of debt derivatives and forward contracts	$ 13		$ (20)
Debt derivatives | Senior Notes Issued 2024 5.000% | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Interest rate		4.735%
Hedging effect, net proceeds received from issuances	1,684
Debt derivatives | Senior Notes Issued 2024 5.300% | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Interest rate		5.107%
Hedging effect, net proceeds received from issuances	1,683
Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional	$ 1,528	$ 1,140	$ 2,187	$ 1,650
Debt derivatives entered, exchange rate | $ / $	1.340	1.340	1.325	1.325
Payment on derivatives settled		$ 1,200	$ 1,479	$ 1,172
Debt derivatives settled, exchange rate | $ / $	1.325	1.325	1.262	1.262
Notional amount		$ 1,590			$ 1,650
Debt derivatives acquired, notional	$ 0	$ 0	$ 282	$ 212
Debt derivatives acquired, exchange rate	0	0	1.330	1.330
Payment on derivatives settled	$ 1,590		$ 1,479

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2023 CAD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2024 CAD ($) $ / shares $ / $	Dec. 31, 2023 CAD ($) $ / shares $ / $	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Oct. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)
Disclosure of detailed information about financial instruments [line items]
Net proceeds on settlement of debt derivatives and forward contracts				$ (107.0)	$ (492.0)
Fair value, assets				425.0					$ 1,136.0
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount					$ 2,188.0
Fair value, assets				5.0					72.0
Debt derivatives | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Fair value, assets				$ 352.0					916.0
Lease Liabilities | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 416	$ 357
Average foreign exchange rate | $ / $				1.349	1.329
Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 1,590	$ 1,650
Average foreign exchange rate | $ / $				1.336	1.325
Fair value, assets				$ 132.0					94.0
Equity derivative effect, net of interest receipt
Disclosure of detailed information about financial instruments [line items]
Fair value, assets					$ 48.0				$ 54.0
Weighted average price of hedging instrument (in dollars per share) | $ / shares				53.27		53.27
Equity derivative effect, net of interest receipt | Class B Non-Voting Shares
Disclosure of detailed information about financial instruments [line items]
Fair value, assets				$ 6.0	$ 6.0
Weighted average price of hedging instrument (in dollars per share) | $ / shares				53.27	54.02	53.27	54.02
Equity derivative effect, net of interest receipt | Performance-based RSUs
Disclosure of detailed information about financial instruments [line items]
Fair value, assets					$ 0.5
Weighted average price of hedging instrument (in dollars per share) | $ / shares					58.14		58.14
Senior Notes Due 2023 - 4.100%
Disclosure of detailed information about financial instruments [line items]
Notional amount								$ 850
Interest rate								4.10%
Repayment of long-term debt	$ 877.0
Senior Notes Due 2023 - 4.100% | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Net proceeds on settlement of debt derivatives and forward contracts		$ (288.0)
Senior Notes Due 2025 | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Net proceeds on settlement of debt derivatives and forward contracts		$ 60.0	$ 1,000
Senior Notes, Debentures, And Subordinated Debt | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 17,250	$ 14,750
Average foreign exchange rate | $ / $				1.272	1.259

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Financial Instruments at Fair Value (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Investments in private companies	$ 128	$ 118
Derivative financial assets	425		$ 1,136
Total financial assets	1,461	769
Long-term debt	41,896	40,855	31,733
Total financial liabilities	42,794	42,044
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	5		72
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets		48	54
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	352		916
Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	132		$ 94
Fair value (Level 2) | Fair value
Disclosure of detailed information about financial instruments [line items]
Investments in private companies	0	0
Total financial assets	1,333	651
Long-term debt	39,765	39,001
Total financial liabilities	40,663	40,190
Fair value (Level 2) | Fair value | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	7	0
Derivative financial liabilities	2	101
Fair value (Level 2) | Fair value | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	48
Derivative financial liabilities	54	0
Fair value (Level 2) | Fair value | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,194	599
Derivative financial liabilities	842	1,069
Fair value (Level 2) | Fair value | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	132	4
Derivative financial liabilities	0	19
Fair value (Level 3) | Fair value
Disclosure of detailed information about financial instruments [line items]
Investments in private companies	128	118
Total financial assets	128	118
Long-term debt	0	0
Total financial liabilities	0	0
Fair value (Level 3) | Fair value | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 3) | Fair value | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities
Fair value (Level 3) | Fair value | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 3) | Fair value | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Before Offset Amount
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,333	651
Before Offset Amount | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets		0
Derivative financial liabilities	2	101
Before Offset Amount | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0
Derivative financial liabilities	54	0
Before Offset Amount | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	842	1,069
Before Offset Amount | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	$ 0	$ 19

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Supplier Finance Arrangements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) leverageRatio	Dec. 31, 2023 CAD ($)
Disclosure of financial liabilities that are part of supplier finance arrangements [line items]
Number of financial institutions enrolled with supplier finance arrangement programs | leverageRatio	2
Number of days between invoice date and payment due date for financial liabilities that are part of supplier finance arrangements	15 days
Minimum
Disclosure of financial liabilities that are part of supplier finance arrangements [line items]
Number of days between invoice date and payment due date for trade payables that are not part of supplier finance arrangements	60 days
Number of days between invoice date and payment due date for financial liabilities due to financial institutions	30 days
Maximum
Disclosure of financial liabilities that are part of supplier finance arrangements [line items]
Number of days between invoice date and payment due date for trade payables that are not part of supplier finance arrangements	90 days
Number of days between invoice date and payment due date for financial liabilities due to financial institutions	45 days
Financial liabilities that are part of supplier finance arrangements for which suppliers have received payment
Disclosure of financial liabilities that are part of supplier finance arrangements [line items]
Financial liabilities	$ 273	$ 256
for which suppliers have received payment from the finance provider	$ 264	$ 208

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INVESTMENTS - Investment Types (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Interests in Other Entities [Abstract]
Investments in private companies, measured at FVTOCI	$ 128	$ 118
Investments, associates and joint ventures	487	480
Total investments	$ 615	$ 598

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INVESTMENTS - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023 CAD ($) entity	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($) entity	Sep. 18, 2024 CAD ($)
Disclosure of joint ventures [line items]
Proceeds from sales of investments other than investments accounted for using equity method	$ 829	$ 0	$ 829
Realized gain on investment			$ 261
Number of entities disposed | entity	2		2
Reclassification to retained earnings for disposition of FVTOCI investments			$ 0
Other (income) expense		(6)	362
Investments	$ 598	$ 615	598
Retained earnings
Disclosure of joint ventures [line items]
Reclassification to retained earnings for disposition of FVTOCI investments			367
Maple Leaf Sports and Entertainment Limited (MLSE)
Disclosure of joint ventures [line items]
Proportion of ownership interest		37.50%
Expected controlling interest once MLSE Transaction closes (as a percent)		75.00%
Maple Leaf Sports and Entertainment Limited (MLSE) | Toronto Maple Leafs
Disclosure of joint ventures [line items]
Content rights percentage owned (as a percent)				50.00%
Maple Leaf Sports and Entertainment Limited (MLSE) | Toronto Raptors
Disclosure of joint ventures [line items]
Content rights percentage owned (as a percent)				50.00%
Maple Leaf Sports and Entertainment Limited (MLSE) | Parent Company and BCE, Inc.
Disclosure of joint ventures [line items]
Proportion of ownership interest		75.00%
Maple Leaf Sports and Entertainment Limited (MLSE) | BCE Inc.
Disclosure of joint ventures [line items]
Expected percentage of ownership stake acquired (as a percent)				37.50%
Percentage of ownership stake acquired, expected purchase price				$ 4,700
Glentel
Disclosure of joint ventures [line items]
Proportion of ownership interest		50.00%
Glentel | BCE Inc.
Disclosure of joint ventures [line items]
Proportion of ownership interest		50.00%
Total for all joint ventures | Total for all associates
Disclosure of joint ventures [line items]
Other (income) expense			422
Investments		$ 0
Cumulative unrecognised share of losses of joint ventures	$ 186	$ 588	$ 186

XML

INVESTMENTS - Associates and Joint Venture Investment Impact (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Associates And Joint Ventures [Line Items]
Current assets	$ 8,373	$ 7,834
Current liabilities	(12,609)	(8,782)
Net income for the year	1,734	849
Total for all associates | Total for all joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Current assets	749	581
Long-term assets	3,584	3,423
Current liabilities	(1,234)	(1,109)
Long-term liabilities	(3,395)	(2,456)
Total net assets	(296)	439
Our share of net assets	(99)	290
Revenue	2,731	2,546
Expenses	(3,473)	(3,710)
Net income for the year	(742)	(1,164)
Our share of net loss	$ (376)	$ (589)

XML

SHORT-TERM BORROWINGS - Short-term Borrowings (Details) $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	$ 2,959		$ 1,750
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	2,000		1,600		$ 2,400
US commercial paper program (net of the discount on issuance)
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	452	$ 314	150	$ 113	214	$ 158
Non-revolving credit facility borrowings
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	$ 507		$ 0		$ 371

XML

SHORT-TERM BORROWINGS - Proceeds/Repayments From Borrowing Programs (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Net proceeds received from (repayment of) short-term borrowings	$ 1,138		$ (1,439)
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	(800)		0
Repayments of short-term borrowings	(400)		(1,000)
Net proceeds received from (repayment of) receivables securitization	(400)		1,000
Receivables securitization program | Maximum
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	(2,400)
US commercial paper program
Disclosure of detailed information about borrowings [line items]
Net proceeds received from (repayment of) short-term borrowings	265	$ 190	(52)	$ (55)
US commercial paper program | United States of America, Dollars
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ (2,759)	$ (2,009)	$ (2,447)	$ (1,803)
Exchange rate on proceeds received from short-term borrowings	1.373	1.373	1.357	1.357
Repayments of short-term borrowings	$ (2,494)	$ (1,819)	$ (2,499)	$ (1,858)
Exchange rate on repayments of short-term borrowings	1.371	1.371	1.345	1.345
Credit facilities
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ (3,996)		$ (3,241)
Repayments of short-term borrowings	(3,523)		(3,628)
Credit facilities | United States of America, Dollars
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ (3,996)	$ (2,899)	$ (2,866)	$ (2,125)
Exchange rate on proceeds received from short-term borrowings	1.378	1.378	1.349	1.349
Repayments of short-term borrowings	$ (3,523)	$ (2,547)	$ (2,870)	$ (2,125)
Exchange rate on repayments of short-term borrowings	1.383	1.383	1.351	1.351
Credit facilities | Canada, Dollars
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ 0		$ (375)
Repayments of short-term borrowings	0		(758)
All Non-Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Net proceeds received from (repayment of) short-term borrowings	$ 473		$ (387)

XML

SHORT-TERM BORROWINGS - Accounts Receivable Securitization (Details) - CAD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Short-term borrowings from buyer		$ (2,959)	$ (1,750)
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Receivables sold to buyer as security		3,186	3,178
Short-term borrowings from buyer		(2,000)	(1,600)	$ (2,400)
Overcollateralization		1,186	1,578
Receivables securitization program assumed		0	200
Net proceeds received from (repayment of) receivables securitization		400	(1,000)
Repayments of short-term borrowings		$ 400	$ 1,000
Receivables securitization program | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Repayments of short-term borrowings	$ 200

XML

SHORT-TERM BORROWINGS - US Commercial Paper Program (Details) - US commercial paper program	12 Months Ended
	Dec. 31, 2024 USD ($)
Disclosure of detailed information about borrowings [line items]
Maximum aggregate principal allowed to issue	$ 1,500,000,000
Minimum
Disclosure of detailed information about borrowings [line items]
Maturity term (in days)	1 day
Maximum
Disclosure of detailed information about borrowings [line items]
Maturity term (in days)	397 days

XML

SHORT-TERM BORROWINGS - Movement in Borrowing Programs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / $	Dec. 31, 2024 USD ($) $ / $	Dec. 31, 2023 CAD ($) $ / $	Dec. 31, 2023 USD ($) $ / $
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance	$ 1,750,000,000
Net (repayment of) proceeds received from short-term borrowings	1,138,000,000		$ (1,439,000,000)
Amortization of deferred transaction costs	141,000,000		136,000,000
Loss (gain) on foreign exchange	222,000,000		(111,000,000)
Short-term borrowings, ending balance	2,959,000,000		1,750,000,000
US commercial paper program
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance	$ 150,000,000	$ 113	$ 214,000,000	$ 158
Exchange rate on short-term borrowings | $ / $	1.327	1.327	1.354	1.354
Net (repayment of) proceeds received from short-term borrowings	$ 265,000,000	$ 190	$ (52,000,000)	$ (55)
Discount on issuance	$ 15,000,000	$ 11	$ 14,000,000	$ 10
Exchange rate on discounts on issuance of short-term borrowings | $ / $	1.364	1.364	1.400	1.400
Loss (gain) on foreign exchange	$ 22,000,000		$ (26,000,000)
Short-term borrowings, ending balance	$ 452,000,000	$ 314	$ 150,000,000	$ 113
Exchange rate on short-term borrowings | $ / $	1.439	1.439	1.327	1.327
Non-revolving credit facility borrowings
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance	$ 0		$ 371,000,000
Net (repayment of) proceeds received from short-term borrowings	473,000,000		(387,000,000)
Amortization of deferred transaction costs	0		12,000,000
Loss (gain) on foreign exchange	34,000,000		4,000,000
Short-term borrowings, ending balance	$ 507,000,000		$ 0

XML

SHORT-TERM BORROWINGS - Non-Revolving Credit Facility (Details) $ in Millions, $ in Millions	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($) borrowing	Nov. 30, 2023 CAD ($) borrowing
Credit facilities
Disclosure of detailed information about borrowings [line items]
Number of borrowings entered into | borrowing				3
Number of borrowings terminated | borrowing			2
Maximum borrowing capacity | $			$ 500	$ 2,000
Non-Revolving Credit Facility, Maturing In 2025
Disclosure of detailed information about borrowings [line items]
Borrowings | $	$ 184	$ 185

XML

PROVISIONS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in other provisions [abstract]
Balance	$ 76
Additions	9
Adjustments to existing provisions	(3)
Balance	82
Current (recorded in "other current liabilities")	482	$ 434
Long-term	61	$ 54
Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	21
Decommissioning liabilities
Reconciliation of changes in other provisions [abstract]
Balance	61
Additions	0
Adjustments to existing provisions	4
Balance	65
Long-term	54
Decommissioning liabilities | Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	11
Other
Reconciliation of changes in other provisions [abstract]
Balance	15
Additions	9
Adjustments to existing provisions	(7)
Balance	17
Long-term	7
Other | Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	$ 10

XML

LONG-TERM DEBT - Summary of Long-term Debt (Details)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 38,200,000,000		$ 39,755,000,000
Deferred transaction costs and discounts	(951,000,000)		(1,040,000,000)
Deferred government grant liability	(39,000,000)		0
Less current portion	(3,696,000,000)		(1,100,000,000)
Canada Infrastructure Bank Credit Facility due 2052 1.000%
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 64,000,000
Canada Infrastructure Bank Credit Facility due 2052 1.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Interest rate	1.00%	1.00%
Senior Notes Due 2024 - 4.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 600,000,000
Interest rate	4.00%	4.00%
Senior Notes Due 2024 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000
Interest rate	4.35%	4.35%
Senior Notes Due 2025 - 2.950% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,000,000,000
Interest rate	2.95%	2.95%
Senior Notes Due 2025 - 3.100% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,250,000,000
Interest rate	3.10%	3.10%
Senior Notes Due 2025 - 3.625% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 700,000,000
Interest rate	3.625%	3.625%
Senior Notes Due 2026 - 5.650% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000	$ 500,000,000
Interest rate	5.65%	5.65%	5.65%
Senior Notes Due 2026 - 2.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	2.90%	2.90%
Senior Notes Due 2027 - 3.650% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,500,000,000
Interest rate	3.65%	3.65%
Senior Notes Due 2027 - 3.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 300,000,000
Interest rate	3.80%	3.80%
Senior Notes Due 2027 - 3.200% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,300,000,000
Interest rate	3.20%	3.20%
Senior Notes Due 2028 - 5.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,000,000,000	$ 1,000,000,000
Interest rate	5.70%	5.70%	5.70%
Senior Notes Due 2028 - 4.400% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	4.40%	4.40%
Senior Notes Due 2029 - 3.300% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000
Interest rate	3.30%	3.30%
Senior Notes Due 2029 - 3.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	3.75%	3.75%
Senior Notes Due 2029 - 3.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	3.25%	3.25%
Senior Notes Due 2029 - 5.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,250,000,000
Interest rate	5.00%	5.00%
Senior Notes Due 2030 - 5.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000		$ 500,000,000
Interest rate	5.80%	5.80%	5.80%
Senior Notes Due 2030 - 2.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000
Interest rate	2.90%	2.90%
Senior Notes Due 2032 - 3.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 2,000,000,000
Interest rate	3.80%	3.80%
Senior Notes Due 2032 - 4.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	4.25%	4.25%
Senior Debentures Due 2032 - 8.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 200,000,000
Interest rate	8.75%	8.75%
Senior Notes Due 2033 - 5.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000		$ 1,000,000,000
Interest rate	5.90%	5.90%	5.90%
Senior Notes Due 2034 - 5.300% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,250,000,000
Interest rate	5.30%	5.30%
Senior Notes Due 2038 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 350,000,000
Interest rate	7.50%	7.50%
Senior Notes Due 2039 - 6.680% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000
Interest rate	6.68%	6.68%
Senior Notes Due 2039 - 6.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,450,000,000
Interest rate	6.75%	6.75%
Senior Notes Due 2040 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 800,000,000
Interest rate	6.11%	6.11%
Senior Notes Due 2041 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 400,000,000
Interest rate	6.56%	6.56%
Senior Notes Due 2042 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 750,000,000
Interest rate	4.50%	4.50%
Senior Notes Due 2043 - 4.500% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	4.50%	4.50%
Senior Notes Due 2043 - 5.450% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 650,000,000
Interest rate	5.45%	5.45%
Senior Notes Due 2044 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,050,000,000
Interest rate	5.00%	5.00%
Senior Notes Due 2048 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 750,000,000
Interest rate	4.30%	4.30%
Senior Notes Due 2049 - 4.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 300,000,000
Interest rate	4.25%	4.25%
Senior Notes Due 2049 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,250,000,000
Interest rate	4.35%	4.35%
Senior Notes Due 2049 - 3.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,000,000,000
Interest rate	3.70%	3.70%
Senior Notes Due 2052 - 4.550% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 2,000,000,000
Interest rate	4.55%	4.55%
Senior Notes Due 2052 - 5.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	5.25%	5.25%
Subordinated Notes Due 2081 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 2,000,000,000
Interest rate	5.00%	5.00%
Subordinated Notes Due 2082 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 750,000,000
Interest rate	5.25%	5.25%
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 42,886,000,000		$ 41,895,000,000
Gross carrying amount | Term Loan Facilities | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,001,000,000		4,286,000,000
Gross carrying amount | Canada Infrastructure Bank Credit Facility due 2052 1.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	64,000,000		0
Gross carrying amount | Senior Notes Due 2024 - 4.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	0		600,000,000
Gross carrying amount | Senior Notes Due 2024 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	0		500,000,000
Gross carrying amount | Senior Notes Due 2025 - 2.950% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,439,000,000		1,323,000,000
Gross carrying amount | Senior Notes Due 2025 - 3.100% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,250,000,000		1,250,000,000
Gross carrying amount | Senior Notes Due 2025 - 3.625% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,007,000,000		926,000,000
Gross carrying amount | Senior Notes Due 2026 - 5.650% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2026 - 2.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	718,000,000		661,000,000
Gross carrying amount | Senior Notes Due 2027 - 3.650% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,500,000,000		1,500,000,000
Gross carrying amount | Senior Notes Due 2027 - 3.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	300,000,000		300,000,000
Gross carrying amount | Senior Notes Due 2027 - 3.200% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,871,000,000		1,719,000,000
Gross carrying amount | Senior Notes Due 2028 - 5.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Notes Due 2028 - 4.400% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2029 - 3.300% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2029 - 3.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Notes Due 2029 - 3.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Notes Due 2029 - 5.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,799,000,000		0
Gross carrying amount | Senior Notes Due 2030 - 5.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2030 - 2.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2032 - 3.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	2,878,000,000		2,645,000,000
Gross carrying amount | Senior Notes Due 2032 - 4.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Debentures Due 2032 - 8.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	288,000,000		265,000,000
Gross carrying amount | Senior Notes Due 2033 - 5.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Notes Due 2034 - 5.300% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,799,000,000		0
Gross carrying amount | Senior Notes Due 2038 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	504,000,000		463,000,000
Gross carrying amount | Senior Notes Due 2039 - 6.680% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2039 - 6.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,450,000,000		1,450,000,000
Gross carrying amount | Senior Notes Due 2040 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	800,000,000		800,000,000
Gross carrying amount | Senior Notes Due 2041 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	400,000,000		400,000,000
Gross carrying amount | Senior Notes Due 2042 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,079,000,000		992,000,000
Gross carrying amount | Senior Notes Due 2043 - 4.500% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	719,000,000		661,000,000
Gross carrying amount | Senior Notes Due 2043 - 5.450% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	935,000,000		860,000,000
Gross carrying amount | Senior Notes Due 2044 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,511,000,000		1,389,000,000
Gross carrying amount | Senior Notes Due 2048 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,079,000,000		992,000,000
Gross carrying amount | Senior Notes Due 2049 - 4.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	300,000,000		300,000,000
Gross carrying amount | Senior Notes Due 2049 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,799,000,000		1,653,000,000
Gross carrying amount | Senior Notes Due 2049 - 3.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,439,000,000		1,323,000,000
Gross carrying amount | Senior Notes Due 2052 - 4.550% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	2,878,000,000		2,645,000,000
Gross carrying amount | Senior Notes Due 2052 - 5.250% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Subordinated Notes Due 2081 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	2,000,000,000		2,000,000,000
Gross carrying amount | Subordinated Notes Due 2082 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 1,079,000,000		$ 992,000,000

XML

LONG-TERM DEBT - Long-Term Debt Activity (Details) $ in Millions, $ in Millions		1 Months Ended						12 Months Ended
	Apr. 03, 2023 CAD ($)	Feb. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Jan. 31, 2024 CAD ($)	Nov. 30, 2023 CAD ($)	Sep. 30, 2023 CAD ($)	Apr. 30, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Net (repayment) issuance of long-term debt								$ (1,103)		$ 5,040
Long-term debt, beginning of year				$ 40,855				40,855		31,733
Long-term debt assumed								0		4,526
Deferred government grant liability								(39)		0
Loss (gain) on foreign exchange								2,094		(549)
Deferred transaction costs incurred								(52)		(31)
Amortization of deferred transaction costs								141		136
Long-term debt, end of year								41,896		40,855
Current portion of long-term debt								3,696		1,100
Long-term debt								38,200		39,755
Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	$ 6,000
Repayment of long-term debt				$ 500	$ 500
Amortization of deferred transaction costs	24
Borrowings recognised as of acquisition date	$ 4,550						$ 4,550
Bank credit facilities
Disclosure of detailed information about borrowings [line items]
Net (repayment) issuance of long-term debt								64		7
Bank Credit Facilities, Canadian Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								64		0
Bank Credit Facilities, US Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								$ 0	$ 0	$ 301	$ 220
Exchange rate on proceeds from non-current borrowings								0	0	1.368	1.368
Repayment of long-term debt								$ 0	$ 0	$ 294	$ 220
Exchange rate on repayments of non-current borrowings								0	0	1.336	1.336
Senior notes
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt						$ 2,980		$ 3,367		$ 3,000
Repayment of long-term debt								1,100		2,354
Net (repayment) issuance of long-term debt								2,267		646
Senior Notes, Canadian Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								0		3,000
Repayment of long-term debt								1,100		500
Senior Notes, US Portion | United States of America, Dollars
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								$ 3,367		$ 0
Exchange rate on proceeds from non-current borrowings								1.347	1.347	0	0
Repayment of long-term debt								$ 0	$ 0
Exchange rate on repayments of non-current borrowings								0	0	1.373	1.373
Principal amount												$ 2,500	$ 0
Subordinated Notes Due 2081 | United States of America, Dollars
Disclosure of detailed information about borrowings [line items]
Repayment of long-term debt										$ 1,854	$ 1,350
Unsecured Non-Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								$ 64
Deferred government grant liability								(39)
Term Loan Facilities, US Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt								18	$ 8	$ 6,082	$ 4,506
Exchange rate on proceeds from non-current borrowings										1.350	1.350
Repayment of long-term debt								$ 3,452	$ 2,553	$ 1,695	$ 1,265
Exchange rate on repayments of non-current borrowings								1.352	1.352	1.340	1.340
Term Loan Facilities
Disclosure of detailed information about borrowings [line items]
Net (repayment) issuance of long-term debt								$ (3,434)		$ 4,387
Term Loan Facilities | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt			$ 2,500				$ 6,000
Repayment of long-term debt		$ 3,400

XML

LONG-TERM DEBT - Weighted Average Interest Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate	4.61%	4.85%

XML

LONG-TERM DEBT - Bank Credit and Letter of Credit Facilities (Details) $ in Billions		1 Months Ended					12 Months Ended
	Apr. 03, 2023 CAD ($)	Feb. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Jan. 31, 2024 CAD ($)	Nov. 30, 2023 CAD ($)	Apr. 30, 2023 CAD ($) tranche	Dec. 31, 2024 CAD ($)	Apr. 30, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Disclosure of detailed information about borrowings [line items]
Long-term debt							$ 38,200,000,000		$ 39,755,000,000
Short-term borrowings							2,959,000,000		1,750,000,000
Deferred government grant liability							39,000,000		0
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt							42,886,000,000		41,895,000,000
Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 6,000,000,000						6,000,000,000
Proceeds on issuance of long-term debt	$ 6,000,000,000
Repayment of long-term debt				$ 500,000,000	$ 500,000,000
Debt derivatives
Disclosure of detailed information about borrowings [line items]
Notional amount									2,188,000,000
Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity							$ 4,000,000,000.0		4,000,000,000
Revolving Credit Facility | Bank Prime Rate or Base Rate | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							0.00%
Revolving Credit Facility | Bank Prime Rate or Base Rate | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							1.25%
Revolving Credit Facility | Secured Overnight Financing Rate or Canadian Overnight Repo Rate Average | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							0.85%
Revolving Credit Facility | Secured Overnight Financing Rate or Canadian Overnight Repo Rate Average | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							2.25%
Revolving Credit Facility, Tranche One
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity								$ 3,000,000,000
Revolving Credit Facility, Tranche Two
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity								$ 1,000,000,000
Term Loan Facilities
Disclosure of detailed information about borrowings [line items]
Number of tranches | tranche						3
Term Loan Facilities | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt			$ 2.5			$ 6,000,000,000
Repayment of long-term debt		$ 3,400,000,000
Term Loan Facilities | Bank Prime Rate or Base Rate | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							0.00%
Term Loan Facilities | Bank Prime Rate or Base Rate | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							1.25%
Term Loan Facilities | Secured Overnight Financing Rate or Canadian Overnight Repo Rate Average | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							0.65%
Term Loan Facilities | Secured Overnight Financing Rate or Canadian Overnight Repo Rate Average | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)							2.25%
Tranche One Maturing On April 3, 2026 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt									1,000,000,000
Tranche One Maturing On April 3, 2026 | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt						2,000,000,000
Tranche Two Maturing On April 3, 2027 | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt						2,000,000,000
Repayment of long-term debt							$ 1,600,000,000
Tranche Three Maturing On April 3, 2028 | Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt						$ 2,000,000,000
Unsecured Non-Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity							815,000,000		$ 665,000,000
Proceeds on issuance of long-term debt							64,000,000
Deferred government grant liability							$ 39,000,000
Interest rate							1.00%

XML

LONG-TERM DEBT - Senior Notes and Debentures (Details)	1 Months Ended				12 Months Ended
	Feb. 28, 2025 CAD ($) tranche	Feb. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Sep. 30, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Feb. 28, 2025 USD ($) tranche	Dec. 31, 2024 USD ($)	Sep. 30, 2024 CAD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds from debt derivatives upon conversion		$ 3,320,000,000	$ 2,460,000,000
Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Total gross proceeds	$ 4,000,000,000
Senior Notes Due 2039 - 5.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount								$ 1,250,000,000
Interest rate					5.00%			5.00%
Discount / premium at issuance					99.714%			99.714%
Total gross proceeds					$ 1,684,000,000
Transaction costs and discounts					$ 20,000,000
Senior Notes Due 2034 - 5.300% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount								$ 1,250,000,000
Interest rate					5.30%			5.30%
Discount / premium at issuance					99.119%			99.119%
Total gross proceeds					$ 1,683,000,000
Transaction costs and discounts					$ 30,000,000
Senior Notes Due 2026 - 5.650% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount						$ 500,000,000		$ 500,000,000
Interest rate					5.65%	5.65%		5.65%
Discount / premium at issuance						99.853%
Total gross proceeds						$ 500,000,000
Transaction costs and discounts						3,000,000
Senior Notes Due 2028 - 5.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount						$ 1,000,000,000		$ 1,000,000,000
Interest rate					5.70%	5.70%		5.70%
Discount / premium at issuance						99.871%
Total gross proceeds						$ 1,000,000,000
Transaction costs and discounts						8,000,000
Senior Notes Due 2030 - 5.800% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount					$ 500,000,000	$ 500,000,000
Interest rate					5.80%	5.80%		5.80%
Discount / premium at issuance						99.932%
Total gross proceeds						$ 500,000,000
Transaction costs and discounts						4,000,000
Senior Notes Due 2033 - 5.900% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount					$ 1,000,000,000	$ 1,000,000,000
Interest rate					5.90%	5.90%		5.90%
Discount / premium at issuance						99.441%
Total gross proceeds						$ 1,000,000,000
Transaction costs and discounts						12,000,000
Subordinated Notes Issued | Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Number of tranches | tranche	3						3
Subordinated Notes Due 2055 - 7.00%, Tranche One | Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Principal amount							$ 1,100,000,000
Interest rate	7.00%						7.00%
Applicable interest rate term	5 years
Subordinated Notes Due 2055 - 7.125%, Tranche Two | Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Principal amount							$ 1,000,000,000
Interest rate	7.125%						7.125%
Applicable interest rate term	10 years
Redemption period	10 years
Subordinated Notes Due 2055 - 5.625%, Tranche Three | Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	5.625%						5.625%
Applicable interest rate term	5 years
Subordinated Notes Due 2055 - 5.625% and Subordinated Notes Due 2055 - 7.00% | Issuance of Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Redemption period	5 years
Senior notes
Disclosure of detailed information about borrowings [line items]
Total gross proceeds				$ 2,980,000,000	$ 3,367,000,000	$ 3,000,000,000
Borrowings			$ 2,500,000,000						$ 3,000,000,000
Senior Notes Due 2029 - 5.00%
Disclosure of detailed information about borrowings [line items]
Interest rate			5.00%
Borrowings			$ 1,250,000,000
Senior Notes Due 2034 - 5.30%
Disclosure of detailed information about borrowings [line items]
Interest rate			5.30%
Borrowings			$ 1,250,000,000

XML

LONG-TERM DEBT - Repayment of Senior Notes and Related Derivative Settlements (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Oct. 31, 2023 USD ($)
Debt derivatives
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 2,188
Settlement amount	$ 522
Senior Notes - 4.35% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount		$ 500
Interest rate		4.35%
Senior Notes - 4.00% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount		$ 600
Interest rate		4.00%
Senior Notes - 3.80% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 500
Interest rate			3.80%	3.80%
Senior Notes Due 2023 - 4.100%
Disclosure of detailed information about borrowings [line items]
Notional amount					$ 850
Interest rate					4.10%
Senior Notes Due 2023 - 4.100% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount			$ 850
Interest rate			4.10%	4.10%
Senior Notes Due 2023 - 3.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount			$ 500
Interest rate			3.00%	3.00%

XML

LONG-TERM DEBT - Principal Repayments (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 38,200	$ 39,755
2025
Disclosure of detailed information about borrowings [line items]
Long-term debt	3,696
2026
Disclosure of detailed information about borrowings [line items]
Long-term debt	4,220
2027
Disclosure of detailed information about borrowings [line items]
Long-term debt	4,750
2028
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,500
2029
Disclosure of detailed information about borrowings [line items]
Long-term debt	4,299
Thereafter
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 24,421

XML

LONG-TERM DEBT - Terms and Conditions (Details)	Dec. 31, 2024
Senior Debentures Due 2032 - 8.750% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Interest rate	8.75%

XML

OTHER LONG-TERM LIABILITIES (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Derivative instruments	$ 845	$ 1,055
Contract liabilities	282	271
Supplemental executive retirement plan	93	94
Stock-based compensation	31	47
Other	415	316
Total other long-term liabilities	$ 1,666	$ 1,783

XML

POST-EMPLOYMENT BENEFITS - Principal Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined benefit obligation
Discount rate	4.80%	4.60%
Mortality rate	95.00%	95.00%
Pension expense
Discount rate	4.60%	5.30%
Mortality rate	95.00%	95.00%
Minimum
Defined benefit obligation
Rate of compensation increase	2.00%	2.00%
Pension expense
Rate of compensation increase	2.00%	1.00%
Maximum
Defined benefit obligation
Rate of compensation increase	7.50%	7.50%
Pension expense
Rate of compensation increase	7.50%	4.50%

XML

POST-EMPLOYMENT BENEFITS - Sensitivity of Key Assumptions (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Discount rate
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ (174)	$ (183)
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ 197	$ 208
Percentage of reasonably possible increase in actuarial assumption	0.50%	0.50%
Percentage of reasonably possible decrease in actuarial assumption	0.50%	0.50%
Rate of future compensation increase
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ 12	$ 13
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ (12)	$ (13)
Percentage of reasonably possible increase in actuarial assumption	0.25%	0.25%
Percentage of reasonably possible decrease in actuarial assumption	0.25%	0.25%
Mortality rate
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ 36	$ 38
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ (40)	$ (42)
Duration of reasonably possible increase in actuarial assumption (in years)	1 year	1 year
Duration of reasonably possible decrease in actuarial assumption (in years)	1 year	1 year

XML

POST-EMPLOYMENT BENEFITS - Present Value of Accrued Plan Benefits and Estimated Market Values of Net Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Net deferred pension asset	$ (93)	$ (94)
Domestic defined benefit plans
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	2,385	2,339
Accrued benefit obligations	(2,197)	(2,260)
Surplus of plan assets over accrued benefit obligations	188	79
Effect of asset ceiling limit	(13)	(3)
Net deferred pension asset	175	76
Deferred pension asset	183	76
Deferred pension liability	$ (8)	$ 0

XML

POST-EMPLOYMENT BENEFITS - Summary of Pension Fund Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	$ (94)
Remeasurements, recognized in other comprehensive income and equity	209	$ 281
Contributions by employees	25	28
Contributions by employer	5	19
Plan assets, end of year	(93)	(94)
Domestic defined benefit plans
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	76
Interest income	8	18
Remeasurements, recognized in other comprehensive income and equity	101	149
Administrative expenses paid from plan assets	(3)	(4)
Plan assets, end of year	175	76
Domestic defined benefit plans | Plan assets
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	2,339	2,770
Interest income	110	134
Remeasurements, recognized in other comprehensive income and equity	101	149
Contributions by employees	25	28
Contributions by employer	5	19
Benefits paid	(51)	(89)
Decrease (Increase) In Net Defined Benefit Liability (Asset) Resulting From Annuitization	141	737
Increase (decrease) in net defined benefit liability (asset) resulting from business combinations and disposals	0	(67)
Administrative expenses paid from plan assets	(3)	(2)
Plan assets, end of year	$ 2,385	$ 2,339

XML

POST-EMPLOYMENT BENEFITS - Summary of Accrued Benefit Obligations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	$ 94
Contributions by employees	25	$ 28
Net defined benefit plan (assets) accrued benefit obligations, ending balance	93	94
Domestic defined benefit plans
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	(76)
Current service cost	86	76
Pension expense, recognized in employee salaries and benefits expense	(81)	(62)
Net interest cost, recognized in finance costs	(8)	(18)
Remeasurements, recognized in other comprehensive income and equity	(176)	191
Net defined benefit plan (assets) accrued benefit obligations, ending balance	(175)	(76)
Domestic defined benefit plans | Accrued benefit obligation
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	2,260	2,430
Current service cost	86	76
Net interest cost, recognized in finance costs	102	116
Benefits paid	(51)	(89)
Impact of annuitization	(140)	(736)
Impact of Shaw Transaction	0	55
Contributions by employees	25	28
Remeasurements, recognized in other comprehensive income and equity	(85)	380
Net defined benefit plan (assets) accrued benefit obligations, ending balance	2,197	2,260
Domestic defined benefit plans | Plan assets
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	(2,339)	(2,770)
Net interest cost, recognized in finance costs	(110)	(134)
Benefits paid	(51)	(89)
Impact of annuitization	(141)	(737)
Impact of Shaw Transaction	0	67
Contributions by employees	25	28
Net defined benefit plan (assets) accrued benefit obligations, ending balance	(2,385)	(2,339)
Unfunded supplemental benefits for certain executives | Accrued benefit obligation
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	94	83
Pension expense, recognized in employee salaries and benefits expense	4	9
Net interest cost, recognized in finance costs	3	5
Benefits paid	(7)	(9)
Remeasurements, recognized in other comprehensive income and equity	(1)	6
Net defined benefit plan (assets) accrued benefit obligations, ending balance	$ 93	$ 94

XML

POST-EMPLOYMENT BENEFITS - Composition of Plan Assets (Details) - Domestic defined benefit plans - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value of plan assets [line items]
Equity securities	$ 1,406	$ 1,371
Debt securities	929	914
Other - cash	50	54
Total fair value of plan assets	$ 2,385	$ 2,339

XML

POST-EMPLOYMENT BENEFITS - Benefit Plan Costs (Details) - Domestic defined benefit plans - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of net defined benefit liability (asset) [line items]
Current service cost	$ 86	$ 76
Net interest income	(8)	(18)
Net pension expense	78	58
Administrative expense	3	4
Total pension cost recognized in net income	81	62
Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Net interest income	(110)	(134)
Administrative expense	3	2
Accrued benefit obligation
Disclosure of net defined benefit liability (asset) [line items]
Current service cost	86	76
Net interest income	$ 102	$ 116

XML

POST-EMPLOYMENT BENEFITS - Narrative (Details) - CAD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Employee Benefits [Abstract]
Payments of annuities	$ 147	$ 737
Defined contribution plan expense			$ 39	$ 43
Entity's own securities included in plan assets			6	$ 7
Estimate of contributions expected to be paid to plan for next annual reporting period			$ 0
Weighted average duration of defined benefit obligation			17 years	17 years
Return gain (loss) on plan assets			$ 209	$ 281
Cumulative loss in equity, employee benefit plans			$ (41)	$ (88)

XML

POST-EMPLOYMENT BENEFITS - Remeasurement Recognized in OCI and Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of net defined benefit liability (asset) [line items]
Return on plan assets (excluding interest income)	$ 209	$ 281
Change in asset ceiling	(10)	40
Domestic defined benefit plans
Disclosure of net defined benefit liability (asset) [line items]
Return on plan assets (excluding interest income)	101	149
Change in financial assumptions	70	(328)
Change in demographic assumptions	0	(8)
Effect of experience adjustments	15	(44)
Remeasurement gain (loss), recognized in other comprehensive income and equity	$ 176	$ (191)

XML

POST-EMPLOYMENT BENEFITS - Allocation of Plan Assets (Details)	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value of plan assets [line items]
Domestic equity securities	12.20%	12.00%
International equity securities	46.70%	46.60%
Debt securities	39.00%	39.10%
Other - cash	2.10%	2.30%
Total	100.00%	100.00%
Minimum
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Debt securities (as a percent)	45.00%
Target asset allocation percentage, Other - cash (as a percent)	0.00%
Minimum | Domestic
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	3.00%
Minimum | International
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	27.00%
Maximum
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Debt securities (as a percent)	75.00%
Target asset allocation percentage, Other - cash (as a percent)	5.00%
Maximum | Domestic
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	13.00%
Maximum | International
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	37.00%

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POST-EMPLOYMENT BENEFITS - Contributions to Plans (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Benefits [Abstract]
Employer contribution	$ 5	$ 19
Employee contribution	25	28
Total contribution	$ 30	$ 47

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SHAREHOLDERS' EQUITY - Capital Stock (Details) number in Millions	Dec. 31, 2024 vote shares	Apr. 03, 2023 shares	Apr. 03, 2023	Feb. 28, 2022 $ / shares shares
Shaw Communications Inc.
Disclosure of classes of share capital [line items]
Class B non-voting shares (in shares)		23,600,000	23.6
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	400,000,000
Class A Voting Shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	112,474,388
Number of votes entitled to | vote	50
Class B Non-Voting Shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	1,400,000,000
Series I Preferred Shares | Major ordinary share transactions
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)				3,300,000
Series II Preferred Shares | Preferred Shares Transaction | Senior Notes Due 2082 | Floating interest rate
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)				1,400,000
Series I And II Preferred Shares | Preferred Shares Transaction | Senior Notes Due 2082 | Floating interest rate
Disclosure of classes of share capital [line items]
Par value per share | $ / shares				$ 1,000

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SHAREHOLDERS' EQUITY - Dividends (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended								12 Months Ended
	Jan. 26, 2022	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024
Disclosure of classes of share capital [line items]
Dividends per share (in dollars per share)		$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50
Dividends paid in cash		$ 185	$ 181	$ 185	$ 183	$ 190	$ 191	$ 264	$ 252
Dividends paid, total		269	267	266	266	265	265	264	252
Quarterly Dividend
Disclosure of classes of share capital [line items]
Dividends per share (in dollars per share)	$ 0.50
Class B Non-Voting Shares
Disclosure of classes of share capital [line items]
Dividends paid in non-voting shares		$ 84	$ 86	$ 81	$ 83	$ 75	$ 74	$ 0	$ 0
Number of shares issued (in shares)		1,943	1,633	1,651	1,552	1,244	1,454	0	0	1,943
Entitled rate per share of dividends (in dollars per share)										$ 0.05
Class A Voting Shares
Disclosure of classes of share capital [line items]
Entitled rate per share of dividends (in dollars per share)										$ 0.05

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STOCK-BASED COMPENSATION - Principal assumptions used to determine fair value of stock options (Details)	12 Months Ended
	Dec. 31, 2024 CAD ($) year	Dec. 31, 2023 CAD ($) year
Share-based Payment Arrangements [Abstract]
Weighted average fair value | $	$ 8.08	$ 12.07
Risk-free interest rate	3.40%	3.40%
Dividend yield	3.60%	3.20%
Volatility of Class B Non-Voting Shares	24.20%	23.40%
Weighted average expected life | year	5.4	5.5

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STOCK-BASED COMPENSATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 CAD ($) shares $ / shares	Dec. 31, 2023 CAD ($) shares $ / shares	Dec. 31, 2022 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities from share-based payment transactions	$ 103,000,000	$ 224,000,000
Current liabilities from share-based payment transactions	72,000,000	177,000,000
Non-current liabilities from share-based payment transactions	31,000,000	47,000,000
Intrinsic value of liabilities from share-based payment transactions	32,000,000	67,000,000
Expense from cash-settled share-based payment transactions	$ 70,000,000	$ 75,000,000
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share) | $ / shares	$ 53.04	$ 54.90
Unrecognized stock-based compensation expense, stock options	$ 1,000,000	$ 14,000,000
Stock-based compensation expense (recovery)	$ 54,000,000	$ 65,000,000
Performance Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting term (in years)	4 years
Granted and reinvested dividends (in shares) | shares	0	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	2,583,435	2,740,952
Cash-settled stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share) | $ / shares	$ 56.88	$ 64.21
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share conversion ratio	1
Awards authorized (in shares) | shares	65,000,000
Award vesting term (in years)	4 years
Grant exercise price determination term	5 days
Unrecognized stock-based compensation expense, period of recognition (in years)	4 years
Stock-based compensation expense (recovery)	$ (58,000,000)	$ 24,000,000
Stock options | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award term (in years)	7 years
Stock options | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award term (in years)	10 years
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share conversion ratio	1
Award vesting term (in years)	3 years
Granted and reinvested dividends (in shares) | shares	1,246,949	1,518,926
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	2,448,224	2,551,728	2,402,489
Unrecognized stock-based compensation expense, period of recognition (in years)	3 years
Shares reserved for issue (in shares) | shares	4,000,000
Unrecognized stock-based compensation expense, other than options (in shares) | shares	35,000,000	57,000,000
Stock-based compensation expense (recovery)	$ 20,000,000	$ 32,000,000
Performance-based RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting term (in years)	3 years
Granted and reinvested dividends (in shares) | shares	378,296	719,851
Performance-based RSUs | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	0.00%
Performance-based RSUs | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	100.00%
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award vesting term (in years)	3 years
Granted and reinvested dividends (in shares) | shares	231,590	80,510
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	908,678	956,410	1,139,884
Unrecognized stock-based compensation expense, other than options (in shares) | shares	5,000,000	0
Stock-based compensation expense (recovery)	$ (10,000,000)	$ 2,000,000
Performance-based DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted and reinvested dividends (in shares) | shares	6,157	6,190
Employee Share Accumulation Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum employee contribution percentage	15.00%
Amount of maximum annual employee contribution	$ 25,000
Stock-based compensation expense (recovery)	$ 61,000,000	$ 57,000,000
Employee Share Accumulation Plan | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employer percentage, matching contribution	25.00%
Employee Share Accumulation Plan | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employer percentage, matching contribution	50.00%
Equity derivatives
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock-based compensation expense (recovery)	$ 102,000,000	$ 7,000,000

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STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	$ 54	$ 65
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	(58)	24
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	20	32
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	(10)	2
Equity derivative effect, net of interest receipt
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	$ 102	$ 7

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STOCK-BASED COMPENSATION - Stock Options Activity (Details)	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Number of options
Outstanding, beginning of year (in shares) | shares	10,593,645	9,860,208
Granted (in shares) | shares	353,105	1,594,879
Exercised (in shares) | shares	(153,615)	(329,877)
Forfeited (in shares) | shares	(1,085,288)	(531,565)
Outstanding, end of year (in shares) | shares	9,707,847	10,593,645
Exercisable, end of year (in shares) | shares	6,135,190	4,749,678
Weighted average exercise price
Outstanding, beginning of year (in dollars per share) | $ / shares	$ 63.88	$ 63.58
Granted (in dollars per share) | $ / shares	61.39	64.86
Exercised (in dollars per share) | $ / shares	53.04	54.90
Forfeited (in dollars per share) | $ / shares	64.44	66.92
Outstanding, end of year (in dollars per share) | $ / shares	63.89	63.88
Exercisable, end of year (in dollars per share) | $ / shares	$ 63.69	$ 62.86

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STOCK-BASED COMPENSATION - Stock Option Range of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Options outstanding
Number outstanding (in shares) | shares	9,707,847	10,593,645	9,860,208
Weighted average remaining contractual life (years)	5 years 8 months 19 days
Weighted average exercise price (in dollars per share)	$ 63.89	$ 63.88	$ 63.58
Options outstanding
Number exercisable (in shares) | shares	6,135,190	4,749,678
Weighted average exercise price (in dollars per share)	$ 63.69	$ 62.86
$44.97 - $44.99
Options outstanding
Number outstanding (in shares) | shares	75,055
Weighted average remaining contractual life (years)	2 months 1 day
Weighted average exercise price (in dollars per share)	$ 44.97
Options outstanding
Number exercisable (in shares) | shares	75,055
Weighted average exercise price (in dollars per share)	$ 44.97
$44.97 - $44.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	44.97
$44.97 - $44.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 44.99
$45.00 - $49.99
Options outstanding
Number outstanding (in shares) | shares	119,082
Weighted average remaining contractual life (years)	1 year 1 month 28 days
Weighted average exercise price (in dollars per share)	$ 49.95
Options outstanding
Number exercisable (in shares) | shares	119,082
Weighted average exercise price (in dollars per share)	$ 49.95
$45.00 - $49.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	45.00
$45.00 - $49.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 49.99
$55.00 - $59.99
Options outstanding
Number outstanding (in shares) | shares	1,446,572
Weighted average remaining contractual life (years)	5 years 1 month 28 days
Weighted average exercise price (in dollars per share)	$ 58.46
Options outstanding
Number exercisable (in shares) | shares	1,226,855
Weighted average exercise price (in dollars per share)	$ 58.46
$55.00 - $59.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	55.00
$55.00 - $59.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 59.99
$60.00 - $64.99
Options outstanding
Number outstanding (in shares) | shares	2,537,699
Weighted average remaining contractual life (years)	5 years 14 days
Weighted average exercise price (in dollars per share)	$ 62.29
Options outstanding
Number exercisable (in shares) | shares	1,691,760
Weighted average exercise price (in dollars per share)	$ 62.49
$60.00 - $64.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	60.00
$60.00 - $64.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 64.99
$65.00 - $69.99
Options outstanding
Number outstanding (in shares) | shares	4,768,804
Weighted average remaining contractual life (years)	6 years 9 months 14 days
Weighted average exercise price (in dollars per share)	$ 65.58
Options outstanding
Number exercisable (in shares) | shares	2,261,803
Weighted average exercise price (in dollars per share)	$ 65.65
$65.00 - $69.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	65.00
$65.00 - $69.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 69.99
$70.00 - $73.00
Options outstanding
Number outstanding (in shares) | shares	760,635
Weighted average remaining contractual life (years)	3 years 6 months 29 days
Weighted average exercise price (in dollars per share)	$ 73.00
Options outstanding
Number exercisable (in shares) | shares	760,635
Weighted average exercise price (in dollars per share)	$ 73.00
$70.00 - $73.00 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	70.00
$70.00 - $73.00 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 73.00

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STOCK-BASED COMPENSATION - Restricted and Deferred Share Unit Activity (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of year (in shares)	2,551,728	2,402,489
Granted and reinvested dividends (in shares)	1,246,949	1,518,926
Exercised (in shares)	(943,096)	(856,212)
Forfeited (in shares)	(407,357)	(513,475)
Outstanding, end of year (in shares)	2,448,224	2,551,728
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of year (in shares)	956,410	1,139,884
Granted and reinvested dividends (in shares)	231,590	80,510
Exercised (in shares)	(279,098)	(259,441)
Forfeited (in shares)	(224)	(4,543)
Outstanding, end of year (in shares)	908,678	956,410

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RELATED PARTY TRANSACTIONS - Narrative (Details) - CAD ($) $ in Millions		12 Months Ended
	Apr. 03, 2023	Dec. 31, 2024	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Key management personnel compensation, amount paid		$ 56	$ 51
Amount recognized in net income and paid during the year		$ 10	$ 8
Rogers Communications Canada Inc.
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%
Rogers Media Inc.
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary		100.00%	100.00%
Shaw Communications Inc.
Disclosure of transactions between related parties [line items]
Liability assumed through business combination related to a special arrangement	$ 102
Key management personnel compensation, monthly amount	1
Key management personnel compensation, amount paid		$ 12	$ 8
Key management personnel compensation, remaining liability		91
Controlling Shareholder
Disclosure of transactions between related parties [line items]
Related party transaction (less than)		1	1
Key management personnel of entity or parent
Disclosure of transactions between related parties [line items]
Accounts payable and accrued liabilities	$ 20
Period following closing	2 years
Total for all associates
Disclosure of transactions between related parties [line items]
Cash repayments of advances and loans from related parties		$ 1	$ 1

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RELATED PARTY TRANSACTIONS - Key Management Personnel Compensation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party [Abstract]
Salaries and other short-term employee benefits	$ 20	$ 23
Post-employment benefits	2	2
Stock-based compensation	34	26
Total compensation	$ 56	$ 51

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RELATED PARTY TRANSACTIONS - Subsidiary Transactions (Details) - Total for all subsidiaries - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Revenue	$ 45	$ 36
Purchases	231	203
Accounts receivable	101	97
Accounts payable and accrued liabilities	$ 163	$ 113

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COMMITMENTS AND CONTINGENT LIABILITIES - Future Minimum Payments for Contractual Commitments (Details) $ in Millions	Dec. 31, 2024 CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	$ 505
Purchase obligations	2,834
Program rights	3,445
Total commitments	6,784
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	190
Purchase obligations	635
Program rights	856
Total commitments	1,681
1-3 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	206
Purchase obligations	781
Program rights	921
Total commitments	1,908
4-5 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	109
Purchase obligations	494
Program rights	586
Total commitments	1,189
After 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	0
Purchase obligations	924
Program rights	1,082
Total commitments	$ 2,006

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COMMITMENTS AND CONTINGENT LIABILITIES - Other (Details) $ in Millions	Dec. 31, 2024 CAD ($)
Disclosure of contingent liabilities [line items]
Acquisition of property, plant and equipment	$ 611
Our share of commitments related to associates and joint ventures	432
Total other commitments	$ 1,043

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COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Billions	Sep. 18, 2024 CAD ($)	Jul. 08, 2022 application
Disclosure of contingent liabilities [line items]
Number of applications filed		4
Number of applications withdrawn		1
Number of applications suspended		2
BCE Inc. | Maple Leaf Sports and Entertainment Limited (MLSE)
Disclosure of contingent liabilities [line items]
Expected percentage of ownership stake acquired (as a percent)	37.50%
Percentage of ownership stake acquired, expected purchase price | $	$ 4.7

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SUPPLEMENTAL CASH FLOW INFORMATION - Changes in non-cash operating working capital items (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flow Statement [Abstract]
Accounts receivable, excluding financing receivables	$ (396)	$ (362)
Financing receivables	(318)	(367)
Contract assets	7	(44)
Inventories	(185)	(4)
Other current assets	146	1
Accounts payable and accrued liabilities	(209)	11
Contract and other liabilities	79	138
Total change in net operating assets and liabilities	(876)	(627)
Capital expenditures before proceeds on disposition	4,100	4,042
Proceeds on disposition	(59)	(108)
Capital expenditures	$ 4,041	$ 3,934

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SUPPLEMENTAL CASH FLOW INFORMATION - Acquisitions and other strategic transactions, net of cash acquired (Details) - CAD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Apr. 03, 2023
Disclosure of detailed information about borrowings [line items]
Cash received on sale of Cogeco shares	$ 829	$ 0	$ 829
Acquisitions and other strategic transactions, net of cash acquired		(475)	(16,215)
Proceeds from sales of interests in associates		2,155
Shaw Communications Inc.
Disclosure of detailed information about borrowings [line items]
Net cash consideration	(16,903)	0	(16,903)
Cash consideration for 3800 MHz spectrum acquisition				$ (20,483)
Cash consideration				19,033
Bank advances				$ 25
Aggregated individually immaterial business combinations
Disclosure of detailed information about borrowings [line items]
Net cash consideration	(141)	0	(141)
Cash consideration for 3800 MHz spectrum acquisition		(153)
Cash consideration		153
3800 MHz Spectrum Acquisition
Disclosure of detailed information about borrowings [line items]
Cash consideration for 3800 MHz spectrum acquisition	$ 0	$ (475)	$ 0