Rogers Communications Inc (RCI) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc, fourth-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年第四季業績電話會議。（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 our 2024 annual report regarding the various factors, assumptions and risks that could cause our actual results to differ. With that, let me turn the call over to Tony.

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。那麼，我把電話交給東尼吧。

Thank you, Paul, and good morning, everyone. I'm pleased to report that Rogers ended 2025 and the fourth quarter with strong financial and operating results. We executed well in a highly competitive telecom environment. In 2025, we delivered industry-leading wireless and cable margins. We delivered industry-leading combined net new mobile phone and internet subscribers.

謝謝你，保羅，大家早安。我很高興地報告，羅傑斯公司在2025年和第四季度取得了強勁的財務和營運業績。我們在競爭激烈的電信業中表現出色。2025年，我們實現了業界領先的無線和有線業務利潤率。我們實現了業內領先的新增行動電話和網路用戶總數。

We invested in and delivered strong growth in our core sports and media operations, highlighting the quality of our world-class assets as we pursue future monetization opportunities.

我們對核心體育和媒體業務進行了投資，並實現了強勁增長，這凸顯了我們世界一流資產的質量，也為我們未來尋求盈利機會奠定了基礎。

We executed on our plan to return leverage back to pre-shaw levels well ahead of our initial target. And importantly, we met or exceeded each of our 2025 guidance targets for growth, profitability and capital efficiency. Our full year and fourth quarter results demonstrate our success in advancing a consistent and transparent long-term strategy. It's based on disciplined execution regardless of market conditions while maintaining an investment-grade balance sheet and investing for the future.

我們提前完成了計劃，使槓桿率恢復到肖氏時代之前的水平。更重要的是，我們達到或超越了 2025 年成長、獲利能力和資本效率的各項指導目標。我們的全年和第四季度業績表明，我們在推進一致、透明的長期策略方面取得了成功。它以嚴謹的執行力為基礎，不受市場狀況的影響，同時保持投資等級的資產負債表，並為未來進行投資。

In a low growth environment, we are adjusting our cost structure, driving efficiency and growing cash flow to deliver on the sustainable long-term value creation we are pursuing across our three pillars of growth. This includes continuing to lead with innovative first and transformative transactions.

在低成長環境下，我們正在調整成本結構，提高效率，增加現金流，以實現我們在三大成長支柱領域所追求的永續長期價值創造。這包括繼續引領創新、開創性和變革性的交易。

2025 was a very significant impactful year on this front. We closed on the acquisition of our controlling interest in MLSE to now hold a 75% interest in one of the world's premier sports and entertainment companies.

2025年是這方面影響非常重大的一年。我們完成了對 MLSE 控股權的收購，現在持有這家世界頂級體育娛樂公司 75% 的股份。

We closed a $7 billion equity investment transaction, demonstrating the confidence investors have in Rogers and our world-class assets. We launched Rogers satellite, the first and only wireless carrier in Canada to offer satellite to mobile. And we kicked off the new year with the launch of Screen Break, a new national program to help you balance screen time.

我們完成了一筆 70 億美元的股權投資交易，這反映了投資者對羅傑斯及其世界一流資產的信心。我們推出了羅傑斯衛星服務，羅傑斯是加拿大第一家也是唯一一家提供衛星行動通訊服務的無線營運商。新的一年伊始，我們推出了「螢幕休息」（Screen Break）計劃，這是一項旨在幫助大家平衡螢幕時間的全國性新計劃。

Let me now turn to our fourth quarter results. The wireless market remained highly competitive in a slower growth environment. Total mobile phone net additions were 39,000. Notably, during the holiday period, we opted for a disciplined, balanced approach while our competitors pushed uneconomic loading. We executed well in this environment.

現在讓我來看看我們第四季的業績。在經濟成長放緩的環境下，無線市場依然競爭激烈。行動電話淨新增用戶總數為39,000台。值得注意的是，在假期期間，我們採取了有紀律、平衡的方法，而我們的競爭對手則推行不經濟的裝載方式。在這種環境下，我們表現出色。

We improved postpaid churn again this quarter to 1.43%, down 10 basis points and increased margin by 40 basis points to deliver an industry-leading margin of 67%.

本季度，我們的後付費用戶流失率再次降低至 1.43%，下降了 10 個基點，利潤率提高了 40 個基點，實現了 67% 的行業領先利潤率。

As the sector adjusts to the current low-growth environment, we continue to prioritize improving our fundamentals. We have demonstrated consistently that we will not lead or chase uneconomic loading. Instead, we are focused on delivering solid financials and balanced subscriber growth with the best value proposition.

隨著產業適應當前低成長環境，我們將繼續優先改善基本面。我們一貫地表明，我們不會主導或追逐不經濟的裝載量。相反，我們專注於透過最佳價值主張，實現穩健的財務表現和均衡的用戶成長。

For example, Rogers satellite. Canadians can stay connected in areas where traditional cellular coverage isn't available, starting with text messaging, text to 911 and now also includes data streaming for e-mails, popular apps that offer voice and video calling, apps that offer maps and more.

例如，羅傑斯衛星公司。即使在傳統蜂窩網路覆蓋不到的地區，加拿大人也可以保持聯繫，最初是透過簡訊、簡訊撥打 911，現在還包括電子郵件的資料流、提供語音和視訊通話的熱門應用程式、提供地圖的應用程式等等。

Rogers satellite is now included in all our 5G plus plans in places where Canadians need it most, namely Atlantic Canada. And nationally, subscribers on select plans can enjoy Rogers satellite at no additional cost. No other carrier in the country offers this technology or this coverage.

在加拿大最需要的地方，特別是大西洋沿岸地區，羅傑斯衛星現在已納入我們所有的 5G Plus 套裝行程。在全國範圍內，選擇特定套餐的用戶可以免費享受羅傑斯衛星電視服務。國內其他業者均不提供這項技術或此服務覆蓋範圍。

Stepping back, our disciplined approach is essential to investment that has enabled Canada to build and maintain its world-class networks and Rogers continues to lead on that front.

退一步講，我們嚴謹的投資方式對於加拿大建立和維護世界一流的網路至關重要，而羅傑斯公司在這方面繼續處於領先地位。

In our cable business, our balanced approach in the fourth quarter resulted in solid internet subscriber net additions and industry-leading margins. Revenue for Q4 was up slightly over 2024 and adjusted EBITDA was up 1%. We've materially turned around performance in a business that previously was declining service revenue at a rate of 4% per year. And our Q4 cable margin of 59% is industry-leading once again.

在有線電視業務方面，我們第四季採取的均衡策略實現了穩健的網路用戶淨成長和業界領先的利潤率。第四季營收略高於 2024 年水平，調整後 EBITDA 成長 1%。我們已從根本上扭轉了業務業績，此前該業務的服務收入每年下降 4%。我們第四季的有線電視業務利潤率達到 59%，再次領先業界。

These strong fundamentals support the continued rollout of Rogers Xfinity services on the best entertainment platform with Canada's most reliable internet.

這些強勁的基本面支撐著 Rogers Xfinity 服務在加拿大最可靠的網路和最佳娛樂平台上的持續推廣。

Finally, in media, the business delivered stellar results, reflecting the success and potential of our world-class sports assets. Q4 revenue of $1.2 billion was more than double one year ago, and adjusted EBITDA was up more than fourfold. This was driven by two factors, first, the extended Blue Jays postseason run. Game 7 of the World Series was the most watched Rogers broadcast ever and the most watched broadcast in Canada's history outside of the Winter Olympics back in 2010.

最後，在媒體業務方面，公司取得了優異的成績，反映了我們世界一流體育資產的成功和潛力。第四季營收達 12 億美元，是去年同期的兩倍多；調整後 EBITDA 成長超過四倍。這主要受兩個因素影響，首先是藍鳥隊在季後賽的出色表現。世界大賽第七場比賽是羅傑斯電視台有史以來收視率最高的轉播，也是加拿大歷史上除 2010 年冬季奧運會之外收視率最高的轉播。

The second major driver of growth was the consolidation of MLSE results in the second half of the year. The scale and strong profitability of our sports and media operations is impressive. Rogers pro forma 2025 media revenue and adjusted EBITDA, including MLSE for the full year and Blue Jay's post-season revenue, was approximately $4.1 billion and $400 million, respectively. This is well ahead of our initial expectations.

第二個主要成長驅動因素是下半年MLSE績效的整合。我們體育和媒體業務的規模和強勁的獲利能力令人印象深刻。Rogers 2025 年的媒體收入和調整後 EBITDA（包括 MLSE 全年收入和藍鳥隊季後賽收入）分別約為 41 億美元和 4 億美元。這遠遠超出了我們最初的預期。

Clearly, Rogers has established a set of world-class assets with global appeal. And importantly, the strong financial and operational results position us well as we pursue sports monetization opportunities in the future, including purchasing the remaining 25% stake in MLSE later this year.

顯然，羅傑斯已經建立了一系列具有全球吸引力的世界級資產。更重要的是，強勁的財務和營運業績使我們在未來尋求體育貨幣化機會時處於有利地位，包括在今年稍後收購 MLSE 剩餘的 25% 股份。

We believe this will have significant upside in our communication business and the synergies will further enhance our value proposition to attract and retain customers.

我們相信這將對我們的通訊業務產生巨大的正面影響，綜效將進一步增強我們吸引和留住客戶的價值主張。

We executed well on each of our core businesses in 2025, while successfully deleveraging the balance sheet back to pre-shaw levels. We accomplished this a full nine months ahead of our initial three-year commitment.

2025 年，我們在各項核心業務方面都取得了良好的業績，同時成功地將資產負債表的槓桿率降低到 Shaw 收購前的水平。我們比原定的三年計畫提早了整整九個月完成了這項任務。

In essence, we successfully completed, executed and integrated the purchase of two transformational assets and delevered ahead of schedule. Delivering on this plan has set us up to make the additional strategic investments in our Sports and Media business to drive long-term gains.

從本質上講，我們成功完成了對兩項變革性資產的收購、執行和整合，並提前實現了去槓桿化。該計劃的實施使我們能夠對體育和媒體業務進行額外的策略性投資，從而推動長期收益。

At the end of Q4, debt leverage was down to 3.9 time, an impressive 0.6 times improvement versus last year, and free cash flow was $1 billion, up 16% from one year ago. Driving greater CapEx efficiency is supporting the strong free cash flow. We reduced CapEx by 7% in the quarter, and capital intensity dropped to 15%, representing our lowest level since the second quarter of 2017.

第四季末，債務槓桿率降至 3.9 倍，較去年同期顯著改善 0.6 倍；自由現金流為 10 億美元，比一年前增加 16%。提高資本支出效率有助於維持強勁的自由現金流。本季我們減少了 7% 的資本支出，資本密集度降至 15%，這是自 2017 年第二季以來的最低水準。

We expect this to decline further in 2026 as we deliver further efficiencies, but also as we further cancel projects that are uneconomical in this current regulatory environment.

我們預計，隨著我們進一步提高效率，以及我們進一步取消在當前監管環境下不經濟的項目，2026 年這一數字將進一步下降。

As noted this morning, our 2026 outlook outlines strong service revenue growth along with additional capital efficiency and higher free cash flow. Total service revenue growth is projected to be in the 3% to 5% range with adjusted EBITDA growth of 1% to 3%.

正如今天早上所指出的，我們對 2026 年的展望概述了強勁的服務收入成長，以及更高的資本效率和更高的自由現金流。預計總服務收入成長將在 3% 至 5% 之間，調整後 EBITDA 成長將在 1% 至 3% 之間。

We are also targeting additional CapEx declines in 2026, as I just mentioned. At the $3.3 billion to $3.5 billion range, this would be down from $3.7 billion in 2025 and from our high point of $4 billion in 2024. And we're projecting free cash flow to be higher in the $3.3 billion to $3.5 billion range.

正如我剛才提到的，我們也計劃在 2026 年進一步降低資本支出。預計金額將在 33 億美元至 35 億美元之間，這將低於 2025 年的 37 億美元，也低於 2024 年的峰值 40 億美元。我們預計自由現金流將更高，達到 33 億美元至 35 億美元。

Overall, 2025 was a strong year. We move forward on growth, capital efficiency and delevering, and we positioned our sports assets for future value creation currently not reflected in our share price.

整體而言，2025 年是表現強勁的一年。我們繼續推動成長、資本效率和去槓桿化，並已將體育資產配置到位，以創造未來的價值，而這些價值目前尚未反映在我們的股價中。

In closing, I want to thank our team for delivering strong results in a competitive environment. Our team's resilience, adaptability and consistent, disciplined execution stands out in the sector. Thank you to this team for their hard work in 2025 and for their continued commitment to drive growth in our three core businesses. I'll now turn the call over to Glenn.

最後，我要感謝我們的團隊在競爭激烈的環境中取得了優異的成績。我們團隊的韌性、適應力和始終如一、嚴謹的執行力在業界脫穎而出。感謝團隊在 2025 年的辛勤工作，以及他們為推動我們三大核心業務成長所做的持續努力。現在我將把電話交給格倫。

Thank you, Tony, and good morning, everyone. Thank you for joining us. Rogers' strong fourth quarter results closed out a year of solid revenue growth, remarkable success from our world-class sports and media assets, and consistent execution and discipline in a highly competitive market.

謝謝你，托尼，大家早安。感謝您的參與。Rogers 強勁的第四季度業績為公司穩健的收入成長、世界一流的體育和媒體資產取得的顯著成功以及在競爭激烈的市場中持續的執行力和紀律性，畫上了圓滿的句號。

Importantly, we have delivered these results while driving substantial improvement in free cash flow, capital efficiency and leverage reduction. We have met or exceeded each of our 2025 upgraded guidance metrics, and we will build on these successes going forward reflected in our guidance for 2026.

重要的是，我們在實現這些成果的同時，大幅提高了自由現金流、資本效率並降低了槓桿率。我們已經達到或超過了 2025 年升級後的各項業績指引指標，我們將在此基礎上繼續努力，並將這些成功體現在我們 2026 年的業績指引中。

Let me start by covering our fourth quarter highlights. In wireless, the fourth quarter, the sector's peak selling period was very competitive, particularly following Black Friday. Against a smaller market for new subscriber net additions, we saw heightened discounting from some of our peers throughout December, in our view, chasing uneconomic market share.

首先，讓我來回顧一下我們第四季的亮點。在無線領域，第四季是該行業的銷售高峰期，競爭非常激烈，尤其是在黑色星期五之後。由於新增用戶數市場規模較小，我們看到一些同業在整個 12 月加大了折扣力度，我們認為，這是為了追逐不經濟的市場份額。

We have remained selective with our offers and have proactively elected not to follow our peers heavy discounting, reflected in our comparatively lower net adds for the fourth quarter. Rather than follow, we have delivered balanced financial performance and subscriber growth, which better preserved service revenue for 2026. In contrast, some of our peers' unsustainable discounting has continued through January with this past weekend being another clear example.

我們一直謹慎地選擇產品，並主動選擇不效仿同業的大幅折扣策略，這反映在我們第四季相對較低的淨新增客戶數量上。我們沒有隨波逐流，而是實現了財務績效和用戶成長的平衡，從而更好地保障了 2026 年的服務收入。相比之下，我們的一些同行的不可持續折扣一直持續到一月份，上週末就是另一個明顯的例子。

Wireless service revenue was $2.1 billion in the quarter, even with 2024 while adjusted EBITDA grew 1% to $1.4 billion, yielding an industry-leading margin of 67%. Against the backdrop of lower immigration, we added 39,000 total mobile phone net additions, 37,000 of whom were postpaid subscribers on our Rogers premium service. ARPU is down 2.8% to $56.43 for the quarter.

即使算上 2024 年的預期，本季無線服務收入也達到了 21 億美元，而調整後的 EBITDA 成長了 1% 至 14 億美元，利潤率達到了業界領先的 67%。在移民人數減少的背景下，我們新增了 39,000 名行動電話用戶，其中 37,000 人是我們 Rogers 高級服務的後付費用戶。本季每用戶平均收入 (ARPU) 下降 2.8% 至 56.43 美元。

Rogers' full year 2025 mobile phone subscriber net additions were 245,000 and we delivered an industry-best 345,000 combined net new mobile phone and retail internet subscribers, reflecting the success of our market strategy and our true national scale spanning coast to coast. Importantly, our churn improved to 1.43% for the fourth quarter and to 1.11% for the full year.

Rogers 2025 年全年行動電話用戶淨增 245,000 人，行動電話和零售網路用戶淨增 345,000 人，創下業內最佳紀錄，這反映了我們市場策略的成功以及我們真正覆蓋全國的規模。重要的是，我們的第四季客戶流失率改善至 1.43%，全年客戶流失率改善至 1.11%。

Moving to cable. We delivered healthy internet subscriber net additions and industry-leading margins. And through the second half and for the full year of 2025, we returned our cable business back to service revenue growth. A key objective our team has delivered on. Retail internet net additions were 22,000 in the fourth quarter, even with last year.

改用有線電視。我們實現了健康的網路用戶淨成長和領先業界的利潤率。在 2025 年下半年和全年，我們的有線電視業務恢復了服務收入成長。我們團隊已經實現了一個關鍵目標。第四季零售網路淨新增用戶為 22,000 人，與去年同期持平。

And for the second straight year, we added another 100,000 net new retail internet subscribers in 2025. Similar to wireless, we are balancing subscriber growth with solid financials. And our combination of revenue growth while driving cost efficiency once again delivered an industry-leading cable margin of 59%, up 30 basis points from last year.

連續第二年，我們在 2025 年新增了 10 萬淨零售網路用戶。與無線產業類似，我們也在努力平衡用戶成長和穩健的財務狀況。我們透過提高收入和降低成本，再次實現了業界領先的有線電視利潤率 59%，比去年提高了 30 個基點。

Turning to Rogers Sports and Media. Our 2026 results very clearly reflect world-class scale and operating performance for RSM. Fourth quarter revenue grew to $1.2 billion, and adjusted EBITDA was $221 million, both well above last year, driven by the tremendous Blue Jays World Series run combined with the seasonally robust fourth quarter from MLSE.

轉向羅傑斯體育傳媒公司。我們 2026 年的業績非常清楚地反映了 RSM 世界一流的規模和營運表現。第四季營收成長至 12 億美元，調整後 EBITDA 為 2.21 億美元，均遠高於去年同期，主要得益於藍鳥隊在世界大賽中的出色表現，以及 MLSE 第四季業績的強勁成長。

At $4.1 billion in revenue and over $0.4 billion in EBITDA when measured on a pro forma basis to include MLSE for all of 2025, Rogers owns one of the most substantial sports and media operations globally right here in Canada.

羅傑斯公司2025年全年營收達41億美元，EBITDA超過4億美元（以備考基準計算，包括MLSE），在加拿大擁有全球規模最大的體育和媒體業務之一。

Our teams are truly iconic national franchises with fans reaching from coast to coast to coast, providing a reflection for Canadian pride and a boost to Canada's economy. Rogers is extremely proud to be a part of it all.

我們的球隊是真正具有標誌性的全國性俱樂部，球迷遍布加拿大各地，體現了加拿大人的自豪感，也促進了加拿大的經濟發展。羅傑斯非常自豪能參與其中。

As you are aware, we intend to complete a sports monetization transaction after we purchased the remaining 25% minority interest in MLSE, which we expect will be later this year. We are committed to further delevering our balance sheet and unlocking the significant unrecognized value in the RCI share price from these world-class assets, more to come through 2026.

如您所知，我們計劃在收購 MLSE 剩餘的 25% 少數股權後完成體育資產變現交易，預計這將在今年稍後完成。我們致力於進一步降低資產負債比率，並從這些世界級資產中釋放 RCI 股價中尚未充分體現的價值，到 2026 年還將有更多措施出台。

Turning to our consolidated results for the fourth quarter. Consolidated service revenue is up by 16% to $5.3 billion, and adjusted EBITDA is up 6% to $2.7 billion. For the full year, we ended the year with revenues of $21.7 billion and EBITDA of $9.8 billion, each up 5% and 2%, respectively. Capital expenditures were down 7%, not withstanding now consolidating capital spending at MLSE.

接下來來看看我們第四季的綜合業績。綜合服務收入成長 16% 至 53 億美元，調整後 EBITDA 成長 6% 至 27 億美元。全年來看，我們的營收為 217 億美元，EBITDA 為 98 億美元，分別成長了 5% 和 2%。儘管MLSE目前正在整合資本支出，但資本支出仍下降了7%。

With our lower capital investment and higher revenue this quarter, capital intensity declined to an eight-year low at 15%.

由於本季資本投資減少、收入增加，資本密集度降至八年來的最低點 15%。

Capital expenditures for the year were $3.7 billion, down 8% year-over-year, all while once again earning the distinction of owning and operating Canada's most reliable wireless and wireline networks. Our improved capital efficiency over the past two years is also reflected in free cash flow, which was just over $1 billion in Q4 or 16% higher than a year ago.

本年度資本支出為 37 億美元，年減 8%，但公司再次榮獲擁有和營運加拿大最可靠的無線和有線網路的殊榮。過去兩年我們資本效率的提升也反映在自由現金流上，第四季自由現金流略高於 10 億美元，比去年同期成長了 16%。

Our 2025 free cash flow was over $3.3 billion, exceeding our high end of guidance and up 10% year-over-year. And in December, we completed the sale of our data center business for $0.2 billion in cash, further strengthening our balance sheet and liquidity.

我們預計 2025 年自由現金流將超過 33 億美元，超過我們先前的最高預期，年增 10%。12 月，我們以 2 億美元現金完成了資料中心業務的出售，進一步增強了我們的資產負債表和流動性。

Our balance sheet remains strong even during a period of significant investment in our core businesses. Net leverage was down to 3.9 times, down by 0.6 times from last year. At December 31, 2025, we had $5.9 billion of available liquidity, comprised of $1.3 billion in cash and cash equivalents and $4.5 billion available under our bank and other credit facilities.

即使在核心業務進行大量投資期間，我們的資產負債表依然穩健。淨槓桿率降至 3.9 倍，比去年下降 0.6 倍。截至 2025 年 12 月 31 日，我們有 59 億美元的可用流動資金，其中包括 13 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 45 億美元。

And finally, I'll note that our Q4 results now reflect the more normalized full quarter distributions paid by subsidiaries of $119 million versus $14 million posted for Q3.

最後，我要指出，我們第四季的業績現在反映了子公司支付的更為正常的季度分紅，為 1.19 億美元，而第三季公佈的分紅為 1400 萬美元。

So overall, in Q4 Rogers delivered healthy consolidated revenue and EBITDA growth, disciplined subscriber and revenue growth in our wireless and cable businesses, strong financial and operating performance in our Sports and Media business, increased capital efficiency, resulting in higher free cash flow, and we continue to fulfill our ongoing commitment to strengthen our investment-grade balance sheet.

總體而言，羅傑斯在第四季度實現了健康的合併收入和 EBITDA 成長，無線和有線電視業務的用戶和收入成長穩健，體育和媒體業務的財務和營運表現強勁，資本效率提高，從而帶來了更高的自由現金流，我們將繼續履行我們持續加強投資級資產負債表的承諾。

We are proud of our performance in 2025. Once again, we have led our sector across our key performance indicators, and we have met or exceeded our upgraded 2025 guidance, which was upgraded in Q3. We anticipate this momentum will continue as reflected in our 2026 outlook. We are targeting total service revenue and adjusted EBITDA to increase in the range of 3% to 5% and 1% to 3%, respectively, in 2026.

我們為2025年的表現感到自豪。我們再次在關鍵績效指標方面領先同行業，並且達到或超過了我們在第三季度上調的 2025 年業績指引。我們預計這一勢頭將持續下去，正如我們在 2026 年展望中所反映的那樣。我們的目標是到 2026 年，總服務收入和調整後 EBITDA 分別成長 3% 至 5% 和 1% 至 3%。

In addition, we anticipate lower capital expenditures in the range of $3.3 billion to $3.5 billion and higher free cash flow in the range of $3.3 billion to $3.5 billion.

此外，我們預計資本支出將減少 33 億美元至 35 億美元，自由現金流將增加 33 億美元至 35 億美元。

This outlook reflects our exceptional assets and strong track record for performance. I want to express my sincere appreciation to our entire Rogers team for delivering these excellent results through 2025. We are well positioned to run it all forward again for 2026. And with that, I will now ask Gaylene to open the call for a Q&A session. Thanks very much.

這一前景反映了我們卓越的資產和強勁的業績記錄。我要對羅傑斯團隊全體成員表示衷心的感謝，感謝他們為取得2025年至今的優異成績所做的貢獻。我們已做好充分準備，迎接2026年再次全面推進這項工作。接下來，我將請蓋琳開啟問答環節。非常感謝。

(Operator Instructions) Vince Valentini, TD Cowen.

（操作說明）Vince Valentini，TD Cowen。

Hey, thanks very much, 0% to 3% for EBITDA in '26. Can you help us unpack a little bit what would cause you to think you'd be at the low end versus the high end of that? I assume the Blue Jays run is a tough thing to model and tough to assume you can make it to Game 7 of the World Series again.

嘿，非常感謝，2026 年 EBITDA 成長率預計為 0% 至 3%。您能否幫我們分析一下，是什麼原因讓您認為自己處於該數值的低端而不是高端？我認為藍鳥隊的旅程很難預測，也很難假設他們能夠再次打進世界大賽的第七場。

So maybe that's a swing factor. Maybe it's the wireless ARPU trend and some of this ebbing and flowing we're seeing in price promotions, and you can't be sure what's going to happen throughout the full year.

所以這或許是一個決定性因素。也許這是無線 ARPU 趨勢以及我們在價格促銷中看到的這種起伏波動造成的，而且你無法確定全年會發生什麼。

Maybe those are two factors within the range. Maybe there's others, if you don't mind helping us try to understand what's in your minds?

也許這兩個因素都在考慮範圍內。或許還有其他人，如果您不介意的話，能否幫助我們了解您的想法？

So, Vince, let me start with the guidance on EBITDA for '26 is plus 1% to plus 3%. So, we do see growth. Now I'll turn to your observations. You're right, it's difficult to model championship seasons. We do expect a strong return for the Blue Jays starting in -- at the end of March with attendance and we expect to have a competitive season.

文斯，首先讓我說一下，2026 年 EBITDA 的預期是成長 1% 到 3%。所以，我們確實看到了成長。現在我將討論你們的觀察結果。你說得對，冠軍賽季很難建模。我們預計藍鳥隊從三月底開始，上座率將大幅回升，並有望迎來一個有競爭力的賽季。

So we are anticipating a successful season, but you can't predict playoff runs for any of the teams. But yes, to go back, the EBITDA guidance is plus 1% to plus 3% on the year.

因此，我們預計本賽季會取得成功，但你無法預測任何一支球隊能否進入季後賽。不過，回到正題，EBITDA 預期比上年成長 1% 至 3%。

So -- sorry, I felt misspeaking on that, Glenn. But the range then the biggest variance between the 1% and 3% is just the unpredictability of playoff runs for the various sports teams. Is that fair to say?

所以——抱歉，格倫，我覺得我剛才說錯話了。但1%到3%之間的最大差異只是各個運動隊伍季後賽旅程的不可預測性。這樣說公平嗎？

No, I'd probably answer it with it's taking into account the variability across all of the businesses if we go through all of 2026 with heavy promotional discounting in the telecom sector, particularly in wireless, then that's a larger business, and it's going to have a larger impact.

不，我可能會這樣回答：這要考慮到所有業務的差異性。如果我們在整個 2026 年都對電信業，特別是無線通訊行業進行大幅度的促銷折扣，那麼這是一個更大的業務，其影響也會更大。

We are focused on cost reductions and efficiencies across all of the units will drive synergies within the RSM and MLSE business. We will continue to try and drive improved margins and efficiencies at both cable and wireless.

我們致力於降低成本，提高各部門的效率，這將推動 RSM 和 MLSE 業務內部的綜效。我們將繼續努力提高有線和無線業務的利潤率和效率。

But we'll try and find that balance across all of the units. In terms of going after our margins and what have you, we've got strong margins throughout. And you can see we've got strong performance within media.

但我們會努力在所有部門之間找到這種平衡。就利潤率等方面而言，我們各環節的利潤率都很高。你可以看到我們在媒體領域表現出色。

Tim Casey, BMO.

Tim Casey，BMO。

Thanks, good morning. Tony, could you talk a little bit about what you're expecting or how you're thinking about the wireless market this year? You've -- both you and Glenn have mentioned some of the discounting that's out there, which I think everybody on the call has noticed.

謝謝，早安。東尼，你能談談你對今年無線市場的預期或你的看法嗎？你和格倫都提到了一些折扣優惠，我想電話會議上的每個人都注意到了這一點。

Just how are you thinking about the market growth and competitive intensity? And then just in terms of one thing that could help ARPU, you mentioned that Rogers satellite is rolled out now. Can you give us some perspective on how much of your base is going to get that service included in their plan, so we can get some sort of idea of the potential for upsizing some other subscribers?

您如何看待市場成長和競爭強度？然後，就提升 ARPU 的一件事而言，您提到 Rogers 的衛星服務現在已經推出。您能否簡要說明一下，您的用戶群中有多少人會在他們的套餐中獲得這項服務，以便我們了解是否有可能將其他一些用戶升級到更高級別的套餐？

Thanks for the question, Tim, and good morning. A couple of things as we think about -- I'll start with market growth. In the fourth quarter, our estimate is if you were to look at the total net add market on the postpaid side, probably down about 50%, which is consistent with what we saw in Q1 to Q3.

謝謝你的提問，提姆，早安。我們有幾件事要考慮──我先從市場成長說起。我們估計，第四季後付費用戶淨新增市場總量可能會下降約 50%，這與我們在第一季到第三季看到的情況一致。

So it was generally in line with what we expected. As we looked at the competitive intensity, it was intense, as you expect, throughout the quarter, particularly after Black Friday. I would say that was the turning point in terms of price offers and promotional offers on rate plans that were unusually low, and we decided to be more balanced there in our approach in that final 40 days.

所以整體上與我們的預期相符。正如你所預料的那樣，整個季度競爭都非常激烈，尤其是在黑色星期五之後。我認為，在價格優惠和促銷套餐方面，這是一個轉捩點，當時的費率計劃異常低廉，我們決定在最後 40 天採取更平衡的策略。

We're pleased with where we ended up on balance. As you would expect, all our net adds in postpaid are on the Rogers brand. We continue to focus on a value proposition that is beyond just price. Satellite is one. The other successful piece we saw play out in the fourth quarter was our tiered hardware strategy. We're discounting on hardware was tiered depending on the rate plans that customers came in on. And you see that in the positive hardware margin in the quarter.

總體而言，我們對最終的結果感到滿意。正如您所料，我們所有後付費業務的淨增額都屬於羅傑斯品牌。我們始終專注於提供超越價格的價值主張。衛星就是其中之一。我們在第四季度看到的另一個成功案例是我們的分層硬體策略。我們對硬體的折扣是根據客戶選擇的資費套餐分級提供的。這一點可以從本季的正硬體利潤率看出。

So we're pleased with the way we executed in both the enterprise and consumer side of the business to come out with a balanced approach. And in the context of the full year market share, we're pleased with where that landed.

因此，我們對在企業和消費者業務兩方面所取得的執行成果感到滿意，最終形成了平衡的策略。從全年市佔率來看，我們對最終結果感到滿意。

As we headed into Q1, which, as you all know, it's an extremely low volume quarter, we're surprised at the level of promotional discounting that continues on rate plans seems like a lot of calories for not much benefit in terms of subscriber, but I'll leave the actions to our competitors to -- for them to justify and explain.

進入第一季度，眾所周知，這是一個銷量極低的季度，我們對促銷折扣力度之大感到驚訝，尤其是在價格計劃方面。這似乎耗費了大量精力，卻沒有為用戶帶來太多好處。不過，我會把這些行動留給我們的競爭對手去解釋和證明。

We see the outlook for the market this year in the 2% to 2.5% range on balance. We see the new to Canada category, as we've talked about before, is being essentially zero. And so we're really looking at continued penetration gains, and that has continued to follow a pretty steady path in that 2.5% and so to buy some conservatism, I've said 2% to 2.5%.

總體而言，我們認為今年市場前景在 2% 到 2.5% 之間。正如我們之前討論過的，新進入加拿大的類別基本上是零。因此，我們確實看到了滲透率的持續增長，而這一增長一直保持著相當穩定的 2.5% 的水平，所以為了保守起見，我說的是 2% 到 2.5%。

We'll continue to focus on refining and evolving our value proposition and tiering our different rate plans based on benefits outside of just price.

我們將繼續專注於完善和發展我們的價值主張，並根據價格以外的福利對我們的不同費率計劃進行分級。

You mentioned satellite, and that's one of the key ones that's been extremely successful for us. We had over 1 million, as you mentioned, during the beta trial period. And as we went to full launch, we use the competitive advantage of satellite in two ways, one to target areas where all cell coverage of all carriers combined cover only a small part of the area or the region.

你提到了衛星，這正是我們巨大成功的關鍵技術之一。正如您所提到的，在測試階段，我們的用戶數量超過了 100 萬。隨著我們全面投產，我們利用衛星的競爭優勢，從兩個方面著手，一是瞄準所有運營商的蜂窩網絡覆蓋範圍加起來只覆蓋該地區或區域的一小部分的區域。

And that's why in Atlantic Canada, we decided to make it available in all our rate plans. So for as little as $60, folks out there can get a rate plan that covers the entire region, but also out into the waterways as well for those in industries and first responders that need to rely on that.

因此，在大西洋沿岸的加拿大地區，我們決定將其納入我們所有的資費計劃中。因此，只需 60 美元，人們就可以獲得覆蓋整個地區的費率計劃，而且對於需要依賴水路的行業和急救人員來說，該計劃也涵蓋了水路。

And then more broadly, we've included satellite within our top tier plans for free for a period of up to 24 months. And what we're trying to do in the initial stages is really drive adoption of the technology. Technology has come a long way. It started only nine months ago with texting only and text to 911. And by the time we went live almost a full year ahead of schedule, we now have data and data streaming available.

此外，我們還在最高等級的套餐中免費提供衛星電視服務，最長可達 24 個月。我們在初期階段的目標是真正推動這項技術的普及應用。科技發展日新月異。這項服務九個月前才開始，當時只能發送簡訊和發送簡訊至911。當我們比原計劃提前近一年上線時，我們現在已經有了可用的數據和數據流。

And so you could use WhatsApp voice and video calling, Google maps, AccuWeather and a number of other data applications that really improve the functionality of the satellite technology.

因此，您可以使用 WhatsApp 語音和視訊通話、Google地圖、AccuWeather 和許多其他數據應用程序，這些應用程式確實提高了衛星技術的功能。

And it's been something for us in the enterprise space, particularly IoT. And if you think about the applications in remote areas in the resource industry as well as first responders, government agencies across the nation. It's been a big help for us in opening doors in that context and signing up customers.

這對我們來說在企業領域，特別是物聯網領域，意義重大。想想它在資源產業的偏遠地區、緊急應變人員以及全國各地的政府機構中的應用。這對我們打開市場大門、招攬客戶起到了很大的幫助。

And so we're not disclosing the number of subscribers on it, but you can expect it, just given the way we've done the construct to maximize the penetration that the number is significant. And we expect it to be a key component of our value-add strategy.

因此，我們不會透露訂閱用戶數量，但你可以期待，鑑於我們為了最大限度地提高滲透率而構建的結構，這個數字肯定相當可觀。我們預計它將成為我們增值策略的關鍵組成部分。

Batya Levi, UBS.

Batya Levi，瑞銀集團。

Great, thank you. Against the backdrop you provided for lower volume growth and a pickup in competition in promotions in wireless. How should we think about wireless ARPU this year? And if you could also address if roaming continues to be a headwind? Or are we starting to lap that?

太好了，謝謝。在您提供的無線產業銷售成長放緩和促銷競爭加劇的背景下。今年我們該如何看待無線ARPU值？另外，您能否也談談漫遊是否仍會帶來不利影響？或者我們是不是開始落後了？

Thanks for the question, Batya. I think a couple of things. In terms of -- as we look to the ARPU profile, certainly, we look at trends in ARPU in and reprices amongst the base. There's a couple of pieces there. The team -- I've mentioned this on previous calls, we continue to have very effective and continually improving base management skill sets within the organization.

謝謝你的提問，巴蒂亞。我覺得有兩件事。就 ARPU 而言——當我們查看 ARPU 概況時，當然，我們會查看基礎用戶群中的 ARPU 趨勢和重新定價情況。那裡有幾件東西。團隊——我在之前的電話會議中提到過——我們組織內部一直擁有非常有效且不斷提高的基礎管理技能。

As you'd expect, we continue to adopt tools that give us more and more insights into consumer and business behavior in terms of what they're looking for. And we continue to focus on those value propositions, as I said, beyond price that are important to them.

正如您所料，我們不斷採用各種工具，以便更深入地了解消費者和企業的行為，以及他們正在尋找什麼。正如我所說，我們將繼續關注那些除了價格之外，對他們來說很重要的價值主張。

And those have been key contributors to the reduction in churn that you're seeing in our base. And by the way, that's been both wireless as well as the wireline side of it in terms of internet churn. So we're pleased with that.

而這些正是我們客戶流失率下降的關鍵因素。順便說一句，就網路用戶流失而言，無線網路和有線網路兩方面都存在這種情況。我們對此感到滿意。

If you look at ARPU in, ARPU in continues to be on the positive side. And so, we're pleased with that, albeit at a slowing rate as a result of some of the promotional activity that's out there. But we're trying to ensure we have a mixed balance.

如果觀察到 ARPU 的變化，ARPU 仍保持正成長。因此，我們對此感到滿意，儘管由於一些促銷活動的影響，增速有所放緩。但我們正在努力確保兩者之間取得平衡。

And as I said earlier, all of our net adds continue to be on the Rogers brand, and you can expect us to continue our brand consolidation strategy and more and more of our marketing efforts and promotional efforts will be around the Rogers brand and centered on value proposition outside of just price.

正如我之前所說，我們所有的新增用戶都來自 Rogers 品牌，您可以期待我們繼續推行品牌整合策略，我們越來越多的行銷和推廣活動將圍繞 Rogers 品牌展開，並以價格以外的價值主張為中心。

With respect to roaming, that is something that in 2025, weighed on ARPU. And we reset in the second half of the year, our value proposition with respect to the roaming offers, both for US and Mexico as well as international. With the objective of trying to increase the adoption of our roaming plans for travelers, we had saw a continual decline in periods leading up to 2025.

就漫遊而言，這在 2025 年會對 ARPU 產生影響。下半年，我們調整了漫遊優惠的價值主張，包括美國、墨西哥以及國際漫遊。為了提高旅客漫遊套餐的普及率，我們發現，在 2025 年之前的時期，漫遊套餐的普及率持續下降。

And I'm pleased to tell you that the volume side of it is up and we're betting that the attractiveness of the new plans and the way we price them in the market will drive sufficient volume to stop the roaming decline in revenue being headwinds on ARPU.

我很高興地告訴大家，業務量方面有所增長，我們相信新套餐的吸引力以及我們在市場上的定價方式將推動足夠的業務量，從而阻止漫遊收入下降對每用戶平均收入 (ARPU) 造成不利影響。

So it's going to take a little bit of time to see how that plays out. Certainly, the March break period is going to be a very good barometer on the appeal of the plans. So it's hard to predict the roaming impact in terms of how much headwind, if any, it will be as we approach the back half of the year. So all that to say in terms of ARPU growth, we're not going to guide on when we expect that to return to growth. But it will be a slow climb in our view, as we work through those pieces.

所以還需要一些時間才能看到結果如何。當然，三月的假期將是檢驗這些計劃吸引力的一個非常好的晴雨表。因此，隨著下半年的臨近，漫遊的影響究竟有多大（如果有的話），目前還很難預測。綜上所述，就 ARPU 成長而言，我們不會預測何時會恢復成長。但我們認為這將是一個緩慢的攀登過程，因為我們需要逐一解決這些問題。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Yeah, thanks very much. Good morning. First for you, Glenn. Just on the free cash flow guidance, certainly great to see the step down in CapEx, a little bit greater than, I guess the step up in free cash flow. So just wondering, if you could just help us on the kind of below the line items, whether it's interest, cash taxes, minority interest distributions, just anything to flag there?

是的，非常感謝。早安.首先是格倫。就自由現金流預期而言，當然很高興看到資本支出有所下降，而且降幅比自由現金流的成長幅度更大。所以我想問一下，您能否幫我們留意一下那些未列明的項目，例如利息、現金稅、少數股東權益分配等等，任何需要特別注意的地方？

And then second, maybe for you, Tony, on the internet market, obviously, Rogers continues to perform well, delivering stable cable results, but sustaining pretty good internet net adds. One of your competitors alluded to November, December, more operators experimenting with TPIA and seeing a higher level of competitive intensity. I would just love to hear your thoughts on what your observation was of the internet market and then your kind of views on TPIA?

其次，東尼，也許對你來說，在網路市場，顯然，羅傑斯繼續表現出色，有線電視業務穩定成長，網路淨增業務也相當不錯。你的一位競爭對手暗示，11 月、12 月，會有更多業者嘗試使用 TPIA，競爭強度會更高。我很想聽聽您對網路市場的觀察以及您對TPIA的看法？

Maybe I'll just start quickly on the question around free cash flow, Drew, it's really a blending across each of those lines and candidly factoring in the variability across the ranges for CapEx and while EBITDA interest tax rate on through CapEx. So we're just trying to capture some of the variability across each of those. I don't point at any one of them as being a prominent theme.

德魯，或許我可以先快速回答一下關於自由現金流的問題，這實際上是將每條線綜合起來，並坦率地考慮資本支出範圍的變動以及 EBITDA 利息稅率對資本支出的影響。所以我們只是想捕捉這些因素之間的一些差異。我並不認為其中任何一個是突出的主題。

Drew, on your question on internet in terms of what we saw play out in the fourth quarter and what we continue to see now. I would describe the promotional activity on internet as being somewhat stable. Certainly not what we've seen on the wireless side. We're pleased with the ARPU profile in Internet.

德魯，關於你在網路上提出的問題，即我們在第四節看到的情況以及我們現在繼續看到的情況。我認為網路上的促銷活動比較穩定。當然，這與我們在無線領域所看到的截然不同。我們對網路領域的 ARPU 數據感到滿意。

Our strategy has been and continues to be to focus on having the best Internet in terms of reliability, first and foremost and speed, and we're glad to see some of the recognition that we're getting on speed as well when it comes to internet across our entire national platform.

我們的策略一直是並將繼續專注於提供最可靠的互聯網，其次是速度。我們很高興看到，在整個全國範圍內，我們在網路速度方面也獲得了一些認可。

And so our market share and our value proposition has been centered around best internet combined with the Rogers Xfinity platform, which includes video as well as some home monitoring services as well. And that seems to be working well in the marketplace for us.

因此，我們的市場份額和價值主張一直圍繞著最好的互聯網以及 Rogers Xfinity 平台展開，該平台還包括視訊以及一些家庭監控服務。而這在市場上似乎對我們來說效果不錯。

And so you see it in very solid, steady progression of market share on internet, and that's in both the East and the West. And so, we're pleased with the way that's playing out. Our capital investments in our network continue to pay dividends for us in terms of customer satisfaction. So we're pleased with that.

因此，你可以看到網路市場份額穩步增長，無論在東方還是西方都是如此。所以，我們對目前的發展感到滿意。我們在網路方面的資本投入持續為我們帶來回報，客戶滿意度顯著提升。我們對此感到滿意。

And then you layer on top of that our fixed wireless access or 5G Home Internet product. That continues to do well, and we continue to make refinements of it, particularly in markets where we don't otherwise have a wireline network. And so it's a combination of those that we see working well.

然後，您可以在此基礎上疊加我們的固定無線存取或 5G 家庭網路產品。這項服務一直表現良好，我們也不斷對其進行改進，尤其是在我們沒有有線網路覆蓋的市場。因此，我們認為這些方法結合起來效果很好。

In terms of wholesaling or TPIA in our markets, we don't see it having much of an impact. And so there's not a lot I can share with you. I mean, we continue to look at the market and what we need to do to adapt. But we're not seeing any signs of anything significant in terms of our competitors' TPIA initiatives in our markets. I'll leave it at that.

就我們市場的批發或第三方投資而言，我們認為它不會產生太大影響。所以，我能和你們分享的並不多。我的意思是，我們會繼續關注市場，以及我們需要採取哪些措施來適應市場變化。但是，在我們的市場中，我們沒有看到競爭對手的 TPIA 計劃有任何重大進展的跡象。我就說到這兒吧。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Great, thank you for taking my question. So Tony, I just wanted to go back on the wireless question. Throughout 2025, it seems like towards the end of the year, we started to see some rational pricing taking hold. And all of a sudden, we saw this increased pricing pressure happening, promotions at year end and again, I'm puzzled by the recent price pressure that we saw on the discounting side last week and this week.

太好了，謝謝你回答我的問題。所以托尼，我只是想再問一下無線連線的問題。2025 年全年，似乎到了年底，我們開始看到一些合理的定價策略開始奏效。突然之間，我們看到價格壓力增大，年底促銷活動也隨之而來。此外，我對上周和本週折扣方面的價格壓力感到困惑。

Good -- as an operator, when you look at subscriber loading slowing down, last year, it didn't seem like to bother a lot of people, but it seems like this year companies are clamoring to get subs at any price just to offset the pricing pressure that the industry is facing.

很好——作為營運商，當你觀察用戶成長速度放緩的情況時，去年似乎並沒有引起太多人的不滿，但今年各公司似乎都在爭相以任何價格獲取用戶，以抵消行業面臨的價格壓力。

So the question I have is, do you feel that there's risk to the downside on price, given that we're seeing a very quick slowdown in subscriber growth and companies are trying to fill in the blank here through some kind of a marketing push to get subs at any price?

所以我的問題是，鑑於我們看到用戶成長速度迅速放緩，而各公司正試圖透過某種行銷手段來填補空白，不惜一切代價獲取訂閱用戶，您是否認為價格存在下行風險？

Yes, Maher, I'll pick up on the comments I made earlier. We always start with what the reality of the market is and it's really a couple of things. One is it is a slower growth market, but it's still growing, as I said, in the 2% to 2.5% range. And we've adjusted our expectations on volume for that.

是的，馬赫，我會繼續我之前提到的那些評論。我們總是從了解市場現狀開始，而這實際上包含兩方面因素。一方面，這是一個成長速度較慢的市場，但正如我所說，它仍在成長，成長率在 2% 到 2.5% 之間。因此，我們調整了對銷售的預期。

We -- as we think about the fundamentals in our business, and I'll talk to that. I really can't talk to the strategy that our competitors have and how they think about volume versus ARPU, but we're trying to ensure that we're squarely focused on revenue growth, service revenue growth and having leading share of service revenue growth.

我們——當我們思考我們業務的基本面時，我會談到這一點。我真的無法評論競爭對手的策略以及他們如何看待銷售量與每位用戶平均收入 (ARPU) 的關係，但我們正在努力確保我們完全專注於收入成長、服務收入成長，並在服務收入成長方面佔據領先地位。

And when we unpack that, we look at volume. And volume, not just in one specific period but over a longer period of time and how we're doing in market share and what we're doing in the marketplace in terms of pricing.

當我們深入分析時，我們會關注數量。銷量，不僅指某一特定時期內的銷量，而是指較長時期內的銷量；以及我們在市場份額方面的表現，以及我們在定價方面在市場上的策略。

And so as I said, our approach was to be balanced. There's a segment of the market, and we saw it play out in the fourth quarter that is more price sensitive. And perhaps less interested in some of the value-add features when it comes to satellite and coverage and or when it comes to things like hardware discounting.

所以正如我所說，我們的做法是保持平衡。市場中有一部分對價格更為敏感，我們在第四季就看到了這一點。或許對衛星和覆蓋範圍等增值功能，或是硬體折扣之類的東西不太感興趣。

And so we were very, I would say, prudent in the extent to which we played in that segment. There are certain price points that we see as being uneconomical.

因此，我認為，我們在該領域的投入程度非常謹慎。我們認為某些價格點是不經濟的。

And while you can get market share and get some subscribers, we don't see building the fundamentals of our wireless business on the back of price plans coming in at, say, $20, which you see in the marketplace today.

雖然這樣可以獲得市場份額和一些用戶，但我們認為，依靠目前市場上常見的 20 美元左右的價格套餐，無法建立起無線業務的基礎。

We don't get the logic on that, and we don't get how our competitors are thinking about that as building a solid wireless business on fundamentals. But that's over to them. As I said, we're focused on balancing it. And you see that balance come through in our margins. In the fourth quarter, 67% margin in wireless, very strong.

我們無法理解其中的邏輯，也無法理解我們的競爭對手是如何看待以此為基礎建立穩固的無線業務的。但這由他們自己決定。正如我所說，我們正致力於平衡兩者之間的關係。而這種平衡也體現在我們的利潤率上。第四季無線業務利潤率達 67%，表現非常強勁。

And so it's all of those factors together that form part of our playbook. And I think you can expect us to continue to follow that playbook from time to time. We may enter the freight in terms of some promotional activities for specific dates, but those will be very finite periods. We're staying focused on the broader fundamentals of our value proposition that continue to drive growth in ARPU in.

因此，所有這些因素共同構成了我們的行動方案。我認為你們可以預料到我們會不時地繼續沿用這種做法。我們可能會在特定日期進行一些促銷活動，並以此方式參與貨運，但這些促銷活動的時間非常有限。我們將繼續專注於我們價值主張的更廣泛基本面，這些基本面將繼續推動 ARPU 的成長。

Okay. Great. And maybe just a follow-up to Glenn on the free cash flow question that was asked earlier. So I'm trying just for modeling purposes, if the backhaul deal is cash flow neutral continues to be the expectation. Where is the drag coming from significant CapEx reduction and that's definitely a positive to see for a cable operator.

好的。偉大的。也許可以就格倫之前提出的自由現金流問題做個後續說明。所以我只是出於建模的目的進行嘗試，如果回程運輸交易能夠保持現金流中性，這仍然是一個預期。資本支出大幅減少所帶來的阻力在哪裡？這對有線電視業者來說絕對是個好消息。

But where is the drag coming in that is notifying some of the benefit from the CapEx reduction. Glenn, please?

但是，究竟是什麼因素阻礙了資本支出減少的好處呢？格倫，好嗎？

There’s not really any more detail to provide than what I answered earlier, Maher. There's not a drag. There's not a category that is grinding it down. It's more just trying to be prudent on where we're setting the guidance and the expectations with the variability across each of the elements. The distributions are, as I've said, you see the normalized run rate in the fourth quarter.

馬赫，我其實沒有什麼比我之前回答的更詳細了。沒有拖沓。沒有哪個類別正在蠶食它。我們只是想謹慎地設定指導方針和預期，同時考慮到各個要素的差異性。正如我所說，分佈情況是，您可以看到第四季度的標準化運行率。

There will be a little bit and a very minor amount of variability between that and the interest savings and the tax lines, you see what our guidance is on CapEx.

這和利息節省以及稅收方面會有一些非常小的差異，您可以看看我們對資本支出的指導。

The one thing that could affect timing is timing on when we transact the acquisition of the 25% interest in MLSE. And when we execute on the recapitalization of our sports and media properties. Obviously, that will pay down debt. If that comes later in the year, you'll see those savings predominantly in '27 rather than '26, if it comes towards the earlier in the year, say, in Q3, well then that's a longer period of savings in '26, but I can't put a date on that until we determine timing with the 25% older -- those are the largest items.

唯一可能影響時間安排的因素是我們何時完成 MLSE 25% 股權的收購交易。當我們執行體育和媒體資產的資本重組。顯然，這樣做可以償還債務。如果這筆款項在今年稍後到賬，那麼這些節省的款項主要會在 2027 年而不是 2026 年到賬；如果這筆款項在今年早些時候到賬，比如在第三季度，那麼 2026 年的節省期就會更長。但在我們確定 25% 的款項到帳的時間之前，我無法給出確切的日期——這些款項是最大的項目。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Hi, good morning. On the CapEx guidance, I was hoping you could break down the drivers of the expected improvement in capital intensity a little bit more. And just related, you mentioned a focus on reducing the cost structure in a lower growth environment. You talk a little bit about the areas where you're thinking about some additional cost savings here?

您好，早安。關於資本支出指引，我希望您能更詳細地分析一下預期資本密集度改善的驅動因素。另外，您剛才提到，在成長放緩的環境下，要專注於降低成本結構。您能否簡單談談您正在考慮在哪些方面進一步節省成本？

On the capital spend, we are largely through the integration of the Shaw Rogers transaction and combining the firms and still a little bit of investment in our business systems, but most of that has been complete. And so it's more the standard fare of ongoing update and maintenance of our business systems. So that's a more normal run rate.

在資本支出方面，我們已基本完成了 Shaw Rogers 交易的整合和兩家公司的合併，目前仍在對業務系統進行少量投資，但大部分工作已經完成。因此，這更像是我們業務系統持續更新和維護的常規工作。所以這才是比較正常的運轉速度。

And it's reflecting just the fact that we had elevated investment as we've acknowledged and as each of you have indicated for several quarters and years, and we've said for some time now, we are consciously looking to bring that down. 2025 was the start of that, and you see it continuing in '26.

這正反映了我們過去投資水平較高這一事實，正如我們承認的，也正如各位在過去幾個季度和幾年裡所指出的，而且我們已經說過一段時間了，我們正在有意識地尋求降低投資水平。 2025年是這一進程的開始，你們可以看到這一進程將在2026年繼續。

We continue to invest, but we've got strong presence in wireless from coast to coast. We have a very strong presence in wireline from coast to coast. There is some greenfield growth, but with lower immigration comes lower home builds, and so it's across the board where we've got a little bit less investment pressure. We continue to find the opportunities and able to find growth.

我們持續投資，但我們在無線領域的業務已覆蓋全國。我們在電纜測井領域擁有非常強大的實力，業務遍及全國各地。雖然有一些新建項目，但隨著移民減少，房屋建設也隨之減少，因此各方面的投資壓力都略有下降。我們不斷發現機遇，並且能夠實現成長。

And then on the cost side, sorry, on the cost side, we're continuing to drive scale and efficiency improvements within cable and wireless.

在成本方面，抱歉，是在成本方面，我們正在繼續推動有線和無線領域的規模化和效率提升。

But we've got a particular opportunity within media to drive the synergies as we combine RSM and MLSE. We have started that exercise on a very preliminary basis with having acquired control, that will really focus in earnest as we combine RSM with the Blue Jays and Roger Center with MLSE. So some of that opportunity will hit in '26. You see some of that in the numbers. Some of that will come in '27.

但是，隨著 RSM 和 MLSE 的合併，我們在媒體領域擁有一個特殊的機會來推動綜效。我們已經初步啟動了這項工作，並獲得了控制權，隨著 RSM 與藍鳥隊以及羅傑中心與 MLSE 的合併，我們將真正認真地集中精力開展這項工作。所以其中一些機會將在 2026 年到來。從數據中可以看出一些端倪。其中一些將在 2027 年實現。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布雷伊，德斯賈丁斯。

Hi, good morning. Thanks for taking my question. Number one is on the wireless market. So what we've seen in the budget in the fall didn't really change the trajectory of immigration expectations it seems, but you're calling for a market growth of 2% to 2.5%, which is pretty good in the context.

您好，早安。謝謝您回答我的問題。無線市場排名第一。所以，我們在秋季預算中看到的似乎並沒有真正改變移民預期的走向，但你預測市場成長率為 2% 至 2.5%，這在目前情況下相當不錯。

So maybe if you can dive into the qualitative reasons maybe for the continued penetration increases that you're seeing and how long that may last?

所以，或許您可以深入探討您所看到的滲透率持續成長的定性原因，以及這種成長可能會持續多久？

Good morning, Jerome, I'll start. In terms of the 2.5%, if I understand your question, sort of a bit of unpacking and where that's coming from and I'll start at the highest level, which when we look at penetration gains, we've consistently seen over a very long period of time, penetration in that range in terms of second, third, fourth lines, et cetera. And there's a few factors for that.

早安，傑羅姆，我先來。關於 2.5% 這個數字，如果我理解你的問題，我想稍微解釋一下它的來源，我會從最高層面開始，當我們觀察滲透率的增長時，我們已經看到，在很長一段時間內，滲透率一直處於這個範圍內，包括第二、第三、第四線等等。這其中有幾個因素。

Before I get to them, I will say for you to look at penetration in the US, we've consistently lagged but tracked very closely in terms of the penetration that you see there. So some of the factors that drive that second, third lines and fourth lines are obviously a big component of it.

在談到它們之前，我想說的是，就美國的市場滲透率而言，我們一直落後於其他國家，但與美國的市場滲透率非常接近。因此，影響第二行、第三行和第四行的某些因素顯然是其中的重要組成部分。

And in many ways, we've led in trying to promote that with our out-of-line strategy and the pricing that we introduced in mid last year to help promote that. And so that's one of it, our hardware strategy and discounting is tied to a number of lines as well. So it's one further factor.

在很多方面，我們都走在了前列，透過我們與眾不同的策略和去年中推出的定價策略來推廣這一點。所以，這是其中一點，我們的硬體策略和折扣也與多條產品線掛鉤。所以這是另一個需要考慮的因素。

And then what we're seeing more and more on the enterprise side is organizations looking to have their employees have two phones and particularly with heightened cybersecurity and IT risks that are evolving quickly. Many more organizations are opting to have employees use the business phone solely for business.

然後，我們在企業方面越來越看到，越來越多的組織希望員工擁有兩部手機，尤其是在網路安全和 IT 風險快速變化的情況下。越來越多的企業選擇讓員工只將公司電話用於工作。

And so what we're seeing is the adoption of two or more phones in the workplace. And so that's one additional factor, something that's been in the US enterprise side for some time, and we see that evolving. And so a combination of those specific drivers, combined with the macro trends that we've seen and have been seeing for a long time is what gives us somewhat confidence on that type of growth rate.

因此，我們看到的是工作場所中兩部或更多手機的普及。所以這是另一個因素，這個問題在美國企業界已經存在一段時間了，而且我們看到它還在不斷發展。因此，這些具體因素，再加上我們已經看到並且長期以來一直在看到的宏觀趨勢，讓我們對這種成長率有一定的信心。

That’s great. And second question for me is on the CapEx. Good to see the client expectations there. So, Glenn did a good job unpacking the impact from Shaw and a couple of other items. But you've also mentioned that with the regulatory environment, some of the investments are now uneconomical.

那太好了。我的第二個問題是關於資本支出。很高興看到客戶對貴方的期望。所以，格倫很好地分析了肖和其他一些因素的影響。但您也提到，由於監管環境的變化，現在有些投資變得不經濟。

If you can talk about what specifically those are, maybe on the wireless versus the cable side. And if this impacts the network evolution and road map at all or other things?

如果你能具體談談這些差異是什麼就好了，例如無線連線和有線連線的差異。這是否會對網路演進和路線圖或其他方面產生影響？

Thank you, Jerome. I think, look, just from a general overview, not anything specific, but we've got an environment where you see some of our peers leaning in on TPIA competition outside of their traditional footprint, you see some uptake on MVNO traffic and what have you.

謝謝你，傑羅姆。我認為，從總體上看，不是指具體情況，而是從一些同行的角度來看，我們看到一些同行正在傳統業務範圍之外積極參與第三方互聯網接入 (TPIA) 競爭，也看到一些移動虛擬網絡運營商 (MVNO) 流量的增加等等。

All of those have an impact on the ability to invest in a country as broad reaching as Canada is with a thin band of urban markets and corridors that are well covered, you then start reaching into the rural markets and more remote regions.

所有這些因素都會影響在加拿大這樣的幅員遼闊的國家進行投資的能力。加拿大隻有少數幾個城市市場和走廊覆蓋良好，然後你才能開始涉足農村市場和更偏遠的地區。

The economics driving that investment are already tight in a thinly populated region. And when you start, whether it's wireless or fibering for wireline coverage and where you start having government programs that encourage TPIA competition.

在人口稀少的地區，推動這項投資的經濟因素已經十分緊張。當你開始的時候，無論是無線還是光纖，用於有線覆蓋，以及當你開始有政府專案鼓勵第三方互聯網協會（TPIA）競爭的時候。

It just -- it affects the ability to invest in those areas and make a return. And the reason for some of our peers leaning in on TPIA outside their footprint is exactly because of that because to invest in those areas is difficult and yet it then affects the companies that are investing. We have opted to lean in hard on our own networks. We're using outside of footprint.

這會影響在這些領域進行投資並獲得回報的能力。我們的一些同行之所以在其業務範圍之外加大對 TPIA 的投入，正是因為在這些地區投資很困難，但這會對投資的公司產生影響。我們選擇大力利用自己的關係網絡。我們正在使用超出佔地面積的設備。

We're focused on 5G HI and using our own wireless network to grow our market area, but some of our peers are opting otherwise. And so those are the factors that come into it.

我們專注於 5G HI，並利用我們自己的無線網路來拓展市場，但我們的一些同行選擇了不同的道路。所以，這些就是影響結果的因素。

Add to that the restriction on immigration going on at present, and that won't last forever. But while immigration numbers are low, there is just not as much opportunity for higher levels of capital spend.

再加上目前對移民的限制，這種情況也不會永遠持續下去。雖然移民數量較少，但增加資本支出的機會也隨之減少。

And then finally, I'll bring it back to what I said earlier, and our capital intensity has been high in recent years as a result of a number of factors, not the least of which is investing and bringing together Rogers and Shaw successfully. And so some of that is also affecting the decline in our capital investment for '26.

最後，我再回到我之前說的，由於多種因素，近年來我們的資本密集度一直很高，其中最重要的因素之一是成功地投資和合併了羅傑斯和肖氏集團。因此，部分原因也影響了我們 2026 年資本投資的下降。

Aravinda Galappatthige, Canaccord Genuity.

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

A couple of quick questions. First of all, on the cable side of the business. I think, Tony, you indicated that you feel like the promotional intensity is a little bit more manageable, relatively speaking. Obviously doing well with -- on the positive side in terms of growth in revenue and EBITDA. But I wanted to get a sense of what it would take to kind of pick-up EBITDA growth towards sort of that 2% mark.

幾個簡單的問題。首先，我們來看有線電視業務的情況。東尼，我想你之前說過，你覺得現在的宣傳強度相對來說比較容易控制一些。顯然，從收入和 EBITDA 的成長來看，公司表現良好——這是積極的一面。但我想了解一下，要將 EBITDA 成長率提升到 2% 左右，需要做些什麼。

You did achieve that in the middle of sort of '23 Q2 and Q3. But obviously, there are many moving pieces. Considering, yes, you have high margins, but there's arguably more streamlining options and prospects given sort of the technologies that are in development these days with AI and so forth.

你在 2023 年第二季和第三季之間確實實現了這一點。但很顯然，這裡面有很多變數。誠然，你們的利潤率很高，但考慮到如今人工智慧等技術的發展，或許還有更多精簡流程的選擇和前景。

So I just wanted to get a sense of what the dynamics there would be? And then perhaps related to that real quickly, on the restructuring charges, I did see it kind of ticked down a bit in Q4. I recognize one quarter can be misleading. But generally speaking, how should we think about restructuring costs on a go-forward basis?

所以我想了解那裡的情況會是怎麼樣的？然後，或許與此相關的是，關於重組費用，我確實看到它在第四季度略有下降。我承認一個季度的數據可能會產生誤導。但總的來說，我們該如何看待未來的重組成本？

Aravinda, I'll start with your question with respect to the opportunities for further cost efficiencies and cable. Let me start by saying we're always committed to making sure we are the most efficient operator. And I think (inaudible) speak to that.

Aravinda，我先回答你關於進一步提高成本效益和電纜方面的問題。首先我想說的是，我們始終致力於成為最有效率的營運商。我覺得（聽不清楚）可以談談這一點。

So hopefully, you and our stakeholders have confidence that we know what we're doing when it comes to looking for efficiency in the cable side of the business. And as we look to our cost structure there, we continue to see opportunities as we adopt new technologies, especially on the digital side.

所以，希望您和我們的利害關係人相信，我們在提高有線電視業務效率方面知道自己在做什麼。當我們審視自身的成本結構時，隨著新技術的採用，尤其是在數位化領域，我們不斷看到機會。

If you were to look at the relative digital interactions between wireless and cable, most of it would be on the wireless side. And so we are working through and implementing tools that are going to substantially continue to improve the customer experience, the time for recovery for customers and the response rate for customers dramatically.

如果考察無線和有線之間的數位交互，大部分交互都發生在無線端。因此，我們正在研究和實施各種工具，這些工具將大幅改善客戶體驗、縮短客戶恢復時間並顯著提高客戶回應率。

And so we always start with a mindset of how can we continue to improve the customer experience and the customer needs. And as we implement tools to drive that, what we're finding is the outcome is a much more efficient operation, and that's what's dropping the cost as opposed to broad brush areas to go after.

因此，我們始終秉持著這樣的心態：如何持續改善客戶體驗，滿足客戶需求。隨著我們實施相關工具來推動這一目標，我們發現，最終的結果是營運效率大大提高，這才是降低成本的關鍵，而不是一味地擴大影響範圍。

And so I'll just say more broadly that we continue to see opportunities and that will continue to drive EBITDA growth. But I do want to caution, we're at a very strong margin position at 59%. And so I want to be realistic as well and not get too far ahead of our skis in terms of where that could go to.

因此，我更籠統地說，我們持續看到機遇，這將繼續推動 EBITDA 成長。但我確實想提醒大家，我們的利潤率非常高，達到了 59%。所以我也想務實一些，不要對未來發展方向想太遠。

On the restructuring charge, just adding in on that. We've largely completed the restructuring or reorganization work following the Shaw-Rogers transaction. We have some additional work now coming on media and RSM, smaller size and scale in terms of certainly, breadth of operations and number of employees, but still significant particularly for the RSN business and its scale.

關於重組費用，我只是補充一下。在 Shaw-Rogers 交易之後，我們基本上已經完成了重組或改組工作。我們現在還有一些關於媒體和RSM的額外工作，規模和範圍肯定比之前小，業務範圍和員工人數也小，但對於RSN業務及其規模而言仍然意義重大。

So you will see more as we work through that some in '26. I suspect heavier part of that will be in '27. The timing of that will depend upon how quickly we can come to close on buying out the 25% interest. It really starts in earnest once we're able to combine Blue Jays, Rogers Centers with MLSE.

所以隨著我們在 2026 年逐步推進這項工作，你會看到更多內容。我懷疑其中大部分會在 2027 年發生。具體時間取決於我們能多快完成25%股份的收購。一旦我們能夠將藍鳥隊、羅傑斯中心與MLSE結合起來，一切才算真正開始。

Matthew Griffiths, Bank of America.

馬修·格里菲斯，美國銀行。

Thanks for taking my question. My first one is just on kind of the retail distribution network that you have, particularly for wireless. I mean, traditionally, I think that has been viewed as strength in a growing wireless market. But the wireless market has obviously changed.

謝謝您回答我的問題。我的第一個問題是，關於你們的零售分銷網絡，特別是無線產品。我的意思是，傳統上，我認為這在不斷增長的無線市場中一直被視為一種優勢。但無線市場顯然已經改變了。

And so I mean, do you still view the benefits of having a very expansive distribution network to the same way, or is that, like a source of potential, cost savings, going forward that you could mine?

所以我的意思是，您是否仍然以同樣的方式看待擁有非常廣泛的分銷網絡的好處，或者說，這是否像是一個潛在的成本節約來源，您可以在未來加以利用？

And then just secondly on the sports topic. Glenn, just wondering if you had any kind of updated thoughts that you can share on valuation?

其次，我想談談體育方面的話題。Glenn，想問你有沒有什麼關於估值的最新想法可以分享？

And just maybe if you could unpack the steps going forward. Obviously, there's the midyear [Kilmer] kind of negotiation. Should we expect there to be a long period where you execute on synergies before you then go on to a process of trying to monetize the asset? And how long that might take? It would just be helpful to understand the time frames and the steps that you're following?

或許，如果你能把接下來的步驟梳理清楚就好了。顯然，還有年中[基爾默]式的談判。我們是否應該預期，在開始嘗試將資產貨幣化之前，會有一段較長的時間來執行綜效？那大概要花多久時間？如果您能了解您遵循的時間安排和步驟就太好了。

Sure. Matt, I'll start on the retail distribution. We have what we believe is the strongest retail distribution network across the country. And we've expanded the effectiveness of it to have bundled and converged services. And so while traditionally, they were focused on wireless.

當然。馬特，我來負責零售分銷。我們擁有全國最強大的零售分銷網絡。我們擴大了其有效性，使其能夠提供捆綁式和整合式服務。因此，儘管傳統上他們專注於無線技術。

What we've seen over the last several years is an increasing ability to effectively market and sell our cable products and small business products through our retail outlets, particularly in the context of our 5G home internet.

過去幾年，我們看到我們透過零售店有效行銷和銷售有線電視產品和小型企業產品的能力不斷增強，尤其是在我們的 5G 家庭網路方面。

And so we want to be very careful as we continue to look for cost efficiencies that we don't disrupt the competitive advantage that we have there.

因此，我們在繼續尋求成本效益的同時，要非常謹慎，以免破壞我們在該領域的競爭優勢。

I would say there are two broad structural things that will continue to -- I would say, streamline our retail distribution outlets and one is our brand consolidation strategies. And so as we have the brand -- our brands more and more focused on Rogers then you can expect the consolidation of some of the retail outlets with our other brands.

我認為有兩個主要的結構性因素將繼續發揮作用——一是精簡我們的零售分銷管道，二是我們的品牌整合策略。因此，隨著我們的品牌——我們的品牌越來越專注於羅傑斯，您可以期待一些零售店與我們的其他品牌合併。

And the second large structural impact on the retail distribution outlook is digital. And as our capabilities continue to improve quickly in the customer experience, and our ability to get them the phone that they want within hours as opposed to days. Then what we're seeing is digital transactions picking up.

對零售分銷前景的第二個重大結構性影響是數位化。隨著我們在客戶體驗方面的能力不斷快速提升，我們能夠在幾小時內而不是幾天內為他們提供他們想要的手機。我們現在看到的是數位交易正在增加。

And over the course of time, we think that's a structural impact to the digital to our distribution network in terms of retail. And so, we'll toggle it sort of at the right time. But as I said, we want to be very careful in how we do that so that we aren't missing out in terms of market effectiveness.

隨著時間的推移，我們認為這將對我們的零售分銷網絡的數位化產生結構性影響。所以，我們會在適當的時機切換它。但正如我所說，我們希望在做這件事時非常謹慎，以免在市場效益方面有所損失。

And then, Matt, on your questions on sports, you pointed out, we have the option trigger that happens in early July, so mid-year and there's a well-defined process around that, which is fairly predictable in terms of timing. And so, I expect we'll work through that. We are already starting to drive some synergies just through our control position at MLSE.

然後，馬特，關於你提出的體育問題，你指出，我們有在 7 月初（也就是年中）觸發的選擇權，並且圍繞它有一個明確的流程，就時間而言是相當可預測的。所以，我希望我們能解決這個問題。我們僅憑對 MLSE 的控股地位，就已經開始產生一些綜效。

There will be more, as I said, as we combine our operations. But I'd step back and say you see with our results from 2025, where we've got -- if we pro forma as if we had owned and controlled the MLSE for the entire year, even including the period prior to which where we had the control position.

正如我之前所說，隨著我們業務的整合，未來還會有更多合作。但我想退一步說，看看我們 2025 年的業績，如果我們按照假設我們擁有並控制 MLSE 一整年的情況進行預測，甚至包括我們之前擁有控制權的時期。

The EBITDA for that combined entity is $400 million -- well, more than $400 million in 2025. Our peers' media companies are not seeing the levels of growth that we are seeing across our media properties. We have some of the strongest properties focused in sports with MLB, NHL, and then MBA as well.

合併後實體的 EBITDA 為 4 億美元——到 2025 年將超過 4 億美元。我們的同業媒體公司並沒有像我們一樣，在旗下所有媒體資產上都實現瞭如此高的成長。我們擁有一些最強大的體育資產，包括 MLB、NHL 以及 MBA。

We've got -- we are enjoying growth in advertising growth in viewership many of our peers with their media operations are facing declines. So that even before we start driving synergies is going to be attractive.

我們——我們的廣告收入和收視率都在成長，而我們的許多同行媒體業務卻面臨著下滑。因此，即使在我們開始發揮協同效應之前，這一點也具有吸引力。

And so no, there won't be a long delay waiting to drive synergies. We are seeing tremendous interest in the asset and the transaction. We just didn't need to get the order right. We need to combine the operations first. That will come after buying control.

所以，不會有很長的等待時間來推動綜效。我們看到市場對這項資產和交易表現出了極大的興趣。我們根本不需要把訂單弄對。我們需要先將這些操作合併起來。那要等到收購控股權之後才能實現。

And along with that or coincident with that, we are talking with potential investors and approaching the market, and we'll do so through this year and be ready to combine and bring a transaction as a relatively fast follow to buying out the minority interest. There's tremendous interest around it. So, there's no need to wait.

同時，或者說與此同時，我們正在與潛在投資者洽談並接觸市場，我們將在今年內完成這項工作，並準備好合併，並在收購少數股權後相對迅速地完成交易。人們對它非常感興趣。所以，無需等待。

Thanks, Matt, and thanks, everyone, for joining us. Please feel free to reach out to IR if you have any further questions. Thank you.

謝謝馬特，也謝謝大家的參與。如有任何其他疑問，請隨時聯繫投資者關係部門。謝謝。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。

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。