BCE Inc (BCE) 2025 Q2 法說會逐字稿

Good morning. (inaudible) meeting over to Kris Somers. Please go ahead, Mr. Somers.

早安. （聽不清楚）會議交給 Kris Somers。請繼續，薩默斯先生。

Thank you, Matthew. Good morning everyone and thank you for joining our call. With me here today are Mirko Bibic, BCE's President and CEO; and our CFO, Curtis Millen. You can find all our Q2 disclosure documents on the investor relations page of the BCE.ca website which we posted earlier this morning.

謝謝你，馬修。大家早安，感謝你們參加我們的電話會議。今天和我一起在場的還有 BCE 總裁兼執行長 Mirko Bibic 和我們的財務長 Curtis Millen。您可以在我們今天早上發布的 BCE.ca 網站的投資者關係頁面上找到我們所有的 Q2 揭露文件。

Now before we begin, I'd like to draw your attention to our Safe Harbor statement on slide 2, reminding you that today's slide presentation and 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.

現在，在我們開始之前，我想提請您注意幻燈片 2 上的安全港聲明，提醒您今天的幻燈片演示和電話會議中的評論將包括前瞻性信息，因此可能會受到風險和不確定性的影響。結果可能會有重大差異。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，請參閱我們公開提交的文件。

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

解決了這個問題之後，我將把電話轉給米爾科。

Thanks, Kris, and good morning, everyone. So earlier this year, as you know, I shared the strategic plan and capital allocation strategy that will guide Bell in driving sustainable free cash flow growth and shareholder value in the near and long term. And I'm pleased to report that in Q2, the Bell team made meaningful progress towards our objectives. Bell's unique and differentiated assets continue to work together to diversify our revenue streams and to drive overall performance.

謝謝，克里斯，大家早安。因此，正如你們所知，今年早些時候，我分享了戰略計劃和資本配置策略，這將指導貝爾在近期和長期推動可持續的自由現金流增長和股東價值。我很高興地報告，在第二季度，貝爾團隊在實現我們的目標方面取得了有意義的進展。貝爾獨特且差異化的資產繼續共同努力，使我們的收入來源多樣化並推動整體業績。

We remain deeply committed to executing our plan and it's delivering results. I'd now like to provide an update on our progress against each of our four focused strategic priorities, which are putting the customer first, delivering the best fiber and wireless networks, leading an enterprise with AI-powered solutions and building a digital media and content powerhouse.

我們仍然堅定地致力於執行我們的計劃，並且它正在取得成果。現在，我想介紹我們四大策略重點的進展情況，這四大策略重點是：客戶至上、提供最好的光纖和無線網路、以人工智慧解決方案引領企業、打造數位媒體和內容巨頭。

Moreover, we'll continue to modernize and simplify how we do business and how we operate. Turning to slide 4. For 145 years, our purpose has been rooted in connection. We connect Canadians with each other. We empower our enterprise clients to connect with our customers.

此外，我們將繼續使我們的經營方式和營運方式現代化和簡化。翻到幻燈片 4。145 年來，我們的宗旨始終根植於連結。我們將加拿大人聯繫在一起。我們幫助我們的企業客戶與我們的客戶建立聯繫。

Through consistent long-term investments in core infrastructure, we've enabled Canadians to connect to the latest global technology innovations.

透過對核心基礎設施進行長期持續的投資，我們使加拿大人能夠接觸到最新的全球技術創新。

Our objective is to put our customers at the heart of every interaction with us. We know their time is valuable, and that's why we're prioritizing self-serve tools to help customers get the support they need and the tangible results we've seen so far. So let's turn to slide 5.

我們的目標是將客戶放在與我們每次互動的中心位置。我們知道他們的時間很寶貴，這就是為什麼我們優先考慮自助服務工具來幫助客戶獲得他們需要的支援以及我們迄今為止看到的實際成果。讓我們翻到幻燈片 5。

Our self-install program started in Ontario and Quebec in 2020, enabling customers to install their Bell services on their own schedule. It's been a resounding success. Since 2022, more than 1 million self-installs have been performed and over 90% of new residential customers are opting to do their own installation. It's more convenient for our customers and generates significant cost savings.

我們的自安裝程序於 2020 年在安大略省和魁北克省啟動，使客戶能夠按照自己的時間表安裝貝爾服務。這是一次巨大的成功。自 2022 年以來，已完成超過 100 萬次自行安裝，超過 90% 的新住宅客戶選擇自行安裝。這對我們的客戶來說更加方便，並且可以節省大量成本。

Our customers can use our AI-powered virtual repair diagnostics tool to detect and resolve a wide range of technical issues without a support call or a technician visit. And since 2022, 1.2 million calls have been eliminated as a result. And our AI-powered virtual assistant has been rolled out nationally for online chat support with much more natural conversations with our customers. Again, saves time for our customers and improves productivity for Bell.

我們的客戶可以使用我們的人工智慧虛擬維修診斷工具來檢測和解決各種技術問題，而無需支援電話或技術人員存取。自 2022 年以來，已有 120 萬通電話因此被取消。我們的人工智慧虛擬助理已在全國推出，提供線上聊天支持，與客戶進行更自然的對話。再次，為我們的客戶節省了時間並提高了貝爾的生產力。

Customer-first initiatives like these materially improve customer satisfaction. They lead to improved churn, higher customer lifetime value and better financial performance. The next key priority area for us is to deliver the best fiber and wireless networks. Last Friday, we were delighted to announce the completion of our acquisition of Ziply Fiber, the leading fiber Internet provider in the US Pacific Northwest, and we did this several months ahead of schedule.

此類客戶至上的措施大大提高了顧客滿意度。它們可以改善客戶流失率、提高客戶終身價值並改善財務表現。我們的下一個重點領域是提供最好的光纖和無線網路。上週五，我們很高興地宣布完成對美國太平洋西北地區領先的光纖網路供應商 Ziply Fiber 的收購，而且我們提前了幾個月完成收購。

I want to thank the Bell and Ziply teams for their dedication and their perseverance in making this happen. We're pleased to welcome Ziply Fiber colleagues to the BCE family, and we look forward to working together to accelerate and to expand their fiber build, reaching more communities and delivering the connectivity and service the Ziply Fiber customers deserve.

我要感謝 Bell 和 Ziply 團隊的奉獻和堅持，使這一目標得以實現。我們很高興歡迎 Ziply Fiber 的同事加入 BCE 大家庭，我們期待共同努力加速和擴大他們的光纖建設，覆蓋更多社區並提供 Ziply Fiber 客戶應得的連接和服務。

This acquisition expands Bell's fiber footprint by 1.4 million locations, and it cements our position as the third largest fiber Internet provider in North America. This marks a key milestone in our fiber growth strategy and diversifies our fiber revenues in an unregulated geography. By combining Bell's deep fiber expertise with Ziply Fiber's experienced management team, we're creating a powerful platform for material long-term growth, scale and geographic diversification that positions us to unlock significant value for our shareholders.

此次收購使貝爾的光纖覆蓋範圍擴大了 140 萬個地點，鞏固了我們作為北美第三大光纖網路供應商的地位。這標誌著我們的光纖成長策略的一個重要里程碑，並使我們在不受監管的地區實現光纖收入多元化。透過將貝爾的深厚纖維專業知識與 Ziply Fiber 經驗豐富的管理團隊相結合，我們正在為材料的長期增長、規模和地域多樣化創建一個強大的平台，使我們能夠為股東釋放巨大的價值。

Our strategic partnership with PSP Investments will support Ziply Fiber infrastructure in underserved markets in the US, and we'll do that in a financially disciplined way. The plan is to reach a total of 8 million fiber passings in the US Ziply has been outperforming our expectations with the team driving very strong customer acquisition and penetration on its fiber network.

我們與 PSP Investments 的策略合作夥伴關係將支持美國服務不足市場的 Ziply Fiber 基礎設施，而且我們將以財務自律的方式實現這一目標。該計劃是在美國實現光纖總通行量達到 800 萬條。 Ziply 的表現超出了我們的預期，其團隊在光纖網路上推動了非常強勁的客戶獲取和滲透。

These metrics will get even better as we go forward as we capture the incremental synergies and growth opportunity from the PSP partnership. Curtis will share some of our expectations for Ziply's 2025 financial and operational performance when he speaks next.

隨著我們從 PSP 合作夥伴關係中抓住增量協同效應和成長機會，這些指標將會變得更好。柯蒂斯接下來將分享我們對 Ziply 2025 年財務和營運表現的一些期望。

In Canada, this quarter, we delivered 27,000 new FTTH customers, a strong result amidst the slowdown in our Canadian fiber build and pricing, reflective of the significant value we deliver to customers. This contributed to Internet revenue growth of 3%. We continue to capture the majority of new growth in the areas where we have fiber. Fiber is a superior service offering, and it resonates with customers.

本季度，我們在加拿大新增了 27,000 名 FTTH 客戶，在加拿大光纖建設和定價放緩的情況下，取得了強勁的業績，反映了我們為客戶提供的巨大價值。這推動了網路收入3%的成長。我們將繼續在擁有光纖的地區抓住大部分新的成長機會。光纖是一種優質的服務產品，能夠引起客戶的共鳴。

Fiber continues to drive higher multiproduct penetration, contributing to an 8% increase in households subscribing to mobility and Internet service bundles where we have fiber. In wireless, our relative performance has improved meaningfully. We added 94,479 new net mobile phone subscribers in Q2. This demonstrates our execution upside on gross activations and customer retention.

光纖繼續推動多產品滲透率的提高，在有光纖的地方，訂購行動和網路服務套餐的家庭數量增加了 8%。在無線領域，我們的相對表現有了顯著提升。我們第二季新增了 94,479 位行動電話用戶。這證明了我們在總啟動量和客戶保留方面的執行優勢。

Notably, postpaid churn improved 12 basis points to 1.06%, marking the first quarter of year-over-year improvement in nearly three years. It's a clear highlight in the quarter, and it's a direct result of customer service improvements, increased product intensity and effective real-time retention offers.

值得注意的是，後付費客戶流失率改善了 12 個基點，達到 1.06%，這是近三年來第一個季度出現年增長。這是本季的一個明顯亮點，也是客戶服務改善、產品強度提高和有效的即時保留優惠的直接結果。

We added 44,547 new net postpaid wireless subscribers this quarter and all were on our main Bell brand. This is consistent with our operating strategy to focus on better quality, profitable and margin-accretive subscriber acquisition. Prepaid net adds were relatively steady versus last year at 49,932 as our strategy to better address the value and newcomer market with our Lucky Mobile brand continues to hunt.

本季我們新增了 44,547 位淨後付費無線用戶，全部屬於我們的主要貝爾品牌。這符合我們的營運策略，即專注於獲取更優質、更有利可圖且利潤更高的用戶。預付費淨增用戶數與去年相比相對穩定，為 49,932 人，因為我們的策略是透過 Lucky Mobile 品牌更好地滿足價值和新用戶市場的需求，並且仍在繼續探索。

Q2 marked the third straight quarter of year-over-year ARPU improvement with a decline of 0.7%. Our result this quarter reflected sustained competitive pricing pressure and lower roaming due in part to decreased travel to the US These factors were partly offset by nonrecurring revenues from the G7 Summit.

第二季度，ARPU 連續第三個季度年減 0.7%。本季的業績反映了持續的競爭性定價壓力和漫遊費的下降，部分原因是前往美國的旅行減少，這些因素被 G7 峰會的非經常性收入部分抵消。

We've regained operating momentum in wireless with a focus on best networks, customer experience, product intensity and churn reduction. We expect to continue to capture our fair share of subscriber additions and to strengthen our financial performance going forward.

我們在無線領域重新獲得了營運動力，重點是最佳網路、客戶體驗、產品強度和減少客戶流失。我們期望繼續獲得應有的新增用戶份額，並加強我們未來的財務表現。

Turning to slide 6 now. It's great to discuss the enterprise growth strategy that we've been thoughtfully building out over the past couple of years. Our strategy -- basically, in summary, our strategy is based on reinventing our core services and our core service delivery and leading the country in AI-powered technology solutions. So I'll start first with the reinvention of our core services and service delivery.

現在翻到第 6 張投影片。很高興討論我們在過去幾年精心製定的企業成長策略。我們的策略——基本上，總而言之，我們的策略是基於重塑我們的核心服務和核心服務交付，並在人工智慧技術解決方案方面引領國家。因此，我將首先從重塑我們的核心服務和服務交付開始。

Everybody knows we're the largest provider of core connectivity and communication services to enterprises in Canada. We're modernizing what we're doing by developing Unified Communication as a Service and Network as a Service, and we're leveraging our partnerships with Zoom, ServiceNow and Salesforce, among others.

眾所周知，我們是加拿大最大的企業核心連接和通訊服務提供者。我們正在透過開發統一通訊即服務和網路即服務來實現我們正在做的現代化，並且我們正在利用與 Zoom、ServiceNow 和 Salesforce 等公司的合作夥伴關係。

We expect this modernization to move core enterprise services towards positive growth. Importantly, and we've talked about this several times, we've also broadened our suite of offerings in ways that are adjacent, unregulated and complementary to our core services with AI-powered technology solutions.

我們期望這種現代化能夠推動核心企業服務實現正成長。重要的是，我們已經多次討論過這個問題，我們也透過人工智慧技術解決方案以相鄰、不受監管和與我們的核心服務互補的方式擴展了我們的產品套件。

These offerings are driving strong growth, and we expect that momentum to continue. One key element of that is to lead in cybersecurity. Bell already had a robust security business, and this was enhanced with our acquisition of StratGM last year. The combination of StratGM's fully automated cloud-based AI-powered security operations center and the Bell network platform is a unique and compelling offering for our customers.

這些產品正在推動強勁成長，我們預計這種勢頭將會持續下去。其中一個關鍵要素就是引領網路安全。Bell 已經擁有強大的安全業務，而去年我們收購 StratGM 後，這項業務得到了進一步增強。StratGM 的全自動基於雲端的人工智慧安全營運中心與貝爾網路平台的結合，為我們的客戶提供了獨特且引人注目的產品。

Another key element is at Ateko, which we launched in May with a focused specialization in five major platforms used globally. ServiceNow, Salesforce, AWS, Azure and Google Cloud. Atekco is also focused, as we've talked about before, on four industry verticals where we have deep customer relationships, and those are financial institutions, utilities, public sector and TMT.

另一個關鍵要素是 Ateko，我們在五月推出了該產品，專注於全球使用的五個主要平台。ServiceNow、Salesforce、AWS、Azure 和 Google Cloud。正如我們之前所討論的，Atekco 也專注於四個與客戶有著深厚關係的垂直產業，即金融機構、公用事業、公共部門和 TMT。

And the final key component of the BBM growth strategy is Bell AI Fabric. And it's about being the backbone of Canada's AI ecosystem. And Bell AI Fabric is essentially comprised of four layers. There's a hardware infrastructure layer, which includes Canada's largest sovereign AI data centers on the largest fiber network. There's a software infrastructure layer, which includes LLMs customized for Bell to offer unique capabilities for the Canadian market.

BBM 成長策略的最後一個關鍵組成部分是 Bell AI Fabric。它是加拿大人工智慧生態系統的支柱。Bell AI Fabric 本質上由四層組成。有一個硬體基礎設施層，其中包括加拿大最大的光纖網路上最大的主權人工智慧資料中心。有一個軟體基礎設施層，其中包括為貝爾量身定制的 LLM，為加拿大市場提供獨特的功能。

There's advisory, tech and professional services led by Ateko and the application layer of consumer and business AI applications. I'll share more on Bell's significant opportunity in AI service offerings in a few minutes.

其中包括由 Ateko 領導的諮詢、技術和專業服務以及消費者和商業 AI 應用程式的應用層。我將在幾分鐘內分享更多有關貝爾在人工智慧服務產品方面的重要機會。

But you put all those together, we've got a unique set of indoor-related assets and expertise that cannot be replicated in Canada. And the common glue to all this is the highly trusted Bell brand, our superior networks and our deep long-standing enterprise relationships. The strategy is highly differentiated, and it's delivering results right now, as you can see. This is in stark contrast to North American peers who've seen significantly higher rates of decline for their enterprise businesses. I'll move over to slide 7.

但把所有這些放在一起，我們就擁有了一套獨特的室內相關資產和專業知識，這是加拿大無法複製的。而這一切的共同點就是備受信賴的貝爾品牌、我們卓越的網絡以及我們深厚的長期企業關係。該戰略具有高度差異化，正如您所見，它現在正在產生效果。這與北美同業形成了鮮明對比，他們的企業業務下滑率明顯更高。我將轉到第 7 張投影片。

Still more on BBM, Bell Business Markets. It delivered a record quarter of revenue growth driven by net positive contributions from all four growth vectors I just talked about. Core connectivity and communication services, which represents the largest portion of BBM revenues, those stabilized in Q2 and showed modest growth. As expected, Ateko and our cybersecurity business are growing rapidly and so was AI fabric. And as I mentioned, Bell has always connected Canadians to technology at scale.

更多內容請參閱 BBM、貝爾商業市場 (Bell Business Markets)。它實現了創紀錄的季度收入成長，這得益於我剛才談到的所有四個成長載體的淨正貢獻。核心連接和通訊服務佔 BBM 收入的最大份額，該業務在第二季度趨於穩定並呈現適度增長。正如預期的那樣，Ateko 和我們的網路安全業務正在快速成長，AI Fabric 也是如此。正如我所提到的，貝爾一直致力於將加拿大人與科技大規模連結起來。

It's a core skill.

這是一項核心技能。

The next generation of large-scale technology infrastructure is sovereign AI compute. It will deeply transform Canada the way the telephone and Internet did. We're uniquely placed to build and to manage this infrastructure in Canada for Canada. As I mentioned, our ambition is to become the backbone of Canada's AI economy, just as we've been the foundation of the country's communications infrastructure for the past 145 years.

下一代大規模技術基礎設施是自主的人工智慧運算。它將像電話和互聯網一樣深刻地改變加拿大。我們在加拿大擁有獨特的優勢，可以為加拿大建造和管理這項基礎設施。正如我所提到的，我們的目標是成為加拿大人工智慧經濟的支柱，就像過去 145 年來我們一直是全國通訊基礎設施的基礎一樣。

Bell AI Fabric will deliver high-performance, sovereign and environmentally responsible AI computing services to Canadian businesses, researchers and public institutions. Just want to emphasize, this is not a standard colocation business. Bell AI Fabric is going to encompass purpose-built AI data centers with a cluster of high-impact AI services attached to them.

Bell AI Fabric 將為加拿大企業、研究人員和公共機構提供高效能、自主且對環境負責的人工智慧運算服務。只是想強調一下，這不是標準的主機代管業務。Bell AI Fabric 將包含專門建置的 AI 資料中心以及與之相連的一系列高影響力的 AI 服務。

They'll feature cutting-edge enterprise-grade AI technology, enabling faster, more efficient processing tailored for large language models and AI workloads. Since announcing our first AI fabric facility in Kamloops in June, in partnership with Grok, we've seen strong interest from potential partners looking to work with us.

它們將採用尖端的企業級人工智慧技術，實現針對大型語言模型和人工智慧工作負載的更快、更有效率的處理。自從我們在 6 月與 Grok 合作在坎盧普斯宣佈建立第一家 AI 布料工廠以來，我們看到了潛在合作夥伴的濃厚興趣。

You saw that recently when we announced a partnership with Cohere, a global leader in large language models, who will join us to provide full stack sovereign AI solutions for government and enterprise customers across Canada, accelerating adoption and driving innovation in our Canadian economy.

您最近看到了這一點，我們宣布與大型語言模型的全球領導者 Cohere 建立合作夥伴關係，他們將加入我們，為加拿大各地的政府和企業客戶提供全端主權 AI 解決方案，加速採用並推動加拿大經濟的創新。

We're going to enable the creation of truly end-to-end sovereign AI bundled solutions. AI fabric, again, represents a meaningful future unregulated revenue and EBITDA stream, and new free cash flow vertical for Bell's enterprise business. Demand for Canadian AI data centers is projected to grow at an annual rate exceeding 20%.

我們將創建真正端到端的自主 AI 捆綁解決方案。再次，AI 結構代表了未來有意義的不受管制的收入和 EBITDA 流，以及貝爾企業業務的新自由現金流垂直領域。預計加拿大人工智慧資料中心的需求將以每年超過 20% 的速度成長。

This growth is distinct from the surging demand for compute, inferencing, large language models and other AI-driven solutions, which also continues to accelerate across industries. So given our strategic advantages, we're well positioned to capture a significant share of the AI opportunity. We have national fiber connectivity, owned or leased land in key locations, access to a significant amount of low-cost power and cooling and deep customer relationships, and we can provide the full stack of services that a customer would need.

這種成長不同於對運算、推理、大型語言模型和其他人工智慧驅動解決方案的激增的需求，這些需求也在各個行業持續加速成長。因此，鑑於我們的戰略優勢，我們完全有能力抓住人工智慧領域的重大機會。我們擁有全國光纖連接、在關鍵位置擁有或租賃的土地、大量低成本電力和冷卻資源以及深厚的客戶關係，並且可以提供客戶所需的全套服務。

We have the scale and the right to win in this business. Again, it's real and delivering results right now at manageable investments at manageable investment levels fully reflected in our leverage and capital intensity targets.

我們擁有在這個行業中取勝的規模和權利。再次強調，這是真實的，並且目前以可控的投資、可控的投資水準產生了成果，這充分反映在我們的槓桿率和資本密集度目標中。

Now turning to Media. Digital was up 9% over last year and now makes up 43% of total media revenues. Driving this performance was crave, which grew direct streaming subscribers by 72% over last year as well as continued growth in products such as connected TV, Crave with ads and FAST channels. Investments to sustain the strategic shift are continuing with a major expansion of Crave to offer CTV and entertainment content, news, select sports and a larger kids collection.

現在轉向媒體。數位收入比去年增長了 9%，目前佔媒體總收入的 43%。推動這項業績成長的是 Crave，其直接串流訂閱用戶較去年同期成長了 72%，同時連網電視、有廣告的 Crave 和 FAST 頻道等產品也持續成長。為維持策略轉變而進行的投資仍在繼續，Crave 正在進行大規模擴張，以提供 CTV 和娛樂內容、新聞、精選體育節目和更廣泛的兒童節目。

We've got new streaming bundle offers that include Disney+, Crave and TSN for the Canadian market and integration of the Bell marketing platform into the Trade Desk, providing advertisers with seamless access to Bell's premium first-party data and custom audience building capabilities.

我們推出了新的串流媒體捆綁優惠，包括針對加拿大市場的 Disney+、Crave 和 TSN，以及將 Bell 行銷平台整合到 Trade Desk，讓廣告主能夠無縫存取 Bell 的優質第一方資料和自訂受眾建立功能。

Bell Media has delivered a strong first half, and it's because of our digital pivot and our focus on flagship franchises, and it's paying off after five years of dedicated effort and investment. While we expect Bell Media to generate positive revenue and EBITDA for the full year. Segment results may be somewhat uneven due to industry dynamics and near-term macroeconomic headwinds that may impact advertiser demand in the second half of this year.

貝爾傳媒 (Bell Media) 上半年表現強勁，這得益於我們的數位轉型和對旗艦特許經營權的關注，經過五年的專注努力和投資，我們的努力終於獲得了回報。我們預計貝爾媒體全年將實現正收入和 EBITDA。由於產業動態和近期宏觀經濟逆風可能影響今年下半年的廣告主需求，因此各部門的表現可能有些不平衡。

That said, our goal remains unchanged. For Bell Media, we consistently delivered annual revenue and EBITDA growth while contributing meaningful free cash flow to the DCs. slide 8 provides a summary of the Q2 metrics I've already covered. So before I turn it over to Curtis, I should say that obviously, we're disappointed with the decision of the federal government last night to decline to alter the CRTC's decision to expand mandatory wholesale access. At this stage, we urge the government and the CRTC to ensure that network builders are fully compensated for the significant build cost and investment risk they take in building.

儘管如此，我們的目標仍然沒有改變。對於貝爾媒體，我們持續實現年度收入和 EBITDA 成長，同時為 DC 貢獻有意義的自由現金流。投影片 8 總結了我已經介紹過的第二季指標。因此，在將發言權交給柯蒂斯之前，我應該說，顯然，我們對聯邦政府昨晚拒絕改變 CRTC 擴大強制批發准入的決定感到失望。在此階段，我們敦促政府和CRTC確保網路建置者因其在建設中承擔的巨額建設成本和投資風險而獲得充分補償。

And I also want to emphasize that the Bell team remains sharply focused on executing our strategic plan and delivering value for customers and shareholders. We're building Maiden Canada tech services champions with a TECO and Bell Cyber. We're building the backbone of the AI ecosystem with Bell AI fabric. We continue to invest significantly in Canadian content as Canada's digital media content leader.

我還想強調的是，貝爾團隊仍然專注於執行我們的策略計劃並為客戶和股東創造價值。我們正在與 TECO 和 Bell Cyber​​ 合作打造 Maiden Canada 技術服務冠軍。我們正在利用 Bell AI 結構來建構 AI 生態系統的骨幹。作為加拿大數位媒體內容的領導者，我們繼續對加拿大內容進行大量投資。

These are the types of major investments BCE continues to make In Canada to connect Canadians with each other with their customers and with technology. We will generate growth through our Customer-First initiatives, a renewed momentum in wireless, our momentum in enterprise and now significant growth in the unregulated US fiber market.

這些都是 BCE 在加拿大持續進行的重大投資，旨在讓加拿大人與客戶以及技術建立聯繫。我們將透過「客戶至上」計畫、無線領域的新勢頭、企業領域的發展動能以及目前不受監管的美國光纖市場的顯著成長來實現成長。

And therefore, I'm pleased to announce that BCE will host an Investor Day on October 14 in Toronto, where we'll showcase how the elements of our strategy come together in a highly differentiated way to create long-term shareholder value, and we'll share additional details shortly with all of you. And as we look to the future, I want to reiterate our unwavering focus on disciplined execution and resilience and value creation, and I want to thank the Bell team for their hard work and for delivering results. for our customers and our shareholders.

因此，我很高興地宣布，BCE 將於 10 月 14 日在多倫多舉辦投資者日，屆時我們將展示我們的策略要素如何以高度差異化的方式結合在一起以創造長期股東價值，我們很快就會與大家分享更多細節。展望未來，我想重申我們堅定不移地專注於嚴格的執行、韌性和價值創造，我要感謝貝爾團隊的辛勤工作以及為我們的客戶和股東取得的成果。

And with that, over to you, Curtis.

現在，就交給你了，柯蒂斯。

Thank you, Mirko, and good morning, everyone. I'll begin on slide 10 with BCE's consolidated financial results. In the second quarter, we returned a total positive revenue growth, delivering a solid 1.3% increase. This is the direct result of our successful fiber strategy our ability to attract and retain premium wireless subscribers and drive greater cross-sell penetration of mobility and Internet outsoles, continued digital media growth and our momentum in enterprise as our AI-powered technology solutions by driving rapid growth. EBITDA was down 19% due to higher cost of goods sold associated with significant growth in product revenue.

謝謝你，米爾科，大家早安。我將從第 10 張投影片開始介紹 BCE 的綜合財務表現。第二季度，我們的總營收恢復正成長，實現了1.3%的穩定成長。這是我們成功的光纖策略的直接結果，我們能夠吸引和留住優質無線用戶，推動行動和互聯網外底的更大交叉銷售滲透，數位媒體的持續成長，以及我們在企業中的勢頭，因為我們的人工智慧技術解決方案推動了快速成長。由於產品收入大幅成長導致銷售成本上升，EBITDA 下降了 19%。

Net earnings and statutory EPS were up over last year due to lower asset impairment charges as well as a noncat loss recorded in Q2 of '24. On BCE's share of an obligation to repurchase the minority interest in a joint venture for the investment at fair value. Adjusted EPS down 19.2%, reflecting some noncash mark-to-market losses on FX hedges and options, higher interest expense and lower year-over-year tax. Consistent with our plan to reduce capital spending by approximately $500 million on '25, CapEx was down $215 million in Q2, bringing year-to-date CapEx savings of $488 million.

由於資產減損費用降低以及 24 年第二季記錄的非重大損失，淨收益和法定每股收益比去年有所上升。關於 BCE 應承擔的以公允價值回購合資企業少數股權的義務。調整後每股收益下降 19.2%，反映了外匯對沖和期權的一些非現金按市價計價的損失、更高的利息支出和更低的同比稅收。根據我們在 25 年減少約 5 億美元資本支出的計劃，第二季的資本支出減少了 2.15 億美元，使年初至今的資本支出節省了 4.88 億美元。

We also delivered a solid 5% increase in cash flow in the second quarter. Turning to Bell CTS on slide 11. Financial performance of Bell Business Markets was a clear highlight this quarter. After putting the building blocks in place over the past few years, momentum is building with strong demand for our unique and differentiated suite of enterprise services, the BBM team drove significant year-over-year growth in revenues in the second quarter. And although already pointed out by Mirko, it bears repeating that all four elements of Bell Business Markets contributed to these results.

我們第二季的現金流也穩定成長了 5%。前往幻燈片 11 上的 Bell CTS。貝爾商業市場的財務表現是本季的一大亮點。經過過去幾年的努力，BBM 團隊取得了顯著的成績，隨著市場對我們獨特、差異化的企業服務套件的需求強勁，第二季度的收入同比增長顯著。儘管米爾科已經指出，但值得重複的是，貝爾商業市場的所有四個要素都對這些結果做出了貢獻。

This includes modest growth in core connectivity and communication services, which represents the largest portion of the revenues, rapid growth in the Bell Ateko managed services and our cybersecurity business and the introduction of Bell AI fabric with our first facility launched in June. Under the data center agreement, we recognized revenue and EBITDA upon delivery with annual cash flow to be realized over the coming years.

其中包括核心連接和通訊服務的適度增長（佔收入的最大份額）、Bell Ateko 託管服務和網路安全業務的快速增長以及我們於 6 月推出的第一個設施中引入的 Bell AI 結構。根據資料中心協議，我們在交付時確認收入和 EBITDA，並將在未來幾年實現年度現金流。

Internet revenue was up 3%, a solid result showing the striking a healthy balance between subscriber growth and disciplined pricing supported by fiber. Greater sales of mobility -- mobile devices from higher upgrade volumes and contracted activations, all have contributed to higher revenues on the product side in Q2.

網路收入成長了 3%，這一穩健的業績表明，在用戶成長和光纖支援的嚴格定價之間取得了健康的平衡。行動裝置銷售的增加－行動裝置升級量和合約活化量的增加，都為第二季產品的營收成長做出了貢獻。

Wireless service revenue was down about 3%. This represents a second straight quarter of improvement in the year-over-year rate of decline. Our results this quarter reflects competitive pricing pressures that were partially offset by nonrecurring revenue related to the G7. Despite a 1% increase in total CTS revenues, Q2 EBITDA declined by 1.6%, primarily due to a 3.2% rise in operating costs. This increase was driven by higher cost of goods sold, reflecting significant growth in product revenues this quarter.

無線服務收入下降約3%。這意味著同比下降率連續第二個季度有所改善。本季度的業績反映了競爭性定價壓力，但與 G7 相關的非經常性收入部分抵消了這種壓力。儘管 CTS 總營收成長了 1%，但第二季 EBITDA 卻下降了 1.6%，主要原因是營運成本上升了 3.2%。這一成長是由於銷售成本上升所致，反映出本季產品收入的顯著成長。

Turning to Bell Media on slide 12. Continued digital momentum and solid overall financial performance marked by a fifth consecutive quarter of revenue and EBITDA growth. Total Q2 revenue was up approximately 4%. This result was driven by an 8.1% increase in some revenue on the back of continued strong sports B2C stream growth. The F1 Canadian op and our acquisition of Abacus also contributed to higher revenue this quarter.

前往幻燈片 12 上的 Bell Media。持續的數位化發展勢頭和穩健的整體財務表現，連續第五個季度實現收入和 EBITDA 成長。第二季總營收成長約 4%。這一結果得益於體育 B2C 流量持續強勁增長，部分收入增長了 8.1%。F1 加拿大業務和我們對 Abacus 的收購也為本季的營收成長做出了貢獻。

Despite strong in video ad growth in the quarter, total advertising revenue was down 3.1% due to continued weakness in traditional broadcast TV advertiser demand for non-sports program and the previously announced divestiture of 45 radio stations, of which the majority were completed during the quarter. Consistent with the increase in revenue, Media EBITDA was up 7.8%, driven a 1.1 point increase in margin of 27.9%, really strong performance Bell Media with growth across revenue, EBITDA and margins.

儘管本季影片廣告成長強勁，但由於傳統廣播電視廣告商對非體育節目的需求持續疲軟，以及先前宣布的 45 家廣播電台的剝離（其中大部分已在本季度完成），總廣告收入下降了 3.1%。與營收的成長一致，媒體 EBITDA 成長了 7.8%，推動利潤率上升 1.1 個百分點，達到 27.9%，貝爾媒體的表現非常強勁，營收、EBITDA 和利潤率均成長。

Turning to slide 13. Balance sheet remains quite well positioned with $3.8 billion of availability and a strong salty surplus of $4.1 billion for all BCE-defined benefit pension plans. Our reported net debt leverage ratio at the end of Q2 approximately 3.5 times adjusted EBITDA. This does not reflect our acquisition of Ziply Fiber, which closed on August 1 and was funded with the $4.2 billion in net sale proceeds from MLSE received at the beginning of July, together with cash on hand. We are assuming $2.6 billion of incremental Ziply Fiber net debt that has been rolled over and remains outstanding.

翻到第 13 張投影片。資產負債表狀況依然良好，所有 BCE 固定收益退休金計畫的可用資金為 38 億美元，且強勁的盈餘為 41 億美元。我們報告的第二季末淨負債槓桿比率約為調整後 EBITDA 的 3.5 倍。這並未反映我們對 Ziply Fiber 的收購，該收購於 8 月 1 日完成，資金來自 7 月初從 MLSE 收到的 42 億美元淨銷售收益以及庫存現金。我們假設 Ziply Fiber 的增量淨債務為 26 億美元，這些債務已展期且尚未償還。

We are targeting a year-end 2025 net debt leverage ratio of approximately 3.8x, reflecting the impact of the MLSE sale and Ziply Fiber acquisition. On a pro forma basis, adjusted to include 12 months of Ziply Fiber EBITDA, our net debt leverage ratio would be approximately 3.7x.

我們的目標是到 2025 年底淨債務槓桿率達到約 3.8 倍，這反映了 MLSE 出售和 Ziply Fiber 收購的影響。根據備考基礎，調整為包含 12 個月的 Ziply Fiber EBITDA，我們的淨負債槓桿比率約為 3.7 倍。

In addition, a review of noncore assets continues to progress. I'm pleased to report that we have entered into an agreement to sell our Home Security and monitored alarm assets, with the transaction expected to close later this year. In line with our capital allocation priorities, proceeds from this divestiture will be used to reduce our leverage ratio and strengthen our balance sheet.

此外，非核心資產的審查也持續進行。我很高興地報告，我們已經達成協議，出售我們的家庭安全和監控警報資產，預計交易將於今年稍後完成。根據我們的資本配置優先事項，此資產剝離的收益將用於降低我們的槓桿率並加強我們的資產負債表。

Moving to slide 14. Ziply Fiber will operate as a separate business meet with the results reported separately beginning in Q3 2025. In the meantime, to assist investors with the financial modeling, I will share some of our expectations for Ziply Fiber's 2025 financial and operating performance.

移至投影片 14。Ziply Fiber 將作為獨立業務部門運營，並從 2025 年第三季開始單獨報告業績。同時，為了幫助投資者進行財務建模，我將分享我們對 Ziply Fiber 2025 年財務和營運績效的一些預期。

As you'll see, Ziply Fiber continues to deliver consistently strong results, driven by the strength of its fiber-to-the-prem platform. During the interim period, performance remained robust with both revenue and EBITDA tracking ahead of our expectations we set at the time of announcement. Last quarter, we called out their impressive EBITDA growth of 17% in 2024. It is projected to accelerate to 20% plus in 2025 driven by continued operational execution and significant growth runway. Ziply Fiber continues to grow its subscriber base now providing high-speed Internet to approximately 440,000 retail subscribers, 85% of which are on pure fiber service.

如您所見，Ziply Fiber 繼續提供持續強勁的業績，這得益於其光纖到戶平台的強大實力。在此期間，業績保持強勁，收入和 EBITDA 都超出了我們公告時設定的預期。上個季度，我們預測他們的 2024 年 EBITDA 將實現 17% 的驚人成長。預計到 2025 年，受持續營運執行和顯著成長空間的推動，這一數字將加速至 20% 以上。Ziply Fiber 的用戶群持續擴大，目前為約 44 萬名零售用戶提供高速互聯網，其中 85% 使用純光纖服務。

Ziply Fiber's more mature tenured markets have already reached 40% penetration. That compares with an average penetration of 23% in locations built in the last few years. So there's still meaningful growth ahead on the current book front, particularly when you consider that over 40% of the fiber locations were built in the last four years.

Ziply Fiber 較成熟的長期市場滲透率已達 40%。相比之下，過去幾年建成的地區的平均滲透率為 23%。因此，目前的帳面數據仍有顯著的成長，特別是考慮到超過 40% 的光纖站點是在過去四年內建成的。

Our acquisition of Ziply Fiber is an important part of our plan to generate sustained core business, top line and EBITDA growth at high return on account. Lastly, turning to our updated financial guidance targets for 2025 as summarized on slide 15.

我們對 Ziply Fiber 的收購是我們實現持續核心業務、營業收入和 EBITDA 成長並維持高回報率計劃的重要組成部分。最後，請看投影片 15 中總結的 2025 年最新財務指引目標。

With the inclusion of Ziply Fiber in our operating results for five months this year, we are increasing both BCE's consolidated revenue and adjusted EBITDA guidance for full year 2025 to a range of 0% to 2%. Our adjusted EPS guidance for 2025 is being revised to a range of minus 13% to minus 10% from the previous range of minus 13% to minus 8%. This is to reflect higher depreciation and amortization as well as increased interest expense assumptions related to the Ziply Fiber acquisitions. This revised range does not reflect any price allocation for Ziply Fiber as valuation has not yet been completed.

隨著今年五個月的經營業績納入 Ziply Fiber，我們將 BCE 的綜合收入和 2025 年全年調整後 EBITDA 指引均上調至 0% 至 2% 的範圍。我們對 2025 年調整後每股盈餘預期將從先前的 -13% 至 -8% 調整為 -13% 至 -10%。這是為了反映更高的折舊和攤提以及與 Ziply Fiber 收購相關的增加的利息費用假設。由於估值尚未完成，此修訂範圍不反映 Ziply Fiber 的任何價格分配。

Given Ziply Fiber's planned CapEx spending to execute as in the footprint fiber build-out for the remaining five months of the year, our expectation for BCE capital intensity increases to approximately 15% in 2025 from 14% previously. As a reminder to investors, our previously announced partnership with PSP Investments, which is on track to close later this year, significantly reduces the capital investment by BCE and Ziply Fiber and improved free cash flow during the network build phase.

鑑於 Ziply Fiber 計畫的資本支出將在今年剩餘五個月內用於光纖覆蓋建設，我們預計 BCE 資本密集度將從先前的 14% 上升至 2025 年的約 15%。提醒投資者，我們先前宣布的與 PSP Investments 的合作關係預計將於今年稍後完成，這將大大減少 BCE 和 Ziply Fiber 的資本投資，並改善網路建設階段的自由現金流。

As a result, our US fiber build-out can be accelerated and we continue to expect to maintain pro forma combined company capital intensity at around 14.5%. We would also expect our capital intensity to further decrease following Ziply Fiber's buildout of approximately 500,000 fiber locations in its copper footprint by year-end 2028.

因此，我們的美國光纖建設可以加速，我們預計公司合併資本密集度將繼續維持在 14.5% 左右。我們也預計，到 2028 年底，Ziply Fiber 將在其銅纜覆蓋範圍內建造約 50 萬個光纖位置，屆時我們的資本密集度將進一步降低。

As a result, we are adjusting our free cash flow guidance for 2025 to a range of 6% to 11%. And I'll also qualify that our guidance ranges do not reflect the pending divestiture of Northwest. I'll now hand the call back to Kris and the operator to begin Q&A.

因此，我們將 2025 年的自由現金流預期調整為 6% 至 11% 的範圍。而我還要指出的是，我們的指導範圍並不反映西北航空即將進行的資產剝離。我現在將電話交還給克里斯和接線員，開始問答。

Thank you, Curtis. (Event Instructions) With that, Matthew, we are ready to take our first question.

謝謝你，柯蒂斯。（活動說明）馬修，現在我們可以開始回答第一個問題了。

(Operator Instructions)

（操作員指示）

Stephanie Price, CIBC World Markets.

加拿大帝國商業銀行全球市場部 (CIBC World Markets) 的 Stephanie Price。

Hoping you can unpack the guidance a little bit more, just in terms of your initial estimates of Ziply and any adjustments to and anything outside of Ziply that's included in the revised guidance?

希望您能更詳細地解釋一下這份指南，僅就您對 Ziply 的初步估計以及修訂指南中包含的對 Ziply 之外的任何內容的調整而言？

Stephanie. Thanks for the call. So -- on the Ziply side of it, so as is in the presentation, Ziply is both on the revenue and the EBITDA side continue to outperform our investment case and outperform what we -- the financials provided in November. So -- that continues to be a very good operating performance story. And in terms of revised guidance, so I'd say the revised guidance reflects our current view of the combined company performance, right? So this is reported both the existing business and overlaid with the Ziply performance, but it's not a straight.

史蒂芬妮。謝謝您的來電。因此，就 Ziply 而言，正如演示中所述，Ziply 的收入和 EBITDA 方面的表現都繼續超越我們的投資案例，並且超越了我們 11 月份提供的財務數據。所以——這仍然是一個非常好的經營業績故事。就修訂後的指引而言，我想說修訂後的指引反映了我們對合併後公司業績的當前看法，對嗎？因此，這是對現有業務和 Ziply 業績的綜合報告，但並不是直接報告。

Okay. And maybe just a follow-up just on the free cash flow side. And maybe some comments on the free cash flow around Ziply for 2025?

好的。也許只是對自由現金流的後續關注。也許您對 2025 年 Ziply 的自由現金流有什麼評論？

Yes. So in somewhat odds with what I just said, Stephanie, on the free cash flow side, we are very happy with our Canadian free cash flow performance and midpoint of guidance in -- on the free cash flow metric actually is simply a Canadian expectation over with Ziply Fiber.

是的。因此，與我剛才所說的有些矛盾，斯蒂芬妮，在自由現金流方面，我們對加拿大的自由現金流表現和指導中點感到非常滿意 - 自由現金流指標實際上只是加拿大對 Ziply Fiber 的預期。

Jerome Dubreuil, Desjardins Securities.

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

I'm interested in the kind of longer-term free cash profile that Ziply brings. So if you can please discuss the free cash flow profile evolution in the coming years, because we're seeing the free cash headwind this year, but from my understanding, you have a bigger CapEx maybe in the first two years. And then there's a significant change in the CapEx profile with the taken over. So if you can discuss maybe what is in the coming years in free cash profile from Ziply?

我對 Ziply 帶來的長期免費現金狀況很感興趣。因此，請您討論一下未來幾年的自由現金流狀況變化，因為我們今年看到了自由現金逆風，但據我了解，前兩年的資本支出可能會更大。隨著收購的進行，資本支出狀況發生了重大變化。那麼，您能否討論一下未來幾年 Ziply 的免費現金狀況如何？

Jerome, thanks for the question. So you're right, a few stepping still building blocks for that question. Again, the EBITDA performance as Ziply through the interim period have been very strong. Growth in 2024 was 17%, expected to be north of 20% in 2025. So continued EBITDA growth, which ultimately falls to free cash flow.

傑羅姆，謝謝你的提問。所以你是對的，對於這個問題，我們還是需要做一些鋪墊。再次，Ziply 在整個中期的 EBITDA 表現非常強勁。2024 年的成長率為 17%，預計 2025 年將超過 20%。因此 EBITDA 持續成長，最終歸結為自由現金流。

And you're right, given the PSP partnership partnership, what it allows us to do is once we're through the 500,000 fiber locations built in the Ziply Fiber's footprint, the vast, vast majority of fiber build will be done PSP -- the partnership with PSP, which we had CapEx Ziply that we consolidate is largely really all going to be successful and a much lower number dollar-wise. So you're right that we do continue to expect free cash flow growth and frankly, accelerated once the PSP partnership is up and running, which we believe is to happen by the end of this year.

您說得對，考慮到 PSP 合作夥伴關係，我們可以做的是，一旦我們在 Ziply Fiber 的覆蓋範圍內建立了 500,000 個光纖位置，絕大多數光纖的建設將由 PSP 完成 - 與 PSP 的合作，我們對 Ziply 的資本支出，我們整合的合作基本上都會成功，而且金額要少得多。所以您說得對，我們確實繼續預期自由現金流會成長，而且坦白說，一旦 PSP 合作夥伴關係建立並運行，自由現金流就會加速成長，我們相信這將在今年年底前實現。

Aravinda Galappatthige, Canaccord Genuity.

阿拉文達·加拉帕蒂格 (Aravinda Galappatthige)，Canaccord Genuity。

I wanted to dig in a little bit into Bell AI Fabric. Mirko, maybe you can just talk a little bit about the sort of the longer-term revenue opportunity here. I know in one of the press releases you've indicated at $9 billion I'm not sure how broad that sort of estimate is, how should sort of investors think about since the medium-term opportunity here from a revenue perspective and then obviously, the free cash flow elements as well.

我想更深入地了解 Bell AI Fabric。米爾科，也許您可以稍微談談這裡的長期收入機會。我知道您在新聞稿中提到了 90 億美元，我不確定這種估計有多寬泛，投資者應該如何從收入角度來看待這裡的中期機會，當然還有自由現金流因素。

Yes. So the -- as I said in my opening remarks, thanks, Aravinda, we're going to execute on the enterprise growth strategy at a very manageable investment levels, and we expect it to generate significant IRRs on that strategy. And the growth, the TAM is large and the growth rates, market growth rates are quite significant, and we're poised to compete and lead. And it's not just AI fabric. It's the way every element of the BBM strategy work in unison.

是的。所以——正如我在開場白中所說的那樣，謝謝，阿拉文達，我們將以非常可控的投資水平執行企業成長策略，我們預計該策略將產生可觀的內部收益率。而且成長、TAM 很大、成長率、市場成長率相當顯著，我們準備好競爭和領先。而且它不僅僅是 AI 結構。這是 BBM 策略各要素協同運作的方式。

So it starts with having the best network connectivity and having the ability to deliver a purpose-built AI data centers fast. And in this environment, the time to power and the time to construction are a massive competitive advantage and saw that we were able to deliver a data center in June and there are more to come on stream, and you'll see some interesting announcements in the weeks to come that show you the continued momentum in Bell AI Fabric. But when we have the best networks, the access to the power and the cooling, the land and the building, the ability to stand up facilities fast, it just spins the service revenue potential as well because now we have Ateko that goes in there and provide AI and technology and systems integration advisory services.

因此，首先要擁有最佳的網路連接，並且能夠快速交付專用的 AI 資料中心。在這種環境下，上電時間和建造時間是一個巨大的競爭優勢，我們看到我們能夠在 6 月份交付一個資料中心，並且還會有更多的資料中心投入使用，您將在接下來的幾週內看到一些有趣的公告，向您展示 Bell AI Fabric 的持續發展勢頭。但是，當我們擁有最好的網路、電力和製冷、土地和建築、快速建立設施的能力時，它也會提升服務收入的潛力，因為現在我們有了 Ateko 來提供人工智慧和技術以及系統整合諮詢服務。

We have the partnership with Cohere, where we can provide access to that software layer. And then, of course, we wrap everything in with cybersecurity services. So it's a powerful foundation for long-term growth, and it's a powerful recipe for customers, and it's a significant opportunity to drive product intensity in the enterprise space because of the integration between all elements of the strategy, which are working in harmony. Team has done an amazing job putting it together over 18 months, and you're starting to see the.

我們與 Cohere 建立了合作關係，可以提供對該軟體層的存取。然後，當然，我們將一切融入網路安全服務。因此，它是長期成長的堅實基礎，也是顧客的強大秘訣，而且由於策略各要素之間的整合和協調，它是推動企業領域產品強度的重要機會。團隊在 18 個月的時間裡完成了一項了不起的工作，您已經開始看到了。

Thanks, Mirko. And just a quick follow-up before I hand the line on asset divestitures. I mean we saw to monetization transaction with TELUS recently beyond the $7 billion that you've sort of earmarked, how should we think of sort of the potential there beyond fiscal '25 to further sort of strengthen the balance sheet?

謝謝，米爾科。在我談論資產剝離之前，我只想快速跟進。我的意思是，我們最近看到與 TELUS 的貨幣化交易超過了您指定的 70 億美元，我們應該如何看待 25 財年之後進一步加強資產負債表的潛力？

Thanks. So we don't have any updates to share at this time with respect to something like a potential tower sale of infrastructure earlier this year in February, we announced what our priorities were going to be, at least in the near term. And the focus for us has been to execute against each of those. And for example, simply if the PSP partnership done, get churn down, we indicated that we're going to have a couple of noncore asset sales, and Curtis mentioned one on the home monitoring and arm. So that's been the priority to date.

謝謝。因此，我們目前還沒有任何關於潛在基礎設施塔銷售的最新消息可以分享。今年 2 月初，我們宣布了我們的優先事項，至少在短期內是如此。我們的重點是針對每一個目標執行任務。例如，如果 PSP 合作關係結束，客戶流失減少，我們表示將進行一些非核心資產出售，而 Curtis 提到了家庭監控和手臂方面的出售。所以這是迄今為止的首要任務。

But clearly, we view our infrastructure as potentially a valuable source of capital, and we fully recognize the strategic value of a lot of our infrastructure towers could be AI fabric, it could be other things. And as we kind of demonstrate into investors with our US expansion plans, we'll consider and certainly execute on parts that help us achieve our long-term goals and that help us drive shareholder value. So it's a long way to say, Aravinda, that we're going to remain open to exploring opportunities and under the right conditions going forward.

但顯然，我們將我們的基礎設施視為潛在的寶貴資本來源，我們充分認識到許多基礎設施塔的戰略價值可能是人工智慧結構，也可能是其他東西。正如我們向投資者展示的美國擴張計劃一樣，我們會考慮並執行那些有助於我們實現長期目標和提高股東價值的部分。因此，阿拉文達，我們將繼續保持開放態度，在適當的條件下探索未來的機會。

Tim Casey, BMO Capital Markets.

凱西 (Tim Casey)，BMO 資本市場。

Your wireless metrics were encouraging this quarter. Could you just talk a little bit about the market dynamics. What drove that for BCE in Q2 in your assessment of -- I know it's early days in back-to-school, but what you're seeing in Q3? And then just as a quick follow-up, just on the regulatory side, Mirko, are all your avenues of appeal exhausted with respect to the cabinet decision last night? Or should we anticipate that you'll try and seek other avenues there?

本季您的無線指標令人鼓舞。能否簡單談談市場動態？根據您的評估，是什麼推動了 BCE 在第二季度的表現——我知道現在是開學初期，但您在第三季度看到了什麼？然後，作為一個快速的跟進，就監管方面而言，米爾科，對於昨晚內閣的決定，您是否已經用盡了所有上訴途徑？或者我們應該預期您會嘗試尋找其他途徑？

Thanks, Tim. Look, on wireless, really pleased with the performance that we delivered. And if you look on first half of the year basis, you can see that over the course of the first six months of the year, we certainly captured our fair share of gross adds and net adds, and that's Again, it's all elements of the strategy working together in harmony to deliver those results and particularly a big, big focus on putting the customer first, and that has allowed our churn to come down dramatically, and there's more upside to come on churn and execution, and the team is laser focused on that.

謝謝，蒂姆。看，在無線方面，我們對所提供的性能感到非常滿意。如果你回顧一下上半年的情況，你會發現，在前六個月中，我們確實獲得了相當可觀的總增值額和淨增值額，這也是所有戰略要素共同作用的結果，特別是高度重視客戶至上，這使得我們的客戶流失率大幅下降，而且在客戶流失和執行方面還有更大的上升空間，團隊正專注於此空間。

A couple of other elements, I think we all know across the industry that market growth is still growing, but not growing as fast as in years past, but we're still able to -- in particular as a result of the drop-off in newcomer growth. But we won't work as exposed to the newcomer segment as others, and there's still opportunity there for us. So that would have been one factor. Churn would be another factor. And of course, we're kind of happy as we look into the giving of Q3 and going forward, I think we've got quite pleased with the pricing structure that we see with tiered pricing and better differentiation between brands, which allows us certainly to have kind of pricing that's appropriately reflective of the value that we provide to customers, both on the service side and the hardware pricing side.

還有其他一些因素，我想我們整個行業都知道，市場成長仍在成長，但成長速度不如過去幾年那麼快，但我們仍然能夠——特別是由於新來者成長的下降。但我們不會像其他人那樣接觸新人群體，但裡面仍有機會。所以這可能是個因素。客戶流失是另一個因素。當然，當我們回顧第三季度和未來的業績時，我們感到很高興，我認為我們對分級定價和品牌間更好區分的定價結構感到非常滿意，這當然使我們能夠制定出能夠恰當地反映我們為客戶提供的價值的定價，無論是在服務方面還是硬體定價方面。

And so we -- we like the shift to tiered pricing. It allows us to separate the value prop of the different brands. It allows us to add more value to the customer, who is on the higher service rate plans and then we're able to differentiate even further with content, quality of service and other value drivers. So I'd say -- and our position on distribution has always been strong.

因此，我們喜歡轉向分級定價。它使我們能夠區分不同品牌的價值主張。它使我們能夠為採用更高服務費率計劃的客戶增加更多價值，然後我們能夠透過內容、服務品質和其他價值驅動因素進一步實現差異化。所以我想說——我們在分銷方面的地位一直很強大。

So you put all those elements together, and you see the results that we delivered in wireless. And then on the regulatory side, I'll leave it at what I said in my opening remarks, I mean, obviously, the point I don't think it's the right decision. But now the focus is on ensuring that all of us who build networks in Canada get fully compensated for the significant cost of building and for the investment risk taken when you build. And that's what we're going to focus on right now. And obviously, at the macro level, continue to focus on driving growth in the various diversified revenue growth streams that we have.

所以你把所有這些元素放在一起，你就會看到我們在無線領域的成果。然後，在監管方面，我將就我在開場白中所說的內容發表看法，我的意思是，顯然，我認為這不是一個正確的決定。但現在的重點是確保我們所有在加拿大建立網路的人都能得到充分的補償，以彌補建設網路的巨大成本和建設時承擔的投資風險。這就是我們現在要關注的重點。顯然，在宏觀層面上，我們將繼續專注於推動我們現有的各種多元化收入成長流的成長。

We're diversified geographically, and we're diversified in terms of the things we are investing in the own network. And we spent a lot of time unpacking those the various enterprise strategy and the customer initiatives.

我們的地理分佈多樣化，我們在自身網路的投資項目方面也多樣化。我們花了很多時間來解讀各種企業策略和客戶計畫。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

I wanted to maybe just dig a little bit deeper into wireless. So the improvement in churn metrics, how sustainable are those? And are they becoming dependent on a lot of handset financing efforts on your part to improve those churn metrics? And second, on ARPU, again, in wireless, the improvement in the year-on-year decline, how should we think about those improvements? Can they be continue to improve as we go into the second half?

我可能只是想更深入地研究無線技術。那麼客戶流失指標的改善到底有多可持續呢？他們是否越來越依賴你們在手機融資方面的努力來改善客戶流失指標？其次，關於無線領域的 ARPU，年減的趨勢有所改善，我們該如何看待這些改善？進入下半場他們還能繼續進步嗎？

From here, you mentioned there are some one-time offs that helped the year-on-year decline in Q2, Curtis, maybe you can peel off a little bit here and see what could be sustained?

從這裡開始，您提到有一些一次性的因素導致了第二季度的同比下降，柯蒂斯，也許您可以在這裡稍微剝離一下，看看什麼可以持續下去？

And lastly, you mentioned in your slides that about 40% of new Internet activations are claiming with bundled wireless services. How much of your base is actually bundled? Or in another way, how much of that kind of flush into bundling can be extended to your existing Internet subscriber base to help grow your wireless business even further?

最後，您在幻燈片中提到，大約 40% 的新網路啟動都與捆綁無線服務有關。您的基地實際上捆綁了多少？或者換句話說，這種捆綁服務能為現有的網路用戶群帶來多少收益，進而進一步促進無線業務的成長？

Thanks, Maher, for the question. On ARPU, when you exclude the impact of the onetime items, particularly the lift from G7 ARPU decline was closer to in line with previous quarters, but still industry-leading. So that's still quite positive. And the pace of ARPU improvement is going to largely depend on pricing stability in the second half of the year. The back book continues to transition into the new pricing environment.

謝謝 Maher 提出這個問題。就 ARPU 而言，如果排除一次性專案的影響，尤其是 G7 ARPU 下降帶來的提升，與前幾季的水平更接近，但仍處於行業領先地位。所以這仍然是相當積極的。而ARPU的提升速度很大程度取決於下半年的價格穩定性。後書繼續向新的定價環境過渡。

I'd say the new pricing environment right now, as I was speaking to all of you is better than it has been in months past.

我想說，正如我和大家所說的那樣，現在的新定價環境比過去幾個月要好。

So assuming pricing remains stable, we expect to see a positive ARPU movement within the next three to five quarters. So that bodes well. And so far, so good as we see some signs of pricing stabilization in the beginning of Q3, and that's encouraging, particularly as we head into the busy back-to-school season.

因此，假設價格保持穩定，我們預計未來三到五個季度內 ARPU 將呈現正面變化。所以這是個好兆頭。到目前為止，情況還不錯，因為我們看到第三季初價格出現一些穩定跡象，這是令人鼓舞的，特別是在我們即將進入繁忙的返校季節的時候。

On Internet, I would say I'll turn it over to Curtis to answer that one. I would say the focus certainly for us is going to be to penetrate the fiber plant that's already been built. There's lots of upside there because we have built a significant amount of new fiber passings in the last three years. That's not yet at full run rate in terms of penetration equilibrium. So we have upside there for sure.

在網路上，我想說我會把它交給柯蒂斯來回答這個問題。我想說，我們的重點肯定是滲透已經建成的光纖工廠。這裡有很多好處，因為我們在過去三年中已經建立了大量新的光纖通道。從滲透平衡的角度來看，這還沒有達到滿載運轉。因此我們肯定具有優勢。

And then Maher, it's Curtis, when I was going through the rest of your question, the one that I had was. So on the handset product margin, it's a positive product margin and it's actually increased quarter-over-quarter and year-over-year.

然後是馬希爾，也就是柯蒂斯，當我在回答你的其他問題時，我所想到的就是這個。因此，就手機產品利潤率而言，這是一個正的產品利潤率，並且實際上比上一季和去年同期都有所增加。

And on churn reduction, I'll poll on here. On the churn reduction, it's a multifaceted approach to churn reduction. So the retention activities that we've put in place, which to -- which Curtis's answer relates. There's the broad customer service improvements that is leaning into our distribution. So as I mentioned to Tim, it's multifaceted.

關於減少客戶流失，我會在這裡進行民意調查。在減少客戶流失方面，這是多方面的方法。因此，我們已經實施了保留活動，這與柯蒂斯的回答有關。廣泛的客戶服務改進正在幫助我們改善分銷。正如我向蒂姆提到的，它是多方面的。

Okay. And just a follow-up, Curtis, you mentioned that the new guidance is a reflection of an updated view about your existing business plus Ziply, but maybe can you help us just to get a glimpse of how you're viewing your existing business now versus the beginning when you gave that guidance into wireless and wireline, have the view improved or stayed the same or became a little bit less positive by segment, just to understand how you're viewing the business now versus the beginning of the year?

好的。柯蒂斯，再問一個問題，您提到新的指導意見反映了您對現有業務以及 Ziply 的最新看法，但您能否幫助我們了解一下，與年初您對無線和有線業務的指導意見相比，您現在對現有業務的看法是怎樣的？這種看法是有所改善、維持不變還是變得不那麼正面了？您是否想了解一下，與年初相比，您對現在的業務的看法是怎樣的？

Thanks, Maher. I probably can't provide all the details on on that. But when you have a moment to run through the math, you'll see if you look at midpoint of guidance relative to what it was and you kind of all the way, what we've announced in terms of that you'll see revenue midpoint is increased. EBITDA has slightly decreased in line with consensus and free cash flow is simply reflective where midpoint is kind of still the right, just overlaying Ziply Fiber impact.

謝謝，馬希爾。我可能無法提供有關這方面的所有細節。但是，當您花點時間進行數學計算時，您會發現，如果您查看相對於過去的指導中點，並且您一路關注我們已經宣布的內容，您會看到收入中點增加了。EBITDA 與普遍預期一致，略有下降，自由現金流只是反映中點仍然正確，只是涵蓋了 Ziply Fiber 的影響。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

Curtis, can you just walk down exactly the USD335 million, we can all do 512 of that and apply an exchange rate. Is that just simply what's added for Ziply in the last five months and the rest of the delta is changes in your Canadian guidance? Or is there some sort of accounting adjustment or integration or restructuring costs or anything else that would create that not being a straight line from USD335 million to whatever is in your numbers?

柯蒂斯，你能否準確地說出 3.35 億美元，我們可以將其中的 512 都做下來並應用匯率。這只是 Ziply 在過去五個月中增加的內容，其餘增量是您對加拿大指導的變化嗎？或者是否存在某種會計調整、整合或重組成本或其他任何因素，導致 3.35 億美元到您的數字之間不是一條直線？

Yes, Vince, you're on the right track. I mean it's not ever going to be just exact $512 million, but you're on the right track and it does reflect the impact of our consolidated view. And again, we said the underlying business of Ziply continue to outperform. So I saw your note earlier, it's not Ziply Fiber EBITDA, in fact, we believe Ziply Fiber EBITDA is actually doing better than our investment case.

是的，文斯，你走在正確的道路上。我的意思是，它永遠不會正好是 5.12 億美元，但你的想法是對的，它確實反映了我們綜合觀點的影響。我們再次強調，Ziply 的基礎業務將繼續表現出色。所以我之前看到了你的說明，它不是 Ziply Fiber EBITDA，事實上，我們相信 Ziply Fiber EBITDA 實際上比我們的投資案例表現更好。

Okay. No, that's truly fine. Just want to make sure I understand where the moving piece is. So if I take the USD335 million relative to directly from around $7.6 billion total enterprise value by the time the deal closed. I mean that's 16.5 times EBITDA would you paid? I assume that's pre-synergies, but is this something on that math?

好的。不，那確實沒問題。只是想確保我明白移動的部分在哪裡。因此，如果我將 3.35 億美元與交易完成時約 76 億美元的企業總價值進行比較。我的意思是您願意支付 16.5 倍的 EBITDA 嗎？我認為這是協同效應之前的事情，但這和數學有關嗎？

Well, a few events. One, I wouldn't look at closing that debt, right, transaction values are done on the announcement we've accelerated fiber build and their subscriber acquisition in the interim period, which is a positive for us. So ultimately, the transaction multiple will be based on the 2025 EBITDA. So multiples actually gone down since we announced. And then a couple of other things is impossible to see that in terms of our ability to hedge US dollars between announcement and closing, we've probably picked up $100 million of value that we hadn't seen before.

嗯，有一些事件。首先，我不會考慮償還這筆債務，對的，交易價值是根據我們宣佈在過渡期內加速光纖建設和用戶獲取而確定的，這對我們來說是積極的。因此最終交易倍數將基於 2025 年 EBITDA。因此，自我們宣布以來，倍數實際上已經下降了。然後，還有其他一些事情是不可能看到的，就我們在公告和結束之間對沖美元的能力而言，我們可能獲得了以前從未見過的 1 億美元的價值。

And then, of course, the beautiful bill has an NPV benefit on the tax side of the world. So again, NPV positive changing depreciation and a few other things, which ultimately save tax dollars, cash tax and their cash back there, which is NPV that we hadn't seen at time of announcement, but wouldn't be reflected in EBITDA. So we're still pretty comfortable. And the way we would look at it multiple has come down over time as EBITDA performance has gone up and adjustments to net transaction value of coming side as well.

當然，這張漂亮的鈔票在世界的稅收方面具有淨現值效益。因此，再次強調，NPV 正向改變折舊和其他一些因素，最終節省了稅金、現金稅和現金，這是我們在公告時尚未看到的 NPV，但不會反映在 EBITDA 中。所以我們還是很舒服的。隨著 EBITDA 業績的上升和淨交易價值的調整，我們看待它的倍數隨著時間的推移而下降。

I'll just keep it to one last in there, but one last quick one, proceeds from that proposed transaction, you didn't disclose it? Is it -- I mean it's not material?

我最後再問一個，但還有一個快速問題，您沒有披露擬議交易的收益嗎？是嗎——我的意思是它不是物質的？

No. It's in the disclosure. It's $90 million guaranteed with $80 million -- so $80 million earn-out.

不。它在披露中。其中，保證金為 9,000 萬美元，獲利為 8,000 萬美元。

From $170 million per --

每 1.7 億美元起--

Correct.

正確的。

Sebastiano Petti, J.P. Morgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I guess congratulations on the quoting the Ziply transaction. But just thinking about Mirko and Curtis, the US opportunity, obviously, with PSP closing later in the year. Has your view about organic growth within the market and trying to scale up the PSP JV passing organically through a build relative to perhaps some tuck-ins or smaller deals like that changed at all over the course of the last couple of months? Or is it still -- any update on that relative to perhaps initial expectations?

我想恭喜您引用了 Ziply 交易。但只要想想米爾科和柯蒂斯，美國的機會顯然是存在的，因為 PSP 將於今年稍後關閉。在過去的幾個月中，您對市場內部有機成長以及試圖透過建設（相對於一些類似的小額收購或小型交易）有機地擴大 PSP JV 規模的看法是否有所改變？或者它仍然是——相對於最初的預期有任何更新嗎？

And then if you could just perhaps help us think about the converged opportunity? Obviously, lots of focus on that in the Canadian market. And do you guys we had some great statistics today, but how you're perhaps thinking about that evolving over time within Ziply and within the perhaps JV construct. Is that something that will come back to further down the road? Or is that something you'll see maybe some movement on more near term?

那麼您是否可以幫助我們思考融合的機會？顯然，加拿大市場對此非常關注。各位，我們今天得到了一些很棒的統計數據，但您可能認為這些數據在 Ziply 內部以及在 JV 結構中會如何隨著時間的推移而發展。這件事以後還會再發生嗎？或者您會在近期看到一些動向？

Thanks, Sebastiano. Look, we talk about Ziply, the US fiber market is very attractive and which is the reason why we're so pleased to have closed the deal last Friday, US fiber deployment lags Canada. We know that only 50% or so of homes in the US

謝謝，塞巴斯蒂亞諾。看，我們談論 Ziply，美國光纖市場非常有吸引力，這就是我們很高興上週五完成交易的原因，美國光纖部署落後於加拿大。我們知道，美國祇有 50% 左右的家庭

out fiber. So that's a way of saying that the opportunity is pretty significant there as we start executing the fiber build, completing the copper overbuilt or Ziply in its core ILEC market and activating at the same time, a bit later this year. The build engine with PSP. So there's -- that's the focus right now, which get the build -- continue to build engine of Ziply Fiber in its own right. And as Curtis mentioned, they accelerated their build in the last 12 months compared to what they had been doing.

出纖維。因此，當我們開始執行光纖建設，完成銅線過度建設或核心 ILEC 市場的 Ziply 並在今年稍後同時啟動時，那裡的機會非常重要。帶有 PSP 的建置引擎。所以，這就是目前的重點，就是繼續建構 Ziply Fiber 引擎。正如柯蒂斯所提到的，與之前相比，他們在過去 12 個月內加快了建設速度。

So off to a very good start there, and you can see it in the results, and we're getting organized with later this year to start activating the build engine there as well. So both will be performing together. It's not sequential. It's not like we're going to start building with PSP once we finish the 500,000 copper lines in Ziply, we have the ILEC footprint, we're going to be running both more or less at the same time. And I think I've said and asked as well, if there are opportunities that allow us to efficiently and cost effectively execute on the 8 million of fiber passive plan with some accretive acquisitions.

因此，我們有了一個很好的開始，你可以在結果中看到這一點，我們將在今年晚些時候組織起來，開始在那裡啟動建置引擎。所以兩人將一起表演。這不是連續的。這並不意味著我們在完成 Ziply 的 50 萬條銅線後就開始使用 PSP 進行建設，我們擁有 ILEC 足跡，我們將或多或少同時運行這兩者。我想我已經說過並且也問過，是否有機會讓我們透過一些增值收購來高效且經濟地執行 800 萬光纖被動計劃。

We'll take a look at it, and we'll take a look at it in conjunction with PSP. So that remains the high-level approach. There's no specific details to share on that point. And on the convergence side of it, it remains the case that customers, whether or not they're in Canada or the US consistently will choose the superior broadband product above all else.

我們來看一下，結合PSP來看一下。所以這仍然是高層次的方法。關於這一點，沒有具體細節可以分享。而在融合方面，無論客戶是在加拿大還是美國，他們都會始終選擇優質的寬頻產品。

So Ziply Fiber today doesn't have a mobility offering and the numbers on Page 14 or slide deck speak for themselves as it relates to their performance. That said, Again, I'll reiterate when the time comes to offer a bundled service, we will be ready. And again, on that, there's nothing to share this morning.

因此，Ziply Fiber 目前不提供行動性產品，第 14 頁或幻燈片上的數字不言而喻，因為它與他們的表現有關。話雖如此，我再次重申，當需要提供捆綁服務時，我們會做好準備。關於這一點，今天早上沒有什麼可以分享的。

And maybe one quick, I think, a stat, but in terms of enterprise service revenue, is there any way to perhaps unpack maybe what that is in terms of contribution at a CTS level? Just as we kind of think about the -- some of the growth drivers within BBM and maybe how that perhaps impacts the consolidated segment?

我想，也許可以快速地提供一個統計數據，但就企業服務收入而言，有沒有辦法可以解開它在 CTS 層級的貢獻是什麼？正如我們所想的——BBM 內部的一些成長動力以及這些成長動力可能會如何影響合併部門？

Yes. Thanks, Sebastiano. So as Mirko said, it's positive revenue growth across the 4. And I'd say it's low double-digit revenue growth across BBM. So we're quite happy with -- with the momentum we've kind of built up here over the last 18 months, it's really starting to perform.

是的。謝謝，塞巴斯蒂亞諾。正如米爾科所說，4 大業務的收入都呈現正成長。我想說的是，BBM 的整體營收成長率都維持在兩位數左右。因此，我們非常高興——憑藉過去 18 個月來積累的勢頭，它確實開始發揮作用。

Drew McReynolds, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的德魯‧麥克雷諾茲 (Drew McReynolds)。

Maybe a follow-up there, Curtis, on the Bell business market. So obviously, great to see all the moving parts pick up here. Where does -- where do these kind of three or four revenue streams kind of fit into the segmented disclosure? Like obviously, we see product revenue. What fits into the wireless -- wireline data side. Can you help us kind of size that up a little bit?

柯蒂斯，也許是關於貝爾商業市場的後續行動。顯然，很高興看到這裡所有的活動部件都開始運作了。這三種或四種收入來源在分段揭露中處於什麼位置？顯然，我們看到了產品收入。什麼適合無線－有線資料方面。您能幫我們稍微評估一下嗎？

Yes. Thanks for the question, Drew. So I think that the new item because the other items kind of work through generally the Ateko side of the world and cybersecurity, it's service revenue for the most part. I mean, we will sell equipment, which will hit our product revenue. But again, those are managed services majority businesses.

是的。謝謝你的提問，德魯。因此，我認為新項目因為其他項目一般都是透過 Ateko 的世界和網路安全來實現的，所以它的大部分是服務收入。我的意思是，我們將出售設備，這將影響我們的產品收入。但同樣，這些都是託管服務佔多數的業務。

And on the Fabric AI side, which is the newer business line, frankly, the answer to that is it depends. So it depends on the contract and the agreement partnership that we sign with third parties and customers, whether or not they'll be accounted for as financing leases or operating leases, which will determine whether or not those revenues actually hit service revenue or product revenue.

而對於 Fabric AI 方面，這是一條較新的業務線，坦白說，答案是視情況而定。因此，這取決於我們與第三方和客戶簽署的合約和協議合作夥伴關係，無論它們是否被視為融資租賃或經營租賃，這將決定這些收入是否真正達到服務收入或產品收入。

So it's not a one-size-fits-all answer for you. Apologies for that, but the accounting follows the contract and the contract can lead it to either be service or product. So we'll try to help you along as we continue to monetize and sign more and more contracts that are in our funnel at this point.

所以這對你來說不是一個放諸四海皆準的答案。對此表示抱歉，但會計遵循合同，而合約可以使其成為服務或產品。因此，我們會盡力幫助您，因為我們將繼續貨幣化並簽署目前管道中越來越多的合約。

Okay. No, that's great. And maybe a follow-up for you, Mirko, just back to the TPIA file and the rates needing to be kind of balanced. Just wondering from your perspective, as we get kind of a finalized framework here in Canada, what's your updated thoughts with respect to further fiber-to-the-home expansion, assuming you get rates that you're pleased with do you see further fiber expansion opportunities from a BC perspective?

好的。不，那太好了。也許還有後續問題，米爾科，回到 TPIA 文件和需要平衡的費率。只是想知道，從您的角度來看，當我們在加拿大獲得最終確定的框架時，您對進一步光纖到戶擴展的最新想法是什麼，假設您獲得滿意的費率，您是否從 BC 角度看到了進一步的光纖擴展機會？

Well, we certainly have a fiber opportunity in Canada from -- we're going to be laser-focused on penetrating what we've already built, and we're close to 8 million homes and more fiber than everyone else. So that's going to be the focus right now. I mean already, you've seen quite unfortunately, a significant scaling back of our fiber build in the last 18 months, not too long ago, when we were having these conversations, we were aiming to 9 million fiber locations passed.

嗯，我們在加拿大確實有光纖機會——我們將專注於滲透我們已經建成的區域，我們已經接近 800 萬戶家庭，並且光纖數量比其他所有人都多。所以這將是現在的重點。我的意思是，您已經非常不幸地看到，在過去的 18 個月裡，我們的光纖建設大幅縮減，不久前，當我們進行這些對話時，我們的目標是通過 900 萬個光纖位置。

And that's largely going to plateau around the 8 million mark. So that gives you a sense of the impact the decisions already had. So I mean, right now, again, the focus is decision is a decision. So I look at it from this perspective. We've got a lot of opportunity with fiber that's already been built that hasn't been penetrated. That would be one.

這一數字將基本穩定在 800 萬左右。這讓你了解這些決定已經產生的影響。所以我的意思是，現在，重點是決策。所以我從這個角度來看它。我們在已經建成但尚未滲透的光纖方面有很多機會。那將是一個。

Secondly, again, I would urge the federal government and the CRTC to ensure that not just Bell, but all network builders get properly compensated for what's being built and what is going to be built. So that would be the second point. And the third point is I take a big step back. It's not -- we react to the signals around us. The rule has been in place. The TPIA rule has been in place since, I guess, it was fall of 2023. If you look at our very tight four-pillar strategy, they all work in unison and they're allowing us to drive revenue growth in diversified ways, diversified domains and diversified geographies. So that's a very, very good thing for us.

其次，我再次敦促聯邦政府和 CRTC 確保不僅是貝爾，而且所有網路建設者都能對正在建設和將要建造的項目獲得適當的補償。這就是第二點。第三點，我退後了一大步。事實並非如此——我們對周圍的信號做出反應。該規則已經實施。我猜 TPIA 規則自 2023 年秋季起就已實施。如果你看一下我們非常緊密的四大支柱策略，你會發現它們都在協同工作，並使我們能夠以多樣化的方式、多樣化的領域和多樣化的地域推動收入成長。這對我們來說是一件非常非常好的事情。

Matthew Griffiths, Bank of America.

馬修‧格里菲斯，美國銀行。

On the updated guidance for free cash flow, I know that includes obviously the contribution of Ziply, but does it also factor in the kind of bonus depreciation extension that was passed? And related to that, within the JV structure, will the US operations on the CapEx side and the cash tax side continue to benefit from that extension of the bonus tax depreciation?

關於更新的自由現金流指南，我知道其中顯然包括 Ziply 的貢獻，但它是否也考慮了通過的獎金折舊延期類型？與此相關的是，在合資企業結構中，美國業務的資本支出方面和現金稅收方面是否會繼續受益於獎金稅收折舊延長？

And then one final question. I was wondering, Mirko, if you could set some expectations for what you're planning to communicate on the October 14 Investor Day, whether it includes kind of a longer-term guidance, the way we often see these days with Investor Days or if you're planning some deeper dive into a certain segment of the business where we can potentially get some additional disclosure on numbers to match the kind of qualitative descriptions that we received, just would be helpful to level set.

最後一個問題。米爾科，我想知道您是否可以對您計劃在 10 月 14 日投資者日傳達的內容設定一些期望，無論是包括長期指導，還是我們在投資者日經常看到的方式，或者您是否計劃對某個業務領域進行更深入的研究，我們可以在其中獲得一些額外的數字披露，以匹配我們收到的定性描述，這將有助於設定水平。

You should just come to October 14. I will. We'll -- so the short answer to this is we -- it's going to be an Investor Day. So we'll be laser-focused on sharing with you what we believe matters the most to our investor base. And the agenda is going to be structured around the four strategic pillars of growth that I've outlined time and again as well as basically, we've got four strategic pillars, and all of that is supported by the business transformation program and the amazing Bell team. So that's what we'll be showcasing all of those elements.

你應該直接到 10 月 14 日。我會。我們——簡短的回答是——這將是投資者日。因此，我們將專注於與您分享我們認為對我們的投資者群體最重要的訊息。議程將圍繞著我多次概述的四大戰略成長支柱來製定，基本上，我們有四大戰略支柱，所有這些都得到了業務轉型計劃和出色的貝爾團隊的支持。這就是我們將要展示的所有這些元素。

And then, Matthew, your other question. So in terms of the bonus depreciation, there's no impact in 2025. So I guess it would be reflected, but there's no benefit captured. I think that cash benefit is going to be captured over time for us, but not in 2025.

然後，馬修，你的另一個問題。因此，就獎金折舊而言，2025 年不會產生影響。所以我猜它會被反映出來，但沒有獲得任何好處。我認為隨著時間的推移，我們會獲得現金收益，但不是在 2025 年。

And in terms of the JV structure, you're still going to be able to benefit from those rules? Or does the JV structure and this may be a silly question, but I'm just not sure how these types of structures can impact your ability to leverage kind of favorable tax legislation in a different country. So any clarity there would be helpful?

就合資企業結構而言，您仍然可以從這些規則中受益嗎？或者是合資企業結構，這可能是一個愚蠢的問題，但我只是不確定這些類型的結構如何影響您利用其他國家優惠稅收立法的能力。那麼任何澄清都會有幫助嗎？

That it's a fair question. That's the expectation, right? The entity that's going to be spending the capital, gets to benefit from the 100% bonus depreciation. So the expectation is still be able to benefit within that partnership.

這是一個公平的問題。這就是期望，對吧？即將花費資本的實體將從 100% 的獎金折舊中受益。因此，我們期望仍然能夠在這種合作關係中獲益。

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

目前沒有其他問題。現在我想將會議交給薩默斯先生。

Thanks 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, and have a great day.

再次感謝大家參加今天早上的電話會議。理查德和我將全天為您提供後續問題或澄清服務。謝謝，祝您有愉快的一天。

Thank you, everyone.

謝謝大家。

Thanks, everyone.

謝謝大家。

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

會議現已結束。此時請斷開您的線路，感謝您的參與。