BCE Inc (BCE) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BCE Q3 2025 results conference call.

女士們、先生們，早安。歡迎參加 BCE 2025 年第三季業績電話會議。

I would now like to turn the meeting over to Kris Somers. Please go ahead, Mr. Somers.

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. 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 Q3 disclosure documents on the Investor Relations page in the BCE website, and this was posted earlier this morning.

謝謝。各位早安，感謝各位參加我們的電話會議。今天陪同我來到現場的有 BCE 總裁兼執行長 Mirko Bibic，以及我們的財務長 Curtis Millen。您可以在 BCE 網站的投資者關係頁面上找到我們所有的第三季揭露文件，該文件已於今天早上發布。

Now before we begin, I would 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.

在開始之前，我想提請大家注意幻燈片 2 上的安全港聲明，提醒大家今天的幻燈片演示和電話會議期間的發言將包含前瞻性信息，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。

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

現在這件事說完了，我把電話交給米爾科。

Thank you, Kris, and good morning, everyone. Last month, at our Investor Day, we unveiled an ambitious and exciting 3-year strategic plan, which positions Bell for the future. This includes clear and transparent financial targets to drive long-term shareholder value and a refreshed brand that better reflects the full breadth of our customer segments. We also took the opportunity to introduce our investors to several members of the executive team and conducted deep dives into each of our operating businesses. As we execute against this plan, we're leveraging our proven ability to drive efficiencies in order to generate strong, sustainable free cash flow growth and total shareholder return, and that's supported by a disciplined capital allocation strategy.

謝謝你，克里斯，大家早安。上個月，在我們的投資者日上，我們宣布了一項雄心勃勃且令人振奮的三年策略計劃，該計劃使貝爾公司為未來做好準備。這包括制定清晰透明的財務目標，以推動股東長期價值成長，以及打造一個能更好地反映我們客戶群全貌的全新品牌。我們也藉此機會向投資者介紹了幾位高階主管團隊成員，並深入了解了我們每個營運業務。在執行該計劃的過程中，我們將利用我們已被證明的提高效率的能力，以產生強勁、可持續的自由現金流增長和股東總回報，而這又得到了嚴謹的資本配置策略的支持。

Earlier this year, I shared our intent to focus on 4 strategic priorities, all underpinned by our unique and highly differentiated assets in fiber, in wireless, in media and enterprise. And in Q3, we continue to execute diligently against all 4 of those strategic priorities, and you can see this in our results. I'll start first with the customer.

今年早些時候，我分享了我們專注於 4 個策略重點的意圖，所有這些重點都以我們在光纖、無線、媒體和企業領域中獨特且高度差異化的資產為基礎。在第三季度，我們繼續認真執行這 4 項策略重點，這可以從我們的業績中看出。我先從客戶開始。

We have a reenergized focus on customer service, and it's really paying off. Thanks to the investments we've made, we reported a second straight quarter of significant postpaid churn reduction, and this is the direct result of customer service improvements, increased product intensity and effective real-time retention offers. A few weeks ago, we launched new wireless plan tiers, each offering distinct value propositions. This innovative approach moves beyond traditional data bucket sizes, introducing differentiation based on network speeds and video quality, roaming and long-distance features, varying levels of device discounts and content offerings. The response from our customers has been very positive.

我們重新重視客戶服務，而且確實有了成效。由於我們進行了投資，我們連續第二個季度實現了後付費用戶流失率的顯著下降，這是客戶服務改進、產品強度增加和有效的即時客戶留存優惠的直接結果。幾週前，我們推出了新的無線套餐等級，每個等級都提供不同的價值主張。這種創新方法超越了傳統的數據桶大小，引入了基於網路速度和視訊品質、漫遊和長途功能、不同級別的設備折扣和內容提供的差異化。客戶反饋非常正面。

This construct gives customers more choice and it reduces churn, all while leveraging our owner economics and content.

這種結構為客戶提供了更多選擇，降低了客戶流失率，同時充分利用了我們的所有者經濟效益和內容。

Our premium Bell branded postpaid wireless loadings are significantly higher than our consolidated reported postpaid net adds with Bell brand postpaid year-over-year growth exceeding 100%. This is a clear indicator of strong customer demand and the strength of the Bell brand in the market and it's completely on strategy. We're also continuing to make meaningful progress on transforming the customer experience with initiatives like the AI-powered virtual assistant that we showcased on October 14. This as well as other AI-driven applications serves as a technological foundation for a next-gen customer experience.

我們高端貝爾品牌後付費無線儲值額遠高於我們合併報告的後付費淨新增用戶數，貝爾品牌後付費年增超過 100%。這清楚地表明了強勁的客戶需求和貝爾品牌在市場上的強大實力，完全符合策略。我們也不斷取得實質進展，透過我們在 10 月 14 日展示的 AI 虛擬助理等舉措，改善客戶體驗。這項技術以及其他人工智慧驅動的應用，為下一代客戶體驗奠定了技術基礎。

I'll move now to delivering the best fiber and wireless networks. As you know, for well over 100 years, Bell has built and operated the best networks in the country. And now, we also have one of the best network growth engines in the U.S. with Ziply Fiber. This was our first quarter of operating this asset and its results are reported in our new Bell CTS U.S. segment. We're very pleased that Ziply Fiber's financial results continue to exceed our original investment case. Again, as you saw on October 14, Harold and his team are engaged and excited by the tremendous opportunity ahead. With the formation of the Network FiberCo partnership now complete, Ziply is well positioned to accelerate its fiber build and expand beyond its current 4-state footprint. Construction is set to ramp through 2026.

接下來，我將致力於提供最好的光纖和無線網路。如您所知，100多年來，貝爾公司一直致力於建立和營運全國最好的網路。現在，我們還擁有美國最好的網路成長引擎之一——Ziply Fiber。這是我們營運該資產的第一個季度，其業績將在我們新的 Bell CTS 美國業務板塊中報告。我們非常高興 Ziply Fiber 的財務表現持續超越我們最初的投資預期。正如你們在 10 月 14 日看到的那樣，哈羅德和他的團隊對即將到來的巨大機會充滿熱情和興奮。隨著與 Network FiberCo 的合作關係正式成立，Ziply 已做好充分準備，加快光纖建設，並將業務範圍擴展到目前覆蓋的 4 個州之外。建設工程預計將持續到2026年。

Currently, Ziply's Fiber network passes 1.4 million homes in the U.S., and we expect to reach approximately 3 million locations by the end of '28. Over time, we intend to leverage the Network FiberCo partnership to expand our U.S. fiber footprint to 8 million locations, and we'll do that in a cost-efficient manner.

目前，Ziply 的光纖網路已覆蓋美國 140 萬戶家庭，我們預計到 2028 年底將覆蓋約 300 萬個地點。隨著時間的推移，我們計劃利用與 Network FiberCo 的合作關係，將我們在美國的光纖覆蓋範圍擴大到 800 萬個地點，並且我們將以經濟高效的方式實現這一目標。

Including our U.S. operations, we added 65,000 net new fiber subscribers this quarter. In Canada, fiber continues to be a key driver of multiproduct penetration through mobility and Internet and content cross-sell opportunities. We're focused on increasing the number of subscription services per household with content bundling playing a central role in that strategy.

包括我們在美國的業務在內，本季我們新增了 65,000 個光纖用戶。在加拿大，光纖仍然是推動多產品滲透的關鍵因素，它透過行動性和互聯網以及內容交叉銷售機會來實現這一目標。我們致力於增加每個家庭的訂閱服務數量，而內容捆綁銷售在該策略中發揮核心作用。

In Q3, product intensity was up approximately 7% year-over-year, fueled by growth in content subscriptions. And as we shared at Investor Day, we plan to increase product intensity in the next 3 years by approximately 25%. So we're off to a good start. Our fiber advantage will grow with the availability of Wi-Fi 7 and Wi-Fi 7 works best on fiber. And again, it's going to improve the product intensity momentum.

第三季度，受內容訂閱成長的推動，產品強度較去年同期成長約 7%。正如我們在投資者日上分享的那樣，我們計劃在未來 3 年內將產品強度提高約 25%。我們開局不錯。隨著 Wi-Fi 7 的普及，我們的光纖優勢將會越來越大，而 Wi-Fi 7 在光纖上的表現最佳。而且，這將進一步提升產品銷售動能。

Turning to wireless. The environment has stabilized, and we expect this trend to continue. Wireless service revenue and ARPU both declined by less than 0.5 percentage point while postpaid churn improved by 15 basis points. We also recently announced a partnership with AST SpaceMobile to deliver direct-to-cell satellite service. This breakthrough technology will expand our network reach, bridging the gap between the terrestrial 4G and 5G networks in Canada's most geographically challenging areas using powerful and reliable low-band spectrum.

轉向無線技術。環境已經穩定，我們預計這一趨勢將持續下去。無線服務收入和每用戶平均收入均下降不到 0.5 個百分點，而後付費用戶流失率改善了 15 個基點。我們最近也宣布與 AST SpaceMobile 建立合作夥伴關係，以提供直接到小區的衛星服務。這項突破性技術將擴大我們的網路覆蓋範圍，利用強大可靠的低頻段頻譜，彌合加拿大地理環境最惡劣地區地面 4G 網路和 5G 網路之間的差距。

And note, initial launch of our service is scheduled for late 2026. The service will include voice, video, text and broadband data capabilities using base stations owned and operated by Bell within Canadian borders, and it will be accessible with an ordinary smartphone. The partnership with AST will enhance network reliability, resiliency and security for all those choosing Bell.

另外請注意，我們的服務預計將於 2026 年底正式上線。該服務將包括語音、視訊、文字和寬頻數據功能，使用貝爾公司在加拿大境內擁有和營運的基地台，並且可以透過普通智慧型手機存取。與 AST 的合作將提升所有選擇貝爾網路的用戶的網路可靠性、彈性和安全性。

Turning now to enterprise and leading with AI-powered solutions. We all know that the Canadian economy is changing, our industry is changing and technology is advancing at an unprecedented pace. The AI revolution is in full swing, and it has the potential to change how we work, how we live and how we connect. At the same time, global instability is rising and Canada and other countries are reassessing long-standing relationships that, in some cases, seem far less solid than they once were. Against this backdrop, as we've been sharing, we've reshaped our strategy, and we're well positioned for growth in this new environment.

現在轉向企業級應用，並以人工智慧驅動的解決方案引領市場。我們都知道，加拿大經濟正在發生變化，我們的產業正在發生變化，科技正在以前所未有的速度發展。人工智慧革命正在如火如荼地進行，它有可能改變我們的工作方式、生活方式和人際互動方式。與此同時，全球局勢日益動盪，加拿大和其他國家正在重新評估一些長期存在的雙邊關係，而這些關係在某些情況下似乎遠不如以前牢固。在此背景下，正如我們一直分享的那樣，我們調整了策略，並已做好充分準備，在這個新環境中實現成長。

In just the past year, we've launched the 3 game-changing AI-powered solutions businesses, and they're all foundational to our long-term growth strategy. And that's Ateko, Bell Cyber and Bell AI Fabric. Each of these businesses is expected to deliver significant top line and bottom line growth as we execute against our 3-year strategic plan. I'm pleased to report that revenue from AI-powered solutions grew 34% year-over-year. Most of that's organic growth, and it's a strong validation of our strategy.

在過去一年裡，我們推出了 3 項具有變革意義的 AI 驅動解決方案業務，它們都是我們長期成長策略的基礎。那就是 Ateko、Bell Cyber​​ 和 Bell AI Fabric。隨著我們執行三年策略計劃，預計這些業務都將實現顯著的營收和利潤成長。我很高興地報告，人工智慧解決方案的收入年增了 34%。其中大部分是自然成長，這有力地驗證了我們的策略。

Canada is having its AI moment, and it will be distinctly sovereign. According to a recent survey by the Harris Poll commissioned by Bell, 75% of large Canadian businesses consider AI to be a strategic enterprise-wide priority with 91% of them prioritizing data sovereignty. This is where Bell holds a clear advantage. Bell's AI Fabric is precisely engineered to meet these exact needs. Our purpose-built AI data center business and the full stack AI alliance we've assembled with other Canadian tech leaders continues to have a deep pipeline of interest, and we expect to announce more growth in this space in the coming months.

加拿大正迎來人工智慧時代，並將擁有鮮明的自主權。根據貝爾公司委託哈里斯民意調查公司最近進行的一項調查，75% 的加拿大大型企業認為人工智慧是企業範圍內的策略重點，其中 91% 的企業將數據主權放在首位。貝爾在這方面有著明顯的優勢。貝爾公司的AI Fabric是經過精密設計，旨在滿足這些特定需求。我們專門打造的 AI 資料中心業務以及我們與其他加拿大科技領導者組成的全端 AI 聯盟持續吸引眾多客戶的關注，我們預計將在未來幾個月內宣布該領域的更多成長。

The public and private sectors share a fundamental role in building Canada's sovereign AI ecosystem and the renewed commitment to AI that we saw this week in Budget 2025 is an important step forward that will support adoption, strengthen the economy and help Canada compete globally.

公共部門和私營部門在建立加拿大自主人工智慧生態系統中發揮著至關重要的作用，而本週在 2025 年預算案中看到的對人工智慧的重新承諾是向前邁出的重要一步，這將支持人工智慧的普及應用，增強經濟實力，並幫助加拿大在全球競爭中脫穎而出。

I'll turn now to the fourth strategic priority, which is building a digital media and content powerhouse. We recently introduced our new streaming bundles for Bell Mobility and Internet customers, and that features Crave, Netflix and Disney+ together all in one bundle. Our commitment to sports content also remains strong. We announced long-term broadcast and streaming rights extensions for regional coverage of both the Montreal Canadiens and the Winnipeg Jets, and that reinforces our leadership in Canadian sports media. We're also continuing to ramp our digital media capabilities.

現在我將轉向第四個策略重點，即打造數位媒體和內容巨頭。我們最近為貝爾行動和網路用戶推出了新的串流套餐，其中包含 Crave、Netflix 和 Disney+，全部包含在一個套餐中。我們對體育內容的投入依然堅定。我們宣布延長蒙特利爾加拿大人隊和溫尼伯噴氣機隊在加拿大地區的長期廣播和串流媒體轉播權，這鞏固了我們在加拿大體育媒體領域的領先地位。我們也在不斷提升我們的數位媒體能力。

Our long-term partnership with iHeartMedia was expanded this quarter to include Canadian representation of iHeartRadio's extensive podcast portfolio, significantly enhancing our digital audio offering.

本季度，我們與 iHeartMedia 的長期合作關係擴展，將 iHeartRadio 豐富的播客產品組合納入加拿大市場，從而顯著增強了我們的數位音訊服務。

Additionally, we entered into a strategic ad distribution partnership with Tubi, one of the largest and fastest-growing free streaming platforms in Canada. All in, these initiatives will create new opportunities for digital advertisers to reach Canadian audiences across Bell Media's audio and video platforms.

此外，我們還與加拿大最大、成長最快的免費串流媒體平台之一 Tubi 建立了策略廣告分發合作夥伴關係。總而言之，這些舉措將為數位廣告商創造新的機會，讓他們能夠透過貝爾傳媒的音訊和視訊平台觸及加拿大受眾。

So in short, we're executing with discipline, and we have momentum across all 4 of our strategic priorities. This focused path will continue, positioning us to deliver long-term sustainable free cash flow growth and enhanced shareholder value. As shown at our Investor Day, we have a highly coordinated and energized company that's fully aligned and ready to continue to execute.

簡而言之，我們執行力強，並且在所有 4 個策略重點方面都取得了進展。我們將繼續堅持這專注的道路，從而實現長期可持續的自由現金流成長和股東價值提升。正如我們在投資者日上所展示的那樣，我們擁有一家高度協調、充滿活力的公司，各方面目標一致，隨時準備繼續執行各項任務。

With that, I'll now turn it over to you, Curtis, for a review of our Q3 financial results.

接下來，我將把時間交給你，柯蒂斯，請你來回顧我們第三季的財務表現。

Thank you, Mirko, and good morning, everyone. I'll begin on Slide 7 with BCE's consolidated financial results. Total revenue was up 1.3%, driven by the acquisition of Ziply Fiber completed on August 1. Ziply Fiber's operating results are reflected in our new Bell CTS U.S. segment, while our Canadian wireless and wireline operations are reported under Bell CTS Canada.

謝謝你，米爾科，大家早安。我將從第 7 張投影片開始，介紹 BCE 的合併財務表現。總收入成長了 1.3%，這主要得益於 8 月 1 日完成的對 Ziply Fiber 的收購。Ziply Fiber 的經營業績反映在我們新的 Bell CTS 美國業務部門中，而我們在加拿大的無線和有線業務則在 Bell CTS 加拿大業務部門下進行報告。

Overall top line growth was moderated by retroactive revenue adjustments at Bell Media related to contract renewals with certain Canadian TV distributors in Q3 of '24. Adjusted EBITDA increased by 1.5%, also reflecting the contribution from Ziply Fiber. This led to a 10 basis point margin increase to 45.7%, our strongest result in more than 30 years.

2024 年第三季度，貝爾媒體與某些加拿大電視經銷商續約相關的追溯性收入調整，抑制了整體營收成長。調整後 EBITDA 成長 1.5%，這也反映了 Ziply Fiber 的貢獻。這使得利潤率提高了 10 個基點，達到 45.7%，這是我們 30 多年來的最佳表現。

Excluding the contribution from Ziply Fiber and normalizing for the aforementioned retro benefit of Bell Media last year, overall BCE's EBITDA grew by 0.4%. Net earnings and statutory EPS were up significantly over last year. This was largely due to the $5.2 billion gain from the sale of our minority stake in MLSE on July 1 and lower asset impairment charges compared to Q3 of last year. These noncash charges were related to Bell Media's legacy properties to reflect the ongoing digital transition of the advertising ecosystem.

在剔除 Ziply Fiber 的貢獻，並對去年 Bell Media 的上述追溯收益進行調整後，BCE 的 EBITDA 整體成長了 0.4%。淨利和法定每股收益較去年大幅成長。這主要是由於我們在 7 月 1 日出售了 MLSE 的少數股權，獲得了 52 億美元的收益，以及與去年第三季相比較低的資產減損費用。這些非現金支出與貝爾媒體的傳統資產有關，反映了廣告生態系統正在進行的數位轉型。

Adjusted EPS was up 5.3%, supported by higher EBITDA. CapEx was down $63 million this quarter, bringing year-to-date CapEx savings to $551 million. We anticipate a year-over-year step-up in overall spending in Q4 as Ziply Fiber executes its fiber build-out, consistent with our 2025 capital intensity guidance of approximately 15%. The combination of lower CapEx, higher cash from working capital, lower severance payments and the flow-through of higher EBITDA drove $171 million increase in Q3 free cash flow.

調整後的每股盈餘成長了 5.3%，這主要得益於更高的 EBITDA。本季資本支出減少了 6,300 萬美元，使今年迄今的資本支出節省額達到 5.51 億美元。我們預計，隨著 Ziply Fiber 實施其光纖建設，第四季度整體支出將同比增長，這與我們 2025 年約 15% 的資本密集度指導相符。資本支出減少、營運資金現金增加、遣散費減少以及 EBITDA 增加帶來的收益共同推動第三季自由現金流增加 1.71 億美元。

Turning to Bell CTS Canada on Slide 8. Internet revenue was up 2%, solid results showing we're striking a healthy balance between sub growth and disciplined pricing supported by fiber. Our business markets continues to build momentum with strong demand for our unique and differentiated suite of services. We saw sustained strength in AI-powered solutions, where revenue increased 34% year-over-year, driven by rapid growth at Ateko and Bell Cyber. We're excited about the opportunities ahead and remain on track to generate approximately $700 million in AI-powered solutions revenue in 2025.

請參閱第 8 張投影片，以了解貝爾 CTS 加拿大公司的情況。網路收入成長了 2%，這一穩健的業績表明，我們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。我們的業務市場持續發展壯大，對我們獨特且差異化的服務組合的需求強勁。我們看到人工智慧解決方案持續強勁成長，營收年增 34%，這主要得益於 Ateko 和 Bell Cyber​​ 的快速成長。我們對未來的機會感到興奮，並預計在 2025 年實現約 7 億美元的 AI 解決方案收入。

Wireless service revenue declined modestly by 0.4%, in line with the 0.3% decrease in Q2. When normalizing our Q2 results for the nonrecurring revenue benefit related to G7 Summit, Q3 service revenue performance showed notable improvement compared to last quarter. Wireless product revenue was up $41 million this quarter. This year-over-year increase was driven by greater sales of mobile devices. Our EBITDA result was in line with plan with a notable 10 basis point margin increase over last year to 46.8%.

無線服務收入小幅下降 0.4%，與第二季 0.3% 的降幅基本一致。如果將第二季業績中與 G7 高峰會相關的非經常性收入收益進行標準化處理，第三季服務收入表現與上一季相比有顯著改善。本季無線產品營收成長了4100萬美元。這一同比增長主要得益於行動裝置銷量的成長。我們的 EBITDA 業績符合計劃，利潤率較去年顯著增長 10 個基點，達到 46.8%。

This reflects our continued focus on cost management as evidenced by a 0.6% reduction in operating costs this quarter.

這反映了我們對成本管理的持續重視，本季營運成本下降了0.6%就證明了這一點。

Turning to our new Bell CTS U.S. segment, which reflects Ziply Fiber's operations for the 2-month period following the acquisition on August 1. As a reminder to investors, Bell CTS U.S. financial results are reported under IFRS accounting standards, consistent with Bell's other operating segments. We're pleased to report a strong start, financial results tracking ahead of the expectations we set at the time of announcement.

接下來是我們的全新 Bell CTS 美國業務板塊，反映了 Ziply Fiber 在 8 月 1 日收購後兩個月的營運情況。提醒投資者，貝爾CTS美國公司的財務業績依照國際財務報告準則（IFRS）編制，與貝爾的其他營運部門保持一致。我們很高興地報告，公司開局強勁，財務業績超出了我們在宣布業績時設定的預期。

Total revenue reached $160 million, driven by the strength of Ziply's Fiber-to-the-prem platform. Internet revenue grew 15% year-over-year, supported by continued expansion of Ziply Fiber footprint and strong customer penetration.

得益於 Ziply 的光纖到府平台的強勁表現，總收入達到 1.6 億美元。網路營收年增 15%，這得益於 Ziply Fiber 業務範圍的持續擴大和強勁的客戶滲透率。

Bell CTS U.S. delivered $71 million in EBITDA for the period, representing a robust 44.4% margin. This performance reflects both higher operating revenue and the benefits of Ziply Fiber's efficient cost structure and customer-centric operating model. The impact of Ziply's customer-focused model is evident in higher NPS scores and cost efficiencies. While the customer base continues to grow, customer contact rates are declining, now among the lowest in the U.S. market. Looking ahead, with continued operational discipline and a significant growth runway, we expect strong EBITDA growth for Bell CTS U.S. over the coming years, in line with the 3-year plan presented at our Investor Day.

Bell CTS 美國公司當期 EBITDA 為 7,100 萬美元，利潤率高達 44.4%。這項業績既反映了更高的營業收入，也體現了 Ziply Fiber 高效的成本結構和以客戶為中心的營運模式所帶來的益處。Ziply 以客戶為中心的模式所帶來的影響體現在更高的 NPS 分數和成本效益。雖然客戶群持續成長，但客戶聯繫率卻在下降，目前已達到美國市場最低水準之列。展望未來，憑藉持續的營運紀律和龐大的成長空間，我們預計貝爾CTS美國公司未來幾年將實現強勁的EBITDA成長，這與我們在投資者日上提出的三年計畫相符。

On the subscriber front, Ziply added 9,000 net new fiber customers in August and September, underscoring the strong momentum in expanding Ziply's Fiber customer base. Notably, fiber now represents 87% of total retail Internet subscribers. Total retail Internet net adds totaled nearly 5,000 subs, which reflects competitive losses in copper areas.

在用戶方面，Ziply 在 8 月和 9 月新增了 9,000 名光纖用戶，凸顯了 Ziply 光纖用戶群擴張的強勁勢頭。值得注意的是，光纖目前佔零售網路用戶總數的 87%。零售網路新增用戶總數接近 5,000 戶，這反映了銅礦市場的競爭損失。

Over to Bell Media on Slide 10. As projected, total revenue was down in Q3, decreasing to 6.4% year-over-year. Excluding the onetime retroactive sub fee adjustment in Q3 of last year, the decline was closer to 1%. Despite strong digital ad growth, both in video and out-of-home, total advertising revenue was down 11.5%, reflecting continued softness in traditional advertising demand for non-sports programming as well as the impact of the previously announced divestiture of 45 radio stations. While Crave and sports direct-to-consumer streaming continued to grow, subscriber revenue declined by 5.2%, primarily due to the aforementioned retroactive revenue adjustments we lapped from last year.

接下來請看第 10 張投影片，內容是貝爾傳媒。正如預期的那樣，第三季總收入下降，年減 6.4%。如果排除去年第三季一次性追溯性分包費調整，降幅接近 1%。儘管數位廣告（包括影片廣告和戶外廣告）成長強勁，但廣告總收入下降了 11.5%，反映出非體育節目的傳統廣告需求持續疲軟，以及先前宣布剝離 45 家廣播電台的影響。儘管 Crave 和體育直接面向消費者的串流服務持續成長，但訂閱用戶收入下降了 5.2%，這主要是由於我們從去年開始追溯的收入調整。

These adjustments were also a major contributor to the 6.7% decline in Bell Media's EBITDA this quarter. Excluding this onetime item, Q3 EBITDA was up 11.3% year-over-year.

這些調整也是貝爾傳媒本季 EBITDA 下降 6.7% 的主要原因。剔除這項一次性專案後，第三季 EBITDA 年比成長 11.3%。

We're also pleased that OpEx was down 6.3%, shows you the focus we have on business transformation. Looking ahead, despite near-term headwinds on linear advertising demand, we remain confident that Bell Media will deliver positive revenue and EBITDA growth for the full year. Our focus remains unchanged for Bell Media to consistently deliver annual revenue and EBITDA growth while contributing meaningful free cash flow to BCE.

我們也欣喜地看到營運支出下降了 6.3%，這表明我們對業務轉型的重視。展望未來，儘管短期內線性廣告需求面臨不利因素，但我們仍然相信貝爾傳媒全年將實現正的收入和 EBITDA 成長。我們對貝爾傳媒的關注點依然不變，即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。

Turning to Slide 11. Our balance sheet is very healthy with $3.6 billion of available liquidity and a sizable pension solvency surplus totaling $4.5 billion. Our net debt leverage ratio at the end of Q3 was approximately 3.8x adjusted EBITDA. This reflects the acquisition of Ziply Fiber, which closed on August 1 and was funded using the $4.2 billion in net proceeds from the MLSE sale received in early July, along with cash on hand. In late August, Ziply Fiber's outstanding debt of $2.7 billion was redeemed, partially funded by the $2 billion public debt issuance we completed earlier in the month.

翻到第11張幻燈片。我們的資產負債表非常健康，擁有 36 億美元的可用流動資金和高達 45 億美元的退休金償付能力盈餘。第三季末，我們的淨負債槓桿比率約為調整後 EBITDA 的 3.8 倍。這反映了對 Ziply Fiber 的收購，該收購於 8 月 1 日完成，資金來自 7 月初 MLSE 出售所得的 42 億美元淨收益，以及手頭現金。8 月下旬，Ziply Fiber 償還了 27 億美元的未償債務，部分資金來自我們本月稍早完成的 20 億美元公共債務發行。

I'd also highlight that BCE's nominal net debt at the end of Q3 was $40 billion, which despite the Ziply Fiber acquisition is lower than the $40.3 billion reported at the end of 2024. Looking ahead, we remain sharply focused on reducing our leverage ratio to 3.5x by the end of '27 with a clear path towards 3.0 by 2030. We expect to reach these milestones through a combination of organic EBITDA growth, free cash flow generation and near-term monetization of noncore assets.

我還要強調，截至第三季末，BCE 的名目淨債務為 400 億美元，儘管收購了 Ziply Fiber，但仍低於 2024 年底報告的 403 億美元。展望未來，我們將繼續全力以赴，力爭在 2027 年底前將槓桿率降至 3.5 倍，並明確計劃在 2030 年之前降至 3.0 倍。我們預計透過有機 EBITDA 成長、自由現金流產生以及近期非核心資產變現相結合的方式實現這些里程碑。

To conclude on Slide 12, we remain sharply focused on our 4 strategic priorities to drive growth across our key business units alongside our company-wide transformation to enhance efficiency. With the year-to-date consolidated financial results tracking in line with plan, operating momentum across the business and our consistent proven execution in a competitive marketplace, I'm reconfirming all of our financial guidance targets for 2025.

最後，在第 12 張投影片中，我們將繼續高度關注我們的 4 項策略重點，以推動我們主要業務部門的成長，同時進行全公司範圍的轉型以提高效率。鑑於今年迄今的合併財務表現與計劃相符，業務運營勢頭良好，並且在競爭激烈的市場中持續展現出卓越的執行力，我再次確認我們2025年的所有財務指導目標。

I will now turn the call back over to Kris and the operator to begin Q&A.

現在我將把電話轉回給 Kris 和接線員，開始問答環節。

Thanks, Curtis. (Event Instructions) With that, we're ready to take our first question.

謝謝你，柯蒂斯。（活動說明）那麼，我們現在可以回答第一個問題了。

(Operator Instructions) Vince Valentini, TD Bank.

（操作員指示）文斯·瓦倫蒂尼，TD銀行。

Can you help us unpack the federal budget a bit? It's still not clear to me these tax breaks for accelerated depreciation could some of that apply to the money you spend on typical CapEx also on the data center front, the dollar commitments from the government, do you take that as they would co-invest in facilities with you, which eases your investment burden or that they actually would be a big customer and spend more on their own needs and do that only with sovereign providers like Bell. Those would be the 2 main things out of the budget. If you have any comment on the tower siting and sharing fiber builds stuff too, if you think there's any relevance there. Anything you can tell us would be helpful.

您能幫我們解讀一下聯邦預算嗎？我仍然不清楚這些加速折舊的稅收優惠是否適用於您在資料中心方面典型的資本支出，以及政府的資金承諾。您認為這意味著他們會與您共同投資建設設施，從而減輕您的投資負擔，還是意味著他們實際上會成為您的大客戶，在自身需求上投入更多資金，並且只與像貝爾這樣的主權供應商合作。預算中主要會排除這兩項。如果您對基地台選址和光纖網路建置等方面有任何意見，或者您認為這方面有任何關聯，也請提出。您提供的任何資訊都將對我們有所幫助。

Yes. I think as a general comment, Vince, I'd say that at a macro level, the budget is certainly positive in terms of having a number of initiatives industry-wide, I don't mean the telecom industry only, but just generally speaking, spurring more investment in the Canadian economy is a decidedly good thing. And I think there's a lot of pro-competitive pro-investment initiatives in the budget that should be looked upon favorably.

是的。文斯，總的來說，我認為從宏觀層面來看，這份預算肯定是積極的，因為它包含了許多行業範圍內的舉措，我指的不僅僅是電信行業，而是總體而言，刺激對加拿大經濟的更多投資絕對是一件好事。我認為預算中有很多有利於競爭和投資的舉措，應該要正面看待。

On the capital allowance initiatives, Curtis, I'm sure will add to what I have to say, but those are always looked upon favorably because I do think they're a direct mechanism to continue to encourage companies to invest. On the AI side of things, still a lot to unpack there, Vince. So I can't answer your questions specifically just yet until we do more unpacking. But I would say that the initiatives that are outlined in the budget, the upwards of $900 million for sovereign AI and sovereign cloud shows that this government is committed to seizing the AI moment and encouraging AI adoption. And this is where we're at.

關於資本補貼計劃，我相信柯蒂斯會補充我的觀點，但這些計劃總是受到歡迎的，因為我認為它們是繼續鼓勵公司投資的直接機制。文斯，人工智慧方面還有很多東西需要研究。所以，在我們進一步拆解之前，我還無法具體回答你的問題。但我認為，預算中概述的各項舉措，包括為主權人工智慧和主權雲端投入超過 9 億美元，顯示本屆政府致力於抓住人工智慧的機遇，並鼓勵人工智慧的應用。這就是我們目前的處境。

We're at the moment in time where we need to move from AI science to industrialization at scale across the Canadian economy using Canadian tech leaders. I think that's the signal you should draw from the budget.

我們現在正處於一個關鍵時刻，需要藉助加拿大科技領導企業的力量，將人工智慧科學轉化為加拿大經濟各領域的大規模產業化應用。我認為這就是你應該從預算中得出的信號。

So in that regard, it's a good thing. AI infrastructure in Canada by Canadians for Canadians. And I think we'll be able to capitalize on that in general terms because that's a measure to increase adoption. in a sovereign way. So view that as a directional positive for Bell AI Fabric.

所以從這個角度來看，這是一件好事。加拿大人為加拿大人打造的加拿大AI基礎設施。我認為我們總體上能夠利用這一點，因為這是提高採用率的一種自主方式。因此，可以將其視為貝爾人工智慧架構的積極方向。

And with the sovereign AI alliance that we've put together with Bell AI Fabric and Coveo and Cohere and ThinkOn and a number of other Canadian tech leaders, we're in good shape there, and you're going to see some growth at Bell AI Fabric in the quarters to come.

憑藉我們與 Bell AI Fabric、Coveo、Cohere、ThinkOn 以及其他一些加拿大科技領導者共同組建的自主人工智慧聯盟，我們在該領域處於良好狀態，未來幾個季度，您將會看到 Bell AI Fabric 的一些成長。

I'll turn it over to Curtis to unpack some of that for you.

我會把這部分交給柯蒂斯，讓他為你詳細解釋。

Vince. Just on the tax side of it, as Mirko said, it's certainly helpful. I think over the medium term, it's ultimately accelerating a tax shield. And a similar proposal to what was instituted in 2018, we will see a benefit of that over time. I wouldn't expect a benefit in '25 or '26 based on the wording where it qualifies once the budget is actually enacted and given timing of spend.

文斯。正如米爾科所說，僅就稅務方面而言，這當然很有幫助。我認為從中長期來看，這最終會加速形成稅收保護。而與 2018 年實施的方案類似的提議，我們將在一段時間內看到其益處。根據預算實際生效後的措辭和支出時間，我不認為 2025 年或 2026 年會有任何好處。

But '27, '28, we would expect a benefit.

但是，在 2027 年、2028 年，我們預計會有所收穫。

I guess you can't quantify that, Curtis, even in ballpark terms?

我想你沒辦法量化這一點，柯蒂斯，即使是大致估算也做不到吧？

No, not yet. We've got to work through that, but we'll get back to you with more details when we have them.

不，還沒有。我們需要仔細研究這個問題，等有了更多細節後會盡快回覆您。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Just on the, I guess, Internet competitive landscape. Obviously, a lot of focus continues to be on the TPIA regime. So just Mirko or Curtis, can you just provide an update on how you think the competitive environment is evolving here in Eastern Canada? And maybe an update on whether you've started out West with some of your initiatives you've highlighted at your Investor Day. And then just a quick second one on Northwest Hill. Is there an update just in terms of potential timing of getting that deal across the line?

我想，就網路競爭格局而言。顯然，各方關注的焦點仍集中在 TPIA 制度上。那麼，Mirko 或 Curtis，你能否簡單介紹一下你們認為加拿大東部地區的競爭環境是如何演變的？或許還可以更新一下，您在投資人日上重點提到的一些措施是否已經在西部地區啟動。然後又在西北山快速拍了一張。關於這筆交易何時能夠完成，目前有最新消息嗎？

Thanks, Drew. I'll take those. So on -- let's start first with Internet out in the East. I'll emphasize or reinforce what we shared on October 14. So our specific plans, really our approach is going to be twofold.

謝謝你，德魯。我收下那些。那麼，我們先從東部的網路開始吧。我將強調或重申我們在10月14日分享的內容。因此，我們的具體計劃，或者說我們的方法，將採取雙管齊下的方式。

But in the East, number one, it's protect Bell's retail position, and we're going to execute on the integrated strategy that we outlined on October 14, and I summarized today. And ultimately, our view is that fiber resellers will, on balance, take more share from cable. And so we'll be able to continue to improve our position on the retail side, on the Bell brand, while at the same time, driving higher fiber network penetration in the East. And it's typically what happens.

但在東部，首要任務是保護貝爾的零售地位，我們將執行我們在 10 月 14 日提出的綜合策略，我今天也對此進行了總結。最終，我們認為光纖轉售商總體上將從有線電視營運商手中奪取更多市場份額。因此，我們將能夠繼續提升我們在零售領域，以及貝爾品牌的地位，同時推動東部地區光纖網路的更高普及率。而且通常情況下，事情就是這樣發生的。

And in the West -- so number two, in the West, our focus is going to be, again, as I said on October 14 or as Blaik said, I think we're going to protect our mobility base first and foremost and by offering more services in a disciplined way. So it's leaning in on the wireless tiers, using our distribution strength out West, then layering in no set-top box 5 TV or streaming content bundles or both to grow wireless sales out West and lower churn. And when it's necessary, especially for our highest value customers, we plan to resell fiber Internet. So all in, we'll be more competitive in the West.

在西方——所以第二點，在西方，我們的重點將再次是，正如我在 10 月 14 日所說，或者正如布萊克所說，我認為我們將首先保護我們的流動性基礎，並通過有條不紊地提供更多服務來實現。因此，該公司正著力發展無線業務，利用我們在西部的分銷優勢，然後疊加無需機上盒的電視或串流內容捆綁包，或兩者兼而有之，以增加西部地區的無線銷售並降低客戶流失率。當有必要時，特別是對於我們最重要的客戶，我們計劃轉售光纖網路服務。總而言之，我們在西方將更具競爭力。

We have a trial right now, Drew, in Kelowna, and we expect to have a full launch of fiber resell out West in January. But we're going to do all this in a very disciplined way. I think that's an important point to call out. On Northwest Hill, the purchasers are still working with the federal government to secure funding. And so we remain actively engaged to close that transaction.

德魯，我們目前正在基洛納進行試點，預計一月將在西部地區全面推出光纖轉售服務。但我們會以非常嚴謹的方式完成這一切。我認為這一點值得強調。在西北山，購買者仍在與聯邦政府合作以獲得資金。因此，我們將繼續積極推動這筆交易的完成。

It looks like it will more likely be in 2026.

看起來更有可能是在2026年。

But I think given the amount of time this has taken, it's worth saying the following, very important. We want to close the deal for sure. But we're also happy to operate Northwest Hill and to serve residents in the North. It's a good, healthy, strong asset. And look, close or not close, it has a minimal impact on deleveraging.

但考慮到這件事已經花了這麼多時間，我覺得有必要說明以下非常重要的事情。我們一定要促成這筆交易。但我們也樂於經營西北山莊，為北部居民提供服務。這是一項優質、健康、強大的資產。而且你看，無論是否關閉，對去槓桿化的影響都微乎其微。

So we weren't disposing of -- trying to dispose of Northwest Hill because of deleveraging. It was for altogether different reasons. Happy to close, but that's what we're still working on doing. That's priority #1.

所以，我們並不是因為去槓桿化而試圖出售西北山。原因完全不同。很高興能結束今天的討論，但這正是我們仍在努力的方向。這是頭等大事。

Jerome Dubreuil, Desjardins Securities.

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

First one, a very helpful Investor Day a couple of weeks ago. One of the comments we've been receiving is some investors were expecting to see some margin growth down the road. We don't necessarily have a problem with that given the mix shift. I don't know if you can share, but do you expect margin growth on the Canadian telecom business between 2026 and 2028?

首先，幾週前舉辦的投資者日活動非常有幫助。我們收到的評論之一是，一些投資者預期未來利潤率會有所增長。考慮到這種組合變化，我們對此未必會有意見。我不知道您是否可以透露，但您預計2026年至2028年間加拿大電信業務的利潤率會成長嗎？

Yes. Jerome, it's Curtis. So yes, at Investor Day, we did talk about '25 to '28 revenue, 2% to 4% growth, EBITDA 2% to 3% growth. So at the high end of revenue, are you looking at margin compression? But ultimately here, what we also announced at Investor Day was our continued focus on operating cost reduction.

是的。傑羅姆，我是柯蒂斯。是的，在投資者日上，我們確實談到了 2025 年至 2028 年的營收成長 2% 至 4%，EBITDA 成長 2% 至 3%。那麼，在高營收的情況下，您是否會面臨利潤率壓縮的問題？但最終，我們在投資者日上宣布的也是我們將繼續專注於降低營運成本。

So $1.5 billion of cost savings and frankly, more thereafter as we continue to leverage technology and our internal digital transformation. So I think you're going to continue to see a focus on cost containment. As you mentioned, I know your question was Canada specific. Ziply, as we accelerate our footprint with the PSP partnership, those margins will decline over time, but still at a very 44.4% margin starting point for Ziply. So pretty healthy margins all around.

因此，我們節省了 15 億美元的成本，坦白說，隨著我們繼續利用科技和內部數位轉型，未來還會節省更多。所以我認為，控製成本仍將是企業關注的重點。正如您所提到的，我知道您的問題是關於加拿大的。隨著 Ziply 與 PSP 合作夥伴的合作加速擴張，其利潤率會隨著時間的推移而下降，但 Ziply 的初始利潤率仍高達 44.4%。所以各方面的利潤率都相當不錯。

Ultimately, in the range of flat margins is more what I would say.

最終，我更傾向於說，應該採用平邊距。

Okay. And on the AI Fabric, I would like to maybe dive a bit more into the timing of the impact on your results. So maybe if you can reiterate the level of investment there, the expected financials and returns and the timing of flow-through in earnings.

好的。關於 AI Fabric，我想更深入地探討一下它對結果的影響時間。所以，或許您可以重申那裡的投資規模、預期財務狀況和回報以及收益傳導的時間安排。

Yes. So we have -- I'll start and then Curtis maybe add what's appropriate. We gave -- we were pretty transparent as to what the growth targets are that we expect on October 14. And what those are based on from an AI Fabric perspective is monetizing 73 megawatts of power. And so the ambition is greater than that.

是的。所以我們有——我先開始，然後柯蒂斯可能會補充一些合適的內容。10 月 14 日，我們非常透明地公佈了我們預期實現的成長目標。從 AI Fabric 的角度來看，這些都是基於將 73 兆瓦的電力貨幣化。因此，他們的目標遠不止於此。

But just -- I would say that it's more of a conservative growth projection that we gave at Investor Day since it's only about monetizing 73 megawatts, and that's expected to drive $100 million to $150 million of annual EBITDA. So a very solid business, a very strong pipeline of demand. And as I said in my opening remarks, expect to see some announcements in the coming weeks and months that just shows how we're activating the sovereign AI alliance that we've put together. So very, very positive there.

但我想說的是——這比我們在投資者日給出的成長預測要保守得多，因為它只是關於將 73 兆瓦的電力貨幣化，預計這將帶來 1 億至 1.5 億美元的年度 EBITDA。所以，這是一個非常穩健的業務，有著非常強勁的需求管道。正如我在開場白中所說，預計在接下來的幾週和幾個月裡，我們將發布一些公告，這些公告將展示我們如何啟動我們組成的自主人工智慧聯盟。所以情況非常非常樂觀。

And again, I will reiterate, we said it a couple of times, but it is worth mentioning. So we have 34% year-over-year revenue growth in Q3 in the AI-powered solutions business. The vast majority of that growth is organic, and all of it is Ateko and Bell Cyber. And in Q3, none of it is Bell AI Fabric. You saw the benefits of AI Fabric in Q2.

我再次重申，我們已經說過幾次了，但值得一提。因此，我們在人工智慧解決方案業務方面，第三季實現了 34% 的年成長。絕大部分成長都是自然成長，而且全部來自 Ateko 和 Bell Cyber​​。第三季度，貝爾人工智慧架構（Bell AI Fabric）完全被忽略了。您在第二季已經看到了AI Fabric的優勢。

There were no new announcements in Q3, and AI Fabric will see some growth, as I said, in the coming weeks and months. So we're really excited about that growth vector.

第三季沒有發布任何新消息，正如我所說，AI Fabric 將在未來幾週和幾個月內實現一些成長。所以我們對這個成長方向感到非常興奮。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

So Mirko, I speak with a few U.S. domiciled data centers with subsidiaries in Canada. And I mean, the view is that whatever they're offering in Canada is sovereign. The reason I'm saying this is, do you think the government is going to formalize what is considered to be sovereign AI to make it very clear to enterprise in Canada, what constitutes sovereign AI and what does not constitute sovereign AI because it's kind of like what she said, he said type of thing right now in the marketplace.

所以米爾科，我和幾家總部位於美國、在加拿大設有子公司的資料中心談過。我的意思是，人們普遍認為，他們在加拿大提供的任何東西都是主權國家提供的。我這麼說的原因是，你認為政府是否會正式界定什麼是自主人工智慧，以便讓加拿大企業清楚了解什麼構成自主人工智慧，什麼不構成自主人工智慧？因為目前市面上的情況有點像各執一詞。

Yes. So thanks for that, Maher. So I'll answer it in two parts. So there needs to be a very clear understanding and definition of what sovereignty means. And sovereignty isn't just about having a data center located in Canada.

是的。所以，謝謝你，馬赫。所以我將分兩部分來回答這個問題。因此，我們需要對主權的意思有一個非常清晰的理解和定義。主權不只是指在加拿大境內擁有資料中心。

That doesn't -- that's not sovereignty. Sovereignty is a multifaceted thing. It's who has -- where the data is located, how data moves, who has control over the data, who has control over the action, which is the compute and who has control over the governance, which is who can access everything and who has access to the keys to the technology. So it's action, movement, storage, governance. So that's one part.

那不是主權。主權是一個多面向的概念。關鍵在於誰擁有——數據在哪裡，數據如何移動，誰控制數據，誰控制操作（即計算），以及誰控制治理（即誰可以訪問所有內容，誰擁有技術密鑰）。所以它是行動、運動、儲存、治理。這是其中一部分。

The second part is I'd encourage everyone to just take a look at some of the -- and there are a number of them, but some of the federal government ITQs and RFIs that are out there. And you'll see some pretty hard notions of what sovereignty means in some of those technology ITQs and RFIs. So you really do need to be sovereign Canadian all the way through in order to qualify for some of the requirements that the federal government has. And in the case of Bell AI Fabric, what we can guarantee to our customers is their data will stay in Canada. And if the data needs to move, whether or not it's from St. John's to Vancouver points in between, it always stays in Canada. We have a definitive advantage in that regard.

第二部分，我鼓勵大家去看看一些──有很多──聯邦政府的 ITQ 和 RFI。你會在一些技術 ITQ 和 RFI 中看到一些關於主權意義的相當強硬的概念。所以，你確實需要從頭到尾都是一個主權獨立的加拿大人，才能符合聯邦政府的一些要求。就 Bell AI Fabric 而言，我們可以向客戶保證，他們的資料將保留在加拿大境內。如果需要傳輸數據，無論是從聖約翰斯到溫哥華沿途的任何地點，數據始終留在加拿大境內。我們在這方面擁有絕對優勢。

I hear you. And the reason I'm asking this question is I have looked at the RFIs that the government has put out, and they have their definition. But how can that permeate into the enterprise market? Because I mean, I agree that getting a contract from the government is going to be easy probably -- their definition of what constitutes sovereign AI is probably the highest level of conservatism, let's say. But what about the general enterprise, the Canadian enterprise market where so far, it seems like it's still -- it's true.

我明白了。我之所以問這個問題，是因為我查看了政府發布的徵求資訊書（RFI），其中有他們的定義。但這種理念如何滲透到企業市場？因為我的意思是，我同意從政府那裡獲得合約可能很容易——他們對主權人工智慧的定義可能是最高程度的保守主義，這麼說吧。但是，就整體企業而言，加拿大企業市場的情況又是如何呢？到目前為止，似乎仍然如此——的確如此。

It's not clear what constitutes sovereign AI. So do we need like some form of formal definition by a government agency to kickstart this new era of sovereign AI in Canada? Or do you think it might -- it will happen without some formal regulation?

目前尚不清楚主權人工智慧的定義是什麼。那麼，我們需要政府機構推出某種正式定義，才能在加拿大開啟主權人工智慧的新時代嗎？或者你認為即使沒有正式的監管措施，這種情況也可能發生？

I think it will happen without formal regulation. Just the market will speak Maher. And the enterprise market in this space will be like it is in all the other enterprise vectors we operate in. I think our customers are going to rely on the providers that they trust, that they have deep relationships with. And I think there's going to be a preference for Canadian.

我認為即使沒有正式的監管，這種情況也會發生。馬赫，市場會說話。這個領域的企業市場將與我們經營的所有其他企業領域一樣。我認為我們的客戶會繼續依賴他們信任的、與他們建立了深厚關係的供應商。我認為人們會更偏愛加拿大製造的產品。

And that's with or without kind of the geopolitical concerns that permeate today. I think the geopolitical concerns just actually further help market demand being tilted towards Canadian providers.

無論是否考慮當今瀰漫的地緣政治因素，情況都是如此。我認為地緣政治因素實際上只會進一步推動市場需求向加拿大供應商傾斜。

So if you take a step back, in the case of -- in our case, we have the deepest enterprise relationships. We have the most long-standing enterprise relationships. We are speaking to our enterprise customers on AI-powered solutions, growth vectors at the same time as we're talking to them about the core business relationships that we've had for a long time. So as they seek to lean into AI workloads, we're in good shape in terms of having the infrastructure ready now.

所以，如果我們退後一步來看——就我們而言，我們擁有最深厚的企業關係。我們擁有最長久的企業合作關係。我們一方面與企業客戶探討人工智慧解決方案和成長方向，另一方面也與他們探討我們長期以來的核心業務關係。因此，隨著他們尋求轉向人工智慧工作負載，我們在基礎設施方面已經做好了充分準備。

And a key advantage in AI is time to power and time to compute, and we can deliver that. We can deliver data centers that are connected to the very best networks, all located in Canada from a company they trust and has provided reliable service to them for, in some cases, for over 100 years. So on the enterprise side, I think at this point in time, we're just going to rely on our unique market advantages.

人工智慧的一項關鍵優勢在於供電速度和運算速度，而我們能夠做到這一點。我們可以提供連接到最佳網路的資料中心，所有資料中心都位於加拿大，由他們信賴的公司提供，並且在某些情況下，該公司已為他們提供可靠的服務超過 100 年。所以就企業方面而言，我認為目前我們只能依靠我們獨特的市場優勢。

Okay. And maybe just my follow-up question on wireless. You mentioned something interesting in your prepared remarks related to the amount of postpaid subscribers you loaded on the Bell brand. So I'm happy to see how you guys are pivoting your offering, making less emphasis on data buckets and more on quality and content and value-add services in wireless. Can you maybe just dig a little bit deeper into what happened in Q3 as you made that pivot?

好的。我可能還有一個關於無線網路的後續問題。您在事先準備好的演講稿中提到了一些有趣的事情，與您在貝爾品牌上增加的後付費用戶數量有關。我很高興看到你們正在調整產品策略，減少對數據流量的關注，並更加重視無線服務的品質、內容和增值服務。您能否更深入探討第三季您做出轉型時的具體情況？

Because when you look at the numbers from a big picture point of view, we see a lot more prepaid and postpaid loading this quarter versus last year. And so I'm trying just to make sure to understand what you meant by in your prepared remarks.

因為從整體來看，本季預付費和後付費充值量比去年同期多得多。所以，我只是想確認一下您在準備好的發言稿中具體指的是什麼。

Yes. Okay. No, thank you for the question, Maher. So our focus -- so first principle is that our focus remains on the financials. And what we're trying to do is balance subscriber loadings and the economics of those loadings.

是的。好的。不，謝謝你的提問，馬赫。因此，我們的重點——首要原則是，我們的重點仍然是財務狀況。我們正在努力平衡用戶訂閱量和這些訂閱量的經濟效益。

And I think you can see it in the financial results, whether or not it's service revenue and ARPU and obviously, the massive churn improvement. Overall, you can see it also in our product intensity gains. And there's a whole long list of factors that have improved significantly.

我認為從財務表現可以看出這一點，無論是服務收入和每位用戶平均收入，還是客戶流失率的大幅改善。整體而言，這一點也可以從我們產品強度的提升中看出。還有許多其他因素也得到了顯著改善。

But on the postpaid wireless numbers, the consolidated number you see there, if you unpack those numbers, the Bell brand postpaid net adds are -- I don't want to give the number, but they're very, very large. And so what that means is it's the flanker brand net adds that have declined so that you end up with the consolidated number in front of you of 12,000. But the Bell brand postpaid is a very big number. And so it's on strategy. The strategy is focus on the financials, focus on the Bell brand, focus on multiproduct offerings.

但是，在後付費無線用戶數量方面，你看到的合併數字，如果你把這些數字拆開來看，貝爾品牌的後付費淨增用戶數——我不想透露具體數字，但它們非常非常大。所以這意味著側翼品牌淨增用戶數下降，最終導致你面前的合併數字為 12,000。但貝爾品牌的後付費用戶數量非常龐大。所以，這是戰略問題。策略是：聚焦財務，聚焦貝爾品牌，聚焦多元化產品供應。

And then underneath that, there's the new wireless tier plans, which I think are going to drive good subscriber numbers in the quarters ahead and certainly strong churn and financial numbers.

此外，還有新的無線套餐計劃，我認為這將在未來幾季推動用戶數量成長，並肯定會帶來強勁的用戶流失率和財務數據。

Stephanie Price, CIBC World Markets.

Stephanie Price，CIBC World Markets。

Hoping you can give us a bit of further color on the U.S. Internet environment now that you've had a full quarter of Ziply. Are there any changes to your thoughts on the pace of the U.S. fiber rollout here?

希望您在 Ziply 工作滿一個季度後，能為我們進一步介紹美國網路環境。您對美國光纖網路在本地推廣的速度有什麼看法嗎？

No, it's -- everything is on track, as Harold outlined in detail on October 14. So we're very pleased with Ziply's performance. And we're looking forward to continued growth. I mean the key thing is that it continues to perform ahead of our investment case. And the key thing is as we ramp the build in 2026, that's just going to lead to better subscriber revenue and EBITDA growth.

不，一切都在按計劃進行，正如哈羅德在 10 月 14 日詳細闡述的那樣。我們對Ziply的表現非常滿意。我們期待持續成長。我的意思是，關鍵在於它的表現持續優於我們的投資預期。關鍵在於，隨著我們在 2026 年加強建設力度，這將帶來更好的用戶收入和 EBITDA 成長。

Okay. And then a follow-up for Curtis. Just on free cash flow growth. It was very solid in the quarter and year-to-date, but full year guidance is obviously maintained. Hoping you can talk about the puts and takes here as to get you to the bottom and the top of the full year range for free cash flow.

好的。然後是柯蒂斯的後續報道。僅就自由現金流成長而言。本季和年初至今的業績都非常穩健，但全年業績預期顯然保持不變。希望您能在這裡談談買賣策略，以便確定全年自由現金流的最低點和最高點。

Yes. Stephanie, thanks for the question. So Q3 specifically was strong. There are some timing impacts, I'd just say off the top, still confident in the 6% to 11% full year. CapEx, we still expect it to be in the 15% (inaudible) for the full year.

是的。史蒂芬妮，謝謝你的提問。所以第三季表現尤為強勁。雖然存在一些時間上的影響，但我還是對全年 6% 到 11% 的成長目標充滿信心。資本支出方面，我們仍預期全年將佔總支出的 15%（聽不清楚）。

So it was a little bit lighter in Q3. Those are timing items. So we do expect Q4 to be heavier CapEx spend, which is probably what you're picking up on. So really nothing but reiteration of our full year expectations and timing in terms of CapEx and a few working cap items.

所以第三季稍微輕鬆一點。這些都是時間安排上的事項。因此，我們預計第四季度資本支出將會增加，這也可能是你所注意到的。所以其實只是重申了我們對全年資本支出和一些營運資本項目的預期和時間安排。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I guess just maybe following up a little bit on Jerome's question regarding the cost savings. I guess, can you update us where we're at in the $1.5 billion? Yes, I think at the Analyst Day, you talked about being halfway there. Help us maybe with the shaping of that? And maybe just remind us, Curtis, is that $1.5 billion a run rate exiting 2028?

我想稍微補充一下傑羅姆關於成本節約的問題。我想問一下，您能告訴我們15億美元的專案進展到什麼程度嗎？是的，我想在分析師日上，您談到已經完成了一半。或許可以幫我們一起完善它？柯蒂斯，或許你該提醒我們一下，15億美元的年均收入是到2028年底的水平嗎？

So just some color on the shaping there would be helpful. And relatedly, as we think about the CAGRs on EBITDA, particularly understanding maybe there might be some margin compression as Ziply and PSP kind of ramp up over time. But maybe help us think about the shaping of the consolidated EBITDA growth, I guess, over the forecast period. I mean, does it make sense that 2026 growth is maybe above trend as we kind of think about the guided range?

所以，如果能為那裡的造型加上一些顏色就更好了。與此相關的是，當我們考慮 EBITDA 的複合年增長率時，尤其要考慮到隨著 Ziply 和 PSP 隨著時間的推移而逐步擴大規模，利潤率可能會下降。但或許這能幫助我們思考在預測期內合併 EBITDA 成長的趨勢。我的意思是，考慮到我們預期的成長範圍，2026 年的成長可能高於趨勢水平，這合理嗎？

Thanks, Sebastiano. A few things to unpack there. In terms of margins to tie up to Jerome's earlier question and how that flows through. So I think cost savings, you're right, we're halfway through. That will continue to accelerate.

謝謝你，塞巴斯蒂亞諾。這裡有幾點要解釋。就利潤而言，這與傑羅姆之前提出的問題以及其邏輯如何銜接起來有關。所以我覺得節省成本這一點沒錯，我們已經完成一半了。這一趨勢也將持續加速。

So that lumpy with initiatives, but continues to increase year-over-year over year-over-year as we continue to leverage digital transformation and efficiency initiatives. So I think you see relatively flat EBITDA margins over time. And our focus on reducing costs and driving efficiencies allows us to absorb some of the strong subscriber growth in the U.S., which includes COA, and it allows us to fund our other growth businesses like AI-powered solutions. So -- and again, those investments in the newer business, not only CapEx, it's OpEx also. So flat margins on a percent basis, increasing margins on a dollar basis as we continue to transform the financial profile to more be heavily weighted towards future-focused products and services while maintaining the same similar in-line EBITDA percent margin.

因此，儘管各項措施不盡相同，但隨著我們不斷推動數位轉型和提高效率，這一數字仍在逐年增長。所以我認為隨著時間的推移，EBITDA利潤率會相對保持穩定。我們專注於降低成本和提高效率，這使我們能夠吸收美國強勁的用戶成長（包括 COA），並使我們能夠為其他成長業務（如人工智慧解決方案）提供資金。所以——而且再次強調，對新業務的投資，不僅是資本支出，還有營運支出。因此，以百分比計算，利潤率保持不變；以美元計算，利潤率不斷提高，因為我們將繼續轉變財務結構，更加側重於面向未來的產品和服務，同時保持與之前類似的 EBITDA 利潤率。

And then in terms of the U.S., again, 44% margin we've talked about between 40% and 45% in the U.S. So again, I think you'll see offset of efficiencies and scaling benefits in the U.S. with incremental costs and expense to drive subscriber growth as well as leveraging the PSP network code which comes with a couple of incremental costs. But ultimately, looking to drive EBITDA margin dollars while we focus on cost containment and efficiencies, but overall driving EBITDA dollars out of the U.S.

至於美國市場，我們之前討論過的利潤率在 40% 到 45% 之間，而美國市場的利潤率則為 44%。因此，我認為在美國，效率和規模效益會被推動用戶成長的增量成本和支出所抵消，同時利用 PSP 網路程式碼也會帶來一些增量成本。但最終目標是在專注於成本控制和效率提升的同時，提高 EBITDA 利潤率，但總體而言，將 EBITDA 利潤率從美國轉移出去。

Tim Casey, BMO Capital Markets.

Tim Casey，BMO資本市場。

Mirko, when you think about the growth in AI-powered solutions, doubling the $750 million by '28, will it be a balanced contribution between Ateko, Cyber and AI Fabric? Or is one of those more likely to be an outsized contributor? And as a follow-on, at AI Fabric, do you not have to onboard the additional data centers, and I think it takes 9 months to build one. So is there a cadence to that, that would be more back half or loaded more towards the back half of that time frame as you onboard these data centers? Or am I thinking about that incorrectly?

Mirko，當你考慮到人工智慧解決方案的成長，到 2028 年將達到 7.5 億美元的兩倍時，Ateko、Cyber​​ 和 AI Fabric 之間的貢獻是否會是均衡的？或者，其中是否有人更有可能做出重大貢獻？另外，在 AI Fabric 中，是否無需接入額外的資料中心？我認為建造一個資料中心需要 9 個月的時間。那麼，在資料中心上線過程中，是否存在某種節奏，即在後半段或後半段時間內投入更多資源？還是我的想法有誤？

Okay. Thanks, Tim. So I think on the unpacking the $1.5 billion as between the 3 components. I just -- if you go back to John Watson's Investor Day deck, you'll see we're expecting around $400 million from Cyber, around $700 million from Ateko and around $400 million from AI Fabric, and that would be your breakdown of the $1.5 billion. And then in his slide deck, he has the annual growth rates that he's expecting for each of those 3 components of AI-powered solutions.

好的。謝謝你，提姆。所以我認為應該把這 15 億美元拆分成 3 個組成部分。如果你回顧約翰沃森的投資者日簡報，你會發現我們預計 Cyber​​ 業務將帶來約 4 億美元的收入，Ateko 業務將帶來約 7 億美元的收入，AI Fabric 業務將帶來約 4 億美元的收入，這就是 15 億美元的分配情況。然後，在他的幻燈片中，他列出了他預期人工智慧解決方案的這三個組成部分的年增長率。

And in terms of AI Fabric and the time to build data centers and the like, I think I'll keep it a little bit more general. You should expect -- I think we're expecting kind of a couple, 2, 3, let's say, launches in 2026. So it's not like we're going to be signing contracts in the first half of '26 and then you'll only get to see revenue in 2027. That will happen, but you will see some activity based on the pipeline we have in 2026 and our ability to open a few of those data centers next year.

至於人工智慧架構以及建造資料中心所需的時間等等，我想我會盡量保持更籠統的描述。你應該期待——我認為我們預計在 2026 年會有兩到三次發布，比如說。所以，我們不會像某些公司那樣，在 2026 年上半年簽訂合同，然後直到 2027 年才開始產生收入。這肯定會發生，但根據我們 2026 年的專案規劃以及我們明年開設其中一些資料中心的能力，您會看到一些進展。

Aravinda Galappatthige, Canaccord Genuity.

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

I just wanted to go back to the free cash flow question, Curtis. Obviously, you benefited a little bit from working capital movements. I think that's what you're referring to in terms of timing. So should we expect the sort of a more unusual or higher-than-usual working capital outflow in Q4? And then I guess the larger question is, when I look at the '25 to '28 free cash flow projections you provided, it suggests that you still anticipate fairly meaningful working capital outflows right through that period.

柯蒂斯，我只想回到自由現金流的問題。顯然，您從營運資金的變動中獲益良多。我想你說的時機問題指的就是這個。那麼我們是否應該預期第四季會出現比平常更不尋常或更高的營運資金流出？那麼，我想更大的問題是，當我查看您提供的 2025 年至 2028 年自由現金流預測時，這表明您仍然預計在此期間會有相當大的營運資金流出。

And I just wanted to understand a little bit more why that it needs to be consistently fairly high. Maybe I'll just start there.

我只是想更深入地了解一下，為什麼它需要持續保持在相當高的水平。或許我就從那裡開始吧。

Yes. Thanks for the question, Aravinda. So obviously, puts and takes within the free cash flow buckets I can't control all of the timing on individual payments. I'd say we are continuing our focus on working capital management. So we've seen benefits in inventory.

是的。謝謝你的提問，阿拉文達。所以很明顯，在自由現金流範圍內，我無法控制每一筆款項的支付時間。我認為我們將繼續專注於營運資金管理。因此，我們在庫存方面看到了好處。

We're managing receivables and especially. So I do think we're seeing goodness there. But again, that fluctuates quarter-to-quarter. I'd just say overall free cash flow, confident in our full year 2025 guidance. So no real change there.

我們正在管理應收帳款，尤其是。所以我認為我們看到了其中的積極意義。但同樣，這種情況每季都會波動。我只想說，整體自由現金流良好，我們對 2025 年全年業績指引充滿信心。所以這方面並沒有什麼實質的改變。

CapEx is a bigger driver of kind of quarter-over-quarter, and we do expect Q4 to be seasonally high relative to Q1 to Q2 and Q3 and north of what Q4 was last year. So that's this year.

資本支出是季度環比成長的主要驅動因素，我們預計第四季相對於第一季、第二季和第三季將出現季節性高成長，並且高於去年第四季的水平。今年的情況就是這樣。

And then ultimately, as we talked about free cash flow, '25 to '28, there are a few things happening. One, CapEx dollars flat, but lease repayments will come down. So kind of as I think of the capital investments over time combined between what is accounted for as CapEx versus leases, that total bucket comes down over time. I do think -- so the decrease in that combined bucket leads to payable decreases over time as well. So you don't capture all the free cash flow benefit in the same period where your CapEx comes down.

最後，正如我們之前討論的自由現金流，2025 年至 2028 年期間，有幾件事正在發生。第一，資本支出維持不變，但租賃還款金額將會下降。所以，我把隨著時間的推移，資本投資加起來，包括資本支出和租賃支出，總額會隨著時間的推移而減少。我確實認為——因此，該合併帳戶的減少也會導致應付金額隨著時間的推移而減少。因此，在資本支出下降的同一時期，你無法獲得所有的自由現金流收益。

But over that period, we will capture the benefit.

但在此期間，我們將獲得收益。

And beyond that, ultimately, you're just normalizing your way through, right? By the time you're at 2028, there's no buildup or onetime. You're just a run rate free cash flow generating business.

除此之外，最終你只是在慢慢適應，對吧？到 2028 年，就不會有累積或一次性事件了。你只是一個能穩定產生自由現金流的企業。

Understood. And just my quick follow-up on the comments you made on the enterprise side, Mirko. As you kind of push ahead, talk to the CIOs with -- pushing ahead with Ateko and Cyber, what kind of competition are you coming up against? Is it sort of the more fragmented independent players? Or is it sort of the larger established players?

明白了。Mirko，關於你之前在企業方面發表的評論，我還有一點要補充。當你推進與 Ateko 和 Cyber​​ 的合作，並與 CIO 們交流時，你會遇到什麼樣的競爭？是不是指那些比較分散的獨立玩家？或者說，是指那些規模較大、根基穩固的公司？

Do you -- to what extent do you have sort of unseat some of these existing incumbents in that area to sort of win over the sort of the IT services and cybersecurity mandates there?

您是否—在多大程度上需要撼動該領域的一些現有企業，才能贏得該領域的IT服務和網路安全方面的業務？

Yes. Thank you for the question, Aravinda. So I'd say when it comes to the collection of the overall offering that we have in AI-powered solutions business, the full stack AI, the AI platform, the integration of AI automation platforms through Ateko and Bell Cyber, when you put all that together, frankly, we're 1 of 1. And I'm not exaggerating. We are -- when you look at all 3 together, we are 1 of 1.

是的。謝謝你的提問，阿拉文達。所以，就我們在人工智慧解決方案業務中的整體產品組合而言，包括全端人工智慧、人工智慧平台，以及透過 Ateko 和 Bell Cyber​​ 整合人工智慧自動化平台，坦白說，當所有這些放在一起時，我們是獨一無二的。我一點也沒誇張。我們——當你把這三個人放在一起看時，我們是一體的。

If you want to kind of look at each one discretely, there are others who provide cybersecurity solutions, but nobody who can kind of provide the integration of the Bell network security platform with the automated cloud-based AI-powered SOC that the former strategy and now the combined business is called Bell Cyber offers.

如果要逐一查看，雖然有其他公司提供網路安全解決方案，但沒有一家公司能夠像 Bell Cyber​​ 那樣，將 Bell 網路安全平台與自動化的雲端 AI 驅動的 SOC 整合起來。

And on Ateko, there are a number of systems integrators out there. We all know their names. But what stands Ateko apart are many things, but two in particular that I would call out. One is we are very focused. And I've talked about this before.

在 Ateko 平台上，有許多系統整合商。我們都知道他們的名字。但 Ateko 的獨特之處有很多，其中有兩點尤其值得一提。第一點是我們非常專注。我之前也談過這個問題。

We have a clear lane of verticals where we're targeting. And we are hyper focused on AI and the hyperscale platforms, whether or not it's ServiceNow, Salesforce or the 3 hyperscalers. So we provide the benefit of a really focused expertise. And then the other thing that stands Ateko apart from anyone else is we are both an operator and an integrator. So Ateko does for our third-party customers, what it does for Bell.

我們有明確的垂直領域目標。我們高度關注人工智慧和超大規模平台，無論是 ServiceNow、Salesforce 或其他三大超大規模平台。因此，我們能夠提供真正專注的專業知識。此外，Ateko 與其他公司最大的不同之處在於，我們既是營運商又是系統整合商。所以 Ateko 為我們的第三方客戶提供的服務，與它為 Bell 提供的服務一樣。

So we can offer the real experience of having done it for an operator. So we know the use cases that work, where you're wasting your time as a customer. And I think that's a value add that the classic SIs don't provide.

因此，我們可以提供為運營商實際操作過的經驗。所以我們知道哪些使用場景有效，哪些使用場景是在浪費您作為客戶的時間。我認為這是傳統系統整合商無法提供的增值服務。

So I'll leave it there. But you see it in the growth numbers. I mean we only started this in 2023 with Ateko. And since then, even this year, like we rebranded Ateko, we launched Bell Cyber, and we've launched on May 29 of this year, AI Fabric, and it's pretty strong growth in its own right.

我就說到這兒吧。但從成長數據就能看出來。我的意思是，我們直到 2023 年才和 Ateko 開始合作。從那時起，即使是今年，我們重新命名了 Ateko，推出了 Bell Cyber​​，並在今年 5 月 29 日推出了 AI Fabric，它本身也取得了相當強勁的增長。

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Question on the wireless side. Looking at your postpaid wireless base, is it possible to get a rough mix of what the Bell branded subs make? And as that mix grows, I think can we expect wireless ARPU returning back to growth? And I believe the new MVNO also contributed in the quarter. Is it possible to quantify that?

關於無線方面的問題。根據你的後付費無線用戶基數，能否大致估算出貝爾品牌用戶帶來的收入組成？隨著這種組合的擴大，我認為我們可以期待無線 ARPU 恢復成長嗎？我相信新的虛擬營運商也為本季業績做出了貢獻。是否有可能量化這一點？

Yes. So the MVNO -- the network revenue from a wholesale relationship on wireless is frankly immaterial. It's not a big number. So it wasn't a big component of kind of call it, the ARPU stability, if you want, because there's a slight decline there. On the Bell brand postpaid loadings, let's leave it at this.

是的。因此，MVNO（行動虛擬網路營運商）從無線批發關係中獲得的網路收入實際上無關緊要。這個數字並不大。所以它並不是影響 ARPU 穩定性的主要因素，因為 ARPU 略有下降。關於貝爾品牌的後付費儲值，我們就先說到這裡吧。

Like there's -- the postpaid loadings consolidated are 11,500, close to 12,000. The Bell brand postpaid net adds were multiples of that, but I'm not going to unpack the actual shaping of Bell versus Virgin in that mix. And the prepaid loadings are quite strong. You see them there, and that's all Lucky Mobile given that at this point in time, we only offer prepaid on Lucky Mobile. Did I miss a question?

例如，後付費儲值合併後為 11,500，接近 12,000。Bell品牌的後付費淨新增用戶數是這個數字的數倍，但我不會深入分析Bell與Virgin之間實際的競爭格局。預付費充值額度相當可觀。你在那裡可以看到它們，而這就是 Lucky Mobile 的全部內容，因為目前我們 Lucky Mobile 只提供預付費服務。我漏掉了什麼問題嗎？

I'm sorry?

對不起？

I think there's a -- just on ARPU. So I think overall, we're pleased with the trajectory we're seeing on ARPU as wireless pricing is firming up. So both postpaid and blended ARPU are up versus Q2 on a reported basis. And I think it's also important, so new and monthly rates are higher than the embedded base rates. So new loads are actually helping blended ARPU, which is a trend for the positive.

我認為——僅就 ARPU 而言。所以總的來說，我認為隨著無線價格趨於穩定，我們對 ARPU 的發展軌跡感到滿意。因此，以報告數據計算，後付費和混合型 ARPU 均較第二季度有所成長。而且我認為這一點也很重要，所以新的月利率高於內建的基本利率。因此，新增訂單實際上有助於提高混合平均每用戶收入 (ARPU)，這是一個積極的趨勢。

Lauren Bonham, Barclays.

勞倫邦漢姆，巴克萊銀行。

You mentioned that you plan for the AST satellite service to launch in late 2026. Could you talk more about how that service will be marketed and included in the mobile plans or what sort of price points you're targeting as well as how you're thinking about size of the potential market there?

您提到計劃在 2026 年底推出 AST 衛星服務。您能否詳細介紹這項服務將如何進行市場推廣，如何納入行動套餐，以及您們的目標價格區間，還有您如何看待該領域的潛在市場規模？

Thanks, Lauren. Look, the question is very on point. So it's a little bit too early to be able to give you information on that given that we plan to launch in late 2026. So we'll come back to that at the appropriate time. But I get the question.

謝謝你，勞倫。你看，這個問題問得非常到位。鑑於我們計劃在 2026 年底推出，現在提供相關資訊還為時過早。所以我們會在適當的時候再討論這個問題。但我明白這個問題。

It's a really important one. It's just a bit too early.

這是非常重要的一件事。現在還為時過早。

So with that, I think as we're running out of time, what I would -- I -- thank you, everyone, for the time you've given us this morning. I'd say this, again, I go back to -- it's going to be a constant theme in our interactions and in our results. We're going to always anchor back to what we said we were going to deliver for investors between now and 2028. But we're on the right track here, and the stage is set for executing against '26, '27 and '28. We've improved -- the fiber net adds are growing in Canada and the U.S.

綜上所述，鑑於時間緊迫，我想說的是──我──感謝大家今天早上抽出時間。我想再次強調這一點——這將是我們互動和成果中反覆出現的主題。我們將始終不忘我們先前向投資者承諾的，從現在到 2028 年我們將為投資者帶來什麼。但我們走在正確的道路上，已經為應對 2026 年、2027 年和 2028 年的挑戰做好了準備。我們取得了進步——加拿大和美國的光纖網路覆蓋率正在成長。

We've improved fiber Internet churn. We've improved product intensity. You see some stability in ARPU. And as Curtis just answered in response to Batya's question, we're seeing that headed to flat and positive as we head into next year.

我們降低了光纖網路用戶的流失率。我們提高了產品強度。ARPU值呈現一定的穩定性。正如柯蒂斯剛才回答巴蒂亞的問題時所說，我們看到這種情況在明年將趨於平穩和正增長。

The Bell brand postpaid loadings are very strong. Ziply is better the investment case. We didn't answer any questions on media this morning, but you can see our Crave growth is impressive. The digital revenue is progressing exactly as we said, and the AI-powered solutions business is delivering better than we expected. And we only just got started, and we're on our way to the $1.5 billion that we projected in 2028.

Bell品牌的後付費儲值服務非常強勁。Ziply 比較適合作為投資標的。今天早上我們沒有回答媒體的任何問題，但你可以看到我們的 Crave 成長非常顯著。數位收入的成長完全符合我們先前的預期，而人工智慧解決方案業務的表現也超出了我們的預期。我們才剛起步，正朝著我們預計在 2028 年實現的 15 億美元目標邁進。

So all the key parameters of growth are there and are delivering, and that's what we're going to continue to do. It's an exciting time here as we've reset Bell and the team across the board is energized. And thank you.

所以所有關鍵的成長參數都已具備並正在發揮作用，而這正是我們將繼續努力的方向。現在正是令人興奮的時刻，因為我們已經重組了貝爾公司，整個團隊都充滿活力。謝謝。

Thanks, everyone.

謝謝大家。

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。