BCE Inc (BCE) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BCE Q4 2025 results and 2026 guidance call. I would now like to turn the meeting over to Kris Somers. Please go ahead, Mr. Somers.

女士們、先生們，早安。歡迎參加 BCE 2025 年第四季業績及 2026 年業績展望電話會議。現在我將會議交給克里斯·薩默斯主持。請繼續，索默斯先生。

Thank you, Matthew. Good morning, everyone, and thank you for joining our call. My name is Kris Somers, Head of Investor Relations. And with me here today are Mirko Bibic, BCE's President and CEO; and Curtis Millen, our CFO.

謝謝你，馬修。各位早安，感謝各位參加我們的電話會議。我是投資人關係主管克里斯·索默斯。今天和我一起在場的還有 BCE 的總裁兼執行長 Mirko Bibic，以及我們的財務長 Curtis Millen。

You can find all our Q4 disclosure documents, including our Safe Harbor notice concerning forward-looking statements on the Investor Relations page of the bce.ca website. Before we begin, I'd like to draw your attention to our Safe Harbor statement on slide 2 of the presentation, reminding you that today, remarks made during the call will include forward-looking information, and therefore, are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements, except as required by law. Please refer to our publicly filed documents for more details on assumptions and risks.

您可以在 bce.ca 網站的投資者關係頁面上找到我們所有的第四季度披露文件，包括我們關於前瞻性聲明的安全港聲明。在開始之前，我想提請大家注意演示文稿第 2 頁上的“安全港聲明”，提醒大家，今天電話會議期間發表的言論將包含前瞻性信息，因此存在風險和不確定性。結果可能存在重大差異。除法律要求外，我們不承擔更新前瞻性聲明的任何義務。有關假設和風險的更多詳細信息，請參閱我們公開備案的文件。

With that out of the way, I'll turn the call over to Mirko.

既然這件事已經解決了，我就把電話交給米爾科了。

Thanks, Kris, and good morning, everyone. I'm looking forward to walking through our results and outlook with you in a short moment. First, I want to take a moment to frame where we are. In 2025, we had a pivotal year for BCE. It was a year of deliberate change, where we strengthened the balance sheet, we sharpened our capital allocation discipline and clearly defined our long-term strategy at Investor Day in October of 2025.

謝謝克里斯，大家早安。我期待稍後與您一起探討我們的結果和展望。首先，我想花點時間梳理一下我們所處的境地。2025 年是 BCE 歷史上具有里程碑意義的一年。這是有意識地進行變革的一年，我們加強了資產負債表，提高了資本配置紀律，並在 2025 年 10 月的投資者日上明確了我們的長期策略。

And over the course of 2025, we aligned the organization around 4 strategic priorities that leverage our unique and differentiated assets across fiber, wireless, enterprise and media to deliver the very best for our customers, and we set clear measurable targets for the next phase of growth. So that groundwork is now in place, the strategy is clear, the priorities are set, the company is aligned, and we've begun to execute against that plan. You could see that execution translate into momentum throughout 2025, including the fourth quarter, as we focused on improving customer experience, strengthening fiber and wireless network leadership in Canada, establishing a fiber growth platform in the US, accelerating momentum in enterprise and digital media and positioning the business for sustainable free cash flow growth.

在 2025 年，我們圍繞 4 項策略重點調整了組織架構，利用我們在光纖、無線、企業和媒體領域的獨特差異化資產，為客戶提供最好的服務，並為下一階段的成長設定了清晰可衡量的目標。現在基礎工作已經到位，策略明確，優先事項已確定，公司上下目標一致，我們已經開始執行該計劃。你可以看到，這種執行力在 2025 年全年（包括第四季度）轉化為發展勢頭，因為我們專注於改善客戶體驗、加強在加拿大的光纖和無線網路領導地位、在美國建立光纖成長平台、加速企業和數位媒體的發展勢頭，並為業務的可持續自由現金流成長做好準備。

And I'd like to start on slide 3 of our deck with an overview of how we executed last year against those 4 strategic priorities. So putting the customer first, that remains foundational, and the results are tangible. Postpaid churn improved for the third consecutive quarter with a 17 basis point year-over-year improvement in Q4. Importantly, the magnitude of improvement accelerated throughout the year, demonstrating sustained momentum as our customer-first initiatives take hold.

我想從我們簡報的第 3 頁開始，概述一下我們去年是如何執行這 4 項策略重點的。因此，將客戶放在首位仍然是根本原則，而且成果是切實可見的。後付費用戶流失率連續第三個季度改善，第四季較去年同期改善 17 個基點。重要的是，全年改進的幅度不斷加快，這表明隨著我們以客戶為中心的舉措取得成效，發展勢頭持續強勁。

We made important progress in 2025 with the launch of differentiated wireless plan tiers that move beyond traditional data buckets. These plans give customers clearer choices based on the experience they value most, including network performance, video quality, roaming features, device financing and bundled content.

2025 年，我們推出了差異化的無線套餐等級，超越了傳統的數據流量包，取得了重要進展。這些套餐讓客戶能夠根據他們最重視的體驗（包括網路效能、影片品質、漫遊功能、設備融資和捆綁內容）做出更清晰的選擇。

We expanded our lead in distribution with no name mobile now available in all Maxi stores across Quebec, extending access to affordable contract-free wireless options powered by Bell's network. This reflects our customer-first focus on accessibility and choice across segments while maintaining disciplined brand positioning.

我們擴大了在分銷領域的領先地位，現在魁北克省所有 Maxi 商店均有無名手機出售，讓更多人能夠享受到由貝爾網絡提供支持的、價格實惠的無合約無線服務。這體現了我們以客戶為先，並專注於在各個細分市場提供便利性和選擇性，同時保持嚴謹的品牌定位。

We also advanced the customer experience in 2025 with the rollout of our AI-powered voice virtual assistant across Bell, Virgin Plus and Lucky Mobile. This simplifies interactions at scale and improves service quality.

2025 年，我們也透過在 Bell、Virgin Plus 和 Lucky Mobile 推出人工智慧語音虛擬助手，提升了客戶體驗。這簡化了大規模交互，提高了服務品質。

Our customer-first focus is reflected in the latest CCTS report, which showed that Bell continues to have the lowest proportion of complaints among the 3 largest national carriers. While there's a lot more work to do, the progress made last year reinforces our focus on continued churn improvement and further gains in customer experience metrics such as NPS.

我們以客戶為先的理念體現在最新的 CCTS 報告中，該報告顯示，在三大全國性營運商中，貝爾的投訴比例仍然是最低的。雖然還有很多工作要做，但去年的進展鞏固了我們對持續改善客戶流失率和進一步提高客戶體驗指標（如 NPS）的關注。

In wireless, we continue to build momentum through 2025 with a clear improvement in our underlying ARPU trajectory and strong net new postpaid mobile phone additions on our main Bell brand, and that supports ARPU improvement going forward. We continue to take a disciplined approach to subscriber acquisition with a focus on quality and lifetime value rather than chasing volume. And you can see this in wireless service revenue, where the year-over-year rate of decline improved to just 0.2% in Q4 with consumer wireless service revenue stable in the quarter.

在無線業務方面，我們將繼續保持成長勢頭，到 2025 年，我們的基礎 ARPU 軌跡將有顯著改善，而且我們主要的 Bell 品牌新增後付費手機數量也將大幅增長，這將支持 ARPU 在未來繼續提高。我們繼續採取嚴謹的訂閱用戶獲取方式，注重品質和終身價值，而不是追求數量。從無線服務收入可以看出這一點，第四季年減率改善至僅 0.2%，消費者無線服務收入在該季度保持穩定。

Fiber continued to be a key growth driver last year with approximately 200,000 net new subscriber additions, including our US operations. This contributed to Internet revenue growth of 8%. Where we have fiber, we continue to win through superior network performance, higher customer satisfaction and stronger multiproduct penetration.

去年，光纖業務持續成為關鍵的成長驅動力，淨新增用戶約 20 萬，其中包括我們在美國的業務。這促成了網路收入成長8%。在光纖覆蓋的區域，我們憑藉著卓越的網路效能、更高的客戶滿意度和更強的多產品滲透率，持續贏得市場。

The acquisition of Ziply Fiber marked a key milestone in our fiber growth strategy, giving us a strong platform for long-term growth in the rapidly expanding US market. In 2025, Ziply's financial results reported in our Bell CTS US segment were comfortably in line with the expectations we outlined at Investor Day. Since closing the acquisition, we've worked closely with the Ziply management team to refine and accelerate their fiber expansion plan.

收購 Ziply Fiber 是我們纖維業務成長策略的一個重要里程碑，為我們在快速擴張的美國市場實現長期成長提供了強大的平台。2025 年，Ziply 在我們 Bell CTS 美國業務板塊公佈的財務業績與我們在投資者日上提出的預期基本一致。自收購完成以來，我們與 Ziply 管理團隊密切合作，完善並加快了他們的光纖擴展計劃。

And with the Network FiberCo partnership now in place, the build has been re-prioritized toward higher-growth markets with construction set to ramp meaningfully in the second half of 2026 and beyond. So this positions 2026 as an important build year for Ziply, putting us on the path toward our target of approximately 3 million fiber passings by the end of 2028 with a longer-term opportunity to reach up to 8 million locations in a capital-efficient manner.

隨著與 Network FiberCo 的合作關係的建立，建設的重點已重新轉向高成長市場，預計在 2026 年下半年及以後，建設將顯著加速。因此，2026 年將成為 Ziply 的重要建設年，使我們朝著 2028 年底實現約 300 萬條光纖線路的目標邁進，並有機會以資本高效的方式覆蓋多達 800 萬個地點。

We also made continued progress on product intensity, driven by increased adoption of content subscriptions. With Crave adding more than 1 million subscribers in 2025, we're seeing clear momentum in the number of services per household. Our focus remains on growing the number of services per household through mobility, Internet and content.

在內容訂閱普及的推動下，我們在產品強度方面也取得了持續進展。Crave 預計在 2025 年新增用戶超過 100 萬，我們看到每個家庭的服務數量呈現明顯的成長動能。我們將繼續專注於透過行動科技、網路和內容來增加每個家庭可享有的服務數量。

We also launched hardware-free Fibe TV, delivering a full-service experience without the need for a set-top box and allowing customers to use devices they already own. This simplifies installation and ongoing service, reduces complexity and supports higher product intensity while remaining highly scalable and capital efficient.

我們還推出了無需機上盒的 Fibe TV，提供全方位服務體驗，無需機上盒，並允許客戶使用他們已有的設備。這簡化了安裝和後續服務，降低了複雜性，並支援更高的產品強度，同時保持了高度可擴展性和資本效率。

Bell Pure Fibre and 5G wireless were once again recognized by Ookla as Canada's fastest networks with Bell Pure Fibre also recognized as the fastest Internet service in North America. This independent third-party validation reinforces the strength of our network leadership and customer value proposition.

Bell Pure Fibre 和 5G 無線網路再次被 Ookla 評為加拿大速度最快的網絡，其中 Bell Pure Fibre 也被評為北美速度最快的網路服務。這項獨立的第三方驗證進一步鞏固了我們在網路領域的領先地位和客戶價值主張。

Now turning to slide 4, and our next strategic priority, which is lead in enterprise with AI-powered solutions. In 2025, Bell Business Markets delivered relatively stable revenue and EBITDA performance, which really stands out in an environment where many enterprise telecom businesses continue to face pressure. This reflects the actions we've taken over the past 18 months or so to reshape our enterprise strategy.

現在就來看看第 4 張投影片，以及我們的下一個策略重點，也就是利用人工智慧解決方案來引領企業發展。2025 年，貝爾商業市場實現了相對穩定的收入和 EBITDA 業績，這在許多企業電信業務持續面臨壓力的環境中顯得尤為突出。這反映了我們在過去 18 個月左右為重塑企業策略所採取的行動。

The 3 AI-powered solutions businesses we launched in 2025, Ateko, Bell Cyber and Bell AI Fabric, were key contributors, collectively growing approximately 60% year-over-year to around $700 million in revenue. Each of these is scaling as planned, and each supports our goal of reaching $1.5 billion in AI-powered solutions revenue by 2028. Importantly, this represents largely net new revenue and EBITDA for Bell, which complements rather than replaces our core connectivity and communication services.

我們在 2025 年推出的 3 項人工智慧解決方案業務，即 Ateko、Bell Cyber​​ 和 Bell AI Fabric，是主要貢獻者，它們的總收入同比增長約 60%，達到約 7 億美元。這些項目都在按計劃擴大規模，並且都支持我們在 2028 年實現 15 億美元人工智慧解決方案收入的目標。重要的是，這主要代表貝爾公司新增淨收入和 EBITDA，是我們核心連接和通訊服務的補充，而不是取代。

We continue to strengthen these platforms, including Ateko's recent acquisition of SDK Tek Services, which took place in December of 2025. SDK Tek adds deep data engineering and analytics expertise, helping enterprises and governments organize and use their data effectively, and that's critical to deploy AI at scale. The acquisition improves our full stack AI solution set.

我們將繼續加強這些平台，包括 Ateko 最近於 2025 年 12 月收購 SDK Tek Services。SDK Tek 擁有深厚的數據工程和分析專業知識，可以幫助企業和政府有效地組織和使用數據，這對於大規模部署人工智慧至關重要。此次收購完善了我們的全端人工智慧解決方案。

Now turning to media. Our digital strategy continued to deliver in 2025 with digital revenues up 6% year-over-year and now representing 44% of total media revenue. And this performance was powered by Crave, which, as I noted earlier, had an outstanding year, ending with 4.6 million subscribers alongside continued growth in connected TV, Crave with ads and FAST channels. Our focus for Bell Media is to deliver consistent annual revenue and EBITDA growth, and we achieved that in 2025 as the business continues to shift toward higher-value digital and subscription revenue streams.

現在轉向媒體。2025 年，我們的數位化策略持續取得成效，數位收入年增 6%，目前佔媒體總收入的 44%。而這項業績主要得益於 Crave，正如我之前提到的，Crave 度過了出色的一年，最終擁有 460 萬用戶，同時連網電視、Crave 廣告和 FAST 頻道也持續成長。貝爾傳媒的重點是實現持續的年度收入和 EBITDA 成長，隨著業務不斷向更高價值的數位和訂閱收入來源轉型，我們在 2025 年實現了這一目標。

We also made a significant transformation to the Crave platform, expanding the content library by more than 10,000 hours and integrating live programming from CTV and Noovo, news, select major sports and premium entertainment events and an expanded kids' collection. All of this supported by meaningful user experience enhancements.

我們還對 Crave 平台進行了重大改造，將內容庫擴展了 10,000 多個小時，並整合了來自 CTV 和 Noovo 的直播節目、新聞、精選的重大體育賽事和優質娛樂活動以及擴展的兒童節目庫。所有這些都得益於切實有效的使用者體驗改進。

Our focus on original content was another key driver in 2025. Early in the year, Empathie became a major French language success in Canada and gained strong traction in France. More recently, Heated Rivalry has emerged as a global sensation, generating significant media attention and cultural impact and underscoring the strength of our investment in premium Canadian storytelling. From a strategic standpoint, our focus is on delivering premium content to customers through digital platforms and extending its value by monetizing that content more effectively across the full value chain.

我們對原創內容的重視是2025年的另一個關鍵驅動因素。今年年初，《同理心》在加拿大取得了巨大的法語成功，並在法國獲得了強勁的反響。最近，《激烈競爭》已成為全球轟動之作，引起了媒體的廣泛關注和文化影響，凸顯了我們對加拿大優質故事敘述的投入實力。從策略角度來看，我們的重點是透過數位平台向客戶提供優質內容，並透過在整個價值鏈中更有效地實現內容貨幣化來擴展其價值。

And looking ahead, Bell Media is off to a strong start in 2026. NFL viewership through the playoffs has been very encouraging, and we're excited about the FIFA World Cup this summer, which presents a significant audience and monetization opportunity. So taken together, Bell Media is contributing meaningfully to growth, churn reduction and customer lifetime value across the Bell ecosystem. Overall, therefore, across all 4 priorities, 2025 was about building momentum.

展望未來，貝爾傳媒在 2026 年開局強勁。NFL季後賽的收視率非常令人鼓舞，我們對今年夏天的FIFA世界盃感到興奮，因為它帶來了巨大的觀眾群和獲利機會。綜上所述，貝爾傳媒為貝爾生態系統的成長、客戶流失率降低和客戶終身價值做出了有意義的貢獻。因此，總的來說，在所有 4 個優先事項中，2025 年的主題是積蓄力量。

So now, I'll turn to slide 5. I want to touch briefly on capital allocation because this, too, has been a consistent focus for us over the past year. If you go back to our February 2025 call, pretty much exactly a year ago, we were very clear about what we intended to do and that simplify the business, strengthen the balance sheet, focus capital on higher return opportunities and return capital to shareholders through a sustainable dividend. And we reinforced that roadmap at Investor Day in October of 2025, providing greater transparency around our capital allocation priorities, leverage targets and investment framework. The roadmap has not changed.

現在，我要看第五張投影片了。我想簡單談談資本配置，因為這在過去一年也是我們一直關注的重點。回顧我們 2025 年 2 月的電話會議，也就是大約一年前，我們非常清楚地表明了我們的目標：簡化業務，加強資產負債表，將資本集中於回報更高的機會，並透過可持續的股息向股東返還資本。我們在 2025 年 10 月的投資者日上強化了這條路線圖，提高了我們資本配置優先事項、槓桿目標和投資框架的透明度。路線圖沒有改變。

Turning to slide 6. This highlights the early progress we're making against the 3-year targets we laid out at Investor Day. These are some of the metrics we'll use to measure progress. They include churn, Bell-branded loadings, product intensity, Internet market share, US fiber expansion, AI-powered solutions growth and Crave subscriber and digital mix at Bell Media.

翻到第6張投影片。這凸顯了我們在實現投資者日上所訂定的三年目標方面取得的初步進展。以下是我們將用來衡量進展的一些指標。其中包括客戶流失率、貝爾品牌產品銷售、產品強度、網路市場佔有率、美國光纖擴張、人工智慧解決方案成長以及貝爾傳媒的 Crave 用戶和數位產品組合。

This scorecard is how we intend to manage the company and how we expect to be measured. We're still early in the execution phase, and we're encouraged by the momentum we're seeing. Taken together, these indicators show that the strategy is translating into disciplined execution. 2025 set the foundation, and in 2026, the dedicated Bell team will continue to execute our way to the 2028 targets with a clear focus on delivering sustainable returns for our shareholders.

這份評分卡體現了我們管理公司的方式，以及我們希望被衡量的方式。我們仍處於執行階段的早期，但我們對目前取得的進展勢頭感到鼓舞。綜合來看，這些指標顯示該策略正在轉化為嚴謹的執行。 2025年奠定了基礎，2026年，貝爾團隊將繼續全力以赴，朝著2028年的目標邁進，並始終專注於為股東創造可持續的回報。

And with that, I'll turn the call over to Curtis, and Curtis will walk you through our Q4 operating results and the 2026 financial guidance. Thanks for your attention, everyone.

接下來，我將把電話交給柯蒂斯，柯蒂斯將為大家介紹我們第四季的經營業績和 2026 年的財務預期。謝謝大家的關注。

Thank you, Mirko, and good morning, everyone. Our strong fourth quarter and full year 2025 financial results demonstrate the stability of our business and our ability to deliver on the strategic and financial commitments we outlined over the past year, including at Investor Day. On a consolidated basis, we achieved all of our 2025 financial guidance targets, reflecting disciplined execution across the organization.

謝謝你，米爾科，大家早安。我們強勁的第四季度和 2025 年全年財務業績表明了我們業務的穩定性，以及我們履行過去一年中概述的策略和財務承諾的能力，包括在投資者日上做出的承諾。從整體來看，我們實現了 2025 年的所有財務預期目標，這反映了整個組織嚴密的執行力。

2025, service revenue increased 0.6% for the year, supported by contributions from Ziply Fiber and continued resilience in our core businesses. Adjusted EBITDA increased 0.7%, driving a 20 basis point improvement in adjusted EBITDA margin to 43.6%, the strongest annual margin result we've delivered in more than 30 years. Adjusted EPS declined 7.9% in '25, consistent with our guidance and primarily reflecting higher depreciation and amortization from ongoing network investment, along with increased interest expense. Capital expenditures declined by $197 million to $3.7 billion, resulting in a capital intensity of 15.1%, in line with guidance and consistent with our longer-term objective to reduce capital intensity.

2025 年，服務收入年增 0.6%，這得益於 Ziply Fiber 的貢獻以及我們核心業務的持續韌性。調整後 EBITDA 成長 0.7%，推動調整後 EBITDA 利潤率提高 20 個基點至 43.6%，這是我們 30 多年來取得的最強勁的年度利潤率。2025 年調整後每股盈餘下降 7.9%，與我們的預期一致，主要反映了持續網路投資帶來的更高折舊和攤銷，以及利息支出的增加。資本支出減少了 1.97 億美元，降至 37 億美元，資本密集度為 15.1%，符合預期，也符合我們降低資本密集度的長期目標。

We delivered a 10% increase in free cash flow to $3.2 billion toward the upper end of our guidance range, driven by higher EBITDA, lower CapEx and improved working capital. Free cash flow after payment of lease liabilities increased 17.5%, an important metric in the 3-year financial outlook we shared at Investor Day, where we continue to target approximately 15% CAGR. We're entering 2026 with solid momentum in cash generation.

在 EBITDA 提高、資本支出降低和營運資本改善的推動下，我們的自由現金流增加了 10%，達到 32 億美元，接近我們預期範圍的上限。支付租賃負債後的自由現金流成長了 17.5%，這是我們在投資者日分享的 3 年財務展望中的一個重要指標，我們繼續以約 15% 的複合年增長率為目標。我們帶著強勁的現金流成長動能進入了2026年。

At the segment level, there's clear momentum at Bell Business Markets, reflected in relatively stable revenue and EBITDA in '25, while Bell Media delivered positive revenue and EBITDA growth for the full year, consistent with the execution themes Mirko outlined earlier.

從業務部門來看，貝爾商業市場的發展勢頭明顯強勁，2025 年的收入和 EBITDA 相對穩定；而貝爾傳媒全年的收入和 EBITDA 也實現了正增長，這與米爾科之前概述的執行主題相一致。

Turning to Q4 on slide 9. I'll begin with a summary of Bell CTS Canada subscriber metrics. Postpaid wireless net adds of 56,124 were essentially stable year-over-year despite a less active market. Consistent with our well-articulated strategy to balance loadings with improved financials and customer experience, we focused on higher-quality margin-accretive subs again this quarter. As a result of this continued disciplined approach, we added a significant number of customers on the premium Bell brand.

請看第 9 頁投影片上的第 4 題。我將首先概述貝爾CTS加拿大公司的用戶指標。儘管市場活躍度下降，但後付費無線用戶淨增加 56,124 戶，與去年同期基本保持穩定。為了配合我們精心製定的平衡貨運量、改善財務狀況和提升客戶體驗的策略，本季我們再次專注於更高品質、利潤率更高的子公司。由於我們持續採取這種嚴謹的方法，我們在高端貝爾品牌上增加了大量客戶。

Postpaid churn improved 17 basis points to 1.49%, marking our third consecutive quarter of year-over-year improvement. This is a direct outcome of our focus on putting the customer first. Mobile phone ARPU declined just 0.8%, significant improvement from the 2.7% decline in Q4 of last year. We also saw a recovery in consumer roaming revenue, which has continued into the early part of Q1 and is encouraging for future ARPU performance. In Wireline, we delivered 43,000 fiber-to-the-home Internet net adds in the quarter, a strong result given the slowdown in our Canadian fiber build and disciplined pricing, reflective of the value we deliver to customers.

後付費用戶流失率改善了 17 個基點，至 1.49%，這是連續第三個季度實現年比改善。這是我們始終堅持客戶至上理念的直接成果。行動電話用戶平均營收僅下降了0.8%，較去年第四季2.7%的降幅有了顯著改善。我們也看到消費者漫遊收入出現復甦，這一趨勢延續到了第一季初，這對未來的 ARPU 表現來說是一個令人鼓舞的消息。在有線網路方面，本季我們新增了 43,000 個光纖到戶網路用戶，考慮到我們在加拿大的光纖建設放緩以及我們採取的嚴格定價策略，這是一個強勁的成績，反映了我們為客戶提供的價值。

Let me turn now to Q4 financials for Bell CTS Canada. Internet revenue increased approximately 2%, reflecting the same approach as in wireless, a healthy balance between sub growth and disciplined pricing supported by fiber. In our Enterprise business, AI-powered solutions revenue grew 31%, driven by continued momentum at Ateko and Bell Cyber. We remain focused on scaling these growth vectors as part of our plan to reach $1.5 billion in AI-powered solutions revenue by 2028.

現在讓我來看看貝爾CTS加拿大公司第四季的財務數據。網路收入成長約 2%，與無線業務採取了相同的策略，即在用戶成長和光纖支援的嚴格定價之間保持健康的平衡。在我們的企業業務中，人工智慧解決方案收入成長了 31%，這主要得益於 Ateko 和 Bell Cyber​​ 的持續成長勢頭。我們將繼續專注於擴大這些成長點，以實現 2028 年人工智慧解決方案營收達到 15 億美元的目標。

Wireless service revenue declined 0.2%, an improvement from the 0.4% decline in Q3 and meaningfully better than the 1.5% decline in Q4 of last year. Importantly, consumer wireless service revenue was stable year-over-year in the quarter, an encouraging sign as we enter 2026.

無線服務收入下降了 0.2%，較第三季的 0.4% 降幅有所改善，也明顯優於去年第四季的 1.5% 降幅。值得注意的是，本季消費者無線服務收入與去年同期相比保持穩定，這在我們進入 2026 年之際是一個令人鼓舞的跡象。

On the product side, revenue declined $170 million year-over-year, driven by a pronounced market shift towards BYOD activity in December, which resulted in a 20% reduction in contracted device sales as well as the timing of certain wireline equipment deals with large enterprise customers. Importantly, the EBITDA impact was limited, as these product revenues are very low margin. Overall, EBITDA performance was in line with plan, and adjusted EBITDA margin increased 130 basis points year-over-year to 44.2%, reflecting strong cost discipline, including a 6.1% reduction in operating costs and margin-accretive subscriber growth.

在產品方面，受 12 月市場大幅轉向 BYOD 活動的影響，營收年減了 1.7 億美元，導致簽約設備銷售額下降了 20%，以及與大型企業客戶達成的某些有線設備交易的時間安排。重要的是，由於這些產品的收入利潤率很低，因此對 EBITDA 的影響有限。總體而言，EBITDA 績效符合計劃，調整後的 EBITDA 利潤率年增 130 個基點至 44.2%，反映出嚴格的成本控制，包括營運成本降低 6.1% 以及用戶成長帶來的利潤提升。

Turning to Bell CTS US, which reflects the results of Ziply Fiber's operations. As Mirko mentioned earlier, Ziply's financial performance for 2025 was consistent with the expectations we shared at Investor Day, reflecting solid execution, as we position the business for its next phase of growth.

接下來我們來看看 Bell CTS US，它反映了 Ziply Fiber 的營運結果。正如 Mirko 之前提到的，Ziply 2025 年的財務表現與我們在投資者日上分享的預期一致，這反映了我們穩健的執行力，也表明我們正在為公司的下一階段成長做好準備。

In the fourth quarter, total revenue was $232 million, driven by continued strength of Ziply's fiber platform. Internet revenue grew in the double digits, supported by ongoing expansion of the fiber footprint and strong customer penetration across new and existing markets.

第四季總營收為 2.32 億美元，主要得益於 Ziply 光纖平台的持續強勁表現。網路收入實現了兩位數成長，這得益於光纖網路覆蓋範圍的持續擴大以及在新舊市場中強勁的客戶滲透率。

Bell CTS US delivered $100 million of EBITDA in Q4, representing a 43.1% margin, demonstrating strong operating leverage in the business. With significant runway ahead, we expect robust revenue and EBITDA growth from Bell CTS US, as the management team advances Ziply Fiber's 2028 financial ambition presented at Investor Day.

Bell CTS US 在第四季實現 1 億美元的 EBITDA，利潤率為 43.1%，顯示該業務具有強大的營運槓桿作用。鑑於未來發展空間龐大，我們預期 Bell CTS US 將實現強勁的營收和 EBITDA 成長，同時管理團隊也將推進 Ziply Fiber 在投資者日上提出的 2028 年財務目標。

On the subscriber front, Ziply added more than 6,000 net new fiber customers in Q4, supported by footprint expansion and strong penetration in newly built areas. Ziply's Fiber build plan has now been reprioritized toward higher-growth markets and is set to accelerate in 2026, putting the business on track to reach approximately 3 million fiber passes by the end of 2028.

在用戶方面，Ziply 在第四季度新增了 6,000 多位光纖用戶，這得益於業務範圍的擴大和在新建成區域的強勁滲透。Ziply 的光纖建設計劃已重新調整優先順序，轉向成長更快的市場，並將於 2026 年加速推進，使公司預計在 2028 年底前實現約 300 萬條光纖接入。

Turning to Bell Media on slide 11. As projected, total revenue declined 3.4% in Q4. Despite strong digital video advertising growth, total advertising revenue was down 11.1%, reflecting continued softness in traditional advertising, demand for non-sports programming as well as the impact of the divestiture of 45 radio stations, which was completed in the first half of 2025.

請參閱第 11 張投影片，以了解貝爾傳媒的情況。正如預期的那樣，第四季度總收入下降了3.4%。儘管數位影片廣告成長強勁，但廣告總收入下降了 11.1%，反映出傳統廣告持續疲軟、對非體育節目的需求以及 45 家廣播電台剝離的影響（該剝離已於 2025 年上半年完成）。

Subscriber revenue increased 1.5%, driven by continued strength in D2C Crave and sports streaming. Crave's direct streaming subscribers grew 65% year-over-year, supported by market-leading content, including Heated Rivalry, which continues to generate strong domestic and international engagement and underpin subscriber growth.

受 D2C Crave 和體育串流媒體業務持續強勁成長的推動，用戶收入成長了 1.5%。Crave 的直接串流訂閱用戶年增 65%，這得益於市場領先的內容，包括《激烈競爭》（Heated Rivalry），該節目持續在國內和國際上引起強烈反響，並支撐著訂閱用戶的成長。

Operating costs declined 1.5%, driven by lower content costs and ongoing operating efficiencies. Importantly, Bell Media delivered positive revenue and EBITDA growth for the full year, consistent with our objective for this business to be a stable and growing contributor to BCE's financial performance. Our focus remains unchanged for Bell Media to consistently deliver annual revenue and EBITDA growth, while contributing meaningful free cash flow to BCE, as the business continues to shift toward higher-value digital and subscription revenue streams.

營運成本下降了 1.5%，主要得益於內容成本降低和持續的營運效率提升。重要的是，貝爾傳媒全年實現了正的收入和 EBITDA 成長，這與我們希望該業務成為 BCE 財務表現穩定成長貢獻者的目標一致。我們仍將貝爾傳媒的重點放在持續實現年度收入和 EBITDA 成長，同時為 BCE 貢獻有意義的自由現金流上，因為公司業務將繼續向更高價值的數位和訂閱收入來源轉型。

I'll now turn to our 2026 outlook, beginning with revenue and adjusted EBITDA on slide 13. Our 2026 guidance is fully aligned with the 3-year financial outlook we shared at Investor Day and reflects continued momentum in our core growth engines, fiber, wireless, AI-powered enterprise solutions and digital media, while we continue to diligently manage the clients in higher-margin legacy services.

接下來，我將展望 2026 年，首先從第 13 頁的收入和調整後的 EBITDA 開始。我們的 2026 年業績指引與我們在投資者日分享的 3 年財務展望完全一致，反映了我們核心成長引擎（光纖、無線、人工智慧驅動的企業解決方案和數位媒體）的持續成長勢頭，同時我們繼續認真管理高利潤傳統服務領域的客戶。

For 2026, we expect consolidated revenue growth of 1% to 5% and adjusted EBITDA growth of 0% to 4%, representing a step-up from 2025 with these range is consistent with prior years. And I'd note, we remain highly focused on operating efficiencies and continue to expect to deliver $1.5 billion in cost savings by 2028.

2026 年，我們預計合併收入將成長 1% 至 5%，調整後 EBITDA 成長 0% 至 4%，較 2025 年有所成長，這一範圍與往年一致。我還要指出，我們仍然高度重視營運效率，並繼續期望在 2028 年實現 15 億美元的成本節約。

Over to slide 14 for a summary of our adjusted EPS outlook. We project adjusted EPS to be in the range of $2.5 to $2.65 per share in 2026 or 5% to 11% lower versus last year. This decline can be largely attributed to an approximate $250 million step-up in depreciation and amortization expense, reflecting continued investment in our broadband networks as well as the impact of the Ziply Fiber acquisition and an estimated $100 million increase in interest expense, driven by a higher level of debt outstanding related to Ziply Fiber acquisition. In addition, we expect tax adjustments to be around $0.02 per share lower than in 2025, as we are not forecasting any tax adjustments in 2026.

請翻到第 14 張投影片，查看我們調整後的每股盈餘展望摘要。我們預計 2026 年調整後每股盈餘將在 2.5 美元至 2.65 美元之間，比去年下降 5% 至 11%。這一下降主要歸因於約 2.5 億美元的折舊和攤銷費用增加，反映了我們對寬頻網路的持續投資以及 Ziply Fiber 收購的影響；此外，由於與 Ziply Fiber 收購相關的未償債務水平較高，利息支出預計增加 1 億美元。此外，我們預計 2026 年的稅務調整將比 2025 年每股減少約 0.02 美元，因為我們預計 2026 年不會有任何稅務調整。

Turning to slide 15. We expect another strong year of free cash flow generation in '26. Free cash flow is projected to grow between 4% and 10%, reflecting strong flow-through from higher EBITDA and lower year-over-year severance payments, partially offset by higher interest paid.

翻到第15張投影片。我們預計2026年自由現金流將持續強勁成長。預計自由現金流將增加 4% 至 10%，這主要得益於更高的 EBITDA 和更低的年度遣散費，但部分被更高的利息支出所抵消。

Consistent with the outlook we shared at Investor Day, capital expenditures in 2026 are expected to remain relatively stable at approximately $3.7 billion, resulting in a lower capital intensity of 15% or less. Within that stable total CapEx envelope, we'll continue to fund our growth initiatives, supported by efficiencies from prior investments that are reducing ongoing run-the-business capital requirements and creating additional flexibility to allocate capital towards strategic investments and growth opportunities.

與我們在投資者日分享的展望一致，預計 2026 年的資本支出將保持相對穩定，約 37 億美元，從而將資本密集度降低至 15% 或更低。在穩定的總資本支出範圍內，我們將繼續為我們的成長計畫提供資金，並依靠先前投資帶來的效率提升，減少持續的業務營運資本需求，從而創造更大的靈活性，將資本分配給策略投資和成長機會。

Our free cash flow outlook also reflects stable to slightly lower cash taxes, largely unchanged working cap position and essentially flat cash pension funding as we continue to benefit from a full contribution holiday, supported by the strong solvency position of our defined benefit pension plans. With this level of robust and predictable free cash flow generation, we expect BCE's dividend payout ratio to remain comfortably within our target policy range of 40% to 55%. Finally, we remain focused on driving strong free cash flow growth after payment of lease liabilities, supported by lower year-over-year capital lease repayments in '26 and consistent with the approximately 15% CAGR target we outlined at Investor Day through 2028.

我們的自由現金流前景也反映了現金稅收穩定或略有下降、營運資本狀況基本保持不變以及現金養老金資金基本持平，因為我們繼續受益於全額繳款假期，這得益於我們固定收益養老金計劃的強勁償付能力。憑藉如此強勁且可預測的自由現金流，我們預計 BCE 的股息支付率將保持在我們 40% 至 55% 的目標政策範圍內。最後，我們將繼續專注於在支付租賃負債後推動強勁的自由現金流成長，這得益於 2026 年同比較低的資本租賃還款，並且與我們在投資者日上提出的到 2028 年約 15% 的複合年增長率目標一致。

Turning to slide 16. As we begin the year, we have $2.5 billion of available liquidity and a pension solvency surplus of $4.4 billion, providing meaningful financial flexibility as we execute our 2026 business plan. Our long-term debt maturity profile remains very manageable. In fact, $750 million of '26 MTN maturities were prefinanced and early redeemed in 2025, further reducing near-term refinancing risk.

翻到第16張幻燈片。今年年初，我們有 25 億美元的可用流動資金和 44 億美元的退休金償付能力盈餘，這為我們執行 2026 年業務計劃提供了重要的財務靈活性。我們的長期債務到期結構仍然非常可控。事實上，2026 年到期的 7.5 億美元中期票據已提前融資，並在 2025 年提前贖回，進一步降低了近期再融資風險。

At the end of 2025, our net debt leverage ratio was approximately 3.8 times adjusted EBITDA, unchanged from prior year despite the closing of the Ziply Fiber acquisition. On a pro forma basis, adjusted to include a full 12 months of Ziply Fiber, our net debt leverage ratio would have been approximately 3.7 times. It's also worth noting that nominal net debt at year-end was $40.2 billion, slightly lower than the $40.3 billion reported at the end of '24 and notably prior to the closing of the Ziply Fiber acquisition, underscoring our continued focus on balance sheet discipline. Overall, we remain sharply focused on deleveraging with our net debt leverage ratio expected to continue trending down in '26 toward our target of 3.5 times by the end of 2027.

截至 2025 年底，我們的淨債務槓桿率約為調整後 EBITDA 的 3.8 倍，儘管完成了對 Ziply Fiber 的收購，但與前一年相比沒有變化。依備考基準調整，納入 Ziply Fiber 的 12 個月營運數據後，我們的淨債務槓桿比率約為 3.7 倍。值得注意的是，截至年底的名目淨債務為 402 億美元，略低於 2024 年底報告的 403 億美元，尤其值得注意的是，這是在 Ziply Fiber 收購完成之前，這凸顯了我們對資產負債表紀律的持續關注。整體而言，我們仍然高度重視去槓桿化，預計到 2026 年，我們的淨債務槓桿率將繼續下降，到 2027 年底達到 3.5 倍的目標。

To conclude, on slide 17, our 2026 financial targets position BCE to deliver on the 2028 ambitions we set out at Investor Day. The guidance reflects clear progress from 2025 and remains fully aligned with our 3-year financial framework. We're guiding higher revenue, higher adjusted EBITDA, improving capital intensity, strong free cash flow growth and a sustainable dividend. Taken together, these targets reinforce our confidence in the strategy and in our ability to execute and deliver sustainable financial performance over the 3-year horizon.

總而言之，在第 17 張投影片中，我們 2026 年的財務目標使 BCE 能夠實現我們在投資者日上提出的 2028 年目標。此指導意見反映了從 2025 年開始的明確進展，並與我們三年的財務框架完全一致。我們預計營收將成長，調整後 EBITDA 將成長，資本密集度將提高，自由現金流將強勁成長，股息也將維持永續成長。綜合來看，這些目標增強了我們對該策略的信心，以及我們對在未來三年內執行和實現永續財務表現的能力的信心。

With that, I'll turn the call back over to Kris and the operator to begin the Q&A.

接下來，我將把電話轉回給克里斯和接線生，開始問答環節。

Thank you, Curtis. (Event Instructions).

謝謝你，柯蒂斯。（活動說明）

And with that, Matthew, we're ready to take our first question.

好了，馬修，我們準備回答第一個問題。

(Operator Instructions) Tim Casey, BMO Capital Markets.

（操作員說明）蒂姆·凱西，BMO資本市場。

Thanks. Good morning. Could -- you talk a little bit about your guidance ranges, 1% to 5% and 0% to 4%. Those -- obviously, there's a few swing factors in there. Maybe just what's influencing you? Is it competitive intensity? Is it economic issues? Just maybe walk us through your thinking on the guidance ranges, if you could, please.

謝謝。早安.能否談談您的指導範圍，1% 到 5% 和 0% 到 4%？顯然，其中有一些搖擺因素。或許，究竟是什麼在影響你？這是競爭強度嗎？是經濟問題嗎？如果您方便的話，能否請您簡單介紹一下您對指導範圍的考慮思路？

Thanks, Tim. Good morning. I'll start, and then, Curtis can layer on. I think what you're seeing in the guidance we're giving you on revenue and EBITDA certainly is a reflection that our growth segments continue to grow as we signaled they would, and we continue to need to manage the legacy declines as carefully as we possibly can, and we transparently unpack that for everyone in October last year.

謝謝你，提姆。早安.我先開始，然後柯蒂斯可以接手。我認為，從我們給出的收入和 EBITDA 指引中，您看到的確實反映出我們的成長部門正如我們之前所預測的那樣繼續成長，而我們仍然需要盡可能謹慎地管理遺留的下滑，我們在去年 10 月向所有人透明地解釋了這一點。

So on the growth side, the proof points are the premium Bell loadings, the churn, the product intensity, the fiber net. Of course, we want to continue to improve service revenues. And in there, you've got AI-powered solutions revenue, both in totality and then within the -- and organically, continue to guide towards positive Bell Media revenue and EBITDA. There's the US opportunity, and of course, free cash flow growth, which is pretty healthy while funding strategic initiatives. So that's on the growth side.

因此，在成長方面，證明點是高階貝爾負載、流失率、產品強度、纖維網。當然，我們希望繼續提高服務收入。其中，人工智慧解決方案的收入，無論是整體收入還是內部收入，都將繼續有機成長，從而推動貝爾傳媒的收入和 EBITDA 實現正增長。還有美國市場的機會，當然還有自由現金流的成長，這在為策略性措施提供資金的同時，也相當健康。這是成長方面的情況。

And then the swings potentially are wireless penetration gains and overall market growth in wireless. Of course, the state of pricing in wireless and wireline, both. I already talked about managing legacy, but you've got within that legacy advertising declines and legacy declines generally. The overall economic environment factors into our assessment on the range. And then the last two things I'll say is while we've got good momentum in AI-powered solutions and in cost transformation, are we able to further gain even better momentum in both of those, and that could swing to the positive depending on the traction we continue to get.

然後，波動可能體現在無線滲透率的提高和無線市場的整體成長。當然，無線和有線網路的定價狀況都是需要考慮的。我之前已經談到如何管理遺留系統，但其中也包括遺留廣告的衰退和整體遺留系統的衰退。整體經濟環境是我們對該領域進行評估的因素之一。最後我想說兩點，雖然我們在人工智慧解決方案和成本轉型方面取得了良好的發展勢頭，但我們能否在這兩方面進一步獲得更大的發展勢頭呢？這取決於我們持續取得的進展，結果可能會朝著正面的方向發展。

Anything to add, Curtis?

柯蒂斯，還有什麼要補充的嗎？

I'd just add, it's a detail. We're not targeting to reach low end of the range. We're targeting higher than that, but it is appropriate to have a range. And I'd just note the spread of the range is consistent with the last couple of years. So again, we think this is the appropriate range and consistent with our past practice.

我只想補充一點，這只是細節。我們的目標並非達到該價位區間的低端。我們的目標比這更高，但設定一個範圍是適當的。我還要指出，價格區間的分佈與過去幾年的情況一致。所以，我們認為這個範圍是適當的，也與我們過去的做法一致。

Just as a follow-up, any comment on what we're seeing in the wireless pricing environment and what usually is a very tepid loading environment and promotional environment? There seems to have been a little more activity than some of us would have expected in January. Just what are your reflections on what's going on in wireless so far in '26?

作為後續問題，您對目前無線定價環境以及通常較冷清的裝置量和促銷環境有何看法？一月份的活動似乎比我們一些人預期的要多一些。您對2026年至今無線領域的發展有何看法？

Yes. Thank you for the follow-up, Tim. I'll start with something that does need to be said, particularly with one of our key priorities being putting customers first. It's pretty clear that over the last, call it, number of years, certainly three years or so, we see consumers getting tremendous value from the wireless services we offer. You got lowering prices, improved network service enhancements, feature enhancements and basically the benefits of robust competition across the country. So that's important to say.

是的。謝謝你的後續跟進，提姆。首先，我要說一些必須說明的事情，尤其是在我們總是把客戶放在第一位的情況下。很明顯，在過去的幾年裡，尤其是最近三年左右，我們看到消費者從我們提供的無線服務中獲得了巨大的價值。您將享受到更低的價格、更完善的網路服務、更強大的功能，以及全國激烈競爭帶來的所有好處。所以這一點很重要。

Within that context, I think probably what I'll say, Tim, is that we're continuing at Bell to be disciplined. And that's a function of just sticking to our plan and being diligent in our execution. So for us, and this is not new, we're really focused on the Bell loadings because the market is shifting to Tier 1 brand value proposition with 5G, with mobility, Internet and content. We're trying to improve the service revenue trajectory. We're really dialed in on base management.

在這種情況下，我想我可能會說的是，蒂姆，貝爾公司將繼續保持嚴謹的作風。這完全取決於我們是否堅持計劃並認真執行。所以對我們來說，這並不新鮮，我們真正關注的是貝爾的負載，因為市場正在轉向 5G、行動性、網路和內容領域的頂級品牌價值主張。我們正在努力改善服務收入的成長軌跡。我們對基地管理非常精通。

And if you go back to a year ago, we basically set out ARPU dilutive loadings in January of 2025, and yet, we still delivered strong full-year loadings. It just shows you that the discipline is working. And more recently, in the past month, January of this year, I think you saw some pretty aggressive promotions, the past two weekends, from some of our peers, and we decided to sit that out as well because what we're trying to do is get an appropriate share of wireless nets, profitable transactions, leveraging the premium tier. And we're focused on strong channel execution, both in retail and online and in the call centers.

如果回顧一年前，我們基本上設定了 2025 年 1 月的 ARPU 稀釋負荷，然而，我們仍然實現了強勁的全年負荷。這正好說明自律是有效的。最近，就在今年一月，我想你們也看到了一些同行在過去兩個週末採取的非常激進的促銷活動，而我們也決定按兵不動，因為我們正在努力爭取獲得適當的無線網絡份額、盈利的交易，並充分利用高級套餐。我們專注於強大的通路執行力，包括零售、線上和呼叫中心。

Stephanie Price, CIBC World Markets.

Stephanie Price，CIBC World Markets。

Good morning. Thanks. In terms of my question, I was hoping you could walk through what's baked into the guide in terms of Ziply, how we should think about growth and margins in that business in '26? And maybe my follow-up is a bit on the US competitive environment and if you're seeing any changes in the Ziply footprint here.

早安.謝謝。關於我的問題，我希望您能詳細解釋指南中關於 Ziply 的內容，以及我們應該如何看待 2026 年該業務的成長和利潤率？接下來，我想問美國市場的競爭環境，以及您是否看到 Ziply 在這裡的商業版圖有任何變化。

Right. So on Ziply, we're pleased. So 2025 ended exactly as we -- pretty much exactly as we telegraphed it would in -- at Investor Day for 2025. So that remains the case. And the performance does remain above our initial investment case when we announced the potential transaction back in November of 2024. So good on both of those fronts.

正確的。所以，我們對Ziply很滿意。所以，2025 年的結局正如我們在 2025 年投資者日上所預告的那樣——幾乎完全一樣。情況依然如此。而且，該業績仍然高於我們在 2024 年 11 月宣布潛在交易時的初始投資預期。這兩方面都做得很好。

In terms of the underlying fundamentals, Stephanie, demand for fiber, it's all about fiber and the underlying fundamentals remain strong for fiber, whether or not it's demand for fiber, customer preference penetration gains, where we do have fiber, and the long-term economics, all that remains very supportive and beats cable on pretty much all the metrics, speed, reliability, latency, product expansion, overall experience. And that dynamic hasn't changed either competitively on the ground in the states where Ziply is operating.

就基本面而言，Stephanie，光纖的需求，一切都與光纖有關，而光纖的基本面依然強勁，無論是光纖需求、客戶偏好、滲透率提升、光纖覆蓋範圍，還是長期經濟效益，所有這些都非常有利，並且在幾乎所有指標上都優於有線電視，包括速度、可靠性、延遲、產品擴展和整體體驗。而且，在 Ziply 營運的各州，這種競爭格局也沒有改變。

Thank you. And then just in terms of -- you mentioned a significant ramp in H2 in terms of the rollout at Ziply. Just curious how you're thinking about CI and the pace of the fiber rollout in the US business?

謝謝。然後，就您提到的Ziply在下半年的推廣方面將實現顯著增長。我很好奇您如何看待CI以及美國企業光纖部署的速度？

Go ahead on CI.

CI繼續進行。

Thanks for the question, Stephanie. And look, I would say we do manage CapEx and capital intensity on a consolidated basis. So we are expecting capital intensity overall to drop, but fixed dollars remaining the same. You're not wrong, though.

謝謝你的提問，史蒂芬妮。而且，我認為我們在合併的基礎上確實對資本支出和資本密集度進行了管理。因此，我們預期整體資本密集度將下降，但固定美元將保持不變。你說的沒錯。

I would expect CapEx dollars spent in Canada probably go down year-over-year and with an increase in the US But again, we're managing that on a consolidated basis and gives us the ability to reallocate capital towards higher-growth initiatives. So we're happy to have that flexibility, and frankly, that stronger opportunity in front of us.

我預期在加拿大的資本支出可能會逐年下降，而在美國則會增加。但話說回來，我們正在進行合併管理，這使我們能夠將資金重新分配到成長更快的專案中。所以我們很高興擁有這種靈活性，坦白說，我們也樂於面對擺在我們面前的更強大的機會。

Jerome Dubreuil, Desjardins Securities.

傑羅姆‧杜布勒伊 (Jerome Dubreuil)，加鼎證券 (Desjardins Securities)。

Good morning. Thanks for taking my questions. I'll just follow up a bit on Tim's questions there. But after seeing what has happened with the wireless landscape over the last few weekends, have you changed your expectations for 2026 or padded the downside a little bit better?

早安.謝謝您回答我的問題。我再補充一下蒂姆提出的問題。但鑑於過去幾個週末無線領域發生的變化，您是否改變了對 2026 年的預期，或者更好地應對了下行風險？

So that's -- Jerome, that's built into the ranges on guidance that we've talked about. If you focus on -- maybe if I take a narrower focus on the question and go straight to ARPU, for example, so when we came out of Black Friday in November of 2025, we thought it would be possible to show moderate ARPU growth by Q4 of 2026. And with the pricing we saw in December of 2025 and what we've seen some of our peers do in January, it might be more difficult to get there. But there's still 11 months left in the year. And I think -- broadly speaking, I think there are signs that we can go back to the level of pricing we saw more of in October, November, particularly while delivering the tremendous value for consumers, which I talked about earlier when I was discussing with Tim.

所以——傑羅姆，這已經包含在我們討論過的指導範圍內了。如果－也許如果我把焦點縮小到ARPU（每位使用者平均收入），例如，那麼當我們在2025年11月的黑色星期五之後，我們認為到2026年第四季實現適度的ARPU成長是有可能的。鑑於我們在 2025 年 12 月看到的定價以及我們在 1 月看到的一些同行的做法，實現這一目標可能會更加困難。但今年還有11個月呢。而且我認為——總的來說，我認為有跡象表明我們可以回到我們在 10 月、11 月看到的定價水平，尤其是在為消費者提供巨大價值的情況下，正如我之前和 Tim 討論時提到的那樣。

Thanks. That's helpful. In terms of the next step for AI Fabric, I think the ROI opportunity there is pretty strong. Maybe if you can discuss the potential catalyst that you see down the road? Are there -- is there an inflection in demand? Are there announcements we should be expecting maybe from the different government levels?

謝謝。那很有幫助。就 AI Fabric 的下一步發展而言，我認為其投資回報率機會非常可觀。或許您可以談談您認為未來可能出現的催化劑？需求是否出現拐點？我們應該期待各級政府發布哪些公告？

Yes. So I'll try to take it. So on AI Fabric specifically, what we built in the 2026 plan and guidance is the monetization of a relatively small portion of the significant amount of overall capacity we currently have available to monetize over the coming years. And so that's based on our confidence to deliver those sites in year in 2026. So that's built into what you see today.

是的。所以我會試著接受它。因此，具體到 AI Fabric，我們在 2026 年計劃和指導中構建的是，在未來幾年內，將我們目前可用於貨幣化的大量總容量中相對較小的一部分貨幣化。所以，這是基於我們有信心在 2026 年交付這些網站。所以，這些都融入了你今天看到的事物。

We are in active discussions across multiple additional opportunities, and we've been sharing that consistently. And that's based on the pretty strong interest and sales funnel we have. There's a lot of demand for the capacity we do have. And so there are discussions that are ongoing.

我們正在積極探討多個其他合作機會，並且一直在與大家分享這些機會。這是基於我們相當強勁的客戶興趣和銷售管道。我們現有的產能需求量很大。因此，相關討論仍在進行中。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Thank you for taking my question. Maybe I'll start with your assumptions on 2026 wireless subscriber growth for the industry or maybe better if you can give us some indications about what you expect you can achieve.

感謝您回答我的問題。或許我可以先問您對 2026 年無線產業用戶成長的假設，或者如果您能給我們一些關於您預期能夠實現的目標的指示就更好了。

You talked about ARPU. And so when I think about the pricing picture, Mirko, you mentioned that given what you saw in Q1 so far and late in Q4, you might not show a return to positive ARPU growth. I don't think that's -- I think the general market is in line with that view. But do you believe that the first couple of big discounts we saw this quarter in the last week -- two weekends have hurt you in any way in terms of achieving your goals in subscriber loading for Q1? I'll start with that question, and I'll have another question on convergence after.

你談到了ARPU（每位使用者平均收入）。所以，米爾科，當我考慮定價情況時，你提到，鑑於你在第一季迄今為止和第四季末看到的情況，你可能無法恢復正的 ARPU 成長。我不這麼認為──我認為市場普遍認同這種觀點。但您是否認為，本季最後一週（兩個週末）出現的前幾次大幅折扣，對您實現第一季用戶成長目標有任何影響？我先問這個問題，之後我還會問一個關於收斂性的問題。

Okay. So there's -- thank you, Maher. There's kind of a few elements in that. So let me start with market growth generally.

好的。所以——謝謝你，馬赫。這其中包含幾個要素。那麼，就讓我先談談市場成長的整體情況吧。

Our view of wireless market growth, to keep it short, is broadly consistent with what you heard last week from one of our competitors. So we also continue to see market growing at a low single-digit rate, and that just reflects a more mature market and lower overall volume growth and increases in penetration. So that's on that part.

簡而言之，我們對無線市場成長的看法與上週您從我們的一位競爭對手那裡聽到的看法基本一致。因此，我們也繼續看到市場以較低的個位數速度成長，這反映出市場更加成熟，整體銷售成長放緩，以及滲透率的提高。那部分就到此為止了。

I -- in terms of how we're going to operate, it's -- I mean, I don't want to repeat too much of what I said at the beginning in response to the first question, but what we saw in January of this year, particularly the last two weekends, it doesn't change the delivery, our execution against our goals because we are going to stick to our plan. We are going to be disciplined. It's all about having a strategy and then executing against that and not deviating because of one or two weekends. So our approach remains Bell loadings, accretive loadings sitting out ARPU dilutive loadings, product intensity. So we're going to continue to execute against that. We're doing reasonably well. What we want to get is our appropriate share of market loadings.

就我們的運作方式而言，我的意思是，我不想重複我在回答第一個問題時所說的太多內容，但是我們在今年一月，特別是最近兩個週末看到的情況，並不會改變我們的交付方式，也不會改變我們實現目標的方式，因為我們將堅持我們的計劃。我們要嚴守紀律。關鍵在於制定策略並嚴格執行，不要因為一兩個週末的情況而偏離計劃。因此，我們的方法仍然是貝爾載荷、累積載荷、ARPU稀釋載荷、產品強度。所以我們會繼續執行這項計劃。我們目前情況還不錯。我們想要獲得的是應有的市佔率。

And on ARPU growth, which was kind of the third element you outlined in your question, I guess I'll end here where I ended on the previous question to when I was discussing with Jerome. There are still 11 months left in the year. So there's lots of opportunity here to deliver on what we all thought we'd be able to deliver, particularly by the end of this year.

至於 ARPU 成長，也就是你在問題中提到的第三個要素，我想我會像之前和 Jerome 討論上一個問題時那樣，就此打住。今年還有11個月。所以，我們有很多機會來實現我們所有人原本以為能夠實現的目標，尤其是在今年年底之前。

Okay. That's fair. Thank you for that. So my second question or follow-up is on convergence. Wireless, wireline bundles is not something new, of course. But in a more competitive market, I look at your fiber footprint, the largest in Canada by far, and compare that with some of your US peers, which are trying to catch up and have made convergence their number one priority, I would say. How much upside do you believe BCE can achieve from leaning on your fiber footprint to increase your wireless market share? And could you share with us what percent of your wireline footprint base is also a wireless customer of BCE, just to have some kind of a reference compared to what we hear from your US peers? Thank you.

好的。這很合理。謝謝。所以我的第二個問題或後續問題是關於收斂性的。當然，無線和有線捆綁銷售並不是新鮮事。但在競爭更加激烈的市場中，我觀察了你們的光纖網路覆蓋範圍，它是加拿大迄今為止最大的，並將其與你們的一些美國同行進行比較，這些美國同行正在努力追趕，並將融合作為他們的首要任務。您認為BCE可以利用其光纖網路覆蓋範圍來提高無線市場份額，從而獲得多大的成長空間？能否告知我們貴公司有線用戶群中，有多少百分比的用戶同時也是 BCE 的無線用戶？這樣我們就可以將其與貴公司美國同行的數據進行比較。謝謝。

So I think -- I don't have it at my fingertips, Maher, but I think at Investor Day, we did outline our goals on product intensity in terms of percentages, 25% product intensity increase between now and 2028. So we are trying to -- that answers your question is do we think there's upside? 100%, we think there's upside, and we gave the upside target over the 3-year timeframe. And that's largely on the back of an expansive fiber footprint, coupled with the best premium content in the business in Crave and continued leadership in wireless.

所以我想——我手頭上沒有確切信息，馬赫，但我認為在投資者日上，我們確實概述了我們在產品密集度方面的目標，以百分比表示，從現在到 2028 年，產品密集度將提高 25%。所以我們正在嘗試——這回答了你的問題，那就是我們認為是否有上漲空間？我們百分之百認為有上漲空間，並且我們給了三年內的上漲目標。這主要得益於廣泛的光纖網路覆蓋，以及Crave提供的業界最佳優質內容和在無線通訊領域的持續領先地位。

So -- I know I'm giving you more of a general strategic question -- point of view. So that's the strategy. The strategy is born from a belief in tremendous upside. The upside is going to come through disciplined execution. And in terms of the specific stats you're asking for, I don't think we'll give that here on the call.

所以——我知道我提出的是一個更一般性的策略問題——觀點。這就是策略。該策略源自於對巨大上漲潛力的信念。正面的結果將來自於嚴謹的執行。至於你要求的具體統計數據，我認為我們這次電話會議上不會提供。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Thank you for taking the question. I guess just following up on Stephanie's question related to perhaps the US environment. What you've seen here in the US, I guess, is scaled fiber operators seem a bit more focused on driving penetration this year and largely have messaged that ARPU growth might be a little bit muted. I mean -- and then the cable operators, Comcast, Charter, who you compete with in the vast majority of your Ziply footprint, have largely messaged as well that ARPUs or price increases will not necessarily be passed through here, as they try to focus on churn reduction, gross addition improvement.

感謝您回答這個問題。我想就史蒂芬妮提出的可能與美國環境有關的問題做個後續探討。我想，在美國，規模化的光纖營運商似乎更注重今年的市場滲透率，並且普遍表示ARPU（每位用戶平均收入）的成長可能會比較緩慢。我的意思是——而且，在 Ziply 的大部分覆蓋範圍內與你競爭的有線電視運營商 Comcast 和 Charter 也大多表示，ARPU 或價格上漲不一定會轉嫁到這裡，因為他們正努力專注於降低用戶流失率和提高新增用戶數量。

While still early, and I think you just kind of hit on it, Mirko, in your answer to Maher's question there that I presume a lot of the growth is volume-based. But boots on the ground, blocking and tackling, has anything changed in the strategy or Harold and the team's strategy in the US kind of given the competitive environment? That's my first question.

雖然現在還為時過早，但我認為你剛才在回答馬赫的問題時，已經一針見血地指出了這一點，那就是我推測很多增長都是基於銷量的。但是，就地面防守、阻擋和擒抱而言，考慮到競爭環境，哈羅德和他的球隊在美國的策略是否有所改變？這是我的第一個問題。

And then, I'll just toss out my second one here as well. On slide 5, you do talk about continued noncore asset sales as you optimize the balance sheet. Any update on current work streams or what we might be able to perhaps expect in 2026? Thank you.

然後，我再補充第二個。在第 5 張投影片中，您確實談到了在優化資產負債表的過程中持續出售非核心資產。目前的工作進度有什麼最新情況嗎？或者我們或許可以期待2026年會有哪些成果？謝謝。

So on the Ziply part of the question, Sebastiano, so nothing has changed in terms of the strategy and the execution in the Ziply markets where we have fiber. We're continuing to see the penetration ramp exactly as we had expected and as Ziply had been performing prior to our acquisition. So all that remains quite solid.

塞巴斯蒂亞諾，關於 Ziply 的問題，就 Ziply 在光纖市場的策略和執行方面沒有任何改變。我們看到滲透率的成長正如我們預期的那樣，與 Ziply 在我們收購之前的表現完全一致。所以這一切都相當穩固。

On pricing, it's interesting, Ziply has typically not been the highest priced broadband provider in the markets it operates. So there's a price gap between Ziply and cable where Ziply's pricing has tended to be below that of cable. And what you're seeing just maybe more broad kind of take on the Ziply questions is what you're seeing in what we're signaling is the -- there's a deliberate reset here on our part quite strategically.

價格方面，Ziply 通常不是其營運市場中價格最高的寬頻供應商，這一點很有趣。因此，Ziply 和有線電視之間存在價格差距，Ziply 的價格往往低於有線電視。而你現在看到的，或許是對 Ziply 問題的一種更廣泛的解讀，正如我們所發出的信號——這是我們經過深思熟慮後，在戰略上做出的一次刻意調整。

Prior to closing, Ziply's build plan was largely focused on upgrading its existing copper footprint within its existing ILEC territory. And as we said consistently, as we were leading up to closing of the transaction and since is that our long-term plan together with the Ziply management team is to go broader now. And now we have PSP in the Network FiberCo project. And the plan there is to build both within and beyond the ILEC footprint. And we're going to do that in a sequential and capital disciplined way.

在完成交易之前，Ziply 的建設計劃主要集中在升級其現有 ILEC 區域內的現有銅纜網路。正如我們一直以來所說的那樣，從交易完成前到完成，我們與 Ziply 管理團隊的長期計劃是擴大業務範圍。現在，PSP 也加入了 Network FiberCo 計畫。而該計劃的目標是在本地交換運營商（ILEC）的業務覆蓋範圍之內和之外進行建設。我們將以循序漸進、資金紀律嚴明的方式來實現這一目標。

So we plan to do the build now not only within the 4 core states, not only within the ILEC footprint in those 4 core states, but outside both the ILEC footprint and the 4 core states. So if you kind of take that as the strategy, what happened is once we closed the acquisition, we took a bit of a step back and to reassess what had been the build plan so that we could tackle the wider geographic slate. And as we redesign the plan, what you're going to see is a little bit of a near-term slowdown in terms of the actual passings, but ramp, as we get to the back half of this year and into 2027 and beyond so that not only can we hit our 3 million locations passed target, but do it in the markets that we think are the most attractive.

因此，我們現在計劃不僅在 4 個核心州內進行建設，不僅在這些核心州的本地交換運營商 (ILEC) 覆蓋範圍內進行建設，而且還在 ILEC 覆蓋範圍和這 4 個核心州之外進行建設。所以，如果你把這看作是我們的策略，那麼發生的情況是，在我們完成收購之後，我們稍微退後一步，重新評估了先前的建設計劃，以便我們能夠應對更廣泛的地域範圍。隨著我們重新設計計劃，你會看到短期內實際通過量有所放緩，但隨著我們進入今年下半年以及 2027 年及以後，速度將會加快，這樣我們不僅可以實現 300 萬個地點的通過目標，而且還能在我們認為最具吸引力的市場實現這一目標。

And then the second question was...

第二個問題是…

Yes, Sebastiano, to get to your second question around asset sales. So I'd say consistent with our previous messaging throughout the year at Investor Day, we are focused on maintaining our discipline around capital allocation. One of our priorities is strengthening the balance sheet. You saw net debt slightly but decreased even with the acquisition of Ziply. So we are continued -- we will continue to be focused.

是的，塞巴斯蒂亞諾，接下來回答你關於資產出售的第二個問題。因此，我認為，與我們今年在投資者日上傳達的訊息一致，我們將繼續專注於保持資本配置方面的紀律。我們的首要任務之一是強化資產負債表。即使收購了 Ziply，淨債務也略有下降。所以，我們將繼續——我們將繼續專注於此。

We are on track to reach our 3.5 times net leverage target by 2027. And as we talked about previously, asset sales will play a role. We do have files underway. And as we reach agreements, we'll provide more transparency to the market.

我們預計在 2027 年實現淨槓桿率 3.5 倍的目標。正如我們之前討論過的，資產出售將發揮作用。我們確實有一些文件正在處理中。隨著我們達成協議，我們將提高市場的透明度。

Vince Valentini, TD Securities.

Vince Valentini，TD Securities。

Thank you so much. First, maybe just a clarification. Are we going to get Enterprise segment revenue starting to get disclosed discretely in the first quarter? I thought there was some indication at Investor Day, you'd improve enhanced disclosure.

太感謝了。首先，或許需要澄清一下。第一季企業業務部門的收入是否會開始單獨揭露？我認為在投資者日上，你們似乎有所改進，加強了資訊揭露。

And second, more of a question, employee purchase plans within the wireless segment. I know you've been saying for the last couple of quarters, the vast majority of your postpaid net adds are on the Bell brand, but the Bell brand includes these EPP plans, which sometimes are $35 or $40 for big buckets of data, including roaming in other countries as well. Can you give us any sense, is that a satisfactory level of your loading, Mirko? Do you think that's getting a bit out of control? And do you have good eyeballs and gates on making sure your in-store reps authenticate people to make sure they qualify for these EPP versus just giving it to anybody?

其次，還有一個問題，關於無線領域的員工購買計畫。我知道你過去幾個季度一直在說，你們的後付費用戶新增絕大多數都是貝爾品牌，但貝爾品牌也包括這些 EPP 套餐，這些套餐有時只需 35 或 40 美元就能獲得大量數據，還包括在其他國家的漫遊。米爾科，你能給我們一些建議嗎？你覺得這樣的裝藥量是否令人滿意？你覺得這有點失控了嗎？你們是否有足夠的人員和嚴格的把關措施，確保你們的店內代表對顧客進行身份驗證，以確保他們符合這些員工優惠計劃 (EPP) 的資格，而不是隨意發放？

Thanks for the question, Vince. I'll do the second, and Curtis, you can answer the first.

謝謝你的提問，文斯。我來回答第二個問題，柯蒂斯，你來回答第一個問題。

Look, on EPPs, they are -- there's an EPP segment in the marketplace. We have traditionally, frankly, been gapped in EPP sales, both in terms of in the past functionality and as well as kind of a desire. By design, we've been gapped. We've over time fixed some of the product feature and execution gaps on EPPs, but our view hasn't changed on the strategy, which is we'll play where we need to, but we believe we are fundamentally disciplined executing against all core segments. Again, the focus is disciplined execution on the most accretive loadings while remaining competitive as appropriate in each segment. And that's what we're going to continue to do, Vince.

你看，在EPP（員工持股計畫）領域，市場上確實有EPP細分市場。坦白說，我們傳統上在EPP銷售方面存在差距，無論是過去的能力還是某種程度上的需求。我們被有意地拉開了差距。隨著時間的推移，我們已經解決了 EPP 的一些產品功能和執行方面的差距，但我們的戰略觀點沒有改變，那就是我們會在需要的地方開展業務，但我們相信，我們在所有核心領域的執行方面都保持著高度的紀律性。再次強調，重點在於嚴格執行最具增益性的負荷，同時在每個細分市場中保持適當的競爭力。文斯，我們也會繼續這樣做。

We -- and again, you just -- EPP is one part of it, but you see some of the above-the-line aggressive pricing that some of our peers have put in market the last two weekends, and we set out. We did the same thing last year in January 2025. And ultimately, when you look at the full year performance in 2025, we took our appropriate share of net adds, and that's because we focused on executing against -- at the right times throughout the year. And that's the thing -- that's what we're going to continue to do.

我們——還有，你——EPP只是其中的一部分，但你可以看到我們的一些同行在過去兩個週末在市場上採取了一些激進的定價策略，我們也隨之行動起來。我們去年（2025年1月）也做了同樣的事情。最終，當你回顧 2025 年的全年業績時，我們獲得了應有的淨成長份額，這是因為我們專注於在全年的正確時機執行相關策略。這就是關鍵所在——這也是我們將繼續要做的事情。

And Vince, just on your first question, the answer is yes. So starting Q1, we'll provide more detail in and around the enterprise segment.

文斯，就你的第一個問題而言，答案是肯定的。因此，從第一季開始，我們將提供更多關於企業領域及相關方面的詳細資訊。

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Thank you. A couple of follow-ups. First on the US. Is it possible to size the build plan for this year? And what are some other opportunities you're seeing to accelerate the fiber plan in the US, maybe some tuck-ins? And convergence also a theme. And are you -- do you see adding an MVNO important to inflect your subscriber growth in the US? And a quick follow-up on Canada, can you talk about the TPIA activity in broadband?

謝謝。還有一些後續問題。美國首發。能否確定今年的建設規劃規模？那麼，您認為還有哪些機會可以加快美國光纖計畫的實施，或者可以採取一些補充措施？融合也是其中一個主題。您是否認為在美國增加虛擬營運商 (MVNO) 對提升用戶成長有重要意義？關於加拿大，能否快速跟進一下，您能談談TPIA在寬頻領域的活動嗎？

Okay. Thank you, Batya. So on M&A opportunities, I'm going to give you a general answer on M&A opportunities, and this applies to the US or Canada. We'll always take a look at opportunities to drive shareholder value. Importantly, though, any one of those would have to fit within our capital markets goals and deleveraging targets. So I'll leave it at that on M&A in the US or otherwise.

好的。謝謝你，巴蒂亞。所以關於併購機會，我將給你一個關於併購機會的一般性回答，這適用於美國或加拿大。我們將始終專注於提升股東價值的機會。但重要的是，這些措施中的任何一項都必須符合我們的資本市場目標和去槓桿化目標。關於美國或其他地區的併購，我就說到這裡吧。

In terms of convergence, we -- at this moment in time, a converged offering in the US is not required by Ziply in order to drive the penetration gains where we have fiber, and -- but we recognize that there may be a point in time that we'll want to do that, and we have a number of options available to us that we are looking at. So stay tuned for more on that over time.

就融合而言，目前 Ziply 在美國並不要求提供融合產品來推動光纖覆蓋區域的市場滲透率成長，但我們意識到，未來某個時候我們可能會想要這樣做，我們正在研究一些可行的方案。所以，請留意後續報道。

In TPIA, yes, of course, TPIA, not -- in terms of our -- what we want to do -- fundamentally, here's what we want to do, we want to -- again, in our approach to put customers first. We really do want to provide in the West to Western consumers an additional fiber option, particularly for those customers who want to buy more than one product from us. That remains our goal. Not much has happened with respect to execution against that goal, and that's because we're having difficulty getting an appropriate level of service from the fiber operator out West.

在 TPIA，是的，當然，TPIA，不是——就我們而言——我們想做的——從根本上說，這就是我們想做的，我們想——再次強調，在我們的方法中，客戶至上。我們確實希望為西方消費者提供額外的光纖選擇，特別是對於那些想從我們這裡購買多種產品的顧客。這仍然是我們的目標。就實現該目標而言，進展並不大，這是因為我們很難從西部的光纖營運商那裡獲得適當的服務水準。

And -- I mean, not to get into too much gory detail on this. I mean, some of the service windows or install windows are frankly weeks long, significantly longer than what we provide to resellers on our fiber network in the East, and that's untenable, particularly when we think that consumers out West are deserving or as deserving as competition as consumers everywhere else.

我的意思是，不要詳細描述這其中的血腥細節。我的意思是，有些服務窗口或安裝窗口坦白說長達數週，比我們在東部光纖網路上為經銷商提供的服務窗口要長得多，這是不可接受的，尤其是在我們認為西部消費者應該享有與其他地方消費者同等的競爭待遇的情況下。

ARPUs are higher for Internet in the West than they are in the East. So you could easily argue that consumers in the West are perhaps even more deserving of more competition. So what we're looking for is just an appropriate level of service from the underlying network owner out West. And once we -- once that's delivered to us, we'll be able to execute against what we said at Investor Day.

西方網路的平均每用戶收入（ARPU）高於東方。因此，你完全可以認為，西方消費者或許更該享有更多的競爭。所以我們所尋求的只是來自西部底層網路所有者的適當水平的服務。一旦—一旦我們收到這些訊息，我們就能兌現我們在投資者日上所做的承諾。

And are you seeing higher reseller activity in your region?

您所在地區的經銷商活動是否有增加？

That's traditionally been the case. There's always been more resell for years and years and years in the East than in the West. And that's because the regulatory rules were actually always, for some reason, asymmetrical until recently, where there was no fiber mandate in the West, but there was a fiber resell mandate in the East. It's a bit inexplicable, but it's what it is. Those rules have changed now so that there's a fiber resell mandate across the country, but we just need appropriate service delivery so that we can deliver an experience to customers out West that they would expect of us and that we want to deliver because, again, all this -- put all of this aside, what matters the most is the experience that we deliver to customers. That's what concerns me the absolute most.

傳統上一直都是這種情況。多年來，東方的二手房交易量一直高於西方。這是因為，由於某種原因，監管規則實際上一直都是不對稱的，直到最近，西方沒有光纖強制令，而東方卻有光纖轉售強制令。這有點難以解釋，但事實就是如此。現在這些規則已經改變，全國範圍內都有光纖轉售強制令，但我們只需要適當的服務交付，以便我們能夠為西部地區的客戶提供他們期望我們提供的體驗，也是我們想要提供的體驗，因為，再說一遍，所有這些——把所有這些放在一邊，最重要的是我們為客戶提供的體驗。這正是我最擔心的事。

Matthew Griffiths, Bank of America.

馬修·格里菲斯，美國銀行。

Good morning. Thanks for taking the question. I just wanted to ask on guidance. Coming out of the Investor Day, I think the message, and correct me if I'm wrong, was for within that 3-year guidance window for EBITDA growth to be sequentially higher in each subsequent year. Is that still the case as we get -- as we see 2026 guidance in the context of the 3-year guide?

早安.感謝您回答這個問題。我只是想請教一些問題。投資者日結束後，我認為傳達的訊息（如果我理解有誤請指正）是，在未來三年的指導期內，EBITDA 成長將逐年遞增。當我們把 2026 年的指導意見放在三年指導方針的背景下看時，情況是否仍然如此？

Matthew, it's Curtis. Yeah, nothing's changed our view there. We expect as our growth businesses ramp up, as Ziply Fiber continues to expand their footprint and drive penetration. As our AI-powered solutions businesses ramp up, we continue to expect EBITDA to progressively improve over that 3-year horizon.

馬修，我是柯蒂斯。是的，我們的看法沒有改變。我們預計，隨著我們的成長業務加速發展，Ziply Fiber 將繼續擴大其業務範圍並提高市場滲透率。隨著我們的人工智慧解決方案業務不斷壯大，我們預計未來三年 EBITDA 將持續改善。

Okay. And so within the guidance range for 2024 -- sorry, of 0% to 4% for 2026, it would seem at the high end of that range, given the ranges that you have longer term, it implies a downward trajectory on subsequent year growth. Can you just help kind of bridge those two together? And maybe there's something lumpy that could fall into 2026 that might fall into 2027? I don't know what it could be, but just kind of reconcile those things, would be helpful.

好的。因此，在 2024 年的指導範圍內——抱歉，是 2026 年 0% 至 4% 的指導範圍——考慮到你們的長期範圍，似乎處於該範圍的高端，這意味著隨後幾年的增長將呈下降趨勢。你能幫忙把他們兩個連結起來嗎？也許有些事情會斷斷續續發生在 2026 年，甚至可能延續到 2027 年？我不知道那會是什麼，但如果能把這些事情理順一下，那就很有幫助了。

It's a fair question, Matthew. And look, the trend is upward, but it's not a linear path. As Mirko talked about earlier, there are timing fluctuations in terms of -- especially in our enterprise side of the world, there's a timing impact in terms of advertising continued rebound, launches of our services. So yes, on a 3-year horizon, it's a continuous upward trend. But within any reporting period, there's still going to be a range of outcomes. But the first point still holds true.

馬修，你問得好。你看，趨勢是上升的，但這不是一條直線。正如米爾科之前提到的那樣，時間上存在波動——尤其是在我們的企業業務方面，廣告的持續復甦和我們服務的推出都會受到時間上的影響。所以，是的，從三年來看，這是一個持續上升的趨勢。但在任何報告期間內，仍會出現一系列結果。但第一點仍然成立。

Okay. That's helpful. And then, you made some comments on wireless ARPU, which are helpful. I just was curious if you would make -- like what you would say your assumptions are around kind of international roaming as a contributor to either continued declines or stability? Because in the past, you've made some comments on where your monthly recurring revenues have been trending, which has been positive. So anything to add there would be helpful.

好的。那很有幫助。然後，您對無線 ARPU 提出了一些意見，這些意見很有幫助。我只是好奇，您能否談談您對國際漫遊作為導致持續下滑還是穩定的因素的看法？因為過去您曾就您的每月經常性收入趨勢發表過一些評論，而且這些評論都是正面的。所以，如果有什麼補充，歡迎提出。

Yes. So roaming trends actually improved sequentially in Q4. It was still a decline, but it was a low single-digit decline. So we saw a healthy recovery in consumer roaming revenue in Q4, which is, I'd say, encouraging for future ARPU performance if that continues to hold.

是的。因此，漫遊趨勢在第四季度實際上較上季有所改善。雖然仍呈下降趨勢，但降幅僅為個位數。因此，我們看到第四季度消費者漫遊收入出現了健康復甦，我認為，如果這種復甦勢頭能夠持續下去，那麼這對未來的 ARPU 表現來說是一個令人鼓舞的消息。

Thank you. There are no further questions registered at this time. I would now like to turn the meeting over to Mr. Somers.

謝謝。目前沒有其他問題需要諮詢。現在我將會議交給薩默斯先生主持。

Thank you, Matthew. Thank you again, everyone, for your participation on the call this morning. Richard and I will be available throughout the day for follow-up questions or clarifications. Thanks again, and have a great day.

謝謝你，馬修。再次感謝各位今天上午參加電話會議。我和理查德將在當天隨時解答後續問題或進行澄清。再次感謝，祝您今天過得愉快。

Thanks, everyone. Have a good day.

謝謝大家。祝你有美好的一天。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議已經結束。請您暫時斷開線路，感謝您的配合。