Rogers Communications Inc (RCI) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications, Inc., second quarter 2025 results conference call. As a reminder all participants are in listen-only mode and the conference is being recorder. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加羅傑斯通訊公司 2025 年第二季業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications. Please go ahead, Mr. Carpino.

現在，我想將會議交給羅傑斯通訊公司投資者關係副總裁保羅·卡皮諾 (Paul Carpino)。請繼續，卡皮諾先生。

Great. Thank you, Gaylene, and good morning, everyone, and thank you for joining us. Today, I'm here with our President and Chief Executive Officer, Tony Staffieri; and our Chief Financial Officer, Glenn Brandt.

偉大的。謝謝你，蓋琳，大家早安，謝謝你們加入我們。今天，我和我們的總裁兼執行長 Tony Staffieri 以及財務長 Glenn Brandt 一起來到這裡。

Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report and in our 2024 annual report regarding the various factors, assumptions and risks that could cause our actual results to differ.

今天的討論將包括估計和其他前瞻性訊息，我們的實際結果可能與這些資訊不同。請查看今天的收益報告和 2024 年年度報告中有關可能導致我們的實際結果不同的各種因素、假設和風險的警告性語言。

With that, let me turn it over to Tony to begin.

現在，讓我把時間交給 Tony 來開始。

Thank you, Paul, and good morning, everyone. Q2 was a significant quarter for Rogers. We delivered on major financial and strategic initiatives and we delivered strong operating results. In the second quarter, we continued to execute with discipline in our core businesses and we maintained a consistent, disciplined approach in a highly competitive market.

謝謝你，保羅，大家早安。第二季對羅傑斯來說是一個重要的季度。我們實施了重大財務和策略舉措，並取得了強勁的經營業績。在第二季度，我們繼續嚴格執行核心業務，並在競爭激烈的市場中保持一致、嚴謹的做法。

We delivered positive revenue and EBITDA growth in our Wireless, Cable and Media businesses. Importantly, we returned to revenue growth in Cable.

我們的無線、有線和媒體業務實現了正收入和 EBITDA 成長。重要的是，我們的有線電視收入恢復了成長。

We made significant progress on our delevering plans by completing the $7 billion equity investment for a minority stake in parts of our wireless network, and we became majority owner of MLSE with a 75% controlling interest. Rogers, together with MLSE, is now one of the most prestigious sports and media companies globally with terrific long-term growth potential.

我們完成了 70 億美元的股權投資，獲得了部分無線網路的少數股權，從而在去槓桿計劃上取得了重大進展，並且我們成為了 MLSE 的大股東，擁有 75% 的控股權。羅傑斯與 MLSE 現已成為全球最負盛名的體育和媒體公司之一，具有巨大的長期成長潛力。

With the inclusion of MLSEs financial results in our Media segment going forward, we estimate that for this full calendar year, Media revenue will be $3.9 billion, and EBITDA, $250 million. We also estimate the value of our sports and media assets now exceeding $15 billion, and we see significant opportunity to unlock this unrecognized value for shareholders. But to be clear, while we remain bullish on sports, we remain squarely focused on our Wireless and Cable businesses.

隨著 MLSE 的財務表現納入我們的媒體部門，我們估計今年全年媒體收入將達到 39 億美元，EBITDA 將達到 2.5 億美元。我們還估計，我們的體育和媒體資產價值現已超過 150 億美元，我們看到了為股東釋放這一未被認可的價值的重大機會。但需要明確的是，雖然我們仍然看好體育，但我們仍然專注於無線和有線業務。

We ended the second quarter at 3.6 times leverage, bringing our leverage very close to where we were prior to the Shaw deal. We accomplished this nine months ahead of our initial plan. Our success in the second quarter clearly demonstrates our focus on investing in growth while maintaining an investment-grade balance sheet.

我們第二季結束時的槓桿率為 3.6 倍，使我們的槓桿率非常接近 Shaw 交易之前的水平。我們比最初的計劃提前九個月完成了這一目標。我們在第二季度的成功清楚地表明了我們專注於投資成長，同時保持投資等級資產負債表。

Turning to results. We delivered positive operating and financial results in Wireless, Cable and Media. Consolidated service revenue and adjusted EBITDA both grew 2%. We also posted strong margins and delivered strong free cash flow. In Wireless, service revenue and adjusted EBITDA each grew 1%. And while mobile markets continue to experience lower growth, we remain disciplined with 61,000 total subscriber net additions, including 35,000 postpaid.

轉向結果。我們在無線、有線和媒體領域取得了積極的營運和財務表現。綜合服務收入和調整後 EBITDA 均成長 2%。我們也實現了豐厚的利潤率和強勁的自由現金流。在無線領域，服務收入和調整後的 EBITDA 均成長了 1%。儘管行動市場持續經歷較低的成長，但我們仍保持穩健，淨增用戶總數為 61,000 戶，其中包括 35,000 戶後付費用戶。

In Cable, we continue to see improved performance. Cable service revenue and adjusted EBITDA were up 1% and 3%, respectively. These are solid results in a challenging environment. We have successfully returned to growth in Cable. This was supported by another quarter of strong retail Internet net additions of 26,000.

在有線電視方面，我們繼續看到其性能的提升。有線服務收入和調整後的 EBITDA 分別成長 1% 和 3%。這些都是在充滿挑戰的環境中所取得的堅實成果。我們已成功恢復有線電視業務的成長。這是由於另一季度零售互聯網淨增 26,000 家企業所致。

Media revenue was up 10% driven by expanded media content and strong viewership on Sportsnet during the hockey playoffs. I'm pleased with our efforts to deliver in our core business while making meaningful progress on longer-term strategic initiatives.

受冰球季後賽期間媒體內容擴大和 Sportsnet 收視率強勁推動，媒體收入成長了 10%。我很高興看到我們在核心業務上做出努力，同時在長期策略計劃上取得了有意義的進展。

We also continue to invest in the future. 2025 marks 40 years of wireless service in Canada. Last week, Rogers launched satellite-to-mobile texting, the first and only wireless provider to offer this groundbreaking new service to all Canadians. This is the next frontier in wireless connectivity, which is critical for a country as vast as Canada. Text messaging including text to 911 is now available across millions of square kilometers, a huge swath of Canada not covered by traditional wireless networks.

我們也將繼續投資未來。 2025 年是加拿大無線服務 40 週年。上週，羅傑斯推出了衛星到手機簡訊服務，這是第一家也是唯一一家向所有加拿大人提供這項突破性新服務的無線服務提供者。這是無線連接的下一個前沿，對於像加拿大這樣幅員遼闊的國家來說至關重要。現在，簡訊（包括向 911 發送簡訊）已可在數百萬平方公里的範圍內使用，而加拿大的這片廣大地區尚未被傳統無線網路覆蓋。

It's a simple, easy service that automatically connects with your existing phone. This means people can text friends and family or text 911 in an emergency.

這是一項簡單、便捷的服務，可自動連接到您現有的手機。這意味著人們可以在緊急情況下向朋友和家人發送簡訊或撥打 911。

With Rogers satellite, Rogers now covers over 2.5 times more territory than any other Canadian wireless carrier. We're starting with the beta trial for all Canadians at no cost. And like other carriers globally, we will expand to support apps, data and voice including 911 voice services. Since launching the service one week ago, we've seen a terrific response from Canadians.

借助羅傑斯衛星，羅傑斯現在覆蓋的地區比其他任何加拿大無線營運商都要多 2.5 倍以上。我們將為所有加拿大人提供免費的 Beta 版試用。與全球其他營運商一樣，我們將擴展支援應用程式、數據和語音，包括 911 語音服務。自從一周前推出這項服務以來，我們看到了加拿大人的熱烈反響。

In another Canadian first, we also started deployment of 5G advanced network technology. This quarter, Rogers was also ranked Canada's most reliable 5G Plus network by umlaut. In residential, we're seeing great traction with Rogers Xfinity as we roll out our road map and introduce new features and innovations.

我們也率先在加拿大部署了 5G 先進網路技術。本季度，羅傑斯也被評為加拿大最可靠的 5G Plus 網路。在住宅領域，隨著我們推出路線圖並引入新功能和創新，我們看到 Rogers Xfinity 的巨大吸引力。

Rogers was the first Canadian Internet provider to start rolling out WiFi 7 nationally starting in Calgary and Atlantic Canada. We have Canada's most reliable Internet and now we're leading the market to bring even better, more reliable WiFi to more devices with the latest generation of WiFi technology. Reliability matters most to our customers, and we're pleased to be the most reliable across our wireless and wireline networks.

羅傑斯是第一家從卡加利和加拿大大西洋地區開始在全國推出 WiFi 7 的加拿大網路供應商。我們擁有加拿大最可靠的互聯網，現在我們正在引領市場，利用最新一代的 WiFi 技術為更多設備帶來更好、更可靠的 WiFi。可靠性對我們的客戶來說最重要，我們很高興能夠在無線和有線網路中做到最可靠。

Before I hand things over to Glenn, I want to take a step back for a moment. Rogers is a proud Canadian company with a record of investing in Canada to connect and entertain Canadians dating back 65 years. Last month, the CRTC issued a decision that allows the three largest providers to continue operating as resellers on the networks of their competitors outside their existing wireline footprint. The CRTC ignored the views of almost the entire industry, including small and regional providers.

在將事情交給格倫之前，我想先退一步。羅傑斯是一家自豪的加拿大公司，65 年來一直在加拿大投資，為加拿大人提供聯絡和娛樂服務。上個月，CRTC 發布了一項決定，允許三大供應商繼續在其現有有線網路覆蓋範圍之外的競爭對手網路上作為經銷商運營。CRTC 忽視了幾乎整個行業的意見，包括小型和地區供應商的意見。

The federal government is now reviewing the decision. The CRTC policy effectively provides subsidized access to well-capitalized corporations to use our balance sheet and capital. It stifles real competition based on real invested capital that drives investment, jobs, and a thriving economy. Canada needs to incent and reward companies that make big, bold bets. That's how Rogers was built. And now the federal government has a decision to make.

聯邦政府目前正在審查該決定。CRTC 政策有效地為資金充足的公司提供了使用我們的資產負債表和資本的補貼管道。它扼殺了基於實際投資資本的真正競爭，而這種競爭正是推動投資、就業和繁榮經濟的動力。加拿大需要激勵和獎勵那些大膽嘗試的公司。羅傑斯就是這樣誕生的。現在聯邦政府必須做出決定。

Let me be clear. If the current policy remains in place, it will force Rogers to cut capital programs and, with it, network construction jobs. Billions of dollars in network investment in our sector are at risk. Canada needs government leadership now to drive economic resiliency, competitiveness and affordable access to next-generation technologies. The CRTC decision does the opposite.

讓我說清楚。如果現行政策持續實施，羅傑斯將被迫削減資本項目，並隨之削減網路建設工作。我們產業數十億美元的網路投資面臨風險。加拿大現在需要政府領導來推動經濟復甦、競爭力和可負擔的下一代技術。CRTC 的決定卻剛好相反。

As a company with a 65-year record of investing in Canada, we ask the federal government to lead and direct the CRTC to do the right thing for Canada and for our economy.

作為一家在加拿大擁有 65 年投資記錄的公司，我們要求聯邦政府領導和指導 CRTC 為加拿大和我們的經濟做正確的事情。

Thank you. And let me now turn the call over to Glenn to take you through the quarter in more detail.

謝謝。現在，讓我將電話轉給格倫，讓他更詳細地向您介紹本季的情況。

Thank you, Tony, and good morning, everyone. Thank you for joining us.

謝謝你，托尼，大家早安。感謝您加入我們。

We are proud to report that Rogers' second-quarter results reflect continued leading operational and financial performance, combined with transformative progress on our major strategic initiatives of delevering our balance sheet and moving forward on consolidating and monetizing our sports assets. Most critically, though, we have once again delivered disciplined leading financial and operating performance across all of our core businesses in a highly competitive marketplace.

我們很自豪地報告，羅傑斯第二季的業績反映了其繼續領先的營運和財務表現，以及我們在降低資產負債表槓桿率和鞏固和貨幣化體育資產等主要戰略舉措上取得的變革性進展。但最重要的是，在競爭激烈的市場中，我們所有核心業務再次實現了嚴格的領先財務和營運績效。

In Wireless, we continue to deliver service revenue and EBITDA growth combined with industry-leading margins, solid market share and lower churn. Wireless service revenue and adjusted EBITDA each grew 1% year over year driven primarily by subscriber additions, customer base management and lower churn over the last 12 months.

在無線領域，我們持續提供服務收入和 EBITDA 成長，同時保持業界領先的利潤率、穩固的市場份額和更低的客戶流失率。無線服務收入和調整後的 EBITDA 均較去年同期成長 1%，主要得益於過去 12 個月內用戶增加、客戶群管理和客戶流失率降低。

Our Wireless margin is up 10 basis points compared to the prior year at just over 65%, reflecting our sustained emphasis on driving efficiencies while balancing moderating subscriber and service revenue growth.

我們的無線利潤率比去年上升了 10 個基點，達到 65% 多一點，這反映了我們持續致力於提高效率，同時平衡用戶和服務收入的成長。

In the quarter, Rogers delivered a combined 61,000 net new Wireless subscribers, down from 162,000 last year, again reflecting the moderating market size associated with reduced immigration. Importantly, churn improved once more to 1%, reflecting continued improvement around base management.

本季度，羅傑斯無線淨新增用戶 61,000 名，低於去年的 162,000 名，這再次反映了隨著移民減少而導致的市場規模放緩。重要的是，客戶流失率再次改善至 1%，反映出基礎管理的持續改善。

Blended mobile phone ARPU of $55.45 is down 3% from the prior year, reflecting continued competitive intensity but also affected by lower outbound roaming revenue driven in part by reduced travel to the US. Also, affecting ARPU this quarter, we have reversed or added back in the remaining prior year base adjustments for approximately 100,000 subscribers who have been retained and transitioned off discontinued plans.

綜合行動電話 ARPU 為 55.45 美元，較前一年下降 3%，反映出持續的競爭激烈，同時也受到出境漫遊收入下降的影響，部分原因是前往美國的旅行減少。此外，由於本季度的 ARPU 值受到影響，我們已撤銷或重新添加了大約 100,000 名保留並從已停止的計劃中轉換過來的用戶的剩餘上年基數調整。

Moving to our Cable business. Service revenue is up 1% in the quarter, primarily reflecting steady retail Internet subscriber growth and disciplined customer base management including moderating losses of video subscribers. Modest price increases introduced in the quarter have also contributed. Cable adjusted EBITDA is up 3% year-over-year driven by the flow-through of 1% service revenue growth combined with a 3% decrease in operating costs from our ongoing cost efficiency initiatives.

轉向我們的有線電視業務。本季服務收入成長 1%，主要反映了零售網路用戶的穩定成長和嚴格的客戶群管理，包括視訊用戶的流失減緩。本季推出的適度價格上漲也起了一定作用。有線電視調整後的 EBITDA 年成長 3%，這得益於服務收入成長 1%，以及我們持續實施的成本效率措施導致營運成本下降 3%。

We delivered this increase even as we continue to invest in our advertising and marketing investments around our new Xfinity platform. As a result, Cable margins are just over 58%, a very substantial 150 basis point increase from the prior year. Internet net additions of 26,000 are level with the prior year, and our performance coast-to-coast remains solid in a highly competitive market across all regions.

即使我們繼續在新的 Xfinity 平台上進行廣告和行銷投資，我們仍然實現了這一成長。因此，有線電視的利潤率略高於 58%，比前一年大幅增加了 150 個基點。網路淨增用戶 26,000 戶，與上年持平，在各地區競爭激烈的市場中，我們的業績在全國範圍內保持穩健。

Finally, in Rogers Sports and Media, we delivered very strong revenue growth and improved EBITDA. Revenue was up 10% to just over $800 million for the quarter, driven in part by Sportsnet's success with the NHL playoffs, combined with higher Toronto Blue Jays revenue, and a very competitive division-leading Toronto Blue Jays team is carrying that success into the third quarter. Additionally, Media saw higher year-over-year revenue growth associated with the launch of the Warner Bros. Discovery suite of channels.

最後，在羅傑斯體育和媒體方面，我們實現了非常強勁的收入成長並提高了 EBITDA。本季營收成長 10%，達到 8 億美元多一點，部分原因是 Sportsnet 在 NHL 季後賽中的成功，加上多倫多藍鳥隊收入的增加，以及極具競爭力的分區領先多倫多藍鳥隊將這一成功帶入第三季度。此外，隨著華納兄弟的推出，媒體業務的營收年增率也更高。探索頻道套件。

And finally, Media EBITDA was up $5 million year over year. Operating costs were up 9% reflecting higher programming costs, most notably including those related to the launch of the Warner Bros. Discovery suite of channels and higher Toronto Blue Jays expenses, including player payroll and game day related costs.

最後，媒體 EBITDA 年增 500 萬美元。營運成本上漲了 9%，反映出更高的節目製作成本，最明顯的是與華納兄弟推出相關的成本。探索頻道套件和更高的多倫多藍鳥隊開支，包括球員薪資和比賽日相關費用。

On a consolidated level, service revenue and adjusted EBITDA each grew by 2%, respectively, year-over-year. Our drive to lower capital intensity while still investing in our network infrastructure and growth markets continued in the second quarter. Capital expenditures were $831 million, down 17% from $1 billion in the prior year, and consolidated capital intensity is down 370 basis points to 16% for the second quarter.

綜合來看，服務收入和調整後 EBITDA 分別年增 2%。我們在第二季繼續努力降低資本密集度，同時仍對網路基礎設施和成長市場進行投資。第二季資本支出為 8.31 億美元，較前一年的 10 億美元下降 17%，綜合資本密集度下降 370 個基點至 16%。

Free cash flow of $925 million is up a very substantial 39% year-over-year driven by the higher adjusted EBITDA, lower capital intensity and lower interest paid.

9.25 億美元的自由現金流比去年同期大幅增加 39%，這得益於調整後 EBITDA 的提高、資本密集度的降低以及支付的利息的減少。

Turning to the balance sheet. At quarter end, we have delivered very significant delevering while maintaining strong liquidity to fund our operating and strategic capital priorities. We ended the second quarter with just under $12 billion of available liquidity compared to $4.8 billion at December 31, 2024. This included $7 billion in cash and cash equivalents and $4.8 billion available under our bank and other credit facilities.

轉向資產負債表。在季度末，我們實現了非常顯著的去槓桿，同時保持了強勁的流動性，為我們的營運和策略資本優先事項提供資金。截至第二季末，我們的可用流動資金略低於 120 億美元，而 2024 年 12 月 31 日為 48 億美元。其中包括 70 億美元的現金和現金等價物以及 48 億美元的銀行和其他信貸資金。

The very substantial increase in our liquidity was driven by the late quarter closing of our previously announced $7 billion equity investment led by Blackstone and backed by leading Canadian institutional investors. We expect to distribute approximately $0.4 billion annually to the Blackstone-led fund over the first five years of investment, reflecting an effective cost to Rogers of roughly 6.25% over that period with a substantial offset to that amount driven by the lower interest expense resulting from the debt repayments.

我們的流動性大幅增加是由於我們先前宣布的由黑石集團牽頭並由加拿大主要機構投資者支持的 70 億美元股權投資在季度末完成。我們預計在投資的前五年內每年向黑石集團主導的基金分配約 4 億美元，這反映出羅傑斯在此期間的實際成本約為 6.25%，但債務償還導致的利息支出降低將大大抵消這一數額。

These distributions and the lower interest expense both commenced from July 2025 and will be fully reflected in our third quarter reporting. We have also benefited from organic delevering in the quarter from available free cash flow growth. As a result, our debt leverage improved to just over 3.5 times, roughly a full turn improvement since year-end and essentially returning Rogers to our prevailing leverage prior to acquiring Shaw. And with that, we have achieved our Shaw delevering target of 3.5 times, approximately nine months ahead of our initial three-year target, originally expected to be completed by the second quarter of 2026.

這些分配和較低的利息支出均從 2025 年 7 月開始，並將在我們的第三季報告中充分反映。本季度，我們也受惠於可用自由現金流成長帶來的有機去槓桿。結果，我們的債務槓桿率改善至略高於 3.5 倍，自年底以來大約有整整一年的改善，並且基本上使羅傑斯的槓桿率恢復到我們收購 Shaw 之前的現行水平。至此，我們實現了 3.5 倍的 Shaw 去槓桿目標，比我們最初的三年目標提前了大約九個月，最初預計在 2026 年第二季度完成。

We remain firmly committed to maintaining our investment-grade balance sheet while investing in growth in our core markets. With the integration and delevering of the Shaw transaction nearing completion, our focus now turns to the long-term capital funding of the additional 37.5% ownership stake in MLSE, which closed effective July 1. The $4.7 billion purchase price was primarily funded from bank credit facilities together with cash on hand, and we are now the largest owner and controlling shareholder of MLSE with a 75% controlling interest.

我們堅定地致力於維持投資等級資產負債表，同時投資於核心市場的成長。隨著 Shaw 交易的整合和去槓桿工作即將完成，我們現在的重點轉向 MLSE 額外 37.5% 所有權股份的長期資本融資，該融資於 7 月 1 日生效。47 億美元的收購價主要由銀行信貸和庫存現金提供，我們現在是 MLSE 的最大所有者和控股股東，擁有 75% 的控股權。

As Tony has highlighted, Maple Leaf Sports & Entertainment operates a world-class collection of Toronto sports teams and entertainment assets and is one of the largest and most significant sports ownership organizations in the world.

正如東尼所強調的，楓葉體育娛樂公司經營著多倫多世界一流的運動隊伍和娛樂資產，是世界上最大、最重要的體育所有權組織之一。

Starting with our third quarter report, MLSEs financial results will be consolidated in with our Media reporting segment. To help clarify the impact from this transaction, our press release this morning includes full year 2025 consolidated pro forma view of the total scale of Rogers Sports and Media operations.

從我們的第三季報告開始，MLSE 的財務結果將與我們的媒體報告部門合併。為了幫助闡明此交易的影響，我們今天早上發布的新聞稿包括了羅傑斯體育和媒體業務總規模的 2025 年全年綜合預測。

On this basis, we estimate Rogers pro forma calendar 2025 Sports and Media revenue and adjusted EBITDA would have been approximately $3.9 billion and $0.3 billion, respectively, had we consolidated MLSE with our Sports and Media business from January 1.

在此基礎上，我們估計，如果我們從 1 月 1 日起將 MLSE 與我們的體育和媒體業務合併，羅傑斯預計 2025 年體育和媒體收入和調整後的 EBITDA 將分別約為 39 億美元和 3 億美元。

Our focus now is on two key items in our Sports and Media strategy: delevering our balance sheet following the MLSE purchase and pursuing all options as we look to monetize and surface the very substantial unrecognized market value of our Sports and Media assets, currently not at all reflected in Rogers stock price. We will provide updates on our progress as appropriate.

我們現在的重點是體育和媒體策略中的兩個關鍵項目：在收購 MLSE 之後降低資產負債表的槓桿率，並追求所有選擇，因為我們希望將體育和媒體資產的未確認的巨額市場價值貨幣化並公開化，而這些價值目前根本沒有反映在羅傑斯的股價中。我們將適時更新我們的進度。

Finally, moving to guidance. We have updated our 2025 outlook to reflect the consolidation of MLSE from July 1 as well as the completion of the equity investment for the remaining six months of 2025. Total service revenue is now expected to grow by 3% to 5% versus our prior outlook of 0% to 3%. Adjusted EBITDA is unchanged at 0% to 3%, which reflects the seasonality of MLSE results in the second half of the year versus the first half.

最後，轉向指導。我們已更新 2025 年展望，以反映 7 月 1 日起 MLSE 的合併以及 2025 年剩餘六個月股權投資的完成。目前預計總服務收入將成長 3% 至 5%，而我們先前預測的成長率為 0% 至 3%。調整後的 EBITDA 保持在 0% 至 3% 之間，這反映了 MLSE 下半年業績相對於上半年的季節性。

As noted a moment ago, the full calendar year impact will be accretive to EBITDA in 2026. We expect capital expenditures for 2025 to be at the very low end of our guidance range of $3.8 billion to $4 billion. And finally, we anticipate free cash flow of $3 billion to $3.2 billion unchanged, and this includes the distributions of the equity investment transaction.

正如剛才所指出的，全年影響將在 2026 年增加 EBITDA。我們預計 2025 年的資本支出將處於我們指導範圍 38 億美元至 40 億美元的低端。最後，我們預計自由現金流將保持不變，為 30 億美元至 32 億美元，其中包括股權投資交易的分配。

Overall, Q2 represents a significant quarter of progress on our commitments, delivering strong and consistent financial and operating performance across each of our businesses, combined with substantially reduced leverage at just over 3.5 times. We have transformed and strengthened our balance sheet with leverage restored back to where we were prior to our investment in the Rogers Shaw transaction. And we now have full control of a leading world-class collection of sports and entertainment holdings.

總體而言，第二季度是我們兌現承諾的重要進展季度，我們各項業務都實現了強勁而穩定的財務和營運業績，同時槓桿率大幅降低至略高於 3.5 倍。我們已經改變並加強了我們的資產負債表，槓桿率恢復到了我們投資 Rogers Shaw 交易之前的水平。現在，我們已完全掌控著世界領先的體育和娛樂控股集團。

Our focus and priority now turns to the long-term capital structure and monetization of those highly valuable assets in our Rogers share price. We believe Rogers has the best team in our sector and the best set of assets for near-term value creation. I want to join Tony in thanking our team of dedicated employees for their tremendous efforts and commitment to serving our customers and driving our long-term strategy and success.

我們現在的重點和優先事項轉向羅傑斯股價中的長期資本結構和這些高價值資產的貨幣化。我們相信羅傑斯擁有我們行業中最好的團隊和最適合短期價值創造的資產組合。我想和托尼一起感謝我們敬業的員工團隊，感謝他們為服務客戶和推動我們的長期策略和成功所付出的巨大努力和承諾。

And with that, Gaylene, may we please commence with the questions and answers. Thank you.

蓋琳，我們可以開始問答環節了。謝謝。

(Operator Instructions) Drew McReynolds, RBC.

（操作員指示） Drew McReynolds，RBC。

First, starting with you, Glenn, just on the updated 2025 guidance, certainly we'll get the question. I'm assuming there's really no change to the core on outlook in that guidance other than obviously hitting the lower end of the CapEx range.

首先，格倫，就更新後的 2025 年指導方針而言，我們肯定會提出這個問題。我認為，除了明顯觸及資本支出範圍的低端之外，該指南中的核心前景實際上沒有任何變化。

I think that's right, Drew. We're pleased with where we are organically in the year. We're showing a return to growth for Cable, continued growth within Wireless, but they're within -- when you roll them up as well as success within Media, we are -- within the range as initially given the update really is for the inclusion of MLSE.

我認為這是對的，德魯。我們對今年的有機成長感到滿意。我們顯示有線電視業務恢復成長，無線業務持續成長，但它們都在 — — 當你將它們以及媒體業務的成功結合起來時，我們 — — 在最初給出的更新範圍內，實際上是為了納入 MLSE。

Okay. And then just two others for me. On MLSE, so I appreciate the pro forma 2025 figures and obviously the seasonality, and you're confirming EBITDA accretion for 2026. Can you at a high level, I'm assuming we're not going to get MLSE guidance here, it's probably somewhat fluctuates year-to-year. But how normal do you see MLSE's 2025 performance as we kind of try to model this going forward?

好的。然後我只需要另外兩個。在 MLSE 上，我很欣賞 2025 年的預測數據和明顯的季節性，並且您確認 2026 年的 EBITDA 增長。您能否從高層次上說，我假設我們不會在這裡得到 MLSE 指導，它可能每年都會有所波動。但是，當我們嘗試對此進行建模時，您認為 MLSE 2025 年的表現有多正常？

And then second, switching gears to Wireless on network revenue growth. Just, I think about 0.6% in Q2. How does that rent for Rogers as we get into the back half and into 2026?

其次，轉向無線網路收入成長。我認為第二季約為 0.6%。當我們進入下半年和 2026 年時，羅傑斯的租金情況如何？

Sure. I'll start with the first question on MLSE. Well, on any of our operations, I'm not going to start guiding for '26 just yet. But in terms of scale and scope for the combined Rogers Sports and Media operations including the consolidation of MLSE, the pro forma indication we've given for '25, that's a clean aggregation of where we are this year, doesn't include anything aggressive in terms of synergies or anything like that, which you've seen us perform on synergies. But that is just a straight aggregation of the businesses. It's a clean aggregation driver.

當然。我將從有關 MLSE 的第一個問題開始。好吧，對於我們的任何行動，我現在還不會開始指導 26 年的行動。但就羅傑斯體育和媒體業務合併（包括 MLSE 的合併）的規模和範圍而言，我們對 25 年給出的預測是對我們今年狀況的清晰總結，並不包括協同效應或類似方面的任何激進舉措，您已經看到我們在協同效應方面的表現。但這只是業務的直接聚合。這是一個乾淨的聚合驅動程式。

And then on Wireless revenue growth, with the 1% growth that we've reported, that reflects the competitive environment we operate in. We're pleased that we're still driving growth across the business. We are still leaning in on cost efficiencies throughout our organization.

然後就無線收入成長而言，我們報告的成長率為 1%，這反映了我們所處的競爭環境。我們很高興我們仍在推動整個業務的成長。我們整個組織仍然注重成本效率。

I think through the second half, I expect that some of the price initiatives that we've undertaken in the year, they will continue on through the second half as well as continuing to manage the customer base with uplifting and upscaling customers through premium service plans. We'll continue to work those efforts through the second half of the year.

我認為，到下半年，我們預計今年採取的一些價格措施將持續到下半年，同時我們將繼續透過優質服務計畫來提升和升級客戶群，從而管理客戶群。我們將在今年下半年繼續努力。

Aravinda Galappatthige, Canaccord Genuity.

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

With respect to the monetization of your sports assets which you've alluded to in prior calls, is there any update in terms of how those discussions or thoughts are trending? I mean I know there's a number of possibilities, a number of routes you could take. Is there anything incremental that you can sort of provide here? And I'll wait for the answer and come back with the follow-up.

關於您在先前的電話會議中提到的體育資產貨幣化問題，這些討論或想法的趨勢有什麼新進展嗎？我的意思是我知道有很多種可能性，有很多種路線可以選擇。您可以在這裡提供什麼增量資訊嗎？我會等待答复，然後再回來跟進。

Aravinda, thanks for the question. On Sports and Media, it's clear that there is significant underlying value. And we are squarely focused as we put the assets together and we've been very consistent on this is monetizing it to strengthen -- continue to strengthen our balance sheet. And the second part of our task is to surface the value for shareholders. We continue to work through the various options.

Aravinda，謝謝你的提問。在體育和媒體方面，顯然存在著巨大的潛在價值。我們在整合資產時非常專注，並且我們一直非常堅持將其貨幣化以加強 - 繼續加強我們的資產負債表。我們任務的第二部分是為股東實現價值。我們將繼續研究各種選擇。

And the good news is we have very good options in front of us. And we're not in a position today to share what those plans are, but to be clear, we know what the task is and we're focused on those. And at the right time, we'll share obviously not only what we're doing but the timing related to that. But right now, it's premature.

好消息是，我們面前有非常好的選擇。我們今天無法分享這些計劃，但要明確的是，我們知道任務是什麼，並且我們專注於這些計劃。在適當的時候，我們不僅會分享我們正在做的事情，還會分享與此相關的時間表。但現在還為時過早。

And a quick follow-up on Cable EBITDA number. Obviously, you produced 3% EBITDA growth on fairly flat revenues. The sub-trends seem to be holding up really well especially if you consider the market backdrop. Any kind of commentary around the sustainability here? And maybe also just touch a little bit on the cost reductions that you're seeing there.

並快速跟進 Cable EBITDA 數字。顯然，你們在收入基本持平的情況下實現了 3% 的 EBITDA 成長。子趨勢似乎保持得很好，特別是如果你考慮到市場背景的話。對於這裡的可持續性有什麼評論嗎？或許還可以稍微談談您所看到的成本降低。

Aravinda, I'll start with -- I assume your comment related to both revenue and EBITDA and cost. And so I'll start with the revenue piece, and Glenn will speak to some of the efficiency initiatives that are driving fairly strong EBITDA growth in Cable. On the revenue side, just to put it back in context, not too long ago, this business was declining at a 4% year-on-year rate. And there are a number of things we said we would do and we've executed on that.

Aravinda，我首先假設您的評論與收入、EBITDA 和成本有關。因此，我將從收入部分開始，然後 Glenn 將談談推動 Cable EBITDA 強勁成長的一些效率舉措。就收入方面而言，回顧一下背景，不久前，這項業務的年減率為 4%。我們說過要做很多事情，而且已經執行了。

And the team has done just a terrific job in moving us to slightly positive growth in Cable and, in particular, in service revenue with respect to Cable. And that's really been on the back of a few key initiatives that we see continue. One is the size of the market continues to grow, the size of our footprint.

團隊做得非常出色，使我們的有線電視業務，特別是有線電視服務收入實現了略微正成長。這實際上是在我們持續實施的幾項關鍵措施的支持下實現的。一是市場規模持續成長，我們的足跡不斷擴大。

So notwithstanding the slowdown in home builds and construction, there's still quite a bit in the pipeline. And so if you were to look at homes passed in the second quarter, it's close to 3% year on year.

因此，儘管房屋建設和建築業放緩，但仍有相當多的項目正在籌備中。因此，如果你看一下第二季的房屋銷售情況，你會發現其年比成長率接近 3%。

And against that backdrop, we continue to have improving and continuing strong market share performance in Internet net adds on the wireline side. And so we like what we're seeing there. And that's been one of the contributors and we continue to see that. We do expect towards the back half of the year and into the first part of next year a slowdown in the number of homes passed, but you can expect us to continue to perform strongly in subscriber market share.

在此背景下，我們在有線互聯網網絡增值業務方面的市場份額持續提升並保持強勁。所以我們喜歡我們所看到的一切。這是其中一個因素，我們將繼續看到這一點。我們確實預計今年下半年和明年上半年的家庭數量將會放緩，但您可以預期我們在用戶市場佔有率方面將繼續表現強勁。

The second relates to the expansion into new territories with our 5G home internet product, riding on our 5G Plus wireless network. That continues to perform strongly. And we now have the ability to have our Xfinity products on that platform. And so it's been a terrific opportunity for us to enter new territories of almost 7 million homes passed with a bundled offering, particularly where we already have solid Wireless market share.

第二個涉及利用我們的 5G 家庭網路產品、使用我們的 5G Plus 無線網路向新領域的擴張。其表現持續強勁。現在我們有能力在該平台上推出我們的 Xfinity 產品。因此，這對我們來說是一個絕佳的機會，讓我們能夠透過捆綁服務進入覆蓋近 700 萬個家庭的新領域，特別是在我們已經擁有穩固的無線市場份額的領域。

We focused on moving customers to higher tiers. We have a terrific network coverage performance in terms of speeds and reliability that I've talked about in the opening comments. And that's resonating well with consumers. And so we see them continually moving up to higher tiers, and that's helping us with the revenue side of things as well. In small and mid-business, we continue to expand our presence nationally, and that's an opportunity that continues to be and deliver growth for us as part of cable.

我們專注於將客戶提升到更高的層級。正如我在開場白中談到的，我們在速度和可靠性方面擁有出色的網路覆蓋性能。這引起了消費者的強烈共鳴。因此，我們看到他們不斷晉升到更高的層級，這也有助於我們提高收入。在中小型企業中，我們繼續在全國範圍內擴大我們的業務，這是一個機會，可以繼續為我們作為有線電視的一部分帶來成長。

And then finally, when you look to the actual product set, and we always look to all of the 4Ps beyond just price in our value proposition. But as we expand the suite of products, things like Storm-Ready, our home monitoring product, all of those are contributing to a value proposition particularly when you combine it with the Xfinity video platform. That leads to the marketplace and that's resonating with consumers and, in some cases, small businesses as well.

最後，當您查看實際產品集時，我們總是會關注價值主張中除價格之外的所有 4P。但隨著我們擴大產品套件，例如 Storm-Ready、我們的家庭監控產品，所有這些都有助於形成價值主張，特別是當您將其與 Xfinity 視訊平台結合時。這引起了市場的共鳴，引起了消費者的共鳴，在某些情況下，也引起了小型企業的共鳴。

And so it's all those factors that continue to give us confidence that we have a Cable business that will continue for this year to post stable to modest growth but sets us up well for the following few years.

因此，所有這些因素都讓我們繼續相信，我們的有線電視業務今年將繼續保持穩定至適度的成長，並為未來幾年奠定良好的基礎。

And then the only thing I would add to all of that on the cost efficiency side, Aravinda, is there is no magic bullet here. It really is just attention to detail across the board on our costs starting with trying to wring out some of the customer care costs with focusing on improved customer service, improved network reliability. It's the day-to-day block and tackle across the board that's driving the cost efficiencies, and then the flow through with a 1% revenue growth.

然後，關於成本效率方面，我唯一要補充的是，Aravinda，這裡沒有靈丹妙藥。這實際上只是對成本的全面關注，首先是試圖減少一些客戶服務成本，重點是改善客戶服務、提高網路可靠性。正是每天的全面努力推動了成本效率的提高，進而帶來了 1% 的營收成長。

Batya Levi, UBS.

瑞銀的 Batya Levi。

Can you talk a little bit more about the competitive environment in wireless? I think you've mentioned we've seen some price-ups recently. Are there any early signs for back-to-school season? And maybe any change you're seeing in loadings as you lap last year's impact from lower immigration?

能否再多談談無線領域的競爭環境？我想您提到我們最近看到了一些價格上漲。返校季即將來臨，有什麼早期跡象嗎？當您回顧去年移民人數減少的影響時，您是否看到移民人數有何變化？

Batya, thank you. There's two parts to it. I'll start with the second piece which is your question on loading. It's probably worth sort of giving you our perspective on size of the market. Certainly, our expectation is in Q2, the size of the net add market is lower than last year as a result of largely the factors we've talked about on previous calls, which is the new to Canada category. As we enter the back half, we'll start to lap the introduction of some of the government policies that slowed that rate of growth.

巴蒂亞，謝謝你。它有兩個部分。我將從第二部分開始，即有關加載的問題。也許值得向您介紹我們對市場規模的看法。當然，我們預計第二季淨增市場規模將低於去年，這主要是因為我們在先前的電話會議上討論過的因素，這是加拿大類別的新變化。當我們進入下半年時，我們將開始討論一些減緩成長率的政府政策的出台。

We had previously indicated that we expected for the full year the wireless market to grow about 3%. We're still looking and on track to that. But keep in mind, that's a rolling 12-month end of period to end of period. If we were to look at the rate of growth and the pacing in the second quarter, our estimate is it's probably more in the 2.5% range, give or take a few basis points.

我們之前曾表示，預計全年無線市場將成長約 3%。我們仍在尋找並朝著這個目標前進。但請記住，這是一個從期末到期末的連續 12 個月。如果我們看一下第二季的成長率和步伐，我們估計它可能會在 2.5% 左右，上下浮動幾個基點。

So it continues to trend down, but we continue to see growth in terms of penetration as being the biggest driver of continued growth. Against that backdrop, we're pleased with our performance in subscriber market share. And so as we look to the back half of the year, you can expect us to continue to perform well on the subscriber front and continuing growing subscribers.

因此，它繼續呈下降趨勢，但我們仍然認為滲透率的成長是持續成長的最大動力。在此背景下，我們對用戶市場佔有率的表現感到滿意。因此，展望下半年，您可以期待我們在用戶方面繼續表現良好，並且用戶數量將繼續增長。

The second piece of it relates to ARPU, and that really gets at your question in terms of competitive intensity in the second quarter and particularly as we led off on the third quarter. We've been really trying to simplify our value proposition.

第二部分與 ARPU 有關，這確實解答了你關於第二季度競爭強度的問題，特別是在第三季開始時。我們一直在努力簡化我們的價值主張。

We launched our simplified tiers with a better differentiation of the value proposition in each of them. And it's early days since the launch of that in June, but it's resonating with the customers and we like the base management moves as well as the new acquisition moves that we're seeing in the marketplace.

我們推出了簡化的層級，以便更好地區分每個層級的價值主張。雖然自 6 月推出以來還處於早期階段，但它引起了客戶的共鳴，我們喜歡基礎管理舉措以及我們在市場上看到的新收購舉措。

We've reduced the level of promotional activity as well as we look to other factors that prop up the value proposition including, most recently, the launch of Satellite. And so there are a number of other things that seem to resonate with customers that continue to help us improve our ARPU profile while still obtaining a strong share.

我們減少了促銷活動的水平，並尋找其他支持價值主張的因素，包括最近的衛星發射。因此，還有許多其他事情似乎引起了客戶的共鳴，這些事情繼續幫助我們改善 ARPU 狀況，同時仍然獲得強大的份額。

Churn reduction has been a big factor in that in terms of overall subscriber net adds. And there's a number of factors for that as we continue to improve things for the customer and give them less reason to think about switching to competitors.

就整體用戶淨增而言，減少用戶流失是重要因素。造成這種情況的因素有很多，因為我們不斷為客戶提供改進服務，讓他們沒有理由考慮轉向競爭對手。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Curious how you're thinking about wireless roaming here. You mentioned it as a headwind to service revenue in the quarter, and Rogers had recently announced a new suite of travel passes. So curious about the percentage of service revenue that's coming from roaming here and how you think about the evolution of that roaming offering.

好奇您對這裡的無線漫遊有何看法。您提到這是本季服務收入的阻力，而羅傑斯最近剛宣布推出一套新的旅行通行證。所以我很好奇這裡漫遊服務收入佔比是多少，以及您如何看待漫遊服務的發展。

Thank you, Stephanie. I think the reference really was to the in-quarter substantial decline in travel. I expect travel through the summer months as we complete the third quarter will pick up. There is still a decline in travel for Canadians to the US, but much of that has been displaced by international travel as well as just travel within Canada.

謝謝你，斯蒂芬妮。我認為這實際上指的是本季旅行量的大幅下降。我預計，隨著第三季的結束，夏季的旅行將會回升。加拿大人前往美國的旅遊人數仍在下降，但其中很大一部分已被國際旅遊以及加拿大境內旅遊所取代。

On the international travel, those roaming pass is early days, but those are helping to compete better with some of the competitive offerings available both from Canadian operators as well as international SIMs that we find the passes are serving to be very convenient for customers to keep their number, to keep their contact but manage the cost of roaming.

在國際旅行方面，這些漫遊通行證尚處於早期階段，但它們有助於更好地與加拿大營運商以及國際 SIM 卡提供的一些競爭產品進行競爭，我們發現這些通行證為客戶提供了極大的便利，使他們能夠保留自己的號碼，保持聯繫，同時控制漫遊成本。

So early days. We expect it to be constructive and just part of the ongoing detail in managing ARPU and service revenue growth and meeting customer needs. Nothing more to add than that.

還很早。我們期望它具有建設性，並且只是管理 ARPU 和服務收入成長以及滿足客戶需求的持續細節的一部分。除此之外沒什麼好補充的。

Great. And then on the Cable side, hoping we could dig a little bit more into the out-of-footprint expansion here in fixed wireless specifically. Just curious how much is contributing to growth in the near term and how you think about the opportunity out-of-footprint longer term.

偉大的。然後在有線方面，希望我們可以更深入地研究固定無線領域的超出覆蓋範圍的擴展。只是好奇短期內對成長的貢獻有多大，以及您如何看待長期足跡之外的機會。

Stephanie, we're not disclosing the split between what I would call in footprint versus out of footprint. But what I can tell you is that the product is resonating extremely well across the country, including places where we do have wireline. And in some use cases, it makes sense for consumers and small businesses to look to the flexibility and the mobility of the 5G HI product.

史蒂芬妮，我們不會透露我所說的足跡內與足跡外之間的差異。但我可以告訴你的是，該產品在全國各地都引起了極大的反響，包括我們確實有有線電視網絡的地方。在某些用例中，消費者和小型企業關注 5G HI 產品的靈活性和移動性是有意義的。

As I said, the capability of the product continues to expand. Network splicing has been a significant contributor to expand the use case and the reliability of the product in certain instances. And then as I said in my earlier comments, expanding it to include the Xfinity suite of products has made it a very compelling value proposition.

正如我所說，產品的功能不斷擴展。在某些情況下，網路拼接對於擴大產品的使用範圍和可靠性有著重要的貢獻。正如我在之前的評論中所說的那樣，將其擴展到包括 Xfinity 產品套件使其成為一個非常引人注目的價值主張。

And so it's still early days as we expand, as I said, the use case and the product set for it, but we continue to be pleased with its performance and remain optimistic about its ability to penetrate those new markets, particularly on a bundled basis.

因此，正如我所說，我們在擴展用例和產品設定方面仍處於早期階段，但我們仍然對其性能感到滿意，並對其滲透這些新市場的能力保持樂觀，特別是在捆綁基礎上。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

Hopefully, the first is just quick clarification as opposed to being polled question. But you're giving us MLSE pro forma and adding it into your revenue and EBITDA. So that means you'll consolidate the debt as well, Glenn. Is there any material debt we should be thinking about being added in Q3?

希望第一個問題只是快速澄清，而不是民調問題。但是您向我們提供了 MLSE 形式發票並將其添加到您的收入和 EBITDA 中。所以這意味著你也會合併債務，格倫。我們是否應該考慮在第三季增加任何實質債務？

No. No, in fact, it's generally offset by cash depending upon the seasonality and where you are in the year. But no, nothing. Even at its peak, it's inconsequential.

不。不，事實上，它通常以現金抵消，具體取決於季節和您在一年中的具體情況。但沒有，什麼都沒有。即使在巔峰時期，這也是無關緊要的。

Perfect. Second, the $400 million Blackstone minority interest payments, to be perfectly clear, when we see your free cash flow in Q3, that's going to be above the line of free cash flow. We're not going to find another minority interest line with $100 million going out the door below your definition of free cash flow.

完美的。其次，要明確一點，當我們看到黑石集團第三季的自由現金流時，4 億美元的少數股東權益支付將高於自由現金流線。我們不會再找到另一條少數股東權益線，以低於你定義的自由現金流 1 億美元的價格流出。

We will make it very clear. It will either be embedded in that number or made apparent in that number calculation. We will make sure it's very transparent, Vince. We're not hiding any of that. In a nutshell, it's roughly $0.4 billion of distributions out.

我們會把這一點講清楚。它要麼嵌入在該數字中，要麼在該數字計算中顯現出來。我們會確保它非常透明，文斯。我們並沒有隱瞞任何事。簡而言之，大約有 4 億美元的分配。

And then the offsetting interest savings net, it's about $50 million a quarter of distributions over the interest -- net interest savings, including the tax impact running through the year, roughly evenly through the year.

然後抵消利息節省淨額，即每季度利息分配約 5000 萬美元 - 淨利息節省，包括全年的稅收影響，大致均勻地分佈在全年。

So $0.4 billion of savings and roughly -- of distributions and roughly half of that in net savings on interest expense net of the tax, loss of the tax shelter. Is that clear?

因此，節省了 4 億美元，分配了大約 4 億美元，其中大約一半是扣除稅款後的利息支出淨節省，即避稅損失。清楚了嗎？

Not really. Because I mean the interest savings are clearly going to be in your definition of free cash flow because interest is there.

並不真地。因為我的意思是利息節省顯然會包含在你對自由現金流的定義中，因為利息就在那裡。

The distributions will be as well.

分佈也將如此。

It will be. Perfect. That's great. And then just call this more of a question. You mentioned synergies on MLSE.

這將是。完美的。那太棒了。然後就將其稱為一個更大的問題。您提到了 MLSE 的協同作用。

Are the synergies just naturally Rogers is a more efficient owner than the prior consortium of owners? Or do the synergies only come if you merge your MLSE with the Blue Jays and get rid of some redundant costs or benefits of scale or something? And therefore, are you implying that, that can happen sometime soon to put those two organizations together, even though you only own 75%?

這種綜效是否自然而然地就意味著羅傑斯比之前的業主聯盟更有效率？或者，只有將 MLSE 與藍鳥隊合併，並消除一些冗餘成本或規模效益等，才能產生協同效應？因此，您是否暗示，即使您只擁有 75% 的股份，這兩個組織也可能很快就會合併？

What I'm intending to convey is it's a straight aggregation today. Once we own, we will be able to drive revenue and cost synergies like we did within the Shaw transaction and look to find efficiencies. They perhaps do that already.

我想要傳達的是，今天這是一個直接的聚合。一旦我們擁有了它，我們將能夠推動收入和成本協同效應，就像我們在 Shaw 交易中所做的那樣，並尋求提高效率。他們或許已經這麼做了。

I expect that as we roll in the Toronto Blue Jays, Rogers Center with Scotiabank Arena and the other venues within MLSE and the sports teams within MLSE, we will find revenue and cost synergies. But that is not part of the pro forma that we are providing for 2025.

我希望，隨著多倫多藍鳥隊、羅傑斯中心、豐業銀行體育館以及 MLSE 內的其他場館和 MLSE 內的運動隊的加入，我們將發現收入和成本的協同效應。但這不是我們為 2025 年提供的預測的一部分。

So that's really all I was attending to convey. It's a straight aggregation right now.

這就是我參加這次活動真正想要傳達的訊息。現在它是一個直接聚合。

Tim Casey, BMO.

提姆·凱西（BMO）。

Just following up on that. Tony, I know you aren't going to give us any details in terms of the options you're pursuing. But can you give us an outline of timing? So when should investors expect more clarity? Is this something that you think you'd be able to outline this calendar?

只是跟進一下。東尼，我知道你不會向我們透露你所追求的選擇的任何細節。但您能給我們一個時間安排的概要嗎？那麼投資人何時才能期待更多明朗因素呢？您認為您能夠在這個日曆中概括出這一點嗎？

Or is that more a 2026 story and maybe it actually happens in 2027? Is there anything you can just sort of provide some guide rails for us on timing of when you'll be -- have more fulsome disclosure on the plan?

或者這更像是 2026 年的故事，也許它實際上會發生在 2027 年？您能否為我們提供一些指導，告訴我們您何時會更全面地揭露該計劃？

The short answer, Tim, is, and you're not going to like this, but it really is difficult to predict the timing on things. And we don't want to box ourselves into a time line just for the sake of the time line. We recognize the significance of the asset. I think we all recognize the alternatives available to us, and each of them are extremely attractive. The asset garners quite a bit of interest, as you would expect, as you've seen sales of interest in some of the sports teams recently.

簡短的回答是，提姆，你不會喜歡這個，但事情的時間確實很難預測。我們不想僅僅為了時間線而將自己限制在時間線內。我們認識到該資產的重要性。我想我們都認識到我們可用的替代方案，並且每個替代方案都極具吸引力。正如您所預料的，該資產引起了相當多的興趣，因為您最近看到一些運動隊的權益出售。

It's clear that the demand, the interest in the asset is there and values continue to increase. And so we're toggling with the substantiveness of the asset, the fact that it's growing with us managing our balance sheet at the same time. And so we're being very thoughtful about how and when. At the outside, I wouldn't say that this is necessarily a 2027. I think something in the midterm is what you should expect to get clarity on.

顯然，人們對該資產的需求和興趣是存在的，而且其價值也持續上漲。因此，我們正在切換資產的實質性，事實上它正在隨著我們同時管理資產負債表而增長。因此，我們正在認真考慮如何以及何時實施。從外表來看，我不會說這一定是 2027 年。我認為你應該在中期就某些事情做出明確的決定。

But there's not much more in terms of timing and the what that we can expand on right now.

但就時間和內容而言，我們目前能擴展的內容並不多。

So when you say it's not necessarily 2027, like it could go later than that? Or did you mean that's --

所以你說不一定是 2027 年，而是有可能更晚？或者你的意思是--

That's a little more the opposite, Tim, that data would be sooner than.

提姆，情況恰恰相反，數據會更快。

We've got 1.5 year before the end of '26, and this is a priority for us but we need to get it right.

距離 26 年結束還有 1.5 年的時間，這是我們的首要任務，但我們需要做好這件事。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

Congratulations on closing both deals in the quarter. I wanted to ask you, Glenn, just on a pro forma basis, forward-looking leverage ratios, what would you say it is currently including the transaction that you closed on Blackstone and MLSE, please?

恭喜您在本季完成兩筆交易。格倫，我想問您，僅從準備角度來看，前瞻性槓桿率，您認為目前是多少，包括您在 Blackstone 和 MLSE 完成的交易在內，可以嗎？

So if we factor in the $4.7 billion that we paid to pick up BCE, you go from roughly 3.5 times or just over 3.5 times and it is just over to about 4 times when you factor in that $4.7 billion investment and consolidate the full year EBITDA impact of MLSE. Going forward, there will be organic reduction in leverage through the balance of this year as well as working over the next short to medium term, as Tony has said, working on the long-term capital structure for Roger Sports and Media, including MLSE.

因此，如果我們將收購 BCE 所支付的 47 億美元考慮在內，那麼收益將大約是 3.5 倍或略高於 3.5 倍；而當我們將這 47 億美元的投資考慮在內，並合併 MLSE 全年 EBITDA 的影響時，收益將略高於 4 倍。展望未來，我們將在今年餘下的時間裡有機地減少槓桿率，並在接下來的短期至中期內努力實現這一目標，正如托尼所說，我們將致力於羅傑體育和媒體（包括 MLSE）的長期資本結構。

So long term, I'm not going to start guiding for that. But expect to see continued emphasis on driving the delevering just through organic growth. We've seen as part of that, in July, we had a bond tender program that saw us repay from the proceeds of the Blackstone deal $3.1 billion face amount of securities long term, and they were trading below par. We would not ordinarily have taken those securities, repay them early. But we don't need that portion of our debt long term because of the Blackstone funding.

所以從長遠來看，我不會開始為此提供指導。但預計將繼續強調透過有機成長來推動去槓桿。我們看到，作為其中的一部分，7 月份，我們有一個債券招標計劃，該計劃讓我們從黑石交易的收益中償還 31 億美元面值的長期證券，而這些證券的交易價格低於票面價值。我們通常不會持有這些證券，並提前償還它們。但由於黑石集團的資助，我們不需要長期承擔這部分債務。

And so we took that $3.1 billion down at a cash cost of roughly $2.85 billion, saving $0.25 billion of debt that effectively disappears from our balance sheet as a result of that repayment. We are loath to raise it because it's been a long time coming, but we are still working on real estate and other surplus assets.

因此，我們以大約 28.5 億美元的現金成本減少了 31 億美元，節省了 2.5 億美元的債務，由於償還了債務，這些債務實際上從我們的資產負債表中消失了。我們不願意提高它，因為它已經等待了很長時間，但我們仍在努力處理房地產和其他剩餘資產。

And I expect we'll have proceeds from those over the next half year. And so all of that together with the organic growth, we're still working on the detail to delever, and that remains an emphasis.

我預計我們將在未來半年內從中獲得收益。因此，除了有機成長之外，我們仍在致力於去槓桿的細節，這仍然是我們的重點。

And just a follow-up on Wireless. Obviously, we've seen some price increases lately. It's hard to, I guess, know what's going to happen during back-to-school. But maybe thinking about the backdrop here into going into 2026, so I just want to get your impression about the pace of improvement in ARPU potentially as we cross the threshold of significant price disruption, moving into an environment where there's more stability in the price in general.

這只是對無線的後續關注。顯然，我們最近看到了一些價格上漲。我想，很難知道開學期間會發生什麼事。但也許考慮到進入 2026 年的背景，所以我只是想了解一下您對 ARPU 改善速度的印象，因為我們跨越了重大價格混亂的門檻，進入了一個總體價格更加穩定的環境。

So just to put this in context, the 3% decline in ARPU that you had in the quarter, does that -- how much of that is impacted by the reclassification on a prospective basis of your 96,000 postpaid subscribers? And second of all is, as we look into 2026, Tony, how do you feel about the pace of improvement in ARPU?

那麼，為了更好地理解這一點，本季度您的 ARPU 下降了 3%，這其中有多少是受到對 96,000 名後付費用戶的預期重新分類的影響？其次，展望 2026 年，托尼，您對 ARPU 的提升速度有何看法？

I'll start with the last part. As we look to -- there's a couple of things we look at, Maher. One is the value proposition particularly for us on the Rogers branding, continuing to focus on that. And we're pleased with the gross adds as well as the base management tactics that we've employed to continue to move that in the right direction. We've made a number of pricing adjustments over the last month, as I said earlier, to simplify, strengthen and stabilize pricing for us and hopefully for the industry.

我先從最後一部分開始。正如我們所看到的——我們關注的是幾件事，馬希爾。一是羅傑斯品牌的價值主張，我們將繼續關注這一點。我們對總增值以及我們採用的基礎管理策略感到滿意，這些策略將繼續朝著正確的方向發展。正如我之前所說，上個月我們做出了一系列價格調整，以簡化、加強和穩定我們的定價，並希望對整個行業也是如此。

And it's only been about a month. And as we head into back-to-school, which sort of kicks off the busy period, we'll need to assess the market dynamics. But as I said earlier, what we're seeing is less of a focus of the industry on volume just given the reality of where the industry is at and more on focused on getting pricing and the value proposition right. And so as we look to the things we're doing to make the value proposition of our higher tiers on the Rogers brand more compelling, we like the volume shift that we are seeing.

而這才過了大約一個月。隨著我們進入返校季，繁忙時期即將開始，我們需要評估市場動態。但正如我之前所說，考慮到產業的現實情況，我們看到產業對產量的關注度降低，而對定價和價值主張的關注度則有所提高。因此，當我們著眼於我們正在做的事情，以使羅傑斯品牌更高層次的價值主張更具吸引力時，我們很高興看到銷售的變化。

And so we're seeing good opportunity to continue to strengthen ARPU in the back half and certainly into next year. We touched on roaming, and obviously that's been a headwind. Roaming has been somewhat deflationary in the sense that as Glenn mentioned earlier, there are alternative solutions for roaming. And so part of our approach in that is how do we balance off pricing with volume.

因此，我們看到了在下半年以及明年繼續提高 ARPU 的好機會。我們談到了漫遊，顯然這是一個阻力。漫遊在某種程度上具有通貨緊縮效應，正如格倫之前提到的，漫遊還有其他解決方案。因此，我們的部分方法是如何平衡價格和銷售量。

And we're hoping some of the more recent tactics that we put in place give reason for our customers, once they travel to the US or elsewhere, to actually continue to use the most convenient alternative they have and make that affordable for them and convenient for them. And so we expect volumes on the roaming front to pick up and reverse the trend that we've seen over the last little while. And so that will continue to help as well.

我們希望，我們最近採取的一些策略能夠讓我們的客戶在前往美國或其他地方旅行時，繼續使用他們所擁有的最便捷的替代方案，並讓他們能夠負擔得起並享受便利。因此，我們預計漫遊量將會回升，並扭轉過去一段時間所看到的趨勢。這也將繼續提供幫助。

With the launch of Satellite, while it's very new, we've priced it so that the value proposition for that particular add-on feature is easy and compelling. And we hope and expect that, that will get widespread attraction and add-on to the plans. I'll pause there.

隨著 Satellite 的推出，儘管它非常新，但我們對它進行了定價，以便該特定附加功能的價值主張簡單且引人注目。我們希望並期待這將獲得廣泛的關注並成為計劃的補充。我就在這裡暫停一下。

There are a number of other initiatives we continue to work on and that you'll see us launch in the marketplace, but I would say overall, laddering up to a continued focus on strengthening ARPU, combined with strong subscriber leadership, and that will continue to propel overall Wireless growth.

我們也正在繼續進行其他一些計劃，您會看到我們在市場上推出這些計劃，但我想說，總體而言，我們將繼續專注於加強 ARPU，結合強大的用戶領導力，這將繼續推動整體無線業務的成長。

And then, Maher, on your question on the base adjustments, really the reference there on the roughly 100,000 subscribers that we've restored back into the customer base, those are now reflected back in all the calculations. It's now a clean calculation.

然後，馬希爾，關於你提到的基礎調整問題，實際上，我們已經將大約 100,000 名用戶恢復到客戶群中，這些現在都反映在所有計算中。現在這是一個乾淨的計算。

So over the last several quarters, you would have been running your calculations with, I think, generally running around a 1% bump in our reported churn impact from those base adjustments. Our reporting is now perfectly clean. There's no noise from the removal of any of those base adjustments.

因此，在過去幾個季度中，您可能會進行計算，我認為，這些基礎調整通常會使我們報告的客戶流失影響增加 1% 左右。我們的報道現在非常乾淨。刪除任何基本調整都不會產生雜訊。

Jerome Dubreuil, Desjardins.

傑羅姆‧杜布雷伊 (Jerome Dubreuil)，德雅爾丹 (Desjardins)。

I'm interested in the longer-term CapEx profile of the company. I recognize that there might be changes to the outlook with regards to upcoming regulatory decisions. But still, there might be some potential for Cable CapEx reduction in the light of the advancing integration of the Shaw assets. Any chance you can discuss about the potential for where Cable CapEx could stand in a couple of years? Maybe like what's done at a recent industry event.

我對該公司的長期資本支出狀況很感興趣。我認識到即將出台的監管決策的前景可能會發生變化。但隨著 Shaw 資產整合的推進，有線電視資本支出仍有可能減少。您能否討論一下幾年後 Cable CapEx 的潛力？也許就像最近在行業活動中所做的那樣。

Thank you, Jerome. Similar to before where I indicated I wasn't going to guide for '26, I won't guide for two years out either. But we've been clear in all of our commentary from approaching and then post-closing of the Rogers Shaw transaction that we do intend to drive lower capital intensity within Cable. You're starting to see the effect of those efforts through calling down our capital spend to the very low end of guidance in this year.

謝謝你，傑羅姆。就像我之前表示我不會擔任 26 年的指導一樣，我也不會擔任兩年後的指導。但我們在羅傑斯肖交易即將完成以及完成後的所有評論中都明確表示，我們確實打算降低 Cable 的資本密集度。透過將我們的資本支出在今年降至指導值的最低水平，您開始看到這些努力的效果。

I expect those efforts to continue as we prioritize our investment and still driving growth, still investing in infrastructure. And that's why you heard in Tony's comments how important it is that the regulatory environment remains supportive of that. But our intention is to continue to invest in growth but that the capital intensity will lighten.

我希望這些努力能夠繼續下去，因為我們優先考慮投資，繼續推動成長，繼續投資基礎設施。這就是為什麼你會在托尼的評論中聽到監管環境繼續支持這一點是多麼重要。但我們的目的是繼續投資成長，但資本密集度將會降低。

I'm not going to give you a specific number other than to acknowledge that the Cable capital intensity in particular is higher than it needs to be. Pleased with the progress through the second quarter on overall consolidated intensity. But we still have more work to do there in the coming years.

我不會給你一個具體的數字，只是承認 Cable 的資本密集度確實高於其所需的水平。對第二季整體綜合強度的進展感到滿意。但未來幾年我們還有很多工作要做。

Matthew Griffiths, Bank of America.

馬修‧格里菲斯，美國銀行。

So first on mobility. Multiline discounts aren't necessarily new, but I think they're more generous than they have been in the past. And I was just curious to get your thoughts, if you can share them on how you think that might impact ARPU going forward and how it might impact service revenue maybe in a different direction going forward if they happen to be positive and have good churn reduction attributes.

首先是移動性。多線折扣不一定是新鮮事，但我認為它們比過去更慷慨。我只是好奇地想聽聽您的想法，您是否可以分享一下，您認為這會如何影響未來的 ARPU，以及如果這些影響是積極的並且具有良好的客戶流失減少屬性，它會如何影響未來的服務收入，也許會朝著不同的方向發展。

And then secondly, synergies related to the MLSE deal have come up a number of times. Is there anything you can share on what near-term expectations or near-term time lines could be for synergy realization, whether it be on the cost side initially first that we could expect you to execute on would be helpful.

其次，與 MLSE 交易相關的綜效已經出現多次。您能否分享一下關於實現協同效應的近期預期或近期時間表，無論是最初在成本方面，我們是否可以期望您執行，這都會有所幫助。

Thanks for the question. I'll start with the first one. We launched what I would call a robust multiline strategy, and it's not dissimilar to what you saw in the US market several years ago. If we were to look at lines per account, we're relatively underpenetrated here in Canada.

謝謝你的提問。我先從第一個開始。我們推出了我稱之為強勁的多線策略，它與幾年前在美國市場看到的並無不同。如果我們看一下每個帳戶的線路數，我們在加拿大的滲透率相對較低。

And as we look to some of the market dynamics, particularly in the $30 to $40 price points, what we do know is that many of those, a significant portion of those are second, third and fourth lines.

當我們觀察一些市場動態時，特別是在 30 至 40 美元的價格點，我們確實知道其中很多，很大一部分是二線、三線和四線。

And so what we've done is focused on tiering so that there are multiline discounts. And so you should think about while in aggregate certainly that's dilutive to ARPU, it is incremental service revenue. And so it's just something that we think makes sense. To the extent that we can get the right price points and make third and fourth line very competitive in the $30 to $40 range then we think it's a good strategy.

因此，我們所做的就是專注於分層，以便有多條線路的折扣。因此，您應該考慮，雖然總體而言，這肯定會稀釋 ARPU，但它是增量服務收入。所以我們認為這是有道理的。只要我們能夠獲得正確的價格點，並使第三和第四行在 30 至 40 美元的範圍內具有很強的競爭力，我們認為這是一個很好的策略。

And so you should expect and one of the things we'll talk to in future quarters is average number of lines per account and see how that evolves. It's still early days. But transparently, that's the rationale and the tactic for that.

因此，您應該預料到，我們在未來幾季要討論的事情之一就是每個帳戶的平均線路數，並觀察其如何發展。現在還為時過早。但顯然，這就是這樣做的理由和策略。

Second piece relates to synergies, and Glenn's touched on it. And let me just start off by saying before Glenn adds additional comments, it's early days and too early for us to talk about synergies. What I will tell you is we have a very good track record that you saw being executed in the Shaw transaction of identifying material synergies. We went into this transaction with a view that we could execute on very strong synergies across our sports and media properties.

第二部分涉及協同作用，Glenn 對此進行了闡述。在格倫發表補充評論之前，我首先要說的是，現在談論協同效應還為時過早。我要告訴你們的是，我們在 Shaw 交易中看到了非常良好的業績記錄，即確定了實質的協同效應。我們進行此次交易的目的是為了在我們的體育和媒體資產之間實現非常強大的協同效應。

And certain things that need to happen before we can execute on those, but the thinking, the planning is underway. And at the right time as we execute on those and/or are closer to executing on them, we can be more specific.

在我們執行這些措施之前，需要先發生一些事情，但思考和計劃正在進行中。當我們在適當的時間執行這些目標和/或接近執行這些目標時，我們可以更加具體。

But right now, let's put it in perspective. We just closed the BCE transaction in early Q3. And so we've provided an initial view of what it means for this year to be helpful, but too soon to talk about specifics in terms of outer periods and synergy opportunities.

但現在，讓我們客觀地看待這個問題。我們剛剛在第三季初完成了 BCE 交易。因此，我們對今年的意義提供了初步看法，但現在談論外部時期和協同機會的具體細節還為時過早。

And I have nothing to add to that. I think Tony has captured it all. It's premature.

對此我沒有什麼可補充的。我認為托尼已經掌握了一切。現在還為時過早。

David McFadgen, Cormark Securities.

大衛‧麥克法德根 (David McFadgen)，Cormark 證券公司。

A couple of questions really related to Rogers Satellite. I was wondering if you could give us some idea on the product road map, like when you might be able to offer a voice and data. And then secondly, I was just wondering what your thoughts are on the ability of the incremental revenue that you expect to drive from other satellite, like it's potential to arrest the ARPU decline in Wireless.

有幾個問題確實與羅傑斯衛星有關。我想知道您是否可以向我們提供一些有關產品路線圖的想法，例如何時可以提供語音和數據。其次，我只是想知道您對從其他衛星獲得的增量收入的能力有何看法，例如它是否有可能阻止無線領域的 ARPU 下降。

Thanks for the question, David. I'll start with the first part in terms of the actual capability. That will be dependent on the satellite provider and the evolution of their satellite launches, capacity. But directionally, think about it as sometime later in 2026, could be sooner, but that's sort of our estimate as we work with our satellite partners in terms of the technology and when voice and data could come onstream.

謝謝你的提問，大衛。我先從實際能力的角度講第一部分。這將取決於衛星提供者及其衛星發射和容量的發展。但從方向上看，可以考慮在 2026 年晚些時候，也可能更早，但這是我們在與衛星合作夥伴就技術以及語音和數據何時上線進行合作時的估計。

And then the second part of your question relates to expected upside in revenue. Too early to predict. And we went into this, we think the use case for Canadians is huge. We've launched it as a beta product right now and not dissimilar to the way you've seen it launch in other parts of the world. And it's free and it's available to all Canadians. And so once they sign up, they can start using the service now in terms of texting and 911 texting.

然後，問題的第二部分與預期收入上漲有關。現在預測還為時過早。我們深入研究了這個問題，認為這對加拿大人來說具有巨大的應用前景。我們現在已經將其作為測試版產品推出，與您在世界其他地方看到的推出方式並無不同。而且它是免費的，所有加拿大人都可以使用。因此，一旦他們註冊，他們就可以開始使用該服務，包括發送簡訊和撥打 911 簡訊。

In October, it will move to a pay for service. We priced it at $15 per month, but customers who signed up for the beta period, it will be $10. So they'll receive a $5 discount for a year. And as I said, it's available to all Canadians irrespective of which mobile provider they're on today. We just think the significance of this technology, this is big for a vast country like Canada. Something that's more available, it can only be better for us and for the nation.

十月份，它將轉為付費服務。我們的定價為每月 15 美元，但對於註冊測試期的客戶，價格為 10 美元。因此他們一年內將獲得 5 美元的折扣。正如我所說，所有加拿大人都可以使用它，無論他們現在使用哪家行動電信業者。我們只是認為這項技術的意義對加拿大這樣的大國來說意義重大。某些東西越容易取得，對我們和國家就越好。

And so time will tell in terms of the take-up rates. It's still -- we're only a week into it. But I will tell you, for one week into it, the sign-up has been strong.

因此，時間將證明其接受率。目前還 — — 我們才剛開始一週。但我可以告訴你，活動開始一週以來，報名人數一直非常踴躍。

And if I can just add a follow-up. Can you give us -- can you disclose who your partners are in this? Like I thought it was primarily Starlink. Are there others?

如果我可以添加後續內容。您能否透露一下您的合作夥伴是誰？就像我認為它主要是 Starlink 一樣。還有其他嗎？

There are others. That's one of them. But we still have others we're working with. Clearly, Starlink is the global leader on this frontier, that's what allowed us to bring it to market when we have. But we'll continue to work with our other partners.

還有其他的。這是其中之一。但我們仍在與其他人合作。顯然，Starlink 是這一領域的全球領導者，這使我們能夠將其推向市場。但我們將繼續與其他合作夥伴合作。

You would have seen a little while ago, we signed an MOU with Telesat, and it's more of a Canadian solution, but they've got a ways to go to get to commercial launch.

您可能已經看到，不久前我們與 Telesat 簽署了一份諒解備忘錄，這更像是一種加拿大的解決方案，但他們距離商業發射還有很長的路要走。

But as the industry in terms of satellite connectivity continues to evolve, you're going to expect Rogers to partner with whatever the best solution is and bring that to our customers and Canadians.

但隨著衛星連接行業的不斷發展，您將期望羅傑斯能夠與最好的解決方案合作，並將其帶給我們的客戶和加拿大人。

Patrick Ho, Morgan Stanley.

摩根士丹利的 Patrick Ho。

Just two questions for me. So on cable, I noticed that ARPA was down 3% for the quarter. Could you help us unpack what exactly drove this change within your different product segments within Cable and how we should think about this trending going forward?

我只有兩個問題。因此，在有線電視方面，我注意到 ARPA 本季下降了 3%。您能否幫助我們解釋究竟是什麼推動了有線電視不同產品領域的這種變化，以及我們應該如何看待未來的這種趨勢？

And then secondly, so some of your competitors have been getting into the data center space. Any plans for Rogers to expand its core business beyond just traditional wireless and cable and into data centers to drive further growth?

其次，你們的一些競爭對手已經進入資料中心領域。羅傑斯是否有計劃將其核心業務從傳統的無線和有線擴展到資料中心，以推動進一步成長？

On ARPA, there's nothing specific to call out. There's competitive forces ongoing. We have modest price initiatives that are helping to restore the overall revenue growth. But it's the traditional competitive forces combined with ongoing video trimming of video subscribers. We've moderated that but it continues to decline. And so it's a mix of what you've seen historically.

關於 ARPA，沒有什麼特別值得強調的。競爭力量持續存在。我們採取了適度的價格舉措，以幫助恢復整體收入成長。但這是傳統的競爭力量與視訊用戶不斷減少的視訊需求相結合的結果。我們已經緩和了這種趨勢，但它仍在繼續下降。所以它是你在歷史上見過的事物的混合體。

Within the core business, we have a data center business, no secret. We've been looking at potentially divesting that business. Those considerations are ongoing. There has been a number of reports in media of AI-related and data center-related investments across the telecom sector. I'll just candidly and succinctly say I have absolutely nothing to add in that regard.

在核心業務中，我們有資料中心業務，這不是什麼秘密。我們一直在考慮剝離該業務的可能性。這些考慮仍在進行中。媒體已多次通報電信業對人工智慧和資料中心相關的投資。我只能坦率而簡潔地說，在這方面我沒有什麼好補充的。

We continue to focus on our network infrastructure, wireless and wireline, our sports and media business. They remain our core points of emphasis and concentration.

我們繼續專注於我們的網路基礎設施、無線和有線、體育和媒體業務。它們仍然是我們關注和集中的核心點。

Thank you, Patrick, and thank you all for joining us. IR is available for follow-ups as well. Have a great day.

謝謝你，派崔克，也謝謝大家加入我們。IR 也可用於後續跟進。祝你有美好的一天。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。