Rogers Communications Inc (RCI) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc., third-quarter 2025 results conference call. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加羅傑斯通訊公司2025年第三季業績電話會議。（操作說明）

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.

現在我將把會議交給羅傑斯通訊公司投資者關係副總裁保羅·卡皮諾先生。請繼續，卡皮諾先生。

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.

謝謝你，蓋琳，大家早安，謝謝各位的參與。今天，我與我們的總裁兼執行長托尼·斯塔菲耶里，以及我們的財務長格倫·布蘭特一起出席了會議。

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.

今天的討論將包括一些預測和其他前瞻性訊息，我們的實際結果可能與這些預測有所不同。請仔細閱讀今天發布的盈利報告和 2024 年年度報告中的警示性語言，以了解可能導致實際業績與預期業績存在差異的各種因素、假設和風險。

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

那麼，現在就交給東尼開始吧。

Thank you, Paul, and good morning, everyone.

謝謝你，保羅，大家早安。

It's been quite a week for our Toronto Blue Jays, American League champions, so just wanted to say a few words about Canada's team. We're thrilled the Blue Jays are in the World Series, and it all starts north of the border tomorrow. As owner, our job is to give leadership the tools and resources to win, and as Canada's communications and entertainment company, we're about providing Canadians with the best sports and entertainment experiences. This is one of those moments, and this is what Rogers is all about.

對於我們的多倫多藍鳥隊（美國聯盟冠軍）來說，這真是意義非凡的一周，所以我想簡單談談加拿大隊。我們很高興藍鳥隊能打進世界大賽，而這一切明天就要從加拿大北部開始了。作為所有者，我們的職責是為領導層提供贏得勝利的工具和資源；作為加拿大的通訊和娛樂公司，我們的目標是為加拿大人提供最好的體育和娛樂體驗。這就是其中一個時刻，而這正是羅傑斯的精髓所在。

Let me now turn to the quarter. Q3 was another strong quarter for Rogers. We delivered industry-best combined mobile phone and internet customer additions. We continued to grow our Cable business, anchored by Canada's most reliable internet. We again delivered the best wireless and Cable margins in our sector, and we're seeing healthy revenue growth from our media operations through organic growth and through now including MLSE revenue in our results. Overall, we executed with discipline and a clear focus on driving growth across our three main businesses.

現在讓我來談談季度。第三季對羅傑斯來說又是一個強勁的季度。我們實現了業界最佳的行動電話和網路用戶成長。我們憑藉加拿大最可靠的互聯網，持續發展有線電視業務。我們再次實現了業內最佳的無線和有線電視利潤率，並且透過內生成長以及將 MLSE 收入納入業績，我們的媒體業務收入實現了健康成長。整體而言，我們以嚴謹的紀律和明確的目標，推動三大主要業務的成長。

Let me start with Wireless. In the highly competitive wireless market, we saw some pressure on service revenue, and our priority continues to be on the consistent delivery of results. We added 111,000 total mobile phone net additions in Q3, and year to date, we added 206,000 mobile subscribers, with the vast majority on the Rogers postpaid brand.

讓我先從無線技術說起。在競爭激烈的無線市場中，我們看到服務收入面臨一些壓力，而我們的首要任務仍然是持續交付績效。第三季我們新增了 11.1 萬名手機用戶，今年迄今，我們新增了 20.6 萬名手機用戶，其中絕大多數是 Rogers 後付費用戶。

We are leading the industry with innovative, transparent, feature-rich add-a-line plans. These plans meet the dual objective of providing customers with simple value-add options while targeting revenue growth opportunities to support strategic investments in our network.

我們以創新、透明、功能豐富的附加線路計劃引領業界。這些計劃旨在實現雙重目標：一方面為客戶提供簡單的增值選項，另一方面抓住收入成長機會，以支持對我們網路的策略投資。

We are also leading the industry with Satellite-to-Mobile. This new groundbreaking technology connects Canadians in remote areas, and we now deliver three times more coverage than any other carrier in Canada. Since launching our beta trial in July, we have seen terrific response from both our customers and Canadians. We recently extended the beta trial and will launch even more capabilities in the coming months.

我們在衛星到行動通訊領域也處於行業領先地位。這項突破性的新技術連接了偏遠地區的加拿大人，我們現在提供的網路覆蓋範圍是加拿大其他任何營運商的三倍。自 7 月推出測試版以來，我們收到了客戶和加拿大人的絕佳回饋。我們最近延長了測試版試用期，並將在未來幾個月推出更多功能。

The launch of Satellite-to-Mobile reinforces our 65-year history of leading the industry and innovating for Canadians. Our customers are embracing the strategic approach. Our postpaid churn in the quarter was 0.99%, down 13 basis points year on year, and the lowest churn in over two years. We are leading in innovation and delivering more value for our customers while maintaining industry-leading wireless margins of 67%.

衛星到行動通訊技術的推出，鞏固了我們65年來引領產業發展並為加拿大人民創新的歷史。我們的客戶正在接受這種策略方法。本季我們的後付費用戶流失率為 0.99%，較去年同期下降 13 個基點，是兩年多來的最低流失率。我們在創新方面處於領先地位，為客戶創造更多價值，同時保持業界領先的無線業務利潤率 67%。

In Cable, growth remains positive, reflecting a clear reversal of the negative trend seen in previous years. Retail internet additions were 29,000 in the quarter, and we have delivered approximately 80,000 new internet subscribers year-to-date across the country. This is in part driven by Rogers' leading 5G Home Internet technology. 5G Home Internet is one of many areas where we're leading.

有線電視市場保持正成長，明顯扭轉了前幾年的負成長趨勢。本季零售網路新增用戶 29,000 人，今年迄今，我們在全國新增了約 8 萬名網路用戶。這在一定程度上得益於羅傑斯公司領先的 5G 家庭網路技術。5G家庭網路是我們處於領先地位的眾多領域之一。

With the Xfinity roadmap, we're rolling out new features and plans that drive value and deliver new innovations on our world-class entertainment platform. We've launched Rogers Xfinity StreamSaver to bring together popular streaming services at a price point that's attractive to the consumer. We've launched more smart home devices and new features for Rogers Xfinity Self Protection. We were the first Canadian internet provider to introduce WiFi 7, the latest generation of WiFi technology. Our focus on execution, efficiency, and discipline continues to drive industry-leading Cable margins of 58%.

透過 Xfinity 的發展路線圖，我們將推出新的功能和計劃，從而提升價值，並在我們世界一流的娛樂平台上帶來新的創新。我們推出了 Rogers Xfinity StreamSaver，旨在以對消費者有吸引力的價格將熱門串流媒體服務整合在一起。我們推出了更多智慧家居設備和羅傑斯Xfinity自助保護的新功能。我們是加拿大首家推出 WiFi 7（最新一代 WiFi 技術）的網路服務供應商。我們對執行力、效率和紀律的重視，持續推動我們保持業界領先的電纜利潤率，達到 58%。

Finally, in Media, revenue growth was up 26%, driven by a strong Blue Jays regular season and the consolidation of MLSE results. We are in the early stages of transforming our Sports & Entertainment business into one of the best sports businesses globally. This is our third pillar of growth beyond Wireless and Cable and will be meaningful to Rogers over time. With the acquisition of the additional stake in MLSE, we have added revenue and profitability growth to our core business.

最後，在媒體業務方面，營收成長了 26%，這主要得益於藍鳥隊常規賽的出色表現以及 MLSE 業績的整合。我們正處於將體育娛樂業務轉型為全球最佳體育企業之一的早期階段。這是繼無線和有線電視之後，我們的第三個成長支柱，從長遠來看，這對羅傑斯公司意義重大。透過收購 MLSE 的額外股份，我們為核心業務增加了收入和獲利成長。

Taking a step back, in calendar 2025, we project Media revenue and adjusted EBITDA, including MLSE, for the full year to be $4 billion and $250 million, respectively. Our collection of Sports & Media assets has a value in excess of $15 billion and is among the most impressive in the world. This value is not currently reflected in our share price. We are well positioned to surface this significant, unrecognized value for Rogers shareholders over time.

回顧 2025 年，我們預計全年媒體收入和調整後 EBITDA（包括 MLSE）將分別為 40 億美元和 2.5 億美元。我們擁有的體育和媒體資產價值超過 150 億美元，是世界上最令人印象深刻的資產組合之一。這一價值目前尚未反映在我們的股價上。我們有能力隨著時間的推移，為羅傑斯股東挖掘出這巨大的、尚未被充分認識到的價值。

In 2026, we expect to acquire the outstanding minority stake in MLSE as part of this process, so more to come on this. We are building a sports business at scale and we are assessing multiple options to unlock additional value. We will take the time to be thoughtful, deliberate, and get it right. In the meantime, we will continue to operate with financial discipline while providing team leadership with the tools and resources to build championships.

預計在 2026 年，我們將透過此流程收購 MLSE 剩餘的少數股權，敬請期待更多相關資訊。我們正在打造一個規模化的體育商業帝國，並且正在評估多種方案以釋放更多價值。我們會花時間認真思考、深思熟慮，努力做到最好。同時，我們將繼續秉持財務紀律運營，同時為團隊領導提供打造冠軍所需的工具和資源。

Finally, on balance sheet and capital spending, we are effectively managing leverage down even as we scale up our exceptional asset base. In Q3, we continue to execute on our commitment to maintain a strong balance sheet. We reported a debt leverage ratio of 3.9 times. This was achieved after completing the acquisition of the additional stake in MLSE.

最後，在資產負債表和資本支出方面，即使我們擴大了卓越的資產基礎，我們也在有效地控制槓桿率下降。第三季度，我們繼續履行承諾，保持穩健的資產負債表。我們報告的債務槓桿率為 3.9 倍。這是在完成對 MLSE 額外股份的收購後實現的。

As you saw this morning, we now expect CapEx for the current year to come in at $3.7 billion. This is below our previous target of $3.8 billion and reflects the current regulatory environment. Free cash flow is now expected to be between $3.2 billion and $3.3 billion, higher than our previous target. In the coming quarters, we will maintain our laser-like focus on preserving a strong investment-grade balance sheet even as we complete our transformational investments. As we pursue growth in our three core businesses, we will continue to align capital spending and free cash flow growth to the best growth opportunities and balance sheet deleveraging priorities.

正如您今天早上所看到的，我們現在預計本年度的資本支出將達到 37 億美元。這低於我們先前設定的38億美元的目標，反映了當前的監管環境。目前預計自由現金流將在 32 億美元至 33 億美元之間，高於我們先前的目標。在接下來的幾個季度裡，我們將繼續全力以赴，在完成轉型投資的同時，保持穩健的投資等級資產負債表。在追求三大核心業務成長的同時，我們將繼續調整資本支出和自由現金流成長，以適應最佳成長機會和資產負債表去槓桿化優先事項。

As we get ready for peak selling in the fourth quarter, we will remain focused on balancing execution discipline with revenue and subscriber growth. Thank you to our exceptional team for their continued commitment to drive growth long term.

隨著第四季度銷售高峰的臨近，我們將繼續專注於在執行紀律與收入和用戶成長之間取得平衡。感謝我們優秀的團隊為推動公司長期發展所做的持續努力。

I will now turn the call over to Glenn.

現在我將把通話交給格倫。

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

謝謝你，托尼，大家早安。感謝您的參與。

We are pleased to report that Rogers' third-quarter results reflect another quarter of strong, disciplined, and leading financial and operating performance. Once again, we have delivered industry-leading margin performance in Cable and Wireless, and our Wireless churn is the best we have seen in over two years. We have delivered positive Cable revenue and adjusted EBITDA growth, and we expect that our combined internet and wireless loading will once again lead our peers.

我們很高興地宣布，羅傑斯第三季的業績反映了公司又一個季度強勁、穩健且領先的財務和營運表現。我們再次在有線和無線業務領域實現了領先業界的利潤率，而且我們的無線業務客戶流失率也是兩年多來最好的。我們實現了有線電視收入和調整後 EBITDA 的正成長，我們預計我們的網路和無線流量總和將再次領先同業。

Media has once again delivered sector-leading growth, driven by our added Warner Discovery media content and by our Toronto Blue Jays' very strong regular season performance. As well, this is the first quarter in which MLSE results are now fully consolidated with our Rogers Sports & Media business segment. And so we are pleased to report that Rogers is delivering solid results across all three core businesses, against the backdrop of a competitive environment and slower growth economy.

媒體業務再次實現了領先業界的成長，這得益於我們新增的華納探索媒體內容以及多倫多藍鳥隊在常規賽中的出色表現。此外，本季也是 MLSE 的業績完全併入我們 Rogers Sports & Media 業務部門的第一個季度。因此，我們很高興地報告，在競爭激烈的市場環境和經濟成長放緩的背景下，羅傑斯在所有三大核心業務方面都取得了穩健的表現。

Starting with Wireless, we continue to deliver solid market share supported by disciplined financials. Wireless service revenue was flat, and adjusted EBITDA was up 1% year over year, primarily reflecting the ongoing competitive intensity in the marketplace, continued lower immigration, and lower international roaming and wholesale revenue.

從無線業務開始，我們憑藉著穩健的財務管理，持續維持著穩定的市場佔有率。無線服務收入持平，調整後 EBITDA 年成長 1%，主要反映了市場競爭的持續激烈、移民人數持續下降以及國際漫遊和批發收入下降。

Our sustained emphasis driving cost efficiencies has moved our industry-leading wireless margin to 67%, up 60 basis points against the prior year and near our all-time high of 68%. As well, we have maintained strong market share for mobile phone net additions, adding 111,000 net new subscribers, consisting of 62,000 postpaid and 49,000 prepaid mobile customers.

我們持續致力於提高成本效益，使我們行業領先的無線業務利潤率達到 67%，比上一年增長了 60 個基點，接近我們 68% 的歷史最高水平。此外，我們在行動電話淨新增用戶方面保持了強勁的市場份額，淨新增用戶 111,000 人，其中後付費用戶 62,000 人，預付費用戶 49,000 人。

Across the entire sector, Wireless subscriber additions continued lower versus prior year, reflecting continued lower immigration levels. Against this lower growth backdrop, we have added a sector-leading 206,000 net new mobile phone customers year to date, with the majority of these subscribers added on our feature-rich Rogers premium service plans.

整個產業的無線用戶新增數量與前一年相比持續下降，反映出移民水準持續走低。在成長放緩的背景下，我們今年迄今新增了 206,000 名淨行動電話用戶，在業內處於領先地位，其中大部分用戶都是透過我們功能豐富的 Rogers 高級服務套餐添加的。

Continued emphasis on responsive customer service and improved customer base management has lowered customer churn to a very strong 0.99%, our best churn performance in over two years. Blended mobile phone ARPU of $56.70 is down 3% from the prior year, reflecting the ongoing impact from competitive intensity, combined with lower international and wholesale roaming revenue, as mentioned earlier.

持續重視響應式客戶服務和改善客戶群管理，並將客戶流失率降低至非常高的 0.99%，這是我們兩年多來最好的流失率表現。行動電話用戶平均收入 (ARPU) 為 56.70 美元，比前一年下降 3%，反映出競爭激烈帶來的持續影響，以及如前所述的國際和批發漫遊收入下降。

Moving to Cable. Cable service revenue has once again grown 1% year over year, driven by retail internet subscriber growth, combined with continued discipline in the face of ongoing market competition. Cable adjusted EBITDA is up 2% year over year, driven by the flow-through of modest service revenue growth, combined with our ongoing cost efficiency initiatives. As a result, Cable margins have reached an industry-leading 58%, an increase of 70 basis points over the prior year.

轉用有線電視。受零售網路用戶成長的推動，加上在持續的市場競爭中保持謹慎，有線電視服務收入再次年增 1%。有線電視業務調整後 EBITDA 年成長 2%，這主要得益於服務收入的溫和成長，以及我們持續推動的成本效益措施。因此，有線電視利潤率達到了行業領先的 58%，比上一年增長了 70 個基點。

Internet net additions of 29,000 customers reflect our continued success, expanding subscribers throughout our national footprint and includes our continued success with 5G Home Internet, expanding our bundled service offerings into every region from coast to coast.

網路淨新增 29,000 名用戶反映了我們持續的成功，用戶遍布全國各地，其中包括我們在 5G 家庭互聯網方面的持續成功，我們將捆綁服務產品擴展到從東海岸到西海岸的每個地區。

And finally, Rogers Sports & Media revenue of $753 million was up by 26% over the prior year, reflecting the combined contributions of three key initiatives: our added Warner Discovery suite of media content; stronger results for Sportsnet and the Toronto Blue Jays, particularly through September to close out the regular season; and the consolidation of MLSE in effect of July 1.

最後，羅傑斯體育與媒體的收入為 7.53 億美元，比上一年增長了 26%，這反映了三項關鍵舉措的綜合貢獻：我們新增的華納探索媒體內容套件；Sportsnet 和多倫多藍鳥隊的業績更加強勁，尤其是在 9 月份常規賽結束之際；以及 MLSE 於 7 月 1 日生效的合併。

Media EBITDA was $75 million compared to $136 million last year, reflecting both the positive flow-through of Warner Discovery and the Blue Jays regular season, offset by the seasonally low third-quarter EBITDA loss for MLSE, which is consolidated in 2025, but not in 2024. We expect MLSE will be substantially accretive to earnings in Q4 and for the second half of 2025. As well, the Blue Jays' very successful MLB playoffs and World Series run will provide further added growth in the fourth quarter.

媒體業務的 EBITDA 為 7500 萬美元，而去年為 1.36 億美元，這反映了華納探索頻道和藍鳥隊常規賽的積極影響，但被 MLSE 第三季度季節性較低的 EBITDA 虧損所抵消。 MLSE 將於 2025 年併入合併報表，但不會於 2024 年併入合併報表。我們預計 MLSE 將在 2025 年第四季和下半年大幅提升獲利。此外，藍鳥隊在MLB季後賽和世界大賽中的出色表現，也將為第四季度帶來進一步的成長。

In terms of unlocking additional value from our Sports & Media assets, let me recap our current view on process and timing. To be clear, we remain determined and committed to delevering our balance sheet and to unlocking the significant unrecognized value in the RCI share price from these world-class sports assets.

關於如何從我們的體育和媒體資產中釋放更多價值，讓我回顧一下我們目前對流程和時間的看法。需要明確的是，我們仍然決心並致力於降低資產負債率，並從這些世界級體育資產中釋放 RCI 股價中尚未充分體現的巨大價值。

With a current estimated value of more than $15 billion for our Sports & Media properties, we continue our work to identify and execute on the best long-term strategy to surface value. And the way our Toronto Blue Jays World Series run is captivating this country is a very clear demonstration of the power of our iconic sports teams.

目前，我們體育和媒體資產的估值超過 150 億美元，我們將繼續努力尋找並執行最佳的長期策略，以釋放其價值。多倫多藍鳥隊在世界大賽中的出色表現吸引了全國的目光，這非常清楚地展現了我們標誌性體育隊伍的強大影響力。

We anticipate a transaction could occur over the next 18 months or so, likely coincident with or subsequent to us acquiring the remaining 25% minority interest in MLSE. In the meantime, as we assess multiple options, our Sports & Media operations remain highly successful. They operate at scale and are delivering sector-leading and growing financial results and investment returns.

我們預計交易可能會在未來 18 個月左右發生，很可能與我們收購 MLSE 剩餘的 25% 少數股權同時發生或在其之後發生。同時，在我們評估多種方案的同時，我們的體育和媒體業務依然非常成功。他們以規模化運營，並取得了行業領先且不斷增長的財務業績和投資回報。

Finally, rounding out my comments on the third quarter, our consolidated service revenue is up by 4% to $4.7 billion, and adjusted EBITDA is $2.5 billion, down 1%. As mentioned earlier, the year-over-year changes in both service revenue and EBITDA reflect the flow-through of modest growth in Wireless, Cable, and Media, combined with consolidation of MLSE results starting this quarter.

最後，總結第三季的情況，我們的綜合服務收入成長了 4%，達到 47 億美元，調整後的 EBITDA 為 25 億美元，下降了 1%。如前所述，服務收入和 EBITDA 的同比變化反映了無線、有線和媒體業務溫和增長的傳遞，以及從本季度開始合併 MLSE 的業績。

Capital expenditures were $964 million, which is relatively flat to last year, even as we absorbed some additional capital spending from consolidating MLSE. Free cash flow of $829 million was down 9%, driven by increasing taxable income and the timing of tax installment payments.

資本支出為 9.64 億美元，與去年基本持平，儘管我們吸收了一些因合併 MLSE 而產生的額外資本支出。自由現金流為 8.29 億美元，下降 9%，主要原因是應稅收入增加和稅金分期付款時間表。

We continued to delever in Q3, even as we acquired our additional stake in MLSE for $4.7 billion, roughly a 0.5-turn increase in leverage at acquisition. Immediate execution on driving operating synergies and MLSE EBITDA growth, combined with ongoing application of free cash flow and capital initiatives to delever, allowed us to close the quarter with debt leverage of 3.9 times, down roughly 10 to 20 basis points in the first three months of the MLSE acquisition. Notwithstanding this notable progress, our third-quarter leverage is up by 0.3 times as a result of the MLSE acquisition.

第三季度，我們繼續降低槓桿率，儘管我們斥資 47 億美元收購了 MLSE 的額外股份，收購時槓桿率增加了約 0.5 倍。透過立即執行推動營運協同效應和 MLSE EBITDA 成長的措施，並持續運用自由現金流和資本舉措來降低槓桿率，我們得以在本季度末將債務槓桿率降至 3.9 倍，比收購 MLSE 的前三個月下降了約 10 至 20 個基點。儘管取得了這一顯著進展，但由於收購 MLSE，我們第三季的槓桿率上升了 0.3 倍。

And so here, I will emphasize that we remain committed to strengthening our balance sheet further and to improving our investment-grade credit ratings. We are in regular contact with each of the credit rating agencies to communicate our plans and progress. This will be driven by continued prudent capital priorities, together with earnings and free cash flow growth to pay down debt and lower leverage. Unlocking value from our Sports & Media holdings is a very substantial part of that exercise.

因此，在此我要強調，我們將繼續致力於進一步加強資產負債表，並提高我們的投資等級信用評級。我們與各信用評等機構保持定期聯繫，溝通我們的計劃和進度。這將得益於持續審慎的資本優先事項，以及獲利和自由現金流的成長，從而償還債務並降低槓桿率。從我們的體育和媒體資產中釋放價值是這項工作中非常重要的一部分。

At quarter-end, we maintained our very strong liquidity position, with available liquidity of $6.4 billion. This included $1.5 billion in cash and cash equivalents and $4.9 billion available under our bank and other credit facilities. As you have seen in our Q3 free cash flow statement issued today, we are now reporting distributions paid by subsidiaries to non-controlling interest, reflecting the distribution payment associated with the minority investment and a portion of our wireless network infrastructure.

截至季末，我們維持了非常強勁的流動性狀況，可用流動資金達 64 億美元。其中包括 15 億美元的現金及現金等價物，以及根據我們的銀行和其他信貸安排可用的 49 億美元。正如您在我們今天發布的第三季自由現金流量表中看到的那樣，我們現在報告子公司向非控股股東支付的分配，反映了與少數股東投資和我們部分無線網路基礎設施相關的分配支付。

The $14 million amount reflects the pro-rated timing for the transaction, which closed in late June, and so the Q3 distribution is for a partial prior quarter. In our Q4 results and going forward, the full quarterly amount of the distribution will be reflected, which we anticipate will be approximately $100 million per quarter. And as we discussed last quarter, a very substantial portion of this quarterly distribution is offset by the lower interest expense generated from using the proceeds from this transaction to pay down debt.

1400萬美元的金額反映了交易的按比例計算的時間，該交易於6月下旬完成，因此第三季度的分配是針對上一季的部分款項。在我們的第四季業績及以後的業績中，將反映出全部季度分配金額，我們預計每季約為 1 億美元。正如我們上個季度討論的那樣，本季度分紅的很大一部分被利用此次交易所得款項償還債務所產生的較低利息支出所抵消。

The last piece I will touch on before we open up the call for Q&A is for affirmation and updates to our 2025 guidance, where we have improved our outlook for both capital expenditures and free cash flow for the rest of the year, reflecting our ongoing efforts to drive more efficient capital allocation and also reflecting the current regulatory environment.

在正式開始問答環節之前，我要談的最後一點是確認和更新我們 2025 年的業績指引。我們提高了對今年剩餘時間資本支出和自由現金流的預期，這反映了我們不斷努力提高資本配置效率，同時也反映了當前的監管環境。

We now expect to end 2025 with capital expenditures of approximately $3.7 billion, which is a further $100 million reduction to our previous adjusted target of $3.8 billion and a full $300 million improvement from the previously anticipated high end of our guidance range announced in January, when we were targeting $3.8 billion to $4 billion. Notably, we are improving our targeted capital outlook, even as we absorb the additional capital expenditures associated with MLSE. We have driven careful prioritization of our capital investments in 2025, and you should expect this determined prioritization to continue in 2026.

我們現在預計 2025 年底的資本支出約為 37 億美元，比我們先前調整後的 38 億美元的目標進一步減少了 1 億美元，比我們 1 月公佈的預期上限（38 億美元至 40 億美元）提高了整整 3 億美元。值得注意的是，即使我們正在吸收與 MLSE 相關的額外資本支出，我們的目標資本前景也在不斷改善。我們對 2025 年的資本投資進行了謹慎的優先排序，預計這種堅定的優先排序將在 2026 年繼續下去。

As well, we now expect our 2025 free cash flow to be in the range of $3.2 billion to $3.3 billion, compared to the $3.0 billion to $3.2 billion range previously estimated at the beginning of the year. As we prepare for 2026 and beyond, you should expect that we will continue to drive more efficient capital investment, improve free cash flow, and further strengthen and delever the balance sheet.

此外，我們現在預計 2025 年的自由現金流將在 32 億美元至 33 億美元之間，而年初時我們估計的自由現金流為 30 億美元至 32 億美元。展望 2026 年及以後，您可以期待我們將繼續推動更有效率的資本投資，改善自由現金流，並進一步加強和降低資產負債率。

And so in summary, our Q3 results demonstrate that Rogers continues to successfully execute on its core Wireless and Cable strategies. We have achieved consistent, strong performance for almost four years now, and we will continue to build on this track record in the quarters and years ahead.

綜上所述，我們的第三季業績表明，羅傑斯繼續成功執行其核心無線和有線策略。近四年來，我們一直保持著強勁的業績，未來幾季和幾年裡，我們將繼續鞏固這一良好勢頭。

In Sports & Media, we continue to make progress on our very unique opportunity to surface significant unrecognized value from these assets for our shareholders. And in the meantime, we continue to pursue sector-leading growth and improve profitability for Rogers Sports & Media.

在體育與媒體領域，我們不斷取得進展，抓住這獨特的機遇，為股東挖掘這些資產中尚未被充分認可的巨大價值。同時，我們將繼續追求領先業界的成長，並提高羅傑斯體育傳媒的獲利能力。

Let me close by extending a very sincere and appreciative thank you to our employees, who are the engine driving and sustaining our strong execution and who play a critical role in driving our future success. Thank you for your tremendous pride and determination. And finally, go Jays!

最後，我要向我們的員工表達非常真誠和感激的感謝，他們是推動和維持我們強大執行力的引擎，並在推動我們未來的成功中發揮著至關重要的作用。感謝你們展現出的巨大自豪感和堅定決心。最後，加油，藍鳥！

I will now ask Gaylene to open the call for our Q&A session. Thank you.

現在我請蓋琳開始我們的問答環節。謝謝。

(Operator Instructions) Stephanie Price, CIBC.

（操作說明）Stephanie Price，CIBC。

Hi. Good morning. I was hoping you could talk a little bit more on the Wireless competitive environment as we head into the holiday season and if you think the current pricing environment can be sustained here.

你好。早安.我希望您能再多談談即將到來的假期季節期間無線通訊產業的競爭環境，以及您認為目前的定價環境能否持續下去。

Morning, Stephanie. Thanks for the question. In terms of -- we approached back to school with a view of having very simple, redefined value propositions for the customer. And so we streamlined our price offerings. We made it more clear on the differentiation amongst the plans with features that are beyond just data bucket sizes. And what we found is it resonated well.

早安，史蒂芬妮。謝謝你的提問。就此而言－我們重返校園時，希望為客戶提出非常簡單、重新定義的價值主張。因此，我們簡化了價格方案。我們透過除了數據桶大小之外的其他功能，更清晰地展現了各個套餐之間的差異。我們發現它引起了很好的共鳴。

We focused on add-a-line construct so that we could increase the number of lines per customer, and that's trending well for us as well. And we recently introduced tiered hardware promotional discounts so that the amount of discount on a hardware is graduated depending on the plan that the customer comes in on or is on if they're in currently customers today. And what we're finding is that's resonating extremely well with customers, and you're seeing that in our subscriber performance. And that's been continuing throughout October as well.

我們專注於增加每筆訂單的行數，這樣我們就可以增加每位客戶的訂單行數，而且這種模式對我們來說也發展得很好。我們最近推出了分級硬體促銷折扣，硬體折扣金額會根據客戶加入或目前所處的套餐方案而有所不同。我們發現，這種做法與客戶的反應非常好，這點從我們的訂閱用戶表現中就能看出來。這種情況一直持續到十月。

And so we think we've got the right value proposition as we head into Black Friday and to the end of the year. And so that's what you should expect to see from us. We'll see how the marketplace responds, and to the extent we need to pivot based on the market dynamics, then we'll do so. But right now, we're feeling pretty good about the pricing constructs that we have in the marketplace.

因此，我們認為，在即將到來的黑色星期五和年底之際，我們已經找到了合適的價值主張。所以，這就是你們應該期待從我們這裡看到的。我們將觀察市場的反應，並根據市場動態，在必要時進行調整。但就目前而言，我們對市場上的定價結構感覺相當不錯。

Thank you. And then maybe a follow-up on churn. Your churn has been down over the past two quarters. Great to see, and hoping you can give us some thoughts on churn management and where there's further opportunities potentially.

謝謝。然後或許可以跟進一下客戶流失。過去兩個季度，您的客戶流失率有所下降。很高興看到這些，希望您能就客戶流失管理以及未來可能的發展機會分享一些想法。

Yeah. What you're seeing is a very concerted effort. We've always focused on base management, but we've taken a much more holistic approach to base management and employing tactics that are resonating with customers in terms of what's important to them, drilling down on customers that we think might have a propensity to churn and dealing with the issues in advance of them calling us.

是的。你現在看到的是一場精心策劃的行動。我們一直專注於客戶基礎管理，但我們採取了更全面的基礎管理方法，並採用能夠引起客戶共鳴的策略，專注於對他們來說重要的事情，深入研究我們認為可能流失的客戶，並在他們聯繫我們之前處理相關問題。

And so there are a number of tactics that we've been going through, and the team is executing extremely well in base management. We expect to continue to see good churn performance across our entire base.

因此，我們一直在嘗試多種戰術，團隊在基地管理方面執行得非常出色。我們預計在整個用戶群中，客戶流失率將繼續保持良好水準。

Thank you so much.

太感謝了。

Great. Thanks, Stephanie. Next question, Gaylene.

偉大的。謝謝你，斯蒂芬妮。蓋琳​​，下一個問題。

Aravinda Galappatthige, Canaccord Genuity.

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

Good morning. Thanks for taking my question. I wanted to start off with Wireless. Obviously, the lag effect of the historical promotional activity continues to show in the service revenue numbers. But just looking at the sequential trend in service revenue growth, wanted to clarify whether there were items around roaming or like still customers that would have had an impact on that number.

早安.謝謝您回答我的問題。我想先從無線技術講起。顯然，歷史促銷活動的滯後效應仍反映在服務收入數據中。但僅從服務收入成長的連續趨勢來看，我想澄清漫遊或現有客戶等因素是否對該數字產生了影響。

Thanks, Aravinda. Yes, the part of that decline really is lower roaming volumes, as well as a reference to some wholesale revenues that I'll shortcut and simply say move to another carrier. And so you're seeing that roll through. That's a very substantial part of what you've seen in the revenue.

謝謝你，阿拉文達。是的，下滑的部分原因確實是漫遊量減少，以及批發收入的下降，我在這裡就簡單概括一下，就是轉到其他業者。所以你會看到這種趨勢持續下去。這是你在收入中所看到的很大一部分。

Thanks. And just maybe a bigger picture question on operating leverage. I mean, with the progress that's made on the AI side of things, the latest generation being agentic AI and so forth, can you talk about the magnitude of the opportunities that you have to potentially deploy those technologies within the firm and potentially drive streamlining efforts within Rogers, whether it's in CX or even on the network operations side, marketing, et cetera, just to get a sense of how material that could be from an operating leverage perspective to the company?

謝謝。或許還可以從更宏觀的角度來看經營槓桿問題。我的意思是，隨著人工智慧領域取得的進展，最新一代是智能體人工智慧等等，您能否談談在公司內部部署這些技術並推動羅傑斯公司內部精簡工作的潛在機會有多大，無論是在客戶體驗方面，還是在網絡運營、市場營銷等方面，只是為了了解從運營槓桿的角度來看，這對公司來說有多麼重要？

Thanks for the question, Aravinda. Really good question and something we've been spending quite a bit of time on, not just historically, but as investments in AI tools and technology continues to grow exponentially, we continue to look at ways to capitalize on it. And we see three main areas.

謝謝你的提問，阿拉文達。這是一個很好的問題，也是我們一直在努力解決的問題，不僅是過去，而且隨著對人工智慧工具和技術的投資持續呈指數級增長，我們也一直在尋找利用這些投資的方法。我們主要看到三個面向。

One is the customer experience, as you indicated, combining with a completely digital experience, and that's the journey we're on. It's going to allow us to give the customer a more consistent, streamlined experience to address whatever issue they have. And we're really looking forward to that and are much more cost effective -- on a much more cost-effective basis.

正如您所指出的，其一是客戶體驗，將其與完全數位化的體驗相結合，而這正是我們正在走的路。這將使我們能夠為客戶提供更一致、更簡化的體驗，以解決他們遇到的任何問題。我們對此非常期待，而且成本效益更高——在成本效益方面要高得多。

The second relates to efficiency and the ability of these AI tools to make us much more efficient, and some of which you're seeing already in our industry-leading margins in both Wireless and Cable. And then the third really relates to security and the ability to continue to enhance security for our customers and for our own data.

第二點與效率以及這些人工智慧工具能夠讓我們更有效率有關，其中一些已經體現在我們無線和有線業務行業領先的利潤率中。第三點實際上與安全性以及我們不斷提高客戶和我們自身資料安全性的能力有關。

And so it's all three of those categories that we're very much focused on, and we'll continue to deploy. So the opportunity for this is significant for us and this sector. And we'll continue to follow in many ways the large players globally and the tools that they've deployed successfully so that we're a fast follower in many of these areas and implementing them efficiently.

因此，我們非常關注這三個類別，並將繼續部署。因此，這對我們和這個行業來說都是一個重要的機會。我們將繼續在許多方面效仿全球大型企業及其成功部署的工具，以便我們能夠在這些領域快速跟進並有效實施。

Thank you. I'll pass the line.

謝謝。我會越過那條線。

Thanks, Aravinda. Next question, Gaylene.

謝謝你，阿拉文達。蓋琳​​，下一個問題。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Yeah. Thanks very much, and good morning. Maybe extending the network revenue question, I think, from Aravinda. Maybe, Glenn, can you talk about just -- let's level set expectations about how that trends, just given all the moving parts, whether you want to talk about Q4 into 2026, just how are you thinking of the puts and takes and the trajectory?

是的。非常感謝，早安。我認為，或許可以把網路收入問題從 Aravinda 的問題延伸開來。格倫，或許你可以談談——讓我們先明確一下對這種趨勢的預期，考慮到所有變數，無論你想談談 2026 年的第四季度，你是如何看待買賣和發展軌蹟的？

And then second question, obviously going to fit in a Jays point here. On the sports assets, I mean, clearly incredible to see the whole country alive here. Maybe, Tony, you've talked about kind of how these three businesses have to stand on their own, but clearly, there's a branding and cross-promotional aspect to this all. Just wondering if we would see or have seen direct impacts on your telecom business in terms of subscriber growth or benefits that are coming your way on the telecom side that we'd see in either Q3 or Q4 or just maybe longer term.

第二個問題，顯然這裡要提到藍鳥隊。就體育資源而言，我的意思是，看到整個國家都充滿活力，這簡直令人難以置信。東尼，你或許說過這三家企業必須各自獨立發展，但顯然，這一切都牽涉到品牌推廣和交叉宣傳。我只是想知道，在用戶成長方面，我們是否會看到或已經看到電信業務受到直接影響，或者在電信方面有哪些好處會在第三季度或第四季度，或者更長時間內顯現出來。

Thanks, Drew. Let me start with the first part of that.

謝謝你，德魯。讓我先從第一部分說起。

I'm not going to take the opportunity to start guiding for '26. I will say the trends you see -- I'll say through the first three quarters of 2025 and the trajectory of hitting growth on the year for service revenue, we remain firmly committed to and expect. And so for the year, you'll see positive service revenue growth for Wireless.

我不會抓住機會開始擔任 2026 年的指導老師。我會說，就你們看到的趨勢而言——我會說，在 2025 年前三個季度以及服務收入實現年度增長的軌跡，我們仍然堅定地致力於並期待著。因此，今年無線業務的服務收入將實現正成長。

We all know the competitive framework that we operate in and the slower subscriber growth. That's why you see us leaning in on base management, ensuring improvement. That's a very efficient way of finding, if not revenue growth, certainly sustaining the base of operations. And so we remain committed to that.

我們都知道我們所處的競爭環境以及用戶成長放緩的現狀。這就是為什麼你會看到我們重視基地管理，確保改進的原因。即使不能帶來收入成長，這也是一種非常有效的維持營運基礎的方法。因此，我們將繼續致力於此。

Q4, I expect you'll see strong execution. Part of our Q3 backdrop is we are lapping a very strong Q3 in the prior year, and we have sustained and held the very fast part of that growth that you saw in '24 through the first three quarters of '25. So I'm pleased with that progress. So Q4 will be another strong quarter. I won't comment further on guiding for that or beyond in '26, but I'm pleased with progress for sustaining that base management through the three quarters.

預計第四季將取得強勁的執行力。我們第三季的背景之一是，我們延續了上一年第三季的強勁勢頭，並且我們保持了2024年到2025年前三個季度的高速成長動能。我對這個進展感到滿意。因此，第四季將又是一個強勁的季度。我不會對 2026 年及以後的指導方針發表更多評論，但我對過去三個季度維持這一基本面管理所取得的進展感到滿意。

Drew, with respect to your second question, as you pointed out, we're looking to each one of our pillars of growth being Wireless, Cable, and now Sports & Entertainment to stand on their own and drive value, profitability, and growth in their own respect.

Drew，關於你的第二個問題，正如你所指出的，我們希望無線、有線以及現在的體育娛樂這三大增長支柱能夠獨立發展，並在各自的領域內推動價值、盈利能力和增長。

But we also look to ensure that we're capitalizing on the cross synergies amongst all our assets. And the run of the Toronto Blue Jays and heading into the World Series, you can see that in spades in terms of the ability to enhance our brand, the ability to showcase our Cable and Wireless products and services to viewers of the game. And we've seen that throughout the year.

但我們也希望確保充分利用我們所有資產之間的交叉協同效應。從多倫多藍鳥隊一路殺進世界大賽的旅程中，我們可以充分看到，這大大提升了我們的品牌形象，也讓我們能夠向比賽觀眾展示我們的有線和無線產品及服務。我們在過去一年中已經看到了這一點。

If you think about some of the key events in 2025, Four Nations, the playoff run of the Toronto Maple Leafs, and then the Toronto Blue Jays, and there are others as well. But you see the power of live sports. And it's good to see. And it's been a benefit for us, as I said, in and of itself, but also in terms of helping the broader Rogers.

想想 2025 年的一些重要事件，例如四國橄欖球錦標賽、多倫多楓葉隊的季後賽旅程，以及多倫多藍鳥隊的比賽，還有其他一些事件。但你看到了現場體育賽事的魅力。很高興看到這一點。正如我所說，這本身對我們來說是一件好事，而且對整個羅傑斯公司來說也是一件好事。

Thank you.

謝謝。

Thank you, Drew. Next question, Gaylene.

謝謝你，德魯。蓋琳​​，下一個問題。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼，TD Cowen。

Hey. Thanks very much. I assume you're getting a lot of favors and requests for tickets for the World Series. I'm wondering if you can compare that. How many requests are you getting for this versus the Taylor Swift concerts? You don't have to answer that.

嘿。非常感謝。我猜你肯定收到了很多幫忙和索取世界大賽門票的請求。我想知道你是否可以對它們進行比較。與泰勒絲演唱會相比，你收到的關於這場演唱會的請求數量是多少？你不必回答這個問題。

These are the most World Series requests we've had in 32 years.

這是我們32年來收到的世界大賽相關請求最多的一次。

Thanks, Glenn. A very accurate answer as always. The more serious question, you've been asked this several times. I want to hit this head on. Given pricing is improving in Wireless, your front book is now above your back book. And we've seen the CPI stats showed a material improvement in September to basically flat for Wireless pricing versus double-digit declines earlier in the year. All that should mean that Q3 is the trough quarter for Wireless ARPU at minus 3.2%. Can you not confirm that it won't get worse than that and should gradually get better over the next five, six quarters?

謝謝你，格倫。一如既往，回答非常準確。更嚴肅的問題，你已經被問過好幾次了。我想正面解決這個問題。鑑於無線業務的價格正在改善，您前面的帳目現在比後面的帳目更划算。我們看到，CPI 統計數據顯示，9 月無線價格有了實質改善，基本上持平，而今年早些時候則出現了兩位數的下降。所有這些都意味著第三季度是無線ARPU的最低谷季度，為-3.2%。你能確認情況不會更糟，並且在接下來的五、六個季度內會逐漸好轉嗎？

I succinctly agree with your sentiment. I think we are seeing some strong initiatives around and a large number of initiatives to sustain the base, low churn, and sustain revenue. And so broadly, yes, I think you are seeing us continue solid Wireless growth on a full year, as well as quarter to quarter. You saw a dip in the third quarter, but all of the elements that you've pointed out are true, Vince.

我完全同意你的觀點。我認為我們看到了一些強而有力的舉措，以及大量旨在維持客戶基礎、降低客戶流失率和維持收入的舉措。所以總的來說，是的，我認為你們可以看到我們全年以及每季無線業務都繼續保持穩健成長。文斯，你確實看到了第三季的下滑，但你指出的所有因素都是正確的。

Thank you. If I can just sneak in one more. Wireless equipment margin was pretty positive contributor to EBITDA again this quarter. In the past, it hasn't always been a positive. Has something changed in terms of handset subsidies and the amounts you're giving out to or something changed with your deals with the vendors to allow that to be a sustainable source of positive EBITDA?

謝謝。如果我能再偷偷加一個就好了。本季無線設備利潤率再次為 EBITDA 做出了相當積極的貢獻。過去，這並不總是一件好事。手機補貼政策和補貼金額是否有改變？或者，你們與供應商的協議是否有所改變，以確保手機補貼能持續帶來正的 EBITDA？

The driver for it in the third quarter was really our shift to the tiered promotional discounting that I spoke about. Although we implemented it later in the quarter, it came at a time with higher volumes with back to school. And so it was extremely and continues to be very effective in reducing our net hardware costs, but also in incenting the customer to move up tier.

第三季業績成長的真正驅動因素是我們轉向了我之前提到的分級促銷折扣。雖然我們在本季後期才實施了該措施，但當時正值開學季，業務量較大。因此，它在降低我們的硬體淨成本方面非常有效，而且現在仍然非常有效，同時也激勵客戶升級到更高層級的產品。

And so when we look at our ARPU in, we're really pleased with the effect that it's having. You see ARPU in up very nicely year on year. So we like what we see there. And so it is, we believe, the beginning of a trend in terms of net hardware costs for us.

因此，當我們查看我們的 ARPU 時，我們對它所產生的效果非常滿意。你可以看到，ARPU值逐年穩定成長。我們很喜歡那裡看到的東西。因此，我們認為，這標誌著我們淨硬體成本趨勢的開始。

Thank you.

謝謝。

Thank you, Vince.

謝謝你，文斯。

Thanks, Vince. Next question, Gaylene.

謝謝你，文斯。蓋琳​​，下一個問題。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Great. Thank you for taking my question. Glenn, I just wanted to double check on something. In the previous question, you said in your response that you agreed with all the assumptions based on the basis of the question. But I'd just be very specific. Are you saying that you confirm that the back book of your Wireless service customers is above -- is below the current front book?

偉大的。感謝您回答我的問題。格倫，我只是想再次確認一下。在上一個問題中，你在回答中表示，你同意基於該問題的所有假設。但我會說得非常具體一點。你是說你確認你的無線服務客戶的舊帳簿高於還是低於目前的新帳簿？

I'm answering from a general sentiment of whether or not we are troughing, whether or not Wireless service revenue is growing. I'm not getting into the detail of front or back book. You've heard me answer these questions consistently, Maher, when we're asked on what's ARPU trajectory, I focus on service revenue growth and EBITDA growth.

我的回答是基於我們是否正處於低谷，以及無線服務收入是否在成長這一總體感受。我不想贅述書的封面或封底的細節。馬赫，你一直都聽我回答這些問題，當被問到 ARPU 的發展軌跡時，我關注的是服務收入成長和 EBITDA 成長。

And on service revenue growth, I expect Wireless service revenue to grow each quarter and each year. We had a slight, and it's a very slight decline, just below zero or flat in the third quarter. For the year, we'll be positive, and I expect we'll be positive going forward. It's a mix of subscriber additions, pricing initiatives, service plan initiatives, simplifying our service plan offerings, and trying to move customers up through premium plans. I could go on and on.

至於服務收入成長，我預期無線服務收入每季和每年都會成長。第三季我們出現了輕微的下降，而且下降幅度非常小，略低於零度或持平。今年我們持樂觀態度，我預期未來也會保持樂觀。這是一系列措施的綜合體現，包括增加用戶、價格調整、服務計劃調整、簡化服務計劃產品，以及努力引導客戶升級到高級計劃。我還可以繼續說下去。

So I don't want to talk about front and back book because it makes it seem like there's a difference between new and long-standing customers. It's really working with our service plans and our initiatives all around that to drive service revenue and EBITDA growth. So don't read too much into that. I'm answering from a general sentiment. We expect Wireless service revenue to grow, period.

所以我不想談封面和封底，因為這會讓新客戶和老客戶之間產生差異的假象。它確實與我們的服務計劃以及圍繞這些計劃的各項舉措相配合，以推動服務收入和 EBITDA 的成長。所以不要過度解讀。我只是從一般意義上表達我的感受。我們預期無線服務收入將持續成長。

Perfect. Thank you. Thank you for answering this question more precisely because I think there's still some gap left to be closed, but I agree that there's upside for next year.

完美的。謝謝。感謝您更準確地回答這個問題，因為我認為仍然存在一些差距需要縮小，但我同意明年會有上升空間。

So I just wanted to ask you, I know it's not much visible in your results, and I'm not surprised because in Canada, we have a lag to the US in terms of new product introduction. But results from AT&T yesterday and T-Mobile this morning are showing a significant increase in jump balls coming from customers looking to get their hands on the new iPhones.

所以我想問你，我知道這在你的結果中不太明顯，我也不感到驚訝，因為在加拿大，我們在新產品推出方面比美國落後。但昨天 AT&T 和今天早上 T-Mobile 的數據顯示，想要搶購新 iPhone 的顧客數量顯著增加。

So I wanted to just see if you're noticing thus far in Q4 a slight pickup in jump balls in Canada yet, or if not, why not? And how are you positioning yourself for Q4 for -- if we do see the same trend occurring in Canada, do you think handset subsidization will become a bigger factor in the overall economics of floating customers in Q4 versus prior quarters?

所以我想看看，到目前為止，你是否注意到加拿大在第四季度跳球比賽的數量略有增加，如果沒有，原因是什麼？那麼，如果加拿大也出現同樣的趨勢，您認為手機補貼在第四季度對流動客戶的整體經濟影響是否會比前幾季更大？

There are a couple of things that you touched on, and I'll work backwards from your question. In terms of -- in Q4, the demand for new devices and the subsidy and cost for us, what you see in market for us is how we intend to approach the marketplace in the fourth quarter. We think we have very good value proposition, and our promotional incentives are really going to be centered around hardware rather than rate plans. But we're also going to be very disciplined in the tiering constructs that I spoke about earlier, so that higher promotional discounts come with our more premium plans and vice versa.

你提到了一些事情，我會從你的問題著手，倒推著回答。就第四季而言，新設備的需求、補貼和成本，以及我們在市場上看到的情況，都反映了我們打算在第四季如何進入市場。我們認為我們的產品具有非常好的價值主張，我們的促銷激勵措施將真正圍繞硬體展開，而不是價格方案。但是，我們也會嚴格執行我之前提到的分級結構，這樣一來，更高級的套餐就會有更高的促銷折扣，反之亦然。

In terms of, to use your term, jump ball that we're seeing with the launch of the new iPhone device, we've seen good demand for it. Our bigger constraint has been supply, frankly, on that front, and so that's been the limiting factor for us, but I would say at the margin. But we're seeing the same type of industry constructs for our business that you described.

就你所說的，隨著新款 iPhone 的發布而出現的「跳球效應」而言，我們看到了良好的市場需求。坦白說，我們在這方面最大的限制因素是供應，所以這一直是我們的限制因素，但我想說，這只是邊緣問題。但我們發現，我們所處的行業也存在著您所描述的那種結構。

Great. Thank you for taking my questions.

偉大的。謝謝您回答我的問題。

Thank you, Maher.

謝謝你，馬赫。

Next question, Gaylene.

蓋琳​​，下一個問題。

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Great. Thank you. Can you talk a little bit about the competitive environment in terms of if you're seeing any pickup in go-to-market strategy with converged offers? And from your perspective, can you give us a sense of maybe what percent of your broadband space takes the Rogers services for mobile? And what are some benefits you see beyond just churn reduction? Thank you.

偉大的。謝謝。您能否談談當前的競爭環境，例如，您是否看到市場推廣策略隨著產品融合而有所改善？從您的角度來看，您能否大致說明一下，您的寬頻空間中有多少百分比用於羅傑斯公司的行動服務？除了降低客戶流失率之外，您認為還有哪些好處？謝謝。

Thanks, Batya, for the question. Converged offering is something that we've spoke about in previous calls and continues to be a competitive advantage for us, frankly, given our wireline and wireless converged footprint. And now, with FWA, we're essentially converged on 100%. And so our go-to-market strategy has been to leverage our distribution channels, which are the strongest and, frankly, the best in the industry here in Canada and leverage those to offer customers a converged home solution as well as their wireless products. And we're seeing good pickup in that.

謝謝你的提問，巴蒂亞。融合產品是我們之前電話會議中討論過的，坦白說，鑑於我們有線和無線融合的業務佈局，它仍然是我們的競爭優勢。現在，有了 FWA，我們基本上已經達到了 100%。因此，我們的市場推廣策略是利用我們在加拿大最強大、坦白說也是業內最好的分銷管道，並利用這些管道為客戶提供融合的家庭解決方案以及無線產品。我們看到這方面正在取得良好的進展。

In terms of the percentage, we don't disclose that, but it continues to rise rather rapidly in customers looking for that solution. And there are a number of benefits beyond -- the converged offer is a bundled discount, a modest discount for it. But there are other benefits that customer sees in terms of simplified servicing, having to deal with only one provider, and the convergence of the technologies as that evolves, they see benefit in that.

至於具體百分比，我們不予透露，但尋求該解決方案的客戶數量仍在快速增長。除此之外，還有許多其他好處——整合後的優惠是捆綁折扣，折扣力度不大。但客戶也看到了其他好處，例如簡化服務、只需與一家供應商打交道，以及隨著技術的發展而實現的融合，他們從中看到了好處。

Got it. Thank you. And just a quick follow-up on the lower CapEx for this year. Can you just provide a bit more color on where it's coming from and also how we should think about capital intensity going forward?

知道了。謝謝。關於今年較低的資本支出，我再補充一點。您能否更詳細地說明它的來源，以及我們未來應該如何看待資本密集問題？

We've been very focused on efficiency throughout our operations. You've seen it and continue to see it in our operating margins across our Cable and Wireless businesses. And you'll see it in our Media business as well going forward at scale.

我們一直非常注重營運效率。你已經看到，並且會繼續在我們的有線和無線業務的營業利潤率中看到這一點。未來，你也會在我們的媒體業務中看到這種趨勢的大規模應用。

But we've also continued to focus on capital efficiency. And that's what you're seeing play out there. There are projects that we decided not to invest in as a result of a government decision on TPIA. Certain projects were just not viable and carried too much uncertainty, and it's disappointing. We're a company that wants to invest in this country and in infrastructure.

但我們也一直專注於提高資本效率。這就是你現在在場上看到的。由於政府對 TPIA 所做的決定，我們決定不投資某些項目。某些項目根本不可行，而且存在太多的不確定性，這令人失望。我們是一家希望投資這個國家和基礎建設的公司。

And when faced with uncertainty that those types of decisions create for us, we have no choice but to pull back on capital investment. And you see that impacting the total dollars. In terms of going forward, you should expect us to continue to look for improved efficiencies and ways of continuing to reduce our capital intensity across our businesses.

面對這類決策帶給我們的不確定性，我們別無選擇，只能減少資本投資。你可以看到這會影響總金額。展望未來，我們將繼續尋求提高效率的方法，並持續降低我們各項業務的資本密集度。

Got it. Thank you.

知道了。謝謝。

Thanks, Batya. Next question, Gaylene, please.

謝謝你，巴蒂亞。蓋琳​​，請問下一個問題。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布雷伊，德斯賈丁斯。

Good morning. Thanks for taking my question. The first one, I just want to hear maybe more about the financing plan for the Kilmer deal, which we understand is coming. Glenn, you mentioned that there's been credit agency discussion. I'm sure they're aware. But if you can comment on the plan maybe to bridge a gap, just so the market is ready and we don't have to start over with the balance sheet questions when the Kilmer deal comes.

早安.謝謝您回答我的問題。首先，我想多了解一下 Kilmer 交易的融資計劃，我們了解到這項交易即將進行。格倫，你提到一直在討論信用機構的問題。我相信他們很清楚。但如果您能對該計劃發表一些評論，或許可以彌合差距，以便市場做好準備，這樣當基爾默交易達成時，我們就不必重新開始處理資產負債表問題了。

Thank you, Jerome. What we're focused on is first acquiring the remaining 25% minority stake, combining the operations, and then proceeding with recapitalizing the combined Rogers Sports & Media, including MLSE and Blue Jays entity. That could happen very shortly on the heels of acquiring the minority stake, or it could happen sometime following that. And so we're guiding towards within the next 18 months. I do anticipate it could well be in 2026, which is just inside 18 months now that we're standing in October. But it's over a timeframe that is going to take some time to work through the acquisition of the 25% stake. And over the course of that exercise, we are working with our analysis to figure out how best to capitalize that combined entity. It's going to depend upon the arrangements that we strike with the minority shareholder on buying out their stake and just when that comes.

謝謝你，傑羅姆。我們目前的重點是先收購剩餘的 25% 少數股權，合併運營，然後對合併後的 Rogers Sports & Media（包括 MLSE 和 Blue Jays 實體）進行資本重組。這可能在收購少數股權後不久發生，也可能在之後的一段時間發生。因此，我們的目標是在未來 18 個月內實現。我預計很可能是在 2026 年，也就是現在的 10 月，距離 2026 年不到 18 個月。但完成這 25% 股份的收購需要一段時間。在這過程中，我們將運用分析結果，找出如何才能最好地利用合併後的實體。這取決於我們與少數股東就收購其股份達成的協議，以及收購何時完成。

Tremendous interest being expressed by institutional, potential institutional investors. They are an extremely attractive set of assets. We are working with the credit rating agency, so they are aware of our timing. You mentioned -- you heard me mention on the second-quarter call, critical for us was getting our arms around the Shaw delevering at mid-year before and then embarking on this MLSE consolidation with RSM and recapitalization. That allows the calendar to be reset, gives us time to fill in those details.

機構投資者和潛在機構投資者對此表現出了極大的興趣。它們是一組極具吸引力的資產。我們正在與信用評級機構合作，所以他們了解我們的時間表。你提到過——你也聽到我在第二季電話會議上提到過，對我們來說至關重要的是，在年中之前控制住 Shaw 的去槓桿化，然後開始與 RSM 進行 MLSE 的合併和資本重組。這樣就可以重置行事曆，給我們時間填寫這些細節。

So I'll quickly draw to a conclusion then, Jerome, that I'm not going to give you the roadmap on exactly how much we're selling down and to whom because we -- I don't want to pre-announce. I don't have anything to pre-announce. I do know we have assets that are worth more than $20 billion once we combine it all and tremendous interest in buying in.

那麼，傑羅姆，我很快就要得出結論了，我不會告訴你我們究竟要減持多少股份以及賣給誰，因為我們——我不想提前宣布。我沒有什麼要提前宣布的。我知道，我們擁有的資產總價值超過 200 億美元，人們對購買這些資產表現出極大的興趣。

We have shown time and again, most recently with Shaw acquisition, our ability to delever. We are absolutely focused on that exercise and we have a tremendous value of assets here to do that with. So I'm highly confident on our execution.

我們已經一次又一次地證明了我們有能力降低槓桿率，最近一次就是收購 Shaw。我們絕對專注於這項工作，而且我們擁有大量資源來進行這項工作。所以我對我們的執行力非常有信心。

That's great, Glenn. And if I can just go more specifically on this, if I can summarize there is that credit rating agencies are aware we're not going to need any equity to bridge a gap, probably. I know the answer to that question, but it would be great to have it out there.

太好了，格倫。如果我更具體地談談這個問題，總結一下，那就是信用評級機構意識到我們可能不需要任何股權來彌補缺口。我知道這個問題的答案，但如果能把答案公諸於世就更好了。

Yes, succinctly yes. They are aware we have time to execute. They know we are committed to executing on this. I have been managing our credit ratings and our capitalization and capital structure and funding as a primary part of my role for coming up on 34 years now. I've been working with these credit rating agencies throughout that 34-year period. They're well aware of our intentions and our capabilities.

是的，簡而言之，是的。他們知道我們有時間執行。他們知道我們致力於執行這項任務。近 34 年來，我一直將管理公司信用評級、資本充足率、資本結構和融資作為我工作的主要內容。在過去的34年裡，我一直與這些信用評等機構保持合作。他們非常清楚我們的意圖和能力。

Great. Thank you.

偉大的。謝謝。

Thank you, Jerome.

謝謝你，傑羅姆。

Great. Gaylene, we have time for two more questions, please.

偉大的。蓋琳​​，我們還有時間再問兩個問題。

Matthew Griffiths, Bank of America.

馬修·格里菲斯，美國銀行。

Hi. Thanks for taking the question. Just on the sports, in the past, if I'm not mistaken, it's been a priority to consider control of the assets following the transaction. That hasn't been brought up this morning, but I just wanted to see if that remains kind of one of the priorities that you're factoring in in addition to the kind of shareholder return maximization from any potential deal 18 months down the road.

你好。感謝您回答這個問題。就體育領域而言，如果我沒記錯的話，過去交易完成後對資產的控制權一直是首要考慮因素。今天早上還沒有人提到這一點，但我只是想看看，除了在未來 18 個月內實現股東回報最大化之外，這是否仍然是您在考慮任何潛在交易時需要考慮的優先事項之一。

And then separately, just on Wireless, on the cost side, in the release, it was mentioned kind of the launch of the satellite service was one of the items called out for increased cost. And I just was curious if that was mostly a marketing-related comment or if it's related to kind of the payment to the partner or a combination of both, just kind of what exactly is that referring to? I know it's early days, so I just wanted some clarity if it's possible. Thanks.

另外，就無線業務的成本而言，新聞稿中提到，衛星服務的推出是成本增加的項目之一。我只是好奇，這番話主要是關於行銷的，還是與支付給合作夥伴的款項有關，或者兩者兼而有之，它到底指的是什麼？我知道現在還為時過早，所以我只是想確認是否可行。謝謝。

Thank you, Matt. Let me start with the sports side of it. I'll answer it quickly with just a reference back to the asset value within our sports holdings is, as I've said, somewhere in the range of what we own 100% of everything, Blue Jays and RSM operations today, plus MLSE.

謝謝你，馬特。先從體育方面說起。我會快速回答這個問題，只需回顧一下我們體育資產的價值，正如我所說，它大致相當於我們目前擁有的所有資產的價值，包括藍鳥隊和RSM的運營，以及MLSE。

We've indicated that we think the value of that is over $20 billion. If we were to sell a majority stake, that would be raising north of $10 billion. I don't need $10 billion of equity improvement in the RCI balance sheet. And so I do expect we will maintain control simply because the exercise is not that large and these assets are very valuable. We do anticipate we will control these assets.

我們已經表明，我們認為它的價值超過 200 億美元。如果我們出售多數股權，將籌集超過 100 億美元的資金。我不需要RCI資產負債表上增加100億美元的權益。因此，我預計我們將保持控制權，因為這次行動規模不大，而且這些資產非常有價值。我們預計我們將控制這些資產。

The second part of your question, Matt, in terms of our Wireless operating costs, you're referring to the comments made in the press release. Year on year, we've had a very modest increase in operating costs. You see it in the disclosures of about $8 million. It's a combination of several factors.

馬特，你問題的第二部分，關於我們的無線營運成本，你指的是新聞稿中提到的那些評論。與往年相比，我們的營運成本成長幅度非常小。從披露的約 800 萬美元金額中可以看出這一點。這是多種因素共同作用的結果。

One of those factors that is described is the Satellite-to-Mobile initiative. And as you rightly point out, it does encompass both the marketing as well as the fee paid for the service under our contract. And we are currently in the beta trial mode. We've extended the beta trial mode to allow the commercial launch to be coincident with the launch of new feature capabilities of the satellite.

其中一個被提及的因素是衛星到行動通訊計畫。正如您所指出的，它確實包括了行銷以及根據我們的合約支付的服務費。我們目前處於測試階段。我們延長了測試版試用期，以便商業發布能夠與衛星新功能的發布同步進行。

Right now, it is just texting. But very soon, we're pleased to announce and see that it will include data as well. And so that's the reason for extending the beta trial before we get to commercial launch. And so you don't see any of the revenue pickup in our Q3 results and you won't see it until we move to commercial launch.

目前只能發簡訊。但我們很高興地宣布，很快它還將包含數據。所以，這就是我們在正式商業發布前延長測試版試用期的原因。因此，在我們的第三季業績中，您看不到任何收入成長，而且在正式商業發布之前，您也不會看到收入成長。

Okay. Thanks so much.

好的。非常感謝。

Thank you, Matt.

謝謝你，馬特。

And final question, please, Gaylene.

蓋琳​​，請問最後一個問題。

David McFadgen, Cormark Securities.

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

All right. Thanks for taking me in. Maybe just following on the Rogers Satellite for a second. So right now, it's texting and you expect to add data. I guess that would be a light data plan. And then, do you have any ideas on when you'd be able to offer text, voice, and just full data?

好的。謝謝你收留我。或許只是暫時跟著羅傑斯衛星頻道觀看一下。所以現在，你正在發送短信，並且希望添加數據流量。我猜這應該是個輕量級的數據套餐。那麼，您有沒有計劃何時能夠提供文字、語音和完整數據服務？

Thanks for the question, David. So on launch, again, to reiterate, it was texting, including 911 texting. In terms of capability, we are extremely pleased with the advancement of the roadmap. Data wasn't going to come until next year and voice was planned for the year after that.

謝謝你的提問，大衛。所以，再次重申一下，在發佈時，它支援簡訊功能，包括發送 911 簡訊。就能力而言，我們對路線圖的進展非常滿意。數據功能要到明年才會推出，語音功能則計劃在後年推出。

As a result of the work that our partner has been doing at a very rapid pace, we're pleased that this quarter, what we will have for our customers is the ability to use data and apps. As you describe, it'll be somewhat light data. We'll see the capability in terms of bandwidth once it's into production, but we're really excited about that.

由於我們的合作夥伴以非常快的速度開展工作，我們很高興本季我們將為客戶提供使用數據和應用程式的能力。正如你所描述的，數據量會比較少。等投入生產後，我們才能看到它在頻寬方面的能力，但我們對此感到非常興奮。

And then the next to follow is voice. We don't have something we can disclose on that, but you should expect it at some point in 2026.

接下來是語音。我們目前還沒有任何可以透露的訊息，但你們應該會在 2026 年的某個時候看到它。

Okay. And then, can you give us any idea on the number of people that have signed up for the trial so far?

好的。那麼，您能否透露一下目前為止有多少人報名參加了試用？

It's received terrific demand from our customers and Canadians broadly in signing up for it. As you can imagine, just given our topography and landscape here in Canada, there are significant areas that weren't covered by any wireless network, including some major highways. And so the use case for it is significant, and what we're seeing is very good pickup.

我們的客戶和廣大加拿大人對這項服務的需求非常旺盛，註冊人數眾多。可想而知，鑑於加拿大的地形地貌，有許多地區沒有無線網路覆蓋，包括一些主要高速公路。因此，它的應用場景非常重要，而且我們看到的是非常好的反響。

So it's a material amount. What I can tell you, it's over 1 million, but we're not disclosing the specific number because we don't want to get too far ahead of ourselves in trying to extrapolate what kind of revenue that means.

所以這是一筆不小的數目。我可以告訴你的是，超過100萬，但我們不會透露具體數字，因為我們不想操之過急，去推斷這意味著什麼樣的收入。

One of the real opportunities here for us, David, is that it covers the very remote regions of the country. It covers virtually every road and highway, and so there's the individual Canadians that are signing up. The enablement of this for businesses is tremendous, and the opportunity for us is tremendous.

大衛，對我們來說，真正的機會之一在於它覆蓋了該國非常偏遠的地區。它幾乎涵蓋了每條道路和高速公路，因此有很多加拿大人報名參加。這對企業來說意義重大，對我們來說也是巨大的機會。

Well, the fact that you've had over 1 million sign-ups, that's pretty darn good. And then just one, if I could squeeze in one more, just on the Wireless side. So if we don't see any change in immigration, immigration stays at the current levels, do you think your Wireless net ads would be similar next year or higher or lower?

嗯，你們的註冊用戶超過100萬，這真是太棒了。然後，如果可以的話，再加一個，就無線端的。如果移民數量沒有變化，保持目前的水平，您認為明年無線網路廣告收入會與去年持平、更高還是更低？

Let me avoid guiding for next year, but I would say if I look at 2025, even with very, very low immigration, our growth is in the range of 3% for the sector, for the industry, and 3% growth is roughly 1 million adds for the industry. And so I would expect that to continue until immigration turns up again. It will at some point. I don't expect that in '26. It would be wonderful if it did, but it will come back at some point. We will look to growing the population again, I expect. That's a key part of economic growth for any country. But 3% growth in the base is certainly something we can still build on.

我不想對明年的情況做預測，但我想說，如果展望 2025 年，即使移民數量非常非常少，我們行業的增長率也將達到 3%，而 3% 的增長率大約相當於該行業新增 100 萬人。因此，我預計這種情況會持續下去，直到移民問題再次出現為止。總有一天會的。我不認為2026年會發生這種情況。如果真能如此就太好了，但它遲早會回來的。我預計我們會再次尋求增加人口數量。這是任何國家經濟成長的關鍵組成部分。但3%的基數成長無疑是我們可以繼續努力的方向。

Okay. Thanks a lot.

好的。多謝。

Thank you, David.

謝謝你，大衛。

Thanks, David. And thanks, everyone, for joining us. If there's any follow-up, please feel free to reach out, and have a great day.

謝謝你，大衛。感謝各位的參與。如有任何後續事宜，請隨時聯繫，並祝您今天過得愉快。

Thank you all. Go Jays!

謝謝大家。加油，藍鳥隊！

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。