BCE Inc (BCE) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BCE Q1 2026 results conference call. I would now like to turn the meeting over to Kris Somers. Please go ahead, Mr. Somers.

各位女士、先生，早安。歡迎參加 BCE 2026 年第一季業績電話會議。現在我想把會議交給 Kris Somers。Somers 先生，請開始。

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.

謝謝你，Matthew。各位早安，也感謝各位加入我們的電話會議。今天與我一同出席的有 BCE 總裁兼執行長 Mirko Bibic，以及我們的財務長 Curtis Millen。

You can find all our Q1 disclosure documents on the Investor Relations page of the bce.ca website. Which we posted earlier this morning.

您可以在 bce.ca 網站的投資人關係頁面找到我們第一季所有揭露文件，我們已於今天稍早上傳。

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，我想請各位注意投影片第 2 頁的安全港聲明，提醒各位今天的投影片簡報以及電話會議中的發言將包含前瞻性資訊，因此存在風險與不確定性，實際結果可能有重大差異。除法律要求外，我們不承擔更新前瞻性陳述的義務。關於假設與風險的更多細節，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.

說明完畢後，我把電話交給 Mirko。

Good morning, everyone. Thanks, Kris. Our Q1 results demonstrate continued disciplined execution across all four of our strategic priorities in what remains a competitive operating environment. Consolidated revenue is up 4%, and adjusted EBITDA grew 2.9%.

各位早安。謝謝你，Kris。我們第一季的業績顯示，在仍具競爭性的營運環境下，我們在四項策略優先事項上持續以紀律執行。合併營收成長 4%，調整後 EBITDA 成長 2.9%。

As we've outlined consistently, our capital allocation is organized around three priorities: to strengthen the balance sheet through disciplined deleveraging. Fund our strategic priorities, and of course, return capital to shareholders through a sustainable dividend.

如同我們一貫所述，我們的資本配置圍繞三項優先事項：透過有紀律的去槓桿化強化資產負債表；為我們的策略優先事項提供資金；當然，透過可持續的股利向股東回饋資本。

We continue to execute against that framework in Q1. Most recently, we announced the divestiture of our land mobile radio business to Motorola Solutions for $675 million, and that's at an attractive valuation of approximately 10 times EBITDA, the latest in a series of actions to simplify the business and accelerate our path to our leverage targets.

我們在第一季持續依此架構執行。最近，我們宣布以 6.75 億美元將陸地行動無線電（land mobile radio）業務出售給 Motorola Solutions，估值具吸引力，約為 EBITDA 的 10 倍。這是我們一系列精簡業務、加速達成槓桿目標行動中的最新一項。

We're making significant progress across each of our four strategic priorities as well, and I want to walk you through them, starting with putting the customer first.

我們在四項策略優先事項上也都取得顯著進展。我想帶各位逐一說明，先從「以客戶為先」開始。

I'm on slide 3. You see that we continue to advance a number of initiatives to improve the overall value proposition and service experience for our customers, including the expansion of internet contracts in Ontario, which give customers a greater price certainty, continued scaling of hardware-free 5TV. And the full launch of our voice virtual assistant across Bell, Virgin Plus, and Lucky Mobile.

我在投影片第 3 頁。您可以看到，我們持續推動多項計畫，以提升客戶整體價值主張與服務體驗，包括在安大略省擴大網際網路合約，讓客戶享有更高的價格確定性；持續擴大無需硬體的 5TV；以及在 Bell、Virgin Plus 與 Lucky Mobile 全面推出我們的語音虛擬助理。

Each of these supports longer-term, more stable customer relationships, and a lower cost to serve.

上述各項都有助於建立更長期、更穩定的客戶關係，並降低服務成本。

Fiber continues to be a key growth driver for us. In Canada, we added close to 43,000 FTTH subscribers in the quarter, with demand remaining solid across our footprint. Combined with the contribution from Ziply Fiber, total residential fiber net adds were close to 50,000, and internet revenue across our North American fiber platforms grew 15% year over year.

光纖仍是我們的關鍵成長動能。在加拿大，本季我們新增接近 43,000 名 FTTH（光纖到府）用戶，需求在我們的覆蓋範圍內仍然穩健。加上 Ziply Fiber 的貢獻，住宅光纖淨增用戶總數接近 50,000 名，而我們北美光纖平台的網際網路營收年增 15%。

In wireless now, Q1 was an unusually competitive quarter. Promotional activity across the industry extended well beyond typical seasonal windows. We were deliberate in how we responded, staying out of the most aggressive pricing early in the quarter. And participating selectively where we saw longer-term value.

在無線業務方面，第一季競爭異常激烈。全產業的促銷活動遠超過典型的季節性期間。我們在回應上採取審慎策略，於季初避免參與最激進的定價，並在我們看見長期價值之處選擇性參與。

That discipline is reflected in our results. Strong post-paid net adds of close to 17,000, a 21% increase in gross activations, and continued resilience in Bell-branded performance. Early indicators suggest the market is normalizing, and our focus remains on lifetime economics, not quarter-to-quarter volume.

這份紀律反映在我們的成果上：後付費淨增用戶接近 17,000 名，總啟用量成長 21%，Bell 品牌表現持續展現韌性。初步跡象顯示市場正在回歸常態，我們的重點仍是用戶終身經濟效益，而非逐季的量。

Video net subscriber additions swung to positive. Improving approximately 26,000 year-over-year on strong uptake of the streaming bundles we launched in the second-half of last year.

影音淨增訂戶轉為正成長。受惠於我們去年下半年推出的串流組合方案強勁採用，年對年改善約 26,000 名。

That content pull-through, together with growing adoption of subscriptions across our fiber base, is driving meaningful momentum and product intensity, which is a key metric we're tracking against our Investor Day framework.

這股內容帶動效應，加上我們光纖用戶基礎中訂閱服務的採用率提升，正推動顯著的動能與產品滲透度（product intensity），這是我們依照投資人日架構所追蹤的一項關鍵指標。

Turning now to our third strategic priority, which is to lead an enterprise with AI-powered solutions. This is where I want to spend a bit more time today with you, because Bell AI Fabric is creating considerable value in a very short period of time, and I want to make sure investors fully understand the story. Let me start with a simple framing.

接著談第三項策略優先事項：以 AI 驅動的解決方案領導企業。我今天想在這部分多花一些時間，因為 Bell AI Fabric 在非常短的時間內創造了可觀價值，我希望投資人能充分理解這個故事。先用一個簡單的框架來說明。

Bell sits at the intersection of secure, high-performance networks, trusted enterprise relationships, access to significant power, and now purpose-built AI infrastructure with a time to compute advantage. No other Canadian company has assembled this combination. And it's very difficult to replicate.

Bell 位於安全、高效能網路、可信賴的企業關係、可取得的大量電力，以及如今具備「為 AI 量身打造」且具計算時間優勢的 AI 基礎設施的交會點。沒有任何其他加拿大公司組合出這樣的能力，而且非常難以複製。

That's our competitive advantage. Last year, we outlined our ambition to lead in this space, and we introduced three businesses, Pateko, Bell Cyber, and Bell AI Fabric. Each is closely tied to our core strengths in connectivity, distribution, and trust. Since then, progress has only accelerated. I want to begin with Saskatchewan because it's a landmark investment for Bell and for the country's AI future.

這就是我們的競爭優勢。去年我們提出在此領域領先的企圖，並推出三項業務：Pateko、Bell Cyber 與 Bell AI Fabric。每一項都與我們在連線能力、通路與信任方面的核心優勢緊密相連。此後，進展只會更快。我想先從薩斯喀徹溫省談起，因為這是 Bell 以及加拿大 AI 未來的一項里程碑式投資。

Less than two months ago, we announced a fully contracted 300-megawatt purpose-built AI data center in Saskatchewan. It's a transformational project that meaningfully improves our long-term growth profile and is incremental to the financial framework we laid out at Investor Day. Our construction partners have mobilized on-site and preliminary work is underway. I'll walk you through what that looks like on the ground when we get to slide 5.

不到兩個月前，我們宣布在薩斯喀徹溫省建置一座已全數簽約、規模 300 兆瓦、為 AI 量身打造的資料中心。這是一個具變革性的專案，將顯著改善我們的長期成長輪廓，且其貢獻是在投資人日所提出的財務框架之外的增量。我們的施工合作夥伴已在現場動員，前期作業正在進行中。等到投影片第 5 頁時，我會帶各位看看現場實際進展。

At full run rate, as we've shared before. This facility alone is expected to contribute approximately $500 million of revenue, $400 million of EBITDA, and over $250 million of free cash flow at an IRR of approximately 20% at the data center level, with additional upside from sovereign workloads and related services on top.

在滿載運轉時，如同我們先前分享的，僅此一座設施預期即可貢獻約 5 億美元營收、4 億美元 EBITDA，以及超過 2.5 億美元自由現金流；以資料中心層級計算，IRR 約為 20%，此外還有來自主權工作負載（sovereign workloads）與相關服務的額外上行空間。

Beyond Saskatchewan, our broader AI fabric ecosystem continues to scale. In late March, we launched our Merritt BC facility. Consistent with our model, Bell is providing the building, power, and cooling. The tenant supplies and funds all compute hardware. The facility uses a closed-loop liquid-cooled design that does not draw from municipal water resources.

除了薩斯喀徹溫省之外，我們更廣泛的 AI Fabric 生態系也持續擴張。3 月下旬，我們啟用了卑詩省 Merritt 的設施。依照我們的模式，Bell 提供建物、電力與冷卻；租戶提供並出資所有運算硬體。該設施採用封閉迴路液冷設計，不會取用市政供水資源。

The capacity at Merritt is part of the approximately 73 megawatts of AI fabric capacity we referenced back in October. At this time, we have four fully contracted facilities. Mission Flats in Merritt BC, which are both live, as you know. We have Winnipeg, which will go live early in the second-half of this year, and that one is on an operating lease basis.

Merritt 的容量屬於我們在去年 10 月提及的約 73 兆瓦 AI Fabric 容量的一部分。目前我們有四座已全數簽約的設施：位於卑詩省 Merritt 的 Mission Flats（以及同地的另一座設施）都已上線，如各位所知；我們還有溫尼伯（Winnipeg），預計今年下半年初上線，且該案採營運租賃（operating lease）模式。

Those three constitute 29 megawatts of the 73 megawatts we guided to an investor day. And of course, we have Saskatchewan on top of that, which is under construction. We also continue to build out the sovereign AI solutions ecosystem during the quarter. We announced strategic partnerships with Coveo to deliver sovereign AI-powered digital services, with Hypertech to deliver end-to-end sovereign AI infrastructure built, hosted, and operate in Canada, and with SAP to strengthen Canada's digital sovereignty with cloud and AI infrastructure, and post-quarter with Celestica to advance the development of a Canadian sovereign AI infrastructure stack.

上述三座合計為我們在投資人日所指引的 73 兆瓦中的 29 兆瓦。當然，除此之外還有正在興建中的薩斯喀徹溫省專案。我們在本季也持續建構主權 AI 解決方案生態系。我們宣布與 Coveo 建立策略夥伴關係，以提供主權 AI 驅動的數位服務；與 Hypertech 合作，提供端到端的主權 AI 基礎設施（在加拿大建置、託管並營運）；與 SAP 合作，以雲端與 AI 基礎設施強化加拿大的數位主權；並在季後與 Celestica 合作，推進加拿大主權 AI 基礎設施技術堆疊（stack）的開發。

Each of these partnerships reinforces a critical point.

每一項合作夥伴關係都強化了一個關鍵重點。

Bell AI Fabric is not just about data centers. It's a full-stack Canadian controlled AI platform with infrastructure, connectivity, security, integration and services, working with best-in-class partners to meet the needs of governments, enterprises and research institutions that require their AI workloads to remain here in Canada.

Bell AI Fabric 不僅僅是資料中心。它是一個由加拿大掌控的全堆疊（full-stack）AI 平台，涵蓋基礎設施、連線、安全、整合與服務，並與同級最佳的合作夥伴攜手，滿足政府、企業與研究機構的需求——這些客戶要求其 AI 工作負載必須留在加拿大境內。

And this brings me now to the financial results in enterprise. Bell Business Markets revenue. Which we're disclosing for the first time this quarter, was up 9.7% in the quarter, driven by 113% growth in AI-powered solutions. That's a powerful number, and it reflects the compounding momentum across all three of our AI-powered businesses.

接下來談企業端的財務表現。Bell Business Markets 營收——我們本季首次揭露——本季成長 9.7%，主要由 AI 驅動解決方案營收成長 113% 所帶動。這是一個非常有力的數字，反映我們三項 AI 驅動業務的複利式動能正在全面累積。

Again, I'll note that the Merit facility contributed to the quarter, and Curtis will walk you through the financial details around that. We increased our AI-powered solutions revenue objective from approximately $1.5 billion to approximately $2 billion by 2028 when we made the Saskatchewan announcement, and we're confident in that target.

我再補充一次，Merritt 設施在本季已有貢獻，Curtis 會向各位說明相關財務細節。當我們宣布薩斯喀徹溫省專案時，已將 AI 驅動解決方案的營收目標由約 15 億美元上調至 2028 年約 20 億美元，我們對此目標充滿信心。

And frankly, I see potential beyond it. We have line of sight to monetizing approximately 800 megawatts of power over time, and our pipeline of interest remains deep and active.

坦白說，我看到的潛力還不止於此。隨時間推進，我們可望將約 800 兆瓦的電力變現，而我們的意向管線仍然深厚且活躍。

In short, AI-powered solutions is creating significant. Differentiated value for this company. It's closely tied to our core business. It's disciplined, demand-led, and return-driven. And it's a growth vector that no other Canadian telecom has. Turning now to our fourth strategic priority, which is to build a digital media and content powerhouse.

總結而言，AI 驅動解決方案正在為本公司創造顯著且差異化的價值。它與我們的核心業務緊密相連；執行上有紀律、以需求為導向、以報酬為驅動；而且這是一條其他加拿大電信業者所沒有的成長向量。接下來談第四項策略優先事項：打造數位媒體與內容的強大平台。

Our digital pivot in media is now well into its sixth year, and the momentum is clear. When I became CEO in 2020, digital represented 19% of Bell Media's revenue, and today it's 46%. That's up three points year over year, and it's still growing. It's a fundamental transformation of this business, and it's translating directly into subscriber growth, advertiser interest, and new monetization streams.

我們在媒體領域的數位轉型如今已進入第六年，動能十分明顯。當我在 2020 年成為執行長時，數位業務占 Bell Media 營收的 19%，而今天已達 46%。這比去年同期增加了 3 個百分點，而且仍在成長。這是對本業務的根本性轉變，並直接轉化為訂戶成長、廣告主興趣，以及新的變現管道。

Q1 was the most watched quarter in create history. Our subscriber base grew 25% year over year to more than $4.7 million today. Powered by a 59% increase in direct-to-consumer streaming subscribers. That's exceptional growth in any market. And with our target of 6 million subscribers by 2028, we have a clear runway ahead.

第一季是 Crave 歷史上收視最高的一季。我們的訂戶基礎年增 25%，目前已超過 470 萬。這主要由直面消費者（DTC）串流訂戶年增 59% 所帶動。這在任何市場都是卓越的成長。而以 2028 年達到 600 萬訂戶為目標，我們前方有清晰的成長跑道。

What's driving this is the combination of premium original content, a significantly expanded library, the streaming bundles we launched in the second-half of last year, and continued improvements to the product experience.

推動這一切的是多項因素的組合：高品質原創內容、大幅擴充的內容庫、我們在去年下半年推出的串流綑綁方案，以及持續改善的產品體驗。

Including targeted marketing efforts in the French language market. Another recent addition is SNL, which will simulcast on Crave and CTV beginning this fall, one of the most watched shows on television, and a strong signal of the content value we're building across both platforms.

其中也包括針對法語市場的精準行銷投入。另一項近期新增內容是《SNL》，將自今年秋季起在 Crave 與 CTV 同步播出；這是電視上收視最高的節目之一，也強烈展現我們正在兩大平台上打造的內容價值。

We also continue to solidify our long-term sports content leadership. Over the last few months, we extended regional media rights with the senators. The Montreal Canadiens, the Winnipeg Jets, and became the new Canadian home of the Toronto Tempo and the WNBA. We expect to announce additional major rights renewals in the near future.

我們也持續鞏固長期的體育內容領導地位。過去幾個月，我們延長了與 Senators 的區域媒體轉播權；與蒙特婁加拿大人隊（Montreal Canadiens）、溫尼伯噴射機隊（Winnipeg Jets）亦完成續約，並成為多倫多 Tempo 與 WNBA 在加拿大的新主場轉播平台。我們預期在不久的將來宣布更多重大權利續約。

These are important long-duration agreements that reinforce our position as Canada's leading sports broadcaster across TSN in English and RDS in French. Sports content is the single most powerful driver of live viewership, advertising premium, and subscriber retention, and we intend to maintain our leadership.

這些都是重要的長期合約，強化了我們作為加拿大領先體育轉播商的地位，涵蓋英語的 TSN 與法語的 RDS。體育內容是推動直播收視、廣告溢價與訂戶留存最強大的單一驅動因素，而我們將維持領先。

And on that note, and looking ahead, we're excited about the FIFA World Cup this summer. We have exclusivity on 104 games across our platforms, which presents a significant audience and monetization opportunity for Bell Media.

順著這個話題並展望未來，我們對今年夏天的 FIFA 世界盃感到振奮。我們在各平台擁有 104 場比賽的獨家轉播權，這為 Bell Media 帶來可觀的受眾與變現機會。

The third element I want to highlight is our growing ability to monetize original content internationally. Our Crave Original Series YAGA and The Office Movers have been acquired by Sky for the UK and Ireland, and just last week, YAGA was acquired by AMC for the US market, with additional territories expected to follow.

我想強調的第三個要素，是我們將原創內容在國際市場變現的能力日益提升。我們的 Crave 原創影集《YAGA》與《The Office Movers》已被 Sky 收購，用於英國與愛爾蘭市場；而就在上週，《YAGA》也被 AMC 收購，用於美國市場，預期後續還會拓展到更多地區。

This builds on the global success of either rivalry, which continue to generate cultural impact through Q1. Earning a Peabody Award, multiple Canadian Screen Awards, and a second season renewal. The key here is that they aren't one-offs.

這也延續了《Either Rivalry》的全球成功，其在第一季持續產生文化影響力，並獲得皮博迪獎（Peabody Award）、多項加拿大銀幕獎（Canadian Screen Awards），以及第二季續訂。關鍵在於，這些並非一次性的成功。

They reflect a deliberate strategy to invest in premium Canadian storytelling and then extend the value of that content across the full value chain, including through our majority ownership of Sphere Abacus, our global content distribution arm.

它們反映出一項有意識的策略：投資高品質的加拿大敘事內容，並將其價值延伸至完整價值鏈，包括透過我們持有多數股權的 Sphere Abacus——我們的全球內容發行平台。

As a reminder, our focus is for Bell Media to deliver consistent annual revenue and EBITDA growth while contributing meaningfully to free cash flow for BCE. We're on pace to do exactly that in 2026. I want to pause now on slide 5 because I think it tells an important story. So this is back to Bell AI Fabric. In the spirit of transparently tracking and communicating our progress and our strategic initiatives, let me provide you some more detail on the construction progress here.

提醒一下，我們的重點是讓 Bell Media 在每年營收與 EBITDA 上實現穩定成長，同時為 BCE 的自由現金流做出實質貢獻。我們正按進度在 2026 年做到這一點。我現在想在第 5 張投影片稍作停留，因為我認為它講述了一個重要故事。這回到 Bell AI Fabric。秉持透明追蹤並溝通我們進展與策略計畫的精神，讓我提供一些關於此處建設進度的更多細節。

On the left, you can see our Mission Flats facility. That's the one in Kamloops, BC, the very first one we opened last June. This is where Grok's AI inference technology is live and serving workloads today.

在左側，你可以看到我們的 Mission Flats 設施，也就是位於卑詩省甘露市（Kamloops, BC）的那座——我們在去年 6 月開啟的第一座設施。這裡已上線 Grok 的 AI 推論技術，並正在為工作負載提供服務。

Our second facility is the one in Merritt, BC. That went from dirt to a fully operational AI data center in nine months. Together, these experiences gave us a proven, reproducible playbook for everything that's followed. And on the right is Saskatchewan.

我們的第二座設施位於卑詩省梅里特（Merritt, BC）。它在 9 個月內從一片空地建成並成為全面運作的 AI 資料中心。這些經驗共同為後續所有項目提供了一套經驗證、可複製的作業手冊。而右側則是薩斯喀徹溫省（Saskatchewan）。

This is what Momentum looks like in real time. Our construction partners have mobilized on site. You can see the earthworks underway, site stripping, pile load testing, heavy equipment on the ground. The development agreement has been approved by the rural municipality of Sherwood, and our development permit application is currently under review.

這就是即時呈現的「動能」。我們的施工合作夥伴已在現場動員。你可以看到土方工程正在進行、場地清理、樁基載重測試，以及重型設備已進場。開發協議已獲 Sherwood 鄉村自治市（rural municipality of Sherwood）核准，而我們的開發許可申請目前正在審查中。

We selected our early works contractors and over half a dozen additional trade contractors in the Regina region. Long lead equipment, including generators and cooling systems, have been ordered and on schedule. We expect all major permits in place by July, and we remain on track for the first phase to come online in the first half of next year.

我們已選定前期工程承包商，以及在里賈納（Regina）地區超過半打的其他專業分包商。長交期設備（包括發電機與冷卻系統）已下單且進度如期。我們預期在 7 月前取得所有主要許可，並仍按計畫在明年上半年讓第一期上線。

So let's take a step back and look at the trajectory. A year ago, Bell AI Fabric was an idea and a single facility in Kamloops. Today, we have the data centers, I summarized, earlier and line of sight to monetizing approximately 800 megawatts of power.

因此，讓我們退一步看看整體軌跡。一年前，Bell AI Fabric 還只是一個想法，以及位於甘露市的一座單一設施。今天，我們已擁有我先前總結的資料中心，並清楚看見可將約 800 兆瓦電力變現的路徑。

Now turning to slide 6. As you can see, we continue to track and measure ourselves against disciplined execution on the Investor Day targets we laid out last October.

接著看第 6 張投影片。如你所見，我們持續以嚴謹的執行力，追蹤並衡量自己是否達成去年 10 月投資人日所提出的目標。

You see a sample of those metrics on the slide and the progress. And before I turn it over to Curtis in a moment, I want to touch on two more things, capital allocation and capital investment. On capital allocation, we've been very consistent.

投影片上展示了其中一部分指標與進展。而在我稍後把時間交給 Curtis 之前，我想再談兩件事：資本配置與資本投資。在資本配置方面，我們一直非常一致。

In February 2025, we laid out a clear plan. Simplify the business, strengthen the balance sheet, focus capital, and higher return opportunities. And we reinforced all of that at Investor Day with significant transparency around everything we were going to do. We're committed to continue to share our progress transparently and regularly, and that's what we continue to do today.

在 2025 年 2 月，我們提出了一個清晰的計畫：簡化業務、強化資產負債表、聚焦資本，以及投入更高報酬的機會。我們也在投資人日再次強化這些方向，並對我們將要做的每一件事提供高度透明度。我們承諾將持續以透明且定期的方式分享進展，而這正是我們今天持續在做的。

Since then, we've been executing one step at a time.

自那之後，我們一步一步地執行。

We completed the sale of our interest in MLSE at a 10-time return, we exited Bell Smart Home. And most recently, of course, the land mobile radio divestiture. The roadmap hasn't changed. We're going to optimize the balance sheet. We're going to fund the strategic priorities, which are high growth, and we're going to return capital to shareholders through our sustainable dividend. And we're going to do that while maintaining the financial discipline and the flexibility to execute against our three-year plan. And a reminder, we're only one quarter into that three-year plan.

我們以 10 倍報酬完成出售在 MLSE 的持股，退出 Bell Smart Home。而最近，當然還有陸地行動無線電（land mobile radio）業務的剝離。路線圖沒有改變。我們將優化資產負債表；我們將為策略優先事項提供資金——也就是高成長；並透過可持續的股利向股東回饋資本。我們也會在維持財務紀律與執行三年計畫所需彈性的同時做到這些。提醒一下，我們的三年計畫才剛進入第一個季度。

On CapEx as early as 2023, we saw where the environment was headed. We made deliberate choices back then to reduce spending on legacy segments and reallocate investment to growth segments. That's what we've done. That's what we're going to continue to do.

在資本支出（CapEx）方面，早在 2023 年我們就看見環境的走向。當時我們做出有意識的選擇：降低對傳統（legacy）業務的支出，並將投資重新配置到成長型業務。這就是我們已經做的，也將持續做下去。

Our Canadian telecom CapEx has decreased by over $2 billion, from $5.1 billion in 2022 to below $3 billion in 2026. That's putting aside the highly accretive AI fabric investments. Our underlying Canadian CapEx intensity is approximately 12%, with wireless capital intensity at an industry low 7%. Our Canadian telecom CapEx will continue to decline.

我們在加拿大電信的資本支出已下降超過 20 億美元，從 2022 年的 51 億美元降至 2026 年的 30 億美元以下——這還不包含具高度增益性的 AI Fabric 投資。我們在加拿大的基礎 CapEx 強度約為 12%，其中無線資本強度為業界最低的 7%。我們的加拿大電信 CapEx 將持續下降。

In the current environment, we've seen others in the industry recalibrate their capital spending. We totally understand that, because it's what we've been doing. We laid out this discipline clearly at Investor Day, and we've been executing against it for three-plus years. But what makes our story different is where we're investing the capital we do deploy.

在目前的環境下，我們看到同業也在重新校準其資本支出。我們完全理解，因為這正是我們一直在做的。我們在投資人日清楚闡述了這項紀律，並且已執行超過三年。但讓我們的故事不同之處，在於我們把所部署的資本投向哪裡。

We have a significant growth vector and AI-powered solution that's intrinsically tied to our core business and that no one else in Canada has. Our capital allocation is shifting toward higher return growth opportunities like AI fabric and our U.S. Fiber plant as we maintain discipline on the core telecom side.

我們擁有一個重要的成長向量與 AI 驅動解決方案，它與我們的核心業務內在緊密相連，而且在加拿大沒有其他人具備。我們的資本配置正轉向更高報酬的成長機會，例如 AI Fabric 與我們的美國光纖網路（U.S. Fiber plant），同時在核心電信業務端維持紀律。

Before I hand it over to Curtis, I want to acknowledge our entire Bell team. The results we're sharing today reflect the dedication and focus of everyone who works for this company across the country and in the U.S., serving our customers, growing the business, and executing on the plan we've laid out.

在我把時間交給 Curtis 之前，我想向整個 Bell 團隊致意。我們今天分享的成果，反映了公司在全國各地以及美國的每一位同仁的投入與專注——服務客戶、推動業務成長，並落實我們所制定的計畫。

I'm proud of what the team has been doing. And, Curtis, over to you now to take the team through the Q1 financial and operating results in detail. Thank you.

我為團隊所做的一切感到自豪。Curtis，接下來交給你，帶大家詳細回顧第一季的財務與營運成果。謝謝。

Thank you, Mirko, and good morning, everyone. I'll begin on Slide 8 with BC's consolidated financial results. Total revenue grew 4% in the quarter, driven by the contribution from Ziply Fiber and continued strong momentum at Bell Business Markets, where AI-powered solutions revenue more than doubled year-over-year.

謝謝你，Mirko，各位早安。我將從第 8 張投影片開始，說明 BCE 的合併財務結果。本季總營收成長 4%，主要由 Ziply Fiber 的貢獻，以及 Bell 商業市場（Bell Business Markets）持續強勁的動能所帶動；在該業務中，AI 驅動解決方案的營收較去年同期增加逾一倍。

Adjusted EBITDA was up 2.9%, driven by the contribution from Ziply Fiber and the flow-through of higher product revenue. Margin declined 40 basis points to 42.7%. As we previously indicated, the mix of growth in the business is evolving. Some of our higher-growth services naturally carry a different margin profile than our legacy businesses, which tend to be a higher margin.

調整後 EBITDA 成長 2.9%，主要由 Ziply Fiber 的貢獻以及較高產品營收的傳導效應所帶動。利潤率下降 40 個基點至 42.7%。如我們先前所指出，業務成長的組合正在演變。我們部分高成長服務的利潤率結構，天然與傳統（legacy）業務不同；而傳統業務通常具有較高的利潤率。

Our focus is on driving absolute EBITDA dollar growth and free cash flow growth. Adjusted EPS was down $0.06 compared to last year, reflecting higher depreciation and amort expense and interest costs, consistent with our 2026 guidance assumptions.

我們的重點在於推動 EBITDA 絕對金額成長以及自由現金流成長。調整後 EPS 較去年下降 0.06 美元，反映折舊與攤銷費用及利息成本上升，與我們 2026 年指引假設一致。

On CapEx, total capital expenditures were up 15.4%, reflecting Ziply's fiber build-out in the U.S. And capital investments to support the growth of our Bell AI Fabric business as we build out data centers across Canada.

在資本支出（CapEx）方面，總資本支出增加 15.4%，反映 Ziply 在美國的光纖建設擴張，以及我們在加拿大建置資料中心以支持 Bell AI Fabric 業務成長的資本投資。

Free cash flow increased 0.8% to $804 million. I would note that beginning this quarter, we updated our definition of free cash flow to exclude income taxes paid on significant divestitures. Which improves comparability quarter-over-quarter, year-over-year, and does not affect any previously reported amounts.

自由現金流增加 0.8% 至 8.04 億美元。我想指出，自本季起，我們更新了自由現金流的定義，將重大資產剝離所支付的所得稅排除在外。此舉提升了季對季、年對年的可比性，且不影響任何先前已揭露的金額。

In Q1, we paid $542 million in income taxes related to the MLSC sale. That amount is excluded from the free cash flow figure I just referenced, but it does impact cash flows from operating activities, which analysts should keep in mind when reviewing the cash flow statement.

在第一季，我們支付了 5.42 億美元與 MLSC 出售相關的所得稅。該金額已自我剛才提到的自由現金流數字中排除，但會影響營運活動現金流量；分析師在檢視現金流量表時應留意此點。

Turning to Bell CTS Canada on slide 9. I want to highlight a few disclosure enhancements this quarter that we believe will be helpful for investors. First, we've updated our internet sub-metrics to include wholesale subscribers.

接著看第 9 張投影片的 Bell CTS Canada。我想強調本季我們做了幾項揭露強化，我們相信這將有助於投資人。首先，我們更新了網際網路的訂戶子指標，納入批發訂戶。

It is consistent with how we reported prior to 2019 and reflects the impacts of the CRTC's mandated fiber access decision on how we operate the business. We've also introduced an additional residential fiber-to-the-home metric.

這與我們 2019 年以前的揭露方式一致，並反映 CRTC 強制光纖接取決策對我們營運方式的影響。我們也新增了一項住宅光纖到府（FTTH）的額外指標。

Previously reported 2025 figures have been restated for comparability. Second, we've brought in our IPTV subscriber definition to include bundled streaming service subscribers, customers who subscribe to a package that includes at least one third-party streaming service and one VCE streaming service.

先前揭露的 2025 年數據已為可比性而重述。第二，我們將 IPTV 訂戶的定義擴大，納入綁定式串流服務訂戶，也就是訂購包含至少一項第三方串流服務與一項 VCE 串流服務之方案的客戶。

This is now reported under a new video subscriber metric, and again, 2025 figures have been restated. With that context, let me walk through the sub-metrics. Starting with wireless. Strength of our distribution network and the premium Bell brand helped deliver 16,947 postpaid mobile phone net adds in an unusually competitive quarter, compared to a net loss of close to 10,000 in Q1 of last year. Postpaid churn was 1.34%.

此項目現已以新的影音訂戶指標呈報，且同樣已重述 2025 年數據。在此背景下，我來說明各項子指標。先從無線業務開始。我們通路網絡的優勢與高端的 Bell 品牌，協助我們在競爭異常激烈的一季中，實現 16,947 名後付費手機淨增戶；相較之下，去年第一季淨流失接近 10,000 名。後付費流失率為 1.34%。

After three consecutive quarters of year-over-year improvement through Q4, the trend reversed in Q1, reflecting a higher number of switchers driven by some of the most aggressive competitive offers we've seen in a seasonally low-volume quarter.

在經歷截至第四季連續三季的年對年改善後，第一季趨勢反轉，反映在季節性低量的一季中，因我們所見過最具侵略性的競爭方案之一而帶動轉換者（switchers）增加。

As the competitive environment normalizes, we expect the improving trend to resume our customer-first initiatives continue to take hold. ARPU was down 0.8%. Consistent with the Q4 decline and significantly improved from the 1.8% decline in Q1 of last year.

隨著競爭環境回歸常態，我們預期改善趨勢將恢復，且以客戶為先的各項措施持續發揮成效。ARPU 下降 0.8%，與第四季的降幅一致，且較去年第一季 1.8% 的降幅明顯改善。

The decrease reflects the flow-through of the more aggressive pricing environment. We've been encouraged to see a return to more rational behavior in April and continue to focus on premium Bell-branded subscribers and fiber-led bundling to support the quality of our subscriber base.

此降幅反映更具侵略性的定價環境所帶來的傳導效應。我們很受鼓舞地看到 4 月市場行為回歸更理性，並將持續聚焦高端 Bell 品牌訂戶與以光纖為核心的綁約組合，以支持我們訂戶基礎的品質。

Moving to internet, residential fiber-the-home net adds. Our new separately disclosed metric totaled $42,750 in the quarter, a strong result. Where we have fiber, demand remains solid and our market share position continues to be strong.

接著看網際網路，住宅光纖到府淨增戶。我們新單獨揭露的指標在本季合計為 42,750，表現強勁。在我們有光纖覆蓋的地區，需求仍然穩健，我們的市占地位也持續強勢。

Turning to video.

接著看影音。

Video net adds totaled $10,103 in the quarter, compared to a net loss of close to $16,000 in Q1 of last year, an improvement of approximately $26,000 year-over-year. This was driven by strong uptake of the streaming bundles we launched in the second-half of last year, and it speaks directly to the product intensity momentum that Mirpa referenced.

本季影音淨增戶合計 10,103，相較去年第一季淨流失接近 16,000，年對年改善約 26,000。這主要由我們去年下半年推出的串流綁定方案帶動的強勁採用所驅動，也直接呼應 Mirpa 所提到的產品強度動能。

Turning to the financial results for Bell CTS Canada. Bell Business Markets was a clear highlight this quarter. BBM revenue grew 9.7% in Q1, driven by 113% growth in AI-powered solutions, that's a techo Bell Cyber and Bell AI Fabric combined all three components. Components contributed to this growth result.

接著看 Bell CTS Canada 的財務結果。Bell Business Markets 是本季的明顯亮點。BBM 營收在第一季成長 9.7%，主要由 AI 驅動解決方案成長 113% 所帶動，也就是 Bell Tech、Bell Cyber 與 Bell AI Fabric 三項組合；各組成部分皆對此成長結果有所貢獻。

Beginning in Q1, we're providing incremental transparency by disclosing BBM operating revenues with a service and product split, consistent with the transparency commitments we made at Investor Day.

自第一季起，我們依照在投資人日所做的透明度承諾，透過揭露 BBM 營運收入並區分服務與產品，提供更多透明度。

In late March, we launched our second Bella AI Fabric data center in Merritt, BC. Revenue and EBITDA were recognized upon delivery under finance lease accounting. Going forward, we expect the majority of our AI Fabric agreements to be structured as operating leases, including our Winnipeg data center and our announced Saskatchewan data center.

在 3 月下旬，我們於卑詩省 Merritt 啟用第二座 Bella AI Fabric 資料中心。依融資租賃會計處理，營收與 EBITDA 於交付時認列。展望未來，我們預期多數 AI Fabric 合約將以營業租賃架構為主，包括我們的溫尼伯資料中心以及已宣布的薩斯喀徹溫資料中心。

The accounting treatment has no impact on the free cash flow we expect to capture over the term of the agreement. Wireless service revenue was down 0.6%. The improving trajectory we saw through 2025 was disrupted by the competitive pricing environment in Q1.

此會計處理不影響我們預期在合約期間可取得的自由現金流。無線服務營收下降 0.6%。我們在 2025 年所見的改善軌跡，於第一季受到競爭性定價環境干擾。

Wireless product revenue was down 6.3%, reflecting fewer device upgrades and lower contracted sales as the market shifted toward bring your own device activation. Turning to Bell CTS US on slide 10, Ziply Fiber continues to perform in line with their expectations and the plan we shared with investment.

無線產品營收下降 6.3%，反映裝置升級減少以及合約銷售降低，因市場轉向自備裝置（BYOD）啟用。接著看第 10 張投影片的 Bell CTS US，Ziply Fiber 的表現持續符合其預期以及我們與投資人分享的計畫。

Q1, total revenue was $234 million, adjusted EBITDA was $102 million. Representing a 43.6% margin, an improvement from 43.1% in Q4.

第一季總營收為 2.34 億美元，調整後 EBITDA 為 1.02 億美元，代表 43.6% 的利潤率，較第四季的 43.1% 改善。

Margin performance reflects continued operating discipline and efficiencies within the business.

利潤率表現反映業務持續的營運紀律與效率提升。

On the subscriber front, Ziply added nearly 7,000 net new fiber customers in the quarter, penetration across new and existing markets tracking consistent with historical cohort performance.

在訂戶方面，Ziply 本季新增近 7,000 名光纖淨新客戶；新市場與既有市場的滲透率走勢與歷史同批（cohort）表現一致。

Where we have fiber, we continue to win our share.

在我們有光纖覆蓋的地區，我們持續贏得應有的市占。

The Ziply's plan to reach approximately 3 million fiber passings by the end of 2028 is on track. As construction ramps through the balance of the year, we expect both operating and subscriber momentum to accelerate.

Ziply 計畫在 2028 年底前達到約 300 萬戶光纖可服務戶數（fiber passings），目前進度如期。隨著今年其餘期間施工加速，我們預期營運動能與訂戶動能都將加快。

Over to Bell Media on slide 11.

接著看第 11 張投影片的 Bell Media。

Total revenue was up .4% in the quarter. Subscriber revenue grew 11.8%, driven by continued strength in craze and sports D2C streaming.

本季總營收成長 0.4%。訂戶營收成長 11.8%，主要由 Crave 與體育 D2C 串流的持續強勁表現所帶動。

As well as the benefit of a retroactive adjustment related to a contract renewal for the Canadian TV distributor.

同時也受惠於與加拿大電視分銷商合約續約相關的追溯調整。

Advertising revenue was down 12.8%, reflecting continued softness in non-sports traditional advertising demands, lower audio revenue following last year's radio station divestitures, the absence of the prior year benefit from the federal election, and the shift of the advertising dollar principal broadcaster of the 2026 Olympic Winter Games.

廣告營收下降 12.8%，反映非體育類傳統廣告需求持續疲弱、去年電台出售後音訊營收降低、缺少前一年聯邦大選帶來的利多，以及廣告預算轉向 2026 年冬季奧運的主要轉播商。

That said, our digital strategy continues to have significant momentum.

儘管如此，我們的數位策略仍持續展現顯著動能。

Digital video advertising revenue grew 32% year-over-year, and total digital revenues now represent 46% of Bell Media revenue, up three points from a year ago.

數位影音廣告營收年對年成長 32%，而數位營收目前占 Bell Media 營收的 46%，較一年前提高 3 個百分點。

Operating costs were up 1.1%, driven by contractual content cost increases for premium sports and entertainment programming, partly offset by lower labor costs and operating efficiencies.

營運成本上升 1.1%，主要由高端體育與娛樂節目的合約內容成本上升所帶動，部分被較低的人力成本與營運效率所抵銷。

Resulting in an EBITDA decline of 2.5%. As Mirko noted, we remain on pace to deliver positive revenue and EBITDA growth for the full year.

因此 EBITDA 下降 2.5%。如 Mirko 所述，我們仍按計畫在全年實現正向營收與 EBITDA 成長。

Turning to the balance sheet on Slide 12, we ended Q1 with $4.3 billion of total available liquidity, up from $2.5 billion at year-end, supported by a $1.5 billion hybrid note issuance completed in February. And a $750 million public debt offering in late March. Our liquidity position is strong and provides significant financial flexibility.

接著看第 12 張投影片的資產負債表，我們在第一季末的可用總流動性為 43 億美元，高於年末的 25 億美元；此一提升受惠於 2 月完成的 15 億美元混合票據發行，以及 3 月下旬 7.5 億美元的公開債券發行。我們的流動性部位強勁，並提供顯著的財務彈性。

Our defined benefit pension plans remain in excellent shape, with a solvency surplus of approximately $4.5 billion and a solvency ratio of approximately 123%. We continue to benefit from a full contribution holiday.

我們的確定給付型退休金計畫仍維持極佳狀態，清償能力盈餘約 45 億美元，清償能力比率約 123%。我們仍持續受惠於全面的提撥假期（contribution holiday）。

Net debt leverage was approximately 3.8 times at the end of Q1, essentially unchanged from year end. A couple of important items to unpack here. First, we paid $542 million of cash taxes in Q1 related to the $4.7 billion sale of our MLSC stake. That's a one-time cash outflow that is excluded from our free cash flow definition but did reduce cash on hand in the quarter.

第一季末淨負債槓桿約為 3.8 倍，與年末基本持平。這裡有幾個重要事項需要說明。第一，我們在第一季支付了 5.42 億美元現金稅款，與以 47 億美元出售我們的 MLSC 持股相關。這是一次性的現金流出，已排除在我們的自由現金流定義之外，但確實使本季手上現金減少。

Second, our reported leverage still reflects only eight months of Ziply Fiber EBITDA in the trailing 12-month calculation. On a pro forma basis, adjusted to include a full 12 months of Ziply Fiber EBITDA, our net debt leverage ratio would be approximately 3.7 times.

第二，我們揭露的槓桿比率在過去 12 個月（TTM）計算中，仍僅反映 Ziply Fiber 的 8 個月 EBITDA。若以備考（pro forma）基礎調整納入完整 12 個月的 Ziply Fiber EBITDA，我們的淨負債槓桿比率約為 3.7 倍。

Looking ahead, we have clear line of sight to further deleveraging. The announced disposition of our land mobile radio network services business to Motorola Solutions for $675 million. Is expected to close in Q4, and upon closing, will improve our net debt leverage ratio by approximately 0.04 times.

展望未來，我們對進一步去槓桿有清晰可見的路徑。我們已宣布將陸地行動無線電網路服務業務以 6.75 億美元出售予 Motorola Solutions，預期於第四季完成交割；交割後，將使我們的淨負債槓桿比率改善約 0.04 倍。

We remain firmly on track to achieve our target net debt leverage ratio of 3.5 times by the end of 2027 and to move below that level in 2028, while we continue to fund our strategic growth spirits.

我們仍然堅定地按計畫推進，目標是在 2027 年底前將淨負債槓桿比率達到 3.5 倍，並在 2028 年降至該水準以下，同時我們將持續為具策略性的成長動能提供資金。

Turning to our 2026 financial targets on Slide 13. As a reminder, we updated our 2026 guidance on March 16 solely to reflect the expected financial impact of the Saskatchewan AI data center table on the slide shows both the original February guidance and the revised March guidance side by side, so you can see the impact of our build in 2026.

接著看投影片 13 上我們的 2026 年財務目標。提醒一下，我們在 3 月 16 日更新了 2026 年指引，僅為反映薩斯喀徹溫省 AI 資料中心的預期財務影響；投影片上的表格並列呈現了 2 月的原始指引與 3 月修訂後的指引，讓各位可以看到我們在 2026 年建置所帶來的影響。

We expect to begin recognizing revenue and EBITDA from Saskatchewan in 2027. We remain confident in our full-year guidance ranges. We're delivering on the commitments we made on deleveraging, on capital discipline, and on free cash flow growth. With that, I'll turn the call back over to Kris and the operator to begin Q&A.

我們預期將於 2027 年開始認列來自薩斯喀徹溫省的營收與 EBITDA。我們對全年指引區間仍具信心。我們正在兌現我們在去槓桿、資本紀律以及自由現金流成長方面所做的承諾。接下來我把電話交回給 Kris 與接線員，開始問答環節。

Thank you, Curtis.

謝謝你，Curtis。

Before we start Q&A, I just want to remind everyone that due to time constraints this morning because of our AGM taking place after this call, please limit yourselves to just one question and a brief follow-up so that we can get to as many in the queue as possible.

在開始問答之前，我想提醒各位，由於今天早上時間有限，因為我們的股東週年大會（AGM）將在本次電話會議後舉行，請各位每人僅提一個問題並簡短追問，以便我們能盡可能回答隊列中的更多提問。

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

那麼，Matthew，我們準備好接第一個問題了。

Drew McReynolds, RBC

Drew McReynolds，RBC

Yeah, thanks very much and good morning. Just Merkle on the regulatory environment, I think it's a little bit confusing. On the wireless side, there's some kind of archaic kind of price control type things being implemented. On the wireline side, looks like we've got a relatively constructive TPIA kind of final access rates on fiber.

好的，非常感謝，早安。就監管環境而言，Mirko，我覺得有點令人困惑。無線方面，似乎正在實施一些相當過時、類似價格管制的措施。固網方面，看起來我們在光纖的 TPIA 最終接取費率上得到相對具建設性的結果。

And then out of bottom lot, it looks like they want to build, but sometimes that's not obvious in telecom. So love to just to get a 30,000-foot updated view from you. And then in terms of the CapEx reductions we're seeing across the space, just how could that evolve over time if the investment climate, i.e. Regulatory environment improves?

另外，從更宏觀的角度看，似乎監管方希望大家建設，但在電信業有時並不那麼明顯。所以很希望你能從 30,000 英尺的高度給我們一個最新的整體觀點。再者，關於我們看到整個產業 CapEx 下調的情況，如果投資氣候（也就是監管環境）改善，這種趨勢隨時間可能會如何演變？

Thank you.

謝謝。

Thanks for the question, Drew. I think the companies, BCE's views on the regulatory environment writ large are pretty well known.

謝謝你的問題，Drew。我想各家公司、以及 BCE 對整體監管環境的看法，大家都相當清楚。

We've been staunch defenders of facilities-based competition, but facilities-based competition are premised on an environment where companies are encouraged to invest in their networks, and that drives long-term sustainable competition. So I'm not going to kind of re-litigate all of that. I also don't intend to re-litigate the wholesale access decision for fiber. Our views are well-known on that and, but when you put all these things together, whether or not it's the kind of more kind of micro rules that are coming out, wireless that you refer to, or the bigger kind of more policy oriented fundamental rules like fiber access, put all those together, and clearly it's having an impact on investment in the industry.

我們一直堅定捍衛以設施為基礎（facilities-based）的競爭，但以設施為基礎的競爭前提，是要有一個鼓勵企業投資網路的環境，這才能帶來長期且可持續的競爭。因此我不打算重新爭論這些議題。我也不打算重新爭論光纖的批發接取決定；我們對此的立場眾所周知。不過，把這些因素放在一起看——不論是你提到的無線端較偏微觀的規則，或是像光纖接取這類更偏政策導向、較根本的規則——綜合起來，顯然正在影響產業投資。

And this is something that I personally have been talking about for as long as I've operated in the industry, which is January, 2004, and a staunch believer that if you create a framework. That encourages investment will come. And if you create an environment that discourages investment will suffer. And you just take a look at now I refer back to 2022 because that's when we started to pull back on core Canadian telecom CapEx. But if you just look at the capital investments over that short period of time in our industry on an annual basis, there's literally multiple billions of dollars of annual CapEx that are no longer being invested.

而這也是我自 2004 年 1 月進入這個產業以來一直在談的事情：我堅信，如果你建立一個鼓勵投資的框架，投資就會到來；如果你建立一個抑制投資的環境，投資就會受挫。你看看現在——我會回到 2022 年，因為那是我們開始縮減加拿大核心電信 CapEx 的時點——但如果你看這段不長期間內我們產業每年的資本投資，實際上每年都有數十億美元的 CapEx 不再投入。

So, I mean, that's frankly unfortunate. Now, look what we're doing. We are, we're being very disciplined in our core segment capital allocation, especially being very disciplined on legacy segments within, the core business.

所以，坦白說，這很可惜。那麼，看看我們在做什麼：我們在核心業務的資本配置上非常自律，尤其是在核心業務中的傳統（legacy）板塊上更是嚴格控管。

Thankfully, and we saw this. Couple of years ago. Thankfully, we've developed some highly differentiated opportunities where we can deploy capital in high growth, high return segments that aren't regulated. So that's how we've pivoted.

所幸——而且我們在幾年前就看到了——我們已經培育出一些高度差異化的機會，能把資本部署到高成長、高回報、且不受監管的領域。因此這就是我們的轉向。

If the environment for the core businesses in the country were to shift, I'm sure capital would flow back in. I'll leave it at that.

如果這個國家核心業務的環境出現轉變，我相信資本會再度回流。我就說到這裡。

Yes, I'll leave it there as well, just given time. Thank you.

是的，考量時間我也就到此為止。謝謝。

Thank you. Mayor Yaghi, Scotiabank

謝謝。Mayor Yaghi，Scotiabank

Great. Thank you for taking my question. I just wanted to double down on the Saskatchewan investment. So. You guys mentioned you disclosed that you're going to get $400 million of prepayments and set of fees.

很好，謝謝讓我提問。我想再深入追問薩斯喀徹溫省的投資。你們提到已披露將收到 4 億美元的預付款與一系列費用。

Have you received any of those in Q1 or when should we expect to see those flow into your balance sheet and will they show up in.

你們在第一季是否已收到其中任何款項？或我們應該何時預期這些款項會反映在資產負債表上？它們會呈現在——

In the cash flow statement, in working capital, or deferred revenue is going to start showing those numbers. And the second question on that is, can you provide some of the contractual protections you have with those customers in Saskatchewan if there were delays, downsizing, or exits from them in terms of termination fees, minimum payments, credit support, et cetera?

現金流量表中的營運資金（working capital）項下，還是遞延收入（deferred revenue）會開始顯示這些數字？第二個問題是：若薩斯喀徹溫省的客戶出現延遲、縮減規模或退出，你們在合約上有哪些保障條款，例如終止費、最低付款、信用支持等？

And again, finally on that, with the schedule that you have to have full capacity run rate by late 2027, what are the key building milestones that we should be thinking about in order to assess your advancement on that project?

最後，依你們的時程，必須在 2027 年底前達到滿載產能的運行速率（run rate），那麼我們應該關注哪些關鍵建置里程碑，以評估你們在該專案上的推進情況？

Thank you.

謝謝。

I'll jump in, [Haimar], there's a lot to unpack, so we'll circle back if we miss anything.

我先回答，[Haimar]，這裡面有很多內容要拆解，如果我們漏了什麼，之後再補充。

So no, in terms of spend today, we have spent some CapEx in Saskatchewan, but it's less than $20 million in quarter. So again, some spending, we're off and running, but no payments that we've made that would then be refunded. Again, that would reduce our net capital at risk, but that hasn't happened yet. I mean, ultimately. We're looking to spend more CapEx. I'd say Q2 and Q3 are going to be the heavier CapEx spends where purchase orders for equipment, as Mirko said, over 90% of our equipment we have purchase orders in.

所以，就目前支出而言，我們確實已在薩斯喀徹溫省投入了一些 CapEx，但單季少於 2,000 萬美元。也就是說，有一些支出，我們已經啟動並在推進，但目前沒有任何我們已支付、之後會被退回的款項。再說一次，那些退款最終會降低我們承擔風險的淨資本（net capital at risk），但目前尚未發生。我的意思是，最終我們會投入更多 CapEx。我會說第二季與第三季將是 CapEx 支出較重的季度，因為設備採購訂單（purchase orders）——如 Mirko 所說，我們超過 90% 的設備都已下了採購訂單。

So when that equipment starts coming in, CapEx will go up and we'll make sure to disclose what is gross, what is net, and what refunds have actually been credited along the way.

因此當設備開始到貨時，CapEx 會上升；我們也會確保披露哪些是總額（gross）、哪些是淨額（net），以及沿途實際入帳的退款（refunds）有哪些。

To flip to your next question, we do have standard protections, won't list them all, but it is a take or pay contract. So it's not a contract where, okay, they only need 60% along the way and then ramps up, it's a take or pay contract.

接著回答你的下一個問題，我們確實有標準的保障條款，我不會一一列舉，但這是一份「take-or-pay」合約。因此這不是那種「一路上只需要 60%，之後再逐步爬升」的合約；它是一份 take-or-pay 合約。

Then in terms of milestones along the way, again, we'll be transparent, we'll provide information along the way. I think there are a few different phases. One is permitting and getting the site ready, which you see is well underway, so the earthworks, the piling.

至於過程中的里程碑，我們會保持透明並持續提供資訊。我認為大致可分幾個階段：第一是許可申請（permitting）與場地整備，你們也看到目前進展順利，例如土方工程、打樁。

The second is putting up the four walls, which eventually you'll see on site. We're actually doing some prefab work off site right now so that we, again, remain efficient in our timeline.

第二是把四面牆立起來，之後你們會在現場看到。我們目前也在場外進行一些預製（prefab）作業，以便再次確保時程效率。

So I would say prep work, prefab, start putting up walls and then installing gensets, cooling, etcetera. So we'll keep you abreast, but that's how I kind of bucket the different milestones.

所以我會說：前期準備、預製、開始立牆，然後安裝發電機組（gensets）、冷卻系統等等。我們會持續向各位更新，但我大致是這樣把不同里程碑分桶。

Thank you, Curtis.

謝謝你，Curtis。

Thank you. Stephanie Price, CIBC World Markets

謝謝。Stephanie Price，CIBC World Markets

Hi, good morning.

嗨，早安。

I'll stick with AI and Mirko, I think you mentioned upside that you see to the $2 billion 2028 AI-powered solutions target. Just curious if you can give us any updates on line of sight deploying the additional, I think it's about 400 megawatts of power. Or any additional data points you have on the demand environment here?

我繼續問 AI 的問題。Mirko，我想你提到你看到 2028 年 AI 驅動解決方案 20 億美元目標仍有上行空間。想請教你是否能更新一下：在部署額外電力（我記得大約是 400 兆瓦）方面，你們目前的可見度如何？或你對目前需求環境還有任何額外的數據點可以分享？

Well, I think I shouldn't be too specific other than to say very high degree of confidence in our ability to monetize the 800 megabits for a reasonable period of time. And that very high degree of confidence comes from the nature of the discussions we're having with a number of significant potential customers.

我想我不應該講得太具體，但我可以說，我們對於在合理期間內將 800 兆位元（megabits）變現（monetize）的能力具有非常高的信心。而這份高度信心，來自於我們正與多家重要潛在客戶進行的討論性質。

Very significant customers. So the conversations are in great shape and that would be both on AI fabric and certainly there's momentum in the parts of the AI solutions business that has outside the data centers. So the ancillary services, a lot of momentum there.

非常重要的客戶。因此，對話進展非常良好；這同時涵蓋 AI fabric，當然也包括資料中心以外的 AI 解決方案業務部分也正在累積動能。也就是周邊服務（ancillary services），那裡的動能很強。

Again if you take a look at AI powered solutions generally and even if you pull out the merit facility there's been a strong growth there across Ateko and Bell Cyber and just a reminder just back to your question Stephanie and we did say put Saskatchewan aside because that was that was incremental but if you go back to the fairly conservative 73 megawatts that we said we would monetize over a three-year period we're already 40%.

再者，如果你看整體 AI 驅動解決方案，即使把 Merit 設施排除在外，Ateko 與 Bell Cyber 的相關業務也都呈現強勁成長。再提醒一下回到你的問題，Stephanie，我們確實說過先把薩斯喀徹溫省放一邊，因為那是額外增量；但如果回到我們先前所說、相對保守的在三年期間內要變現的 73 兆瓦（megawatts），我們目前已經達到 40%。

Of that 73 megawatts fully contracted, and we're only one quarter into a basically a three-year guide.

在那已完全簽約的 73 兆瓦之中，而我們其實才剛進入基本上為期三年的指引的四分之一。

So I didn't think we'd be 40% of the way there at the end of Q1 when we outlined the plan back in October. So that's why I'm expressing the high degree of confidence.

所以當我們在去年 10 月勾勒計畫時，我沒想到在第一季末我們就已經完成了 40% 的進度。因此我才會表達高度的信心。

Thank you very much.

非常感謝。

Thank you. Tim Casey, BMO Capital Markets

謝謝。BMO Capital Markets 的 Tim Casey。

Yeah, good morning.

是的，早安。

Mirko, both you and Curtis in your comments talked about how when pricing normalizes coming out of Q1, can you just walk through why you think that? I mean, what's going to change in behavior given we're in a low-growth environment and a high penetration.

Mirko，你和 Curtis 在評論中都提到，當定價在第一季之後回歸正常化時——你能否說明一下你為什麼這麼認為？我的意思是，在低成長環境且滲透率很高的情況下，行為上會有什麼改變？

Environment, what gives you confidence that that pricing environment in both wireless and wireline is going to improve going forward?

在這樣的環境下，是什麼讓你有信心，無論是無線或有線的定價環境在未來會改善？

Thanks for the question, Tim. So the first data point is that so far in Q2, we're only a month in, pricing has stabilized. So that's a positive sign. Now, pretty second point is just generally, as we operate, when you're in a low-growth environment. And I subscribe to kind of what analysts have been saying, which is in that low-growth environment, pricing discipline should prevail over everything else. I don't plan to get into who did what in Q1 and when, but I will emphasize what our plan has been, and it's consistent. Focus on the premium Bell brand, where we have the better ability to increase product intensity.

謝謝你的問題，Tim。第一個數據點是，到目前為止在第二季——我們才進入一個月——定價已經穩定下來。這是正面的訊號。第二點是更一般性的：當你在低成長環境中營運時——而我也認同分析師一直在說的——在那樣的低成長環境裡，價格紀律應該凌駕於其他一切之上。我不打算去談第一季誰做了什麼、何時做的，但我會強調我們的計畫一直是什麼，而且是一貫的：聚焦在高端的 Bell 品牌上，在那裡我們更有能力提升產品強度。

And by the way, on product intensity, I'm obviously referring to both fiber and the streaming content bundles that we have. And we will have to continue to differentiate ourselves on customer experience. So we, going back, kind of first signs in Q2 positive in terms of price stability. Secondly, we don't plan to lead on pricing, and we're going to focus on overall value prop.

順帶一提，談到產品強度，我指的當然包括光纖以及我們的串流內容組合包。我們也必須持續在客戶體驗上做出差異化。因此回到前面：第二季初步跡象在價格穩定性方面是正面的。第二，我們不打算在定價上領先，我們會聚焦在整體價值主張。

We're going to optimize lifetime economics. But ultimately, it is a competitive market, so we have to kind of check and adjust along the way every once in a while, but so far, so good in Q2.

我們會優化客戶終身經濟效益。但最終這是一個競爭市場，所以我們必須不時地沿途檢視並調整；但到目前為止，第二季表現不錯。

How about on the bundling side, are you seeing any lessening or moderation of intensity there?

那在綑綁方案方面，你們有看到強度降低或趨於溫和嗎？

Hi, Tim. No, on the fibre-led bundling, it's actually up a little bit in Q1 versus our embedded base. So no signs of slowing down. Again, we do have the biggest fibre footprint in Canada. So we're certainly leveraging that product advantage.

嗨，Tim。沒有，在以光纖帶動的綑綁方面，第一季其實比我們既有基礎還略有上升。所以沒有放緩的跡象。再說一次，我們在加拿大擁有最大的光纖覆蓋範圍，因此我們確實在運用這項產品優勢。

Thank you.

謝謝。

Thank you. Sebastiano Petti, JP Morgan

謝謝。JP Morgan 的 Sebastiano Petti。

Quick housekeeping question. If you could provide the, I guess, wholesale contribution to retail Internet ads in the first quarter, because I think if you look at it on an adjusted basis, retail wholesale was a drag or a decline in 1Q of 25. And so I wasn't sure if maybe you can provide us with the.

一個快速的例行問題：你們能否提供第一季批發對零售網際網路新增用戶（ads）的貢獻？因為我認為如果用調整後的口徑來看，零售加批發在 25 年第一季是拖累或下滑。因此我不確定你們是否可以提供我們……

Wholesale contribution in 1Q26, we kind of have a like-for-like as we kind of think about the subsequent quarters.

26 年第一季的批發貢獻，讓我們能做同口徑比較，並思考後續季度。

So that's the first question. And then second question, obviously, lots of focus around satellite broadband and direct-to-device connectivity on the wireless side as well. I guess, are you seeing any impact from satellite broadband in your maybe more rural non-fiber markets? Obviously, fiber wins in the FTTA footprint. But above and beyond that, are you seeing any maybe incremental nibbling on the margins there?

這是第一個問題。第二個問題，顯然市場很關注衛星寬頻，以及無線端的直連裝置（direct-to-device）連線。我想問的是，你們在較偏鄉、非光纖市場是否看到衛星寬頻帶來任何影響？顯然在 FTTA 覆蓋範圍內光纖會勝出。但除此之外，你們是否看到在那邊的利潤有被額外一點點侵蝕？

And then lots of headlines recently with ASTS Space Mobile.

另外，最近 ASTS Space Mobile 也有很多新聞標題。

Maybe help us think about how you see that product evolving over time or what your kind of ambitions are there, obviously.

也許可以幫我們理解你們如何看待該產品隨時間的演進，或你們在那方面的企圖心是什麼，顯然。

And as you kind of see it as table stakes going forward as you kind of think about your consumer. Led or try to meet your consumers where they are in terms of product demand.

以及當你們思考以消費者為主導、或試著在產品需求上滿足消費者所在的位置時，你們是否把它視為未來的基本配備（table stakes）。

Thank you very much.

非常感謝。

Thanks, Sebastiano. I'll do the second part and then Curtis, you can handle the first question. So on the second part, we're really excited about our partnership with AST and the upcoming service that we'll be able to deliver to Canadian consumers to solidify the network experience they have with us, particularly on the direct-to-device side where.

謝謝你，Sebastiano。我先回答第二部分，然後 Curtis 你可以處理第一個問題。就第二部分而言，我們對與 AST 的合作以及即將能提供給加拿大消費者的服務感到非常興奮，這將鞏固他們在我們這裡的網路體驗，特別是在直連裝置這一塊——

Where we don't have coverage. So that's going to be the principal use case for us. But recognize that with AST, we'll be able to provide voice, broadband, streaming, data, all of it. So quite excited about the partnership with AST. And in fact, we're in the cap table, so we're excited about that too.

也就是在我們沒有覆蓋的地方。這將是我們的主要使用情境。但也要認知到，透過 AST，我們將能提供語音、寬頻、串流、數據——全部都能提供。所以我們對與 AST 的合作非常興奮。事實上，我們也在其資本結構（cap table）中，所以這點也讓我們很期待。

So that's on AST, more broadly on satellite broadband and its impacts in rural.

以上是關於 AST。更廣泛地談衛星寬頻及其在偏鄉的影響。

Satellite broadband, generally speaking, like now I'm going to give you a macro answer. We're not seeing it have an impact where we have fiber and you can see it in our strong fiber numbers.

一般來說，衛星寬頻——我現在給你一個宏觀的回答——在我們有光纖的地方，我們沒有看到它造成影響，從我們強勁的光纖數據也看得出來。

So nothing replaces fiber, frankly, for broadband. In rural areas where we have legacy copper, low speed DSL, and that's not competitive. So whether or not it's a tier one cable or fixed wireless or. Satellite broadband, you can expect to continue to see losses where we have where we have DSL. So, that's just that's just the facts and whether or not it's broadband, a satellite broadband or something else that's eating away at our at our customer base there kind of really doesn't doesn't matter which one it is.

坦白說，就寬頻而言，沒有任何東西能取代光纖。在偏鄉地區，我們有的是傳統銅纜、低速 DSL，而那並不具競爭力。所以不管是第一線有線業者、固定無線，或是衛星寬頻，你都可以預期在我們仍是 DSL 的地方會持續流失。這就是事實；至於侵蝕我們那邊客戶基礎的是衛星寬頻還是其他方案，其實並不重要，重點不在於是哪一種。

So that's kind of my answers there. I hope that's helpful this channel on satellite broadband and EST.

以上就是我的回答。希望這能對你在衛星寬頻與 AST 這個議題上有所幫助。

And so on the first part of your question, so we did restate 2025, so it is apples to apples. And going forward, that is how we're going to report. And we do think it's just how we monetize the network in this current reg environment. So we think it's more appropriate to share it on a combined basis. But again, it is apples to apples, period over period.

至於你問題的第一部分，我們確實重述了 2025 年的數字，所以是同口徑比較（apples to apples）。而且往後我們也會以這種方式揭露。我們也認為，在目前的監管環境下，這就是我們將網路變現的方式。因此我們認為以合併口徑分享更為恰當。但再次強調，這是逐期同口徑比較。

Yes. So if we look at the new reporting versus the old reporting, you can see that there's a decline of what I call it 6,001Q, right, on your new reporting relative to your old reporting. So I wasn't sure if there is wholesale as a contributing factor to the 14 or is it so it would report it have been higher or lower without a wholesale is the question essentially?

是的。所以如果我們看新的揭露方式相對於舊的揭露方式，你可以看到我稱之為在第一季下降了 6,001（對吧），也就是新口徑相對於舊口徑的下降。因此我不確定批發是否是造成那 14 的因素之一；換言之，如果沒有批發，報出來會更高還是更低——本質上我的問題是這個？

Yeah, I would assume wholesale impact year over year has had a bigger impact given the reg environment.

是的，我會假設在目前的監管環境下，批發的年對年影響更大。

But again, it is still monetization of our network going forward. So everything is driving revenue.

但再次強調，往後這仍然是我們網路的變現方式。所以所有因素都在推動營收。

And the retail performance remains quite strong. I mean, retail, I mean our own branded performance remains quite strong.

而零售端的表現仍然相當強勁。我的意思是，零售——也就是我們自有品牌的表現——仍然相當強勁。

That's awesome.

太棒了。

Thank you, guys.

謝謝各位。

Thank you. Jerome Dubreuil, Desjardins Securities

謝謝。Desjardins Securities 的 Jerome Dubreuil。

Hey, good morning. Thanks for taking my questions. Two on AI fabric. The first one is a follow-up to Stephanie's question on the 427 megawatt of power that is not contracted yet. He said you're pretty confident to be able to monetize that. Any chance you can talk about whether this could be made at kind of similar IRs and what you're talking about on the Saskatchewan side. And the second one on AI fabric is if you can kind of quantify or talk. About your ability to be to secure additional power going forward in Canada?

嗨，早安。謝謝回答我的問題。兩個關於 AI fabric 的問題。第一個是延續 Stephanie 對尚未簽約的 427 兆瓦電力的提問。你說你們很有信心能將其變現。能否談談是否有機會以類似的 IR（內部報酬率）達成，並且與你們在薩斯喀徹溫那邊所談的情況相近？第二個關於 AI fabric 的問題是，你們是否能量化或談談未來在加拿大取得額外電力的能力？

Thank you.

謝謝。

Thanks, Jerome. Yes, so the first question is, yes, we're still we have our eyes set on or objectives set on.

謝謝你，Jerome。是的，第一個問題：是的，我們仍然把目標放在——或說我們的目標仍然鎖定在——

Strong returns through monetization of the remaining power we have access to. Remember, and I reiterated this in my opening remarks, our approach on all this is going to be return-led, demand-driven. So get the demand, sign the contracts, invest the capital, build, generate the returns. So return-driven, return-led, demand-driven.

透過將我們可取得的剩餘電力變現來取得強勁回報。請記得——我在開場致詞也重申——我們在這整件事上的做法會以回報為導向、以需求為驅動。也就是：先取得需求、簽下合約、投入資本、建置、產生回報。所以是回報驅動、回報導向、需求驅動。

And on is there the possibility of having more than 800 megawatts to monetize? Yes, that is possible. We keep looking at opportunities. So we have nothing to announce in terms of access to power beyond 800 megawatts, but it's something we're looking at.

至於是否有可能有超過 800 兆瓦可供變現？是的，這是有可能的。我們持續在尋找機會。因此目前我們沒有任何關於超過 800 兆瓦電力取得的公告，但這是我們正在關注的方向。

If the opportunities arise, we will definitely seize upon them.

如果機會出現，我們一定會把握。

Thank you.

謝謝。

Thank you. Vince Valentini, TD Securities

謝謝。TD Securities 的 Vince Valentini。

Thanks very much. Clarification first, Curtis. Can you give us what the revenue and EBITDA was from the Merritt BC facility this quarter? And then secondly, we're talking about these subs and the definition changes.

非常感謝。先釐清一下，Curtis：你能否提供本季 Merritt（卑詩省）設施帶來的營收與 EBITDA？第二，我們在談這些用戶數（subs）以及定義的變更。

Fine it makes perfect sense to to count wholesale and to count streaming subs can I just like make sure you're not changing any executive compensation formulas to give yourselves bonuses based on subs given the change in in definition it's just you're changing it because you think that's a more transparent way to show it to us.

好的，把批發算進去、把串流用戶也算進去，這完全合理。我只是想確認一下：在用戶定義改變的情況下，你們並沒有改變任何高階主管薪酬的計算公式，讓你們可以基於用戶數拿到獎金；你們只是因為認為這樣對我們更透明才做這個改變，對嗎？

No sub growth sub volumes connections none of that is baked into any of the metrics for our compensation. The compensation is based, and certainly the long-term compensation, Vince, as we've talked about this before, is based on driving free cash flow and hitting our leverage targets.

我們的薪酬指標中，沒有把用戶成長、用戶量、連線數等任何這類指標納入考量。薪酬的依據——尤其是長期薪酬，Vince，正如我們之前談過的——是以推動自由現金流並達成我們的槓桿目標為基礎。

And then, Vince, your question on the AI Fabric, if you look to the product revenue change year over year, it's about $100 million.

然後，Vince，你關於 AI Fabric 的問題，如果你看產品營收的年對年變動，大約是 1 億美元。

Roughly that's the impact of the finance lease facility.

大致上，那就是融資租賃安排的影響。

One more thing actually on the, Vince, might I just jump in here on the question around the sub metrics and particularly around the content ones, 'cause I think Curtis has handled already the fiber subs, but on the streaming bundles.

另外還有一點，Vince，關於用戶指標、特別是內容相關指標的問題，我可以在這裡補充一下嗎？因為我認為 Curtis 已經處理了光纖用戶的部分，但在串流綑綁方案方面。

Let me explain that kind of the philosophy behind the change. If you go all the way back to 1,999, when we launched satellite TV, what the Bell Consumer Business has been offering to consumers is bundled content.

我來解釋一下這次變更背後的理念。回到 1999 年我們推出衛星電視時，Bell 消費者事業提供給消費者的，一直都是綑綁式內容。

And that's what we offer. So that was satellite TV at first, and then we had five TV, Gen. 1, Gen. 2, Gen. 3, and we're into hardware-free TV, and now we're into streaming content bundles. All of those is just about providing bundles of content to consumers, so we shouldn't kind of measure ourselves based on the technology we use to deliver that. It's the fact that we're delivering bundled content. That's why we changed the subscriber metrics for TV.

而這就是我們所提供的。所以一開始是衛星電視，接著有 Fibe TV，第 1 代、第 2 代、第 3 代，然後進入免硬體的電視，現在則是串流內容綑綁方案。這些全部都是在向消費者提供內容組合，因此我們不應該以用什麼技術來傳遞內容作為衡量自己的方式。重點是我們在提供綑綁式內容。這就是我們為什麼調整電視的用戶指標。

Appreciate that, Mirko. Just curious, sorry, on the $100 million revenue, we could kind of derive that, I agree, from the product revenue. It's really the EBITDA on the margins. I mean, I assume this is positive margin product revenue, like 20%, 25% margin. Is that somewhere in the ballpark?

了解，Mirko。只是好奇，抱歉，關於那 1 億美元的營收，我同意我們可以從產品營收推導出來。真正的問題是 EBITDA 的利潤率。我是說，我假設這是正毛利的產品營收，比如 20%、25% 的利潤率。大概是在這個範圍嗎？

Yeah, I'd say it's a little higher than that and in line with the numbers we provided for the entirety of the 73-megawatt portfolio.

是的，我會說比那個略高一些，並且與我們針對整個 73 兆瓦投資組合所提供的數字一致。

Thank you.

謝謝。

Batya Levi, UBS

Batya Levi，瑞銀（UBS）

Great.

很好。

Thank you. Can you talk a little bit about the trends that you're seeing in the U.S. Maybe in terms of the competitive intensity and pricing you're seeing in the market? And a quick reminder of Ziply contribution for revenue and EBITDA would be helpful. I think you had mentioned that you would expect revenues to grow double-digits. Is that still the outlook?

謝謝。你能談談你們在美國看到的趨勢嗎？也許就市場競爭強度以及你們看到的定價情況來說。另外，提醒一下 Ziply 對營收與 EBITDA 的貢獻會很有幫助。我記得你之前提到預期營收會有雙位數成長。這仍然是目前的展望嗎？

Thank you.

謝謝。

So the first one, I'll take the first one, Smirko Bacha. So the underlying fundamentals for Ziply are there. They remain there. The demand for fiber is very small. Customers prefer fiber. There's no different in the U.S. Than it is in Canada, as you know. And particularly where we have fiber, the penetration gains are following the profile that Ziply's had since its inception and creation in 2020 and in line with what we see at Bell where we have fiber. So all the long-term economics all remain very supportive on that front. And as far as the competitive dynamics are concerned, again, so when I'm saying that our penetration gains where we have fiber remain as expected and in line with what we've seen in the past, that includes in the more recent period where some of the cable competitors have been more aggressive on pricing, and more recently, we've seen better. Stability or more stability on broadband pricing where we operate in the U.S. From our major competitors compared to perhaps the end of last year.

第一個問題我先回答，我是 Smirko Bacha。Ziply 的基本面是存在的，而且仍然存在。對光纖的需求非常強，客戶偏好光纖。這在美國與加拿大沒有不同，你也知道。特別是在我們有光纖覆蓋的地方，滲透率提升的走勢，符合 Ziply 自 2020 年成立以來的表現，也與我們在 Bell 有光纖覆蓋地區所看到的情況一致。因此，長期經濟性仍然非常支持這一點。至於競爭動態方面，同樣地，當我說我們在有光纖的地區滲透率提升仍如預期、並與過去一致時，這也包含了近期某些有線競爭對手在定價上更為積極的時期；而更近期，我們也看到在美國我們營運地區的寬頻定價，相較於可能在去年年底，主要競爭對手的定價更穩定，或是穩定性有所提升。

And then in terms of the contribution, so in Q1 back to you as Curtis right it's $234 million of revenue and just over $100 million of EBITDA so you know representing growth if you just know.

然後就貢獻而言，第一季我回覆你，我是 Curtis，對吧？營收是 2.34 億美元，EBITDA 略高於 1 億美元，所以你知道，這代表成長，如果你只是——你知道。

Multiplied by four versus the .9 that we talked about in 2025 for Ziply Fiber. But ultimately, the growth for us is continue to drive our footprint expansion, leverage our partnership with PSP to fund incremental footprint build. I would say Q1 of '26 was the first time that Network Fiber Co actually deployed capital, so that will continue to ramp.

如果把它乘以四，相較於我們談到 Ziply Fiber 在 2025 年約 9 億（的規模）。但最終，對我們而言的成長，仍是持續推動覆蓋版圖擴張，並利用我們與 PSP 的合作夥伴關係來資助額外的覆蓋建設。我會說 2026 年第一季是 Network Fiber Co 第一次實際投入資本，因此這部分會持續加速。

And continue to help Ziply drive penetration and subscriber growth. And the real growth metric for us is by the time we get to 2028, drive way more subs and significant revenue and EBITDA growth. So short-term percentage growth will be good, but we're looking for total dollars of contribution.

並持續協助 Ziply 推動滲透率與用戶成長。而對我們來說真正的成長指標是，到 2028 年時，推動更多用戶，以及顯著的營收與 EBITDA 成長。所以短期的百分比成長會不錯，但我們看的是貢獻的總金額。

As we continue to ramp and get through some of the initial ramps. So '27, '28 financials are what I'm focused on.

隨著我們持續加速並度過一些初期爬坡期。所以我關注的是 2027、2028 年的財務表現。

Got it. Thank you.

了解。謝謝。

Thank you. Matthew Griffiths, Bank of America

謝謝。Matthew Griffiths，美國銀行（Bank of America）

Hi. Thanks for taking the question. I just wanted to circle back again to the AI-powered revenue.

嗨，謝謝讓我提問。我想再回到 AI 驅動營收這個話題。

So just some clarifications, maybe just for my benefit, but for the AI fabric, is all of that revenue going to get grouped into the product revenue as these facilities come online? And then the growth in AI-powered revenue overall seems to be. And maybe you can give some color on, the other like Eteco and Cyber's contribution to that growth, because just if it's partially because of the merit facility being delivered, that was near the end of the quarter.

我想做一些釐清，可能只是為了我自己理解：就 AI Fabric 而言，當這些設施上線後，所有相關營收都會被歸類到產品營收裡嗎？另外，整體 AI 驅動營收的成長似乎是——也許你可以補充一些說明——其他像 Ateco 和 Cyber 對這個成長的貢獻，因為如果部分原因是 Merit 設施交付所致，那是在季度接近尾聲才交付。

And I can't imagine that was at that stage a really big driver of the year-over-year increase. Just, maybe some details on like the other part of the three-legged stool that is driving that line would be helpful. Thanks.

我很難想像在那個階段它會是年對年增幅的很大驅動因素。所以，若能提供一些細節，說明推動這條線成長的「三腳凳」中其他部分的貢獻，會很有幫助。謝謝。

Hi, Matt. It's Curtis. So the Merit facility is recognized as a financial lease. So yes, it does.

嗨，Matt，我是 Curtis。Merit 設施是以融資租賃認列。所以是的，確實如此。

It benefits the product revenue and that's the roughly 100 million year over year increase that you would see there.

它會反映在產品營收中，而你在那裡看到的年對年增加約 1 億美元，大致就是這個原因。

So the first two facilities, Mission Flats and Merit, both accounted for as finance leases. Again, the accounting, the revenue and EBITDA accounting follows the contract. There is no difference at all in free cash flow. We capture free cash flow over the term of the contract. So we'll continue.

所以前兩個設施，Mission Flats 和 Merit，都以融資租賃入帳。同樣地，會計處理上，營收與 EBITDA 的認列是依合約而定。自由現金流完全沒有差異。我們會在合約期間內取得自由現金流。因此我們會持續。

Continue to reap the free cash flow benefit over time.

持續在時間推移中收穫自由現金流的效益。

The Winnipeg facility is operating lease, that's why you don't see much of a benefit in this quarter, but again, free cash flow over time, service revenue and EBITDA over time as well as CapEx. So again, for Winnipeg operating lease, you saw CapEx in Q1, we actually spent.

Winnipeg 設施是營業租賃，這就是為什麼你在本季看不到太多效益；但同樣地，隨時間推移，自由現金流、服務營收與 EBITDA 也會逐步反映，資本支出亦然。所以，對 Winnipeg 的營業租賃而言，你在第一季看到資本支出，我們確實有支出。

But you haven't seen the impact or the benefit of revenue and EBITDA. And then when you look at Saskatchewan, again, that's operating lease. So you're seeing the burden of CapEx hit our financials, but revenue will be service revenue over time and EBITDA will be captured over time as well.

但你還沒有看到營收與 EBITDA 的影響或效益。再看 Saskatchewan，同樣是營業租賃。所以你看到資本支出的負擔反映在我們的財務上，但營收會在時間推移中以服務營收的形式認列，EBITDA 也會隨時間推移取得。

And we do expect the majority of our AI Fabric contracts signed going forward to have operating lease treatment.

而且我們預期，未來簽署的大多數 AI Fabric 合約都會採用營業租賃的會計處理。

Okay, got it. And then the contribution of the, to the growth from Cyber or Ateko, or are you just saying it was all from Fabric?

好的，了解。那麼 Cyber 或 Ateko 對成長的貢獻呢？還是你是說全部都來自 Fabric？

No, if you strip away AI Fabric from AI-powered solutions, so Ateko and Bell Cyber collectively are both growing and collectively north of 30% year-over-year growth.

不是。如果把 AI Fabric 從 AI 驅動解決方案中剔除，Ateko 和 Bell Cyber 合計都在成長，而且合計年對年成長超過 30%。

Okay, thanks.

好的，謝謝。

So I think that that was our last question, just given timing here. So thank you all again for your participation on the call this morning.

我想基於時間安排，這應該是我們最後一個問題了。再次感謝各位今天早上參與這通電話會議。

Richard and I will be available throughout the day for follow-up questions or clarifications.

Richard 和我今天一整天都會在，方便後續提問或釐清。

Thank you to all and have a great day.

謝謝各位，祝大家有美好的一天。

Thanks, everyone. Thanks.

謝謝大家。謝謝。

Thank you.

謝謝。