Rogers Communications Inc (RCI) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. second-quarter 2026 results conference call. (Operator Instructions)

感謝您耐心等候。我是會議接線員。歡迎參加羅傑斯通訊公司（Rogers Communications Inc.）2026 年第二季業績電話會議。（接線員指示）

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

我現在要將會議交給羅傑斯通訊投資人關係副總裁 Paul Carpino。Carpino 先生，請開始。

Thank you, Gaylene. Good morning, everyone, and thank you for joining us. Today I am here with our President and Chief Executive Officer, Tony Staffieri; and our Chief Financial Officer, Glenn Brandt. 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 2025 annual report regarding the various factors, assumptions, and risks that could cause actual results to differ.

謝謝你，Gaylene。各位早安，感謝各位加入我們。今天與我一同出席的有我們的總裁兼執行長 Tony Staffieri，以及財務長 Glenn Brandt。今天的討論將包含估計及其他前瞻性資訊，實際結果可能與之不同。請查閱今日財報以及我們 2025 年年報中的警示性用語，了解可能導致實際結果不同的各項因素、假設與風險。

With that, let me turn it over to Tony.

接下來，我把時間交給 Tony。

Thank you, Paul. Good morning, everyone. In releasing our second quarter-results this morning, I'm pleased to report that Rogers continued to deliver solid performance across our three lines of business. We remain focused on driving growth and delivering on our commitments. Consolidated service revenue and adjusted EBITDA were up 8% and 3% respectively, despite an overall low growth telecom market.

謝謝你，Paul。各位早安。今天早上發布第二季業績之際，我很高興向各位報告，Rogers 在三大業務線上持續交出穩健表現。我們仍專注於推動成長並履行我們的承諾。儘管整體電信市場成長偏低，合併服務收入與調整後 EBITDA 分別成長 8% 與 3%。

In April, we updated our full-year 2026 guidance to reflect stronger free cash flow growth alongside a meaningful reduction in our capital spend. In Q2, we generated free cash flow of CAD1 billion, which was up 6% year over year. CapEx was down 16%. This reflects our commitment to adjust our spending given market realities and the current regulatory environment.

4 月，我們更新了 2026 全年指引，以反映更強勁的自由現金流成長，以及資本支出的大幅降低。在第二季，我們產生了 10 億加幣的自由現金流，年增 6%。資本支出（CapEx）下降 16%。這反映出我們在考量市場現實與目前監管環境下，調整支出的承諾。

In the quarter, capital intensity improved a notable 350 basis points to 12.4%. This is the lowest capital intensity ratio Rogers has achieved since the first quarter of 2008. We expect free cash flow growth to further accelerate in the second half of the year, particularly as CapEx declines and capital intensity shows additional improvements. We are managing our capital prudently while investing to provide Canadians with the best network experience. Our network leadership was reaffirmed once again recently by umlaut, ranking Rogers as Canada’s best 5G+ network and the country’s most reliable wireless network.

本季資本強度顯著改善 350 個基點至 12.4%。這是 Rogers 自 2008 年第一季以來達成的最低資本強度比率。我們預期下半年自由現金流成長將進一步加速，尤其是在資本支出下降、資本強度持續改善之際。我們在審慎管理資本的同時，也持續投資，為加拿大人提供最佳的網路體驗。我們的網路領先地位近期再度獲 umlaut 肯定，將 Rogers 評為加拿大最佳 5G+ 網路，以及全國最可靠的無線網路。

Turning to our Telecom results, we continue to perform in a low growth environment. Both wireless and cable delivered adjusted EBITDA growth underpinned by balanced and disciplined subscriber additions. In wireless, total net additions were 40,000 customers. This was driven by our strong base management combined with the popularity of our Rogers plans.

談到我們的電信業務表現，在低成長環境下我們仍持續穩健。無線與有線兩大業務皆在均衡且自律的用戶淨增帶動下，實現調整後 EBITDA 成長。在無線方面，總淨增用戶為 40,000 名。這主要來自我們強勁的存量用戶管理，以及 Rogers 方案的受歡迎程度。

We have increasingly looked to meaningful, sustainable value propositions for our customers and moved away from short-term promotional price discounting. We saw a similar trend overall in the marketplace in Q2 in terms of much reduced promotional pricing activity. We remain focused on subscriber acquisition and retention that supports solid financial results.

我們愈來愈著重為客戶提供具意義且可持續的價值主張，並逐步遠離短期促銷式的價格折扣。在第二季，我們也看到市場整體趨勢相近，促銷定價活動明顯減少。我們仍專注於能支撐穩健財務成果的用戶獲取與留存。

You all have seen that yesterday we launched our back-to-school offers consistent with this approach where we are leading with perks and partnerships that deliver more value for our customers. As we continue to focus our base management strategy, we were pleased to see postpaid mobile phone churn drop to 0.94% in the quarter, a solid improvement of 6 basis points from one year ago.

各位昨天也看到，我們推出了返校季優惠，與此一策略一致：我們以福利與合作夥伴方案為主軸，為客戶帶來更多價值。隨著我們持續聚焦存量用戶管理策略，我們很高興看到本季後付費手機用戶流失率降至 0.94%，較一年前改善 6 個基點。

In Cable, we continue to grow and deliver on our commitments. Service revenue grew 1%. This is the fifth straight quarter of growth. Strong execution also drove disciplined loading. In Q2, we added 17,000 retail internet net additions.

在有線業務方面，我們持續成長並履行承諾。服務收入成長 1%。這是連續第五個季度成長。強勁的執行力也帶動自律的裝機表現。第二季我們零售寬頻網路淨增 17,000 戶。

Finally, our Sports and Media business delivered robust results. Revenue topped CAD1.2 billion, a 53% increase. More impressively, organic sports and media revenue, which excludes the impact of MLSE, grew an impressive 13%. Profitability was also strong, with adjusted EBITDA improving CAD61 million year over year.

最後，我們的體育與媒體業務交出強勁成果。營收突破 12 億加幣，成長 53%。更令人印象深刻的是，排除 MLSE 影響的有機體育與媒體營收成長達 13%。獲利能力同樣強勁，調整後 EBITDA 年增 6,100 萬加幣。

As you saw earlier this month, we signed an agreement to acquire the remaining 25% ownership stake in Maple Leaf Sports & Entertainment. When the acquisition closes, Rogers will be 100% owners of MLSE’s iconic teams and assets. We are experienced sports and media operators with a successful track record spanning decades. The combined set of assets have scale and they are profitable. They have incredible national appeal and represent one of the top sports and media portfolios in the world.

如各位本月稍早所見，我們已簽署協議，將收購 Maple Leaf Sports & Entertainment 剩餘 25% 的持股。交易完成後，Rogers 將 100% 持有 MLSE 旗下具代表性的球隊與資產。我們是經驗豐富的體育與媒體營運者，並擁有橫跨數十年的成功紀錄。這組合併後的資產具備規模且具獲利能力。它們擁有驚人的全國吸引力，並代表全球頂尖的體育與媒體資產組合之一。

Our full ownership of MLSE will bring together Canada’s premier communications company with one of the world’s premier sports and entertainment organizations. MLSE will add to our already deep sports, media, and entertainment portfolio. This includes the Toronto Blue Jays; the Rogers Centre; and Sportsnet, the number one sports media brand in Canada.

我們對 MLSE 的完全持有，將把加拿大首屈一指的通訊公司，與全球頂尖的體育與娛樂組織之一結合在一起。MLSE 將進一步強化我們本已深厚的體育、媒體與娛樂資產組合。其中包括多倫多藍鳥隊（Toronto Blue Jays）、羅傑斯中心（Rogers Centre），以及加拿大第一體育媒體品牌 Sportsnet。

We are fans, owners, and broadcasters operating in one of the best cities and countries in the world. Of course, winning is everything for fans, and it’s also good for business. We plan to continue to invest in building championship caliber teams. But the strategic value of sports is not just about winning. The value is even greater when combined with our core connectivity business. This gives us a unique value proposition in a competitive telco marketplace.

我們既是球迷、也是持有人與轉播方，並在全球最棒的城市與國家之一營運。當然，對球迷而言，勝利就是一切；對企業而言也同樣有利。我們計畫持續投資，打造具冠軍水準的隊伍。但體育的策略價值不僅僅在於勝利。當它與我們核心的連網業務結合時，其價值更為提升。這讓我們在競爭激烈的電信市場中擁有獨特的價值主張。

We will create more opportunities for fans to connect with the teams and artists they love. We will invest to deliver unique rewards for our customers. We remain committed to our plan to sell a minority stake in our consolidated sports, media, and entertainment assets after we become 100% owners of MLSE. We plan to surface value by monetizing our world-class sports and media portfolio. And importantly, as we complete this process, we remain committed to retaining our investment-grade balance sheet.

我們將創造更多機會，讓球迷與他們喜愛的球隊與藝人建立連結。我們將投資，為客戶提供獨特的回饋與獎勵。在我們成為 MLSE 100% 持有人之後，我們仍致力於依計畫出售我們合併後體育、媒體與娛樂資產中的少數股權。我們計畫透過將世界級體育與媒體資產組合變現來釋放價值。更重要的是，在完成此流程的同時，我們仍承諾維持投資等級的資產負債表。

Overall, we’re executing on our telecom priorities and sports monetization plan with discipline. We are doing what we said we would do, and we’re doing it ahead of schedule. We’re doing this while maintaining a strong balance sheet during this period of investment.

整體而言，我們以自律的方式執行電信優先事項與體育資產變現計畫。我們正在做我們說過會做的事，而且進度超前。我們在投資期間仍維持強健的資產負債表，同時推進這些工作。

I want to thank our team for their strong execution, their commitment to Rogers and to our customers. I’ll now turn the call over to Glenn for a few more highlights.

我要感謝我們團隊強而有力的執行力，以及他們對 Rogers 與客戶的投入與承諾。接下來我把電話交給 Glenn，請他補充幾項重點。

Thank you, Tony. Good morning, everyone. Thank you for joining us this morning. I’m pleased to report that our second-quarter results reflect continued strong execution and leading operating performance with substantial progress on several key initiatives. Most notably, 8% growth in consolidated service revenue and 3% growth in consolidated adjusted EBITDA.

謝謝你，Tony。各位早安。感謝各位今天早上加入我們。我很高興報告，我們第二季的結果反映出持續強勁的執行力與領先的營運表現，並在多項關鍵計畫上取得顯著進展。最值得一提的是，合併服務收入成長 8%，合併調整後 EBITDA 成長 3%。

57,000 combined net new mobile phone and retail internet customers added in the quarter, with adjusted Wireless and Cable margins of 66% and 58% respectively, each up year over year. 53% growth in Media revenue, including 13% standalone organic growth in Rogers Sports & Media, with an approximately 8.5 times increase in adjusted EBITDA to CAD69 million. Consolidated capital intensity ratio of 12%, our lowest level since first quarter of 2008, with consolidated free cash flow just shy of CAD1 billion for the quarter, which is up 6% year over year as a result.

本季合計新增57,000名行動電話與零售網際網路淨新客戶，經調整後的無線與有線（Cable）利潤率分別為66%與58%，兩者皆較去年同期上升。媒體營收成長53%，其中Rogers Sports & Media的獨立口徑有機成長13%，經調整後EBITDA大幅提升約8.5倍至6,900萬加幣。合併資本強度比率為12%，為自2008年第一季以來最低水準；本季合併自由現金流接近10億加幣，因而較去年同期成長6%。

And finally, with our successful negotiations to purchase the final 25% of MLSE, we are now set to combine Rogers Sports & Media with MLSE and pursue the sale of a minority interest in our world-class sports, media and entertainment assets. Importantly, each of our three businesses contributed positively to these results.

最後，隨著我們成功協商收購MLSE最後25%的股權，我們現已準備將Rogers Sports & Media與MLSE合併，並推動出售我們世界級體育、媒體與娛樂資產的少數股權。重要的是，我們三大業務皆對這些成果做出正面貢獻。

In Wireless, Service revenue was stable year over year, and adjusted EBITDA was up 1%. We added 40,000 subscribers in quarter, 22,000 of which were postpaid customers. Mobile phone nets are down 34% from the prior year, reflecting continued flat to declining overall population. And while the Wireless market remains extremely competitive, we are seeing competition moving toward relative value and away from the aggressive discounting of premium services seen in the seasonally low first quarter.

在無線業務方面，服務營收與去年同期持平，經調整後EBITDA成長1%。本季我們新增40,000名用戶，其中22,000名為後付費客戶。行動電話淨增數較去年下降34%，反映整體人口持續持平至下滑。儘管無線市場仍極度競爭，我們看到競爭正轉向相對價值，並遠離在季節性偏淡的第一季所見對高端服務的激進折扣。

Mobile phone ARPU was CAD54.25 for the quarter, down 2% from one year ago. Postpaid mobile phone churn performance was 0.94%, which is down 6 basis points versus prior year and reflects our focus on disciplined subscriber loading, careful base management, and our emphasis on value for premium services.

本季行動電話ARPU為54.25加幣，較一年前下降2%。後付費行動電話流失率為0.94%，較去年下降6個基點，反映我們專注於審慎的用戶導入、謹慎的存量管理，以及對高端服務價值的強調。

Moving to Cable now. Once again, we delivered strong, disciplined financial and operating performance, growing each of service revenue and adjusted EBITDA by 1% and adding 17,000 internet subscribers. Our industry-leading 58% cable margin is up 10 basis points over prior year, reflecting continued cost efficiencies and our ongoing emphasis on value for premium services.

接著看有線（Cable）業務。我們再次展現強勁且自律的財務與營運表現，服務營收與經調整後EBITDA各成長1%，並新增17,000名網際網路用戶。我們業界領先的58%有線利潤率較去年提升10個基點，反映持續的成本效率與我們對高端服務價值的持續重視。

Notably, Cable’s organic growth is roughly double our reported 1%. When adjusted to exclude the impact of our December 2025 sale of our hosted data center business, our Cable Service revenue and adjusted EBITDA were each up by 2% year over year.

值得注意的是，有線業務的有機成長約為我們所報告1%的兩倍。若調整排除我們於2025年12月出售託管資料中心業務的影響，有線服務營收與經調整後EBITDA皆較去年同期成長2%。

Turning to Rogers Sports & Media, our operating and financial performance here is particularly noteworthy. Consolidation and control of MLSE has added a substantial growth opportunity, but we have also achieved significant organic growth of 13% on a standalone basis for Rogers Sports & Media revenue. And so overall, Media revenue of CAD1.2 billion for the quarter is up by CAD0.4 billion, or 53% year over year, with approximately CAD0.3 billion of that increase coming from the consolidation of MLSE.

轉到Rogers Sports & Media，我們在此的營運與財務表現尤其值得關注。對MLSE的合併入帳與控制權帶來可觀的成長機會，同時Rogers Sports & Media營收在獨立口徑下也達成13%的顯著有機成長。因此，本季媒體營收為12億加幣，較去年同期增加4億加幣（即年增53%），其中約3億加幣的增幅來自MLSE的合併入帳。

The 13% standalone organic growth, roughly CAD100 million, was largely driven by higher Toronto Blue Jays related revenue, with over 95% near-sellout attendance for our home games at Rogers Centre and by higher subscriber revenue from the 2025 launch of the Warner Bros. Discovery suite of channels.

13%的獨立口徑有機成長（約1億加幣）主要由多倫多藍鳥隊相關營收增加所帶動，我們在Rogers Centre的主場賽事出席率超過95%接近滿場，並且受惠於2025年推出Warner Bros.Discovery頻道組合後帶來更高的訂戶營收。

Similarly, Media’s adjusted EBITDA was CAD69 million, up roughly 8.5 times from the CAD8 million reported one year ago. Rogers Sports & Media, combined with MLSE, creates a truly unique collection of sports teams, live sports and entertainment venues, and media properties, one of the best and most complete collections globally, and all in one of North America’s largest metropolitan areas.

同樣地，媒體業務的經調整後EBITDA為6,900萬加幣，較一年前所報告的800萬加幣約成長8.5倍。Rogers Sports & Media與MLSE結合後，形成真正獨特的體育隊伍、現場體育與娛樂場館以及媒體資產組合，堪稱全球最佳且最完整的組合之一，且全部位於北美最大的都會區之一。

Add to that, the unique standing for Toronto Blue Jays and Toronto Raptors as the only national Canadian MLB and NBA franchises, and Toronto Maple Leafs, widely regarded as the NHL’s most valuable franchise and one of the original six teams. These are tremendous world-class sports and media assets generating strong operating and financial results. We remain firmly committed to realize on the very substantial unrecognized value of these assets and using the proceeds to strengthen our balance sheet. We expect to close on our purchase of the remaining 25% of MLSE in the fourth quarter, with timing subject to league approvals.

此外，多倫多藍鳥隊與多倫多暴龍隊作為加拿大唯一的MLB與NBA全國性球隊，地位獨特；而多倫多楓葉隊則普遍被視為NHL最具價值的球隊之一，亦為「原始六隊」之一。這些都是卓越的世界級體育與媒體資產，帶來強勁的營運與財務成果。我們仍堅定致力於實現這些資產極為可觀但尚未被充分認列的價值，並將所得用於強化資產負債表。我們預期將於第四季完成收購MLSE剩餘25%股權，時程仍須視聯盟核准而定。

As a result, we have recorded in other expense a CAD1 billion non-cash loss related to the negotiated purchase price and resulting settlement and termination of the MLSE put liability. This reflects the change in the fair value of the MLSE put liability from CAD3.3 billion established in July 2025 to the CAD4.35 billion negotiated transaction at June 30, 2026.

因此，我們已在其他費用中認列一筆10億加幣的非現金損失，與協商後的收購價格以及MLSE賣回（put）負債的和解與終止所致。此反映MLSE賣回負債公允價值的變動：自2025年7月所建立的33億加幣，變更為截至2026年6月30日協商交易的43.5億加幣。

Now turning to our consolidated results and balance sheet. Total service revenue was up 8% to CAD5.1 billion, and adjusted EBITDA was up 3% to CAD2.4 billion. Capital expenditures declined to CAD0.7 billion, or down 16%, as we execute on our new capital efficiency program announced in April. Our capital intensity improved a substantial 350 basis points to 12%, our lowest capital intensity ratio in more than 18 years.

接著看我們的合併業績與資產負債表。總服務營收成長8%至51億加幣，經調整後EBITDA成長3%至24億加幣。資本支出降至7億加幣，下降16%，因我們正執行4月宣布的新資本效率計畫。我們的資本強度大幅改善350個基點至12%，為18年多以來最低的資本強度比率。

We anticipate further capital spend reductions in the third and fourth quarters, affirming our earlier 2026 guidance of CAD2.5 billion to CAD2.7 billion. As a result, free cash flow in the quarter increased by 6% to CAD1 billion.

我們預期第三與第四季資本支出將進一步下降，並重申先前對2026年的指引為25億至27億加幣。因此，本季自由現金流成長6%至10億加幣。

Our liquidity remains strong at over CAD6 billion, and we continue to strengthen our balance sheet with leverage at June 30 of 3.8 times, down from 4 times at December 31, 2025, with more to come as we complete our sports and media transactions and use our free cash flow to pay down debt. Our quarter-end liquidity included CAD1.7 billion in cash and cash equivalents and CAD4.4 billion available under our bank and other credit facilities.

我們的流動性仍維持強勁，超過60億加幣；我們也持續強化資產負債表，截至6月30日槓桿倍數為3.8倍，較2025年12月31日的4倍下降。隨著我們完成體育與媒體交易並運用自由現金流償還債務，後續仍將進一步改善。季末流動性包含17億加幣的現金及約當現金，以及可動用的44億加幣銀行及其他授信額度。

And as noted in our press release, we are reaffirming our 2026 outlook ranges associated with total service revenue growth, adjusted EBITDA growth, capital expenditures, and free cash flow.

此外，如同我們在新聞稿中所述，我們重申2026年在總服務營收成長、經調整後EBITDA成長、資本支出與自由現金流等項目的展望區間。

To summarize, we delivered strong and disciplined results across all three businesses, advanced our sports monetization strategy, strengthened our balance sheet, and reiterated our 2026 outlook. These are all excellent outcomes. We are completing an important and transformative period at Rogers, and once again, our team has delivered excellent results.

總結而言，我們在三大業務皆交出強勁且自律的成果，推進體育資產變現策略，強化資產負債表，並重申2026年展望。這些都是非常出色的成果。Rogers正完成一段重要且具轉型意義的時期，而我們的團隊再次交出優異成績。

I would like to thank the team for their disciplined approach and strong execution in the current environment. I will now ask Gaylene to open the call for questions. Thank you very much.

我要感謝團隊在當前環境下展現自律的方法與強勁的執行力。接下來我將請Gaylene開放提問。非常感謝。

(Operator Instructions) Drew McReynolds, RBC.

(接線員指示) Drew McReynolds，RBC。

Two questions from my end. First, on the outlook for network revenue growth. Obviously, the last four quarters we’ve bumped in and around flattish. I think it’s pretty widely known. There’s still wireless market expansion of about 2%, wireless ARPU down 2%, which kind of gets you to flattish. So just wondering, with all the puts and takes that go through network revenues, can you, Tony or Glenn, just point to what we should expect in the back half of 2026 and maybe some of the bigger deltas that you’re looking to manage?

我這邊有兩個問題。第一個是關於網路營收成長的展望。顯然過去四個季度我們大致都在持平附近徘徊。我想這也算是眾所周知。無線市場規模仍約擴張2%，無線ARPU下降2%，大致就使結果接近持平。因此我想請問，在影響網路營收的各種正負因素之下，Tony或Glenn，你們能否指出我們在2026年下半年應該期待什麼，以及你們正在管理的一些較大的變動因素是哪些？

And then second, on the cable revenue, EBITDA growth. Glenn, thanks for stripping out the data center impact. Just wondering, satellite TV presumably is under ongoing pressure and that’s not something that you report, but certainly in your numbers relative to peers. Can you perhaps isolate that impact as well for us?

然後第二點，關於有線業務收入與 EBITDA 成長。Glenn，謝謝你把資料中心的影響剔除。想請教一下，衛星電視顯然仍持續承受壓力，而這不是你們會單獨揭露的項目，但在你們相對同業的數字中肯定有所反映。你們能否也為我們把這部分影響單獨拆解出來？

For the questions, Drew, I’ll start with the first part in terms of revenue growth. I take it your comments are really geared towards the Wireless side of the business. On the Cable side, we continue to be pleased with the growth that we’re seeing there. As you heard in Glenn’s opening comments, organic growth there of 2% on top line as well as on EBITDA. And so that business continues on a very solid trajectory.

Drew，關於你的問題，我先從第一部分的營收成長談起。我理解你的評論主要是針對無線業務。在有線業務方面，我們對目前看到的成長仍然感到滿意。正如你在 Glenn 的開場評論中聽到的，有線業務的有機成長在營收端與 EBITDA 端皆為 2%。因此，這項業務仍持續走在非常穩健的軌道上。

On the Wireless side, as you point out, we looked at the volumes for the second quarter, we continue to see growth in the range of 2% as you highlight. We had previously said 2% to 2.5%. Our sense is it’s at the lower end of that range. That’s what we’re seeing in the marketplace.

在無線業務方面，如你所指出的，我們觀察第二季的量，仍持續看到約 2% 的成長，正如你提到的。我們先前說過是 2% 到 2.5%。我們的感覺是落在該區間的較低端。這就是我們在市場上看到的情況。

To answer your question, it really is about ARPU and ARPU growth, frankly, for us and the industry. And we're extremely pleased to see our strategy of focusing on other value propositions in our value plans, resonating in the marketplace. Just given the low growth of the industry, our view was, and you heard that coming out of Q1, intensive promotional price discounting wasn’t a sustainable long-term economic way forward.

要回答你的問題，坦白說，關鍵其實在於 ARPU 以及 ARPU 的成長，對我們與整個產業都是如此。我們非常高興看到，我們在價值方案中聚焦其他價值主張的策略，正在市場上產生共鳴。考量到產業低成長，我們的看法是——你也在第一季財報後聽到——密集的促銷式價格折扣並不是一條可長期維持、在經濟上可持續的道路。

And so we pivoted to a few other factors. We focused on our base, first and foremost, and you saw that with not only solid churn reduction performance, but also as we look to our base and how we think about ARPU upselling within our base. We like what we’re seeing there.

因此我們轉向幾個其他因素。我們首先聚焦既有客戶基礎，你也看到不僅是流失率（churn）降低的表現穩健，同時我們也檢視既有客戶基礎，並思考如何在既有客戶中進行 ARPU 的升級銷售（upselling）。我們喜歡目前看到的結果。

But importantly, for new customers, focusing on a value proposition that gives them value that is much more sustainable and creates a better long-term customer economic value for us. And that includes on certain plans, including satellite, certain plans, higher-tier plans, including roaming, a number of initiatives that include savings on streaming applications. We focused on add-a-line pricing, and providing value where more lines that come in, then there’s more value savings for the customers.

但更重要的是，對於新客戶，我們聚焦在能提供更可持續價值的價值主張，並為我們創造更好的長期客戶經濟價值。這包括在某些方案上（包含衛星）、某些方案上提供更高階的方案（包含漫遊），以及多項包含串流應用程式節省優惠的措施。我們也聚焦於加掛門號（add-a-line）的定價，提供價值：加入的門號越多，客戶可獲得的節省就越多。

Discounting has pivoted to hardware discounting. And you saw that in the second quarter, and as I mentioned, in launching our back-to-school promotions yesterday. The hardware discounting is tied to the tiers that you see coming in. There’s some additional ones for back to school, and those offers are largely funded by the OEMs.

折扣策略已轉向硬體折扣。你在第二季已看到這點，而我也提到我們昨天推出了返校季促銷。硬體折扣與你看到的方案等級（tiers）掛鉤。返校季還有一些額外優惠，而這些優惠大多由 OEM 廠商出資。

And so all of that points to, in our view, a strategy that we’re following of focusing on initiatives that will drive ARPU growth. We were pleased to see in the second quarter that the market was much more muted in terms of promotional discounting. We think that’s a good sign. We’ll see how the market continues to evolve in the back-to-school period and certainly into the fall. Those are going to be key determinants for how ARPU behaves for us in the industry and ultimately leads to ARPU growth.

因此在我們看來，這一切都指向我們正在採行的策略：聚焦能推動 ARPU 成長的各項措施。我們很高興看到第二季市場在促銷折扣方面明顯更為克制。我們認為這是個好跡象。我們將觀察市場在返校季期間以及進入秋季後的演變。這些將是影響我們與產業 ARPU 表現、並最終帶動 ARPU 成長的關鍵決定因素。

It’s a difficult one to predict because it is going to depend in large part on market conditions. But we think we’ve got the right strategy. It seems to be resonating, and you see that with what we think is fairly solid subscriber loading in the second quarter, notwithstanding that focus on price discipline.

這很難預測，因為很大程度將取決於市場狀況。但我們認為我們有正確的策略。看起來正在產生共鳴，你也從我們認為第二季相當穩健的用戶淨增（subscriber loading）中看得到，儘管我們仍聚焦於價格紀律。

Hope that helps, Drew.

希望這能對你有所幫助，Drew。

Drew, just adding in on your question on satellite. I won’t give you the detail on satellite, but I would say that it hasn’t really changed from the last few years. What you’ve seen embedded in our results or reflected in our results, that is part of what we are offsetting and getting to the 2% organic growth. It continues to be a fairly flat, steady rate.

Drew，另外補充你關於衛星的問題。我不會提供衛星的細節，但我會說它與過去幾年相比其實沒有太大變化。你在我們的業績中所看到、或反映在我們業績中的內容，其中一部分就是我們正在抵銷的因素，並因此達到 2% 的有機成長。它仍然維持相當平坦、穩定的速度。

Batya Levi, UBS.

Batya Levi，瑞銀（UBS）。

As part of the driver of lower churn, are you also seeing a pickup in demand from converged offers? If you could maybe update us on what that stands for you in terms of what percent of your maybe cable households also have Rogers Wireless.

作為較低流失率的驅動因素之一，你們是否也看到融合式方案（converged offers）的需求回升？如果可以的話，能否更新一下：就你們而言，大約有多少比例的有線家庭同時也使用 Rogers Wireless？

And just to follow up on the ARPU commentary. I believe the lower or no activation fees kicked in mid-June. How do you anticipate to navigate that pressure in the second half?

另外追問 ARPU 的評論。我相信較低或取消啟用費（activation fees）是在 6 月中旬開始生效。你們預期在下半年將如何因應這項壓力？

Thanks, Batya, for the question. I’ll start with the first one. In terms of the churn tactics, if I understood your question and what we’re seeing in that, certainly the lower promotional pricing activity drove less froth in the marketplace in the second quarter. And so part of the reduction in churn is certainly from that.

謝謝你的問題，Batya。我先從第一個問題開始。就降低流失率的策略而言，如果我理解你的問題以及我們所看到的情況，第二季較低的促銷定價活動確實讓市場的「躁動」（froth）減少。因此，流失率下降的一部分確實來自於此。

But importantly, some of the other tactics that we’re looking at and using with customers that is encouraging them to stay with us at better rates, we’re pleased with the performance that we’re seeing there. And I can tell you that those tactics have moved well beyond additional promotional and extended discounting, instead providing other value services that the customers see value in. And so that’s trending well.

但更重要的是，我們也在觀察並使用其他策略，鼓勵客戶以更好的費率留在我們這裡；我們對目前看到的表現感到滿意。我可以告訴你，這些策略早已不只是額外促銷或延長折扣，而是改為提供其他客戶認為有價值的加值服務。因此這個趨勢發展得不錯。

Batya, if you could remind me the second part of your question relating to ARPU?

Batya，你能提醒我你問題的第二部分、與 ARPU 相關的是什麼嗎？

The impact from activation fees.

啟用費的影響。

Yeah. On the fee, actually, I’ll let Glenn answer that one.

好的。關於費用這一點，我其實讓 Glenn 來回答。

I think we’re seeing a fairly minor effect in the second quarter. Obviously, it came in late in the quarter. We’re looking at a number of options for some value-added fees for service with our customers, as I think you’ve probably seen. And we’re working on that together with price initiatives and again, leaning in on our value for premium service emphasis rather than the discounting we saw in the first quarter to help sustain ARPU.

我認為我們在第二季看到的影響相當輕微。顯然它是在季度後段才開始生效。我們正在評估多種選項，針對與客戶服務相關的一些加值費用（value-added fees），我想你可能也已經看到相關訊息。我們會把這些與定價措施一起推進，並再次更著重於「高品質服務的價值」而非第一季看到的折扣，以協助維持 ARPU。

And so we’ll be leaning in on all of those different levers to offset not only the potential discounting through the holiday period and what have you, finding other value-added features to retain customers, but also pricing initiatives to help offset the fee impact.

因此，我們會運用所有這些不同的槓桿來抵銷影響：不僅是透過假期期間可能出現的折扣等因素，尋找其他加值功能來留住客戶，同時也透過定價措施來協助抵銷費用變動的影響。

Aravinda Galappatthige, Canaccord Genuity.

Aravinda Galappatthige，Canaccord Genuity。

Maybe just start with a follow-up to the last question with regard to the activation and cancellation fees. Glenn, based on your answer, is it fair to assume that we should expect maybe a sort of a -- in terms of the shape for ARPU and service revenues, that we should expect that there could be a bit of a dip in Q3 and then perhaps a recovery later on as some of your mitigating strategies sort of play out? I’m just wondering if you can sort of comment a bit further on that.

我想先就上一個問題關於啟用與取消費用再追問一下。Glenn，根據你的回答，我們是否可以合理地假設，就 ARPU 與服務營收的走勢形狀而言，我們應該預期第三季可能會有些下滑，之後隨著你們一些緩解策略逐步發揮作用，可能在後續出現回升？我只是想知道你是否可以再進一步評論一下。

And then secondly, on the OpEx side, I know that last quarter you announced material reductions to CapEx. Perhaps, talk to your ability to make sort of material cuts on the OpEx side. I know that that’s been sort of an ongoing effort, but the prospect of perhaps a step change there. Any update would be helpful.

第二點，在營運費用（OpEx）方面，我知道你們上季宣布了大幅削減資本支出（CapEx）。或許也談談你們在 OpEx 端進行較大幅度削減的能力。我知道這一直是持續推動的工作，但是否有可能出現某種「階躍式」的變化。任何更新都會很有幫助。

Thank you, Aravinda. On the activation and cancellation fees, I’m not going to start guiding specifically for quarter by quarter. We are focused on again, emphasizing our premium services and looking to provide value for a fee service on whether it’s phone setup or what have you, and delivery charges and the like, which you’ve seen. And so we will continue to focus on price initiatives and providing fair value for service. And we’ll continue to manage that file.

謝謝你，Aravinda。關於啟用與取消費用，我不會開始針對逐季提供具體指引。我們的重點仍是再次強調我們的高端服務，並就收費服務提供價值，不論是手機設定或其他事項，以及你們已經看到的配送費等。因此，我們會持續聚焦於價格相關的措施，並為服務提供合理的價值。我們也會持續管理這一項目。

You’ve seen the ARPU trajectory over the last several quarters, and I don’t anticipate a substantial change in that in the coming quarters. It’s block and tackle on several different initiatives to address the impact of the government decision.

你們已經看到過去幾季 ARPU 的走勢，而我不預期未來幾季會出現實質性的變化。我們會透過多項不同的具體措施逐一推進，以因應政府決策所帶來的影響。

On the OpEx side, we continue to focus on driving improved efficiencies, some coming from synergy opportunities with the combination of RSM, MLSE, that’s still to be realized and in the early stages. You’ve seen the impact of that with the Shaw and Rogers transaction from a few years ago. We continue to see the benefits of that with continued strengthening on our margins.

在 OpEx 方面，我們持續專注於推動效率提升，其中一部分來自 RSM、MLSE 結合後的協同機會，這些仍有待實現且目前仍在早期階段。你們也看到幾年前 Shaw 與 Rogers 交易所帶來的影響。我們持續看到其效益，並帶動我們的利潤率持續走強。

And again, it’s a number of detailed initiatives rather than an overarching single lever that we’re pulling on. We’re looking at vendors, we’re looking at either insourcing or outsourcing costs and changes to address the underlying operating costs of delivering our services, all while trying to drive improved value for our customers and improved premium features for our customers. You saw that with adding mobile to satellite backup coverage for our Wireless customers. So we are adding features along the while of looking to try and reduce our operating costs and improve our margins. It’s all a balance.

同樣地，這是多項細部措施的推進，而不是拉動某一個總體性的單一槓桿。我們在檢視供應商，也在評估內製或外包的成本，以及為了處理服務交付的基礎營運成本所需的調整，同時也努力為客戶創造更高價值並提供更好的高端功能。你們已看到我們為無線客戶把行動網路加入衛星備援覆蓋。因此，我們一方面增加功能，一方面也在努力降低營運成本並改善利潤率。這一切都需要取得平衡。

Stephanie Price, CIBC.

Stephanie Price，CIBC。

I wanted to focus on MLSE. In terms of the Kilmer MLSE acquisition, can you talk a little bit about the timeline to monetization of a stake in the combined Rogers MLSE business? And what the key milestones investors should be expecting as we think about potentially a minority monetization there?

我想把焦點放在 MLSE。就 Kilmer 收購 MLSE 這筆交易而言，你能否談談在合併後的 Rogers MLSE 業務中，將部分持股變現的時間表？以及當我們思考可能進行少數股權變現時，投資人應該期待哪些關鍵里程碑？

And then related just on leverage post the Kilmer transaction. Is the sale of a minority stake the major catalyst to reduce leverage? Or are there other options you’re looking at? Thanks.

另外也相關地問一下，Kilmer 交易完成後的槓桿水準。出售少數股權是否是降低槓桿的主要催化劑？或者你們還在考慮其他選項？謝謝。

Thank you, Stephanie. In terms of timing on first closing the acquisition, it’s subject to league approvals. We don’t anticipate that to be an arduous exercise, but it will be subject to scheduling for the leagues. We are targeting fourth quarter, and you saw in the release targeting October 1, but we are expecting to close in the fourth quarter, the acquisition of that 25% interest.

謝謝你，Stephanie。就完成收購的時間而言，仍需取得聯盟核准。我們不預期這會是艱鉅的程序，但仍取決於各聯盟的排程。我們目標是第四季；你們在新聞稿中也看到目標日期為 10 月 1 日，但我們預期會在第四季完成收購該 25% 權益的交割。

We’ll follow, I would say as a fast follow, bringing to market first the combination of Rogers Sports & Media and MLSE endpoint, bringing those business units together. And then bringing that combined entity to market to sell down a minority stake or minority stakes to investors. I expect that to take several months to complete. We’re targeting first half of 2027. We will be looking to close that as early as possible.

接著我會說，我們將很快跟進，首先把 Rogers Sports & Media 與 MLSE 的端點進行整合，把這些業務單位合併在一起。然後把這個合併後的實體推向市場，向投資人出售一筆或多筆少數股權。我預期完成這件事需要數個月。我們目標是 2027 年上半年。我們會力求盡早完成交割。

That also will be subject to league approvals in terms of qualifying the terms of the minority interest stakes as well as the prospective investors. We’ll complete that as quickly as we can. The proceeds from that will be used to pay down debt and to delever.

這同樣也需要聯盟核准，包括少數股權持有條款的適格性，以及潛在投資人的資格。我們會盡可能快速完成。其所得款項將用於償還債務並降低槓桿。

The original closing of the acquisition of Kilmer will come from arranged bank credit facilities, bilateral facilities that we have added to our existing lines so that we have ample liquidity to run our operations while we bridge the minority interest sale.

Kilmer 收購案的原始交割資金將來自已安排的銀行信貸額度，也就是我們新增至既有額度之上的雙邊授信額度，確保我們在銜接少數股權出售期間仍有充足流動性以支應營運。

Maher Yaghi, Scotiabank.

Maher Yaghi，Scotiabank。

Just following up on MLSE. Glenn, I just wanted to ask you, how should we think about the minority stake sale that you’re planning to do in terms of should we think about the Kilmer price paid as a floor? Or are there meaningful differences between what you intend to sell in terms of minority stake versus the 25% that you just acquired in terms of how these ownerships are calculated or valued?

延續 MLSE 的問題。Glenn，我想請教，對於你們計畫進行的少數股權出售，我們應該如何看待？是否應把你們支付給 Kilmer 的價格視為一個底線？或者，就你們打算出售的少數股權與你們剛收購的 25% 權益相比，在持股計算方式或估值上是否存在重大差異？

The second question, are you looking for a strategic investor to come in or multiple potential minority shareholders? I have a follow-up after on CapEx.

第二個問題，你們是希望引入一位策略性投資人，還是多位潛在的少數股東？我之後還有一個關於 CapEx 的追問。

Sure. Thank you, Maher. On the valuation and the price of the transaction, I won’t help our efforts at all if I try negotiating that here on the earnings call. We’ll see when we approach investors and negotiate that valuation. I would say that these are premium assets. There is a tremendous amount of interest expressed from investors, private individuals, as well as institutions. We’ve talked to several. We have several more to talk to.

好的。謝謝你，Maher。關於估值與交易價格，如果我在這場法說會上嘗試談判，對我們的工作一點幫助也沒有。等我們接觸投資人並就估值進行談判時再看。我會說，這些都是高端資產。我們已收到投資人表達的高度興趣，包括私人個人以及機構。我們已與其中幾位談過。也還有幾位將會再談。

As we go through the exercise, I’m confident that we will be able to present that these are a very premium collection of assets and there are limited opportunities for buying in. You can tell from my comment, I do not expect discounts and we will work hard to drive as strong a valuation as we can drive in the transaction. But the market will determine what that is. I don’t mean to sound cagey, but we’ll work that through in the process.

在推進這個流程時，我有信心我們能夠呈現：這是一組非常高端的資產組合，而且可供買入的機會有限。從我的評論你也可以看出，我不預期會有折價，我們會努力在交易中爭取盡可能強的估值。但最終仍由市場決定。我不是想故作神祕，但我們會在流程中把這些問題處理好。

In your question on whether or not we’re looking for a strategic investor, we are well experienced in operating these businesses, both our media side of things as well as the sports franchise side of things in each of these leagues, operating the venues, and finding the opportunities for working with vendors as well as providing additional value for our customers and our other telecom businesses.

至於你問我們是否在尋找策略性投資人，我們在營運這些業務方面經驗豐富，無論是媒體業務，或是在各聯盟中的運動特許經營權，包含場館營運，以及與供應商合作尋找機會，同時也為我們的客戶與其他電信業務提供額外價值。

We’re not looking for a strategic investor to assist with that. If one comes along with other opportunities, whether it’s as a vendor or as a potential investor, of course, we’ll look at that. But the exercise here is to sell a non-voting minority interest in common equity of the combined entities and to participate in the growth opportunity for that investment. That is the objective here rather than trying to find some other slot that fits. Does that help?

我們並不是在尋找一位策略性投資人來協助處理那件事。如果有人帶著其他機會出現，不論是作為供應商或潛在投資人，當然，我們會加以評估。但這裡的操作是出售合併後實體普通股中的一小部分無表決權少數股權，並參與該投資的成長機會。這才是此處的目標，而不是試圖去找另一個更合適的定位。這樣有幫助嗎？

Yes, very much. Thank you for the detailed answer.

是的，非常有幫助。謝謝你詳盡的回答。

You mentioned a follow-up.

你提到有一個追問。

Yes. The follow-up is on CapEx. There are a few puts and takes, as you know, in the CapEx reduction, small asset sales, but still very strong reduction in CapEx. Q2 already seen in the results, boosting free cash flow. If we look at these levels of spending, do you believe these are sustainable CapEx run rates beyond '26? Given the ongoing regulatory environment, does it reinforce your view that lower capital intensity is the appropriate response in this environment?

是的。追問是關於資本支出（CapEx）。如你所知，在削減CapEx方面有一些取捨，包括小型資產出售，但CapEx仍然大幅下降。第二季的結果已經反映出來，推升了自由現金流。如果我們看這些支出水準，你認為在2026年之後，這樣的CapEx執行率是可持續的嗎？考量到持續的監管環境，是否更強化你認為在此環境下採取較低資本密集度是適當回應的看法？

Thanks for the question on CapEx, Mir. We think about capital in two buckets, if I could be helpful. One is in sustaining our existing network infrastructure and our existing business. We’re always looking at how do we do that more efficiently. That’s one of the big drivers that you see here.

Mir，謝謝你關於CapEx的提問。如果能有所幫助，我們把資本分成兩個面向來看。第一個是維持我們既有的網路基礎設施與既有業務。我們一直在思考如何更有效率地做到這點。這也是你在這裡看到的主要驅動因素之一。

The second piece relates to what I would describe as network expansion, particularly on the wireline side. In those areas, we continue to reevaluate whether or not the payback economic models make sense. As we’ve said previously, in this regulatory environment, it’s made it much more difficult to boldly make some expansion capital investments.

第二部分是我會稱之為網路擴張，特別是在有線（wireline）端。在那些領域，我們持續重新評估回收期的經濟模型是否合理。如我們先前所說，在目前的監管環境下，要大膽進行一些擴張性的資本投資變得困難得多。

And we’ll continue to work with the government and regulatory authorities to help shape policies that’s going to be more conducive to a framework that incents capital investment, which the country needs in terms of digital infrastructure. So we’ll continue to work on that front.

我們也會持續與政府及監管機關合作，協助塑造更有利於建立能夠激勵資本投資的政策框架；就數位基礎建設而言，這是國家所需要的。因此，我們會持續在這方面努力。

But you ought to see those as separate in terms of capital that will bring forth future revenue streams and at the time we start to increase those types of investments, and it’s difficult to predict when, then we’ll parse those out.

但你應該把這些視為不同類型的資本：一種會帶來未來的營收來源；而當我們開始提高這類投資時（何時發生很難預測），我們會把它們拆分出來說明。

As we look to our run rate on capital intensity, we think we’re at a position and continue to find the right formula on looking for focus and efficiencies that allow us to continue to have the best networks from a competitive standpoint, as well as other infrastructure that we need to continue to run the business profitably and at a competitive advantage. And so we think we’ve got something that is sustainable on that front.

就我們的資本密集度執行率而言，我們認為目前所處的位置是合適的，並且會持續尋找正確的公式，透過聚焦與效率提升，讓我們在競爭面維持最佳網路，同時也具備我們持續以獲利方式經營並保持競爭優勢所需的其他基礎設施。因此，我們認為在這方面我們已經有可持續的做法。

Tim Casey, BMO.

BMO 的 Tim Casey。

Tony, one of the questions we seem to get with increasing frequency is the potential impact of Starlink and incursions into a traditional Wireless business. It’s obviously much more of a front-burner issue in the US, given spectrum ownership and whatnot. Can you frame for us your current thinking on that as a potential threat to the domestic wireless business or another layer of competition down the road? How are you thinking about Starlink, given you are doing business with them now, but they’ve got some ambitious plans?

Tony，我們似乎越來越常被問到 Starlink 可能帶來的影響，以及它對傳統無線業務的切入。顯然在美國這更是迫在眉睫的議題，考量到頻譜持有等因素。你能否為我們說明你目前的看法：這是否會成為對國內無線業務的潛在威脅，或是未來另一層競爭？鑑於你們現在已與他們有業務往來，但他們也有一些雄心勃勃的計畫，你們如何看待 Starlink？

That’s a good question, Tim, timely, certainly as you look to many of the headlines, as you said, largely south of the border. Our view on this, we’ve spent years in the making on this and working with a few different satellite operators, and right now we’re focused on SpaceX/Starlink as our partner. That’s the service that we’re focused on deploying here in Canada.

Tim，這是個好問題，也很切題；正如你所說，從許多新聞標題來看，主要都發生在邊境以南。我們對此的看法是：我們已經花了多年時間準備，並與幾家不同的衛星營運商合作；目前我們聚焦於 SpaceX/Starlink 作為合作夥伴。這就是我們在加拿大專注部署的服務。

Tim, I’ll come at it this way. I don’t want to turn this call into a technical dissertation on it, I think there’s a lot of good information out there. In terms of the ability of satellite services to replace wireless, I think the general consensus amongst experts is it’s a long way coming, if and when it comes.

Tim，我換個角度回答。我不想把這通電話變成一篇技術論文；我認為外面已經有很多很好的資訊。就衛星服務取代無線的能力而言，我認為專家之間的普遍共識是：即使會發生，也還有很長一段路要走。

And there are certain things related to physics, in particular, just the amount of distance spectrum has to travel from Earth to satellites that create a number of issues. I’m not talking about latency, but with respect to the power of the cell phone, the antenna capacity of the cell phone. That is just going to, for a very long time, keep terrestrial cell service as the dominant technology.

而且有一些與物理特性相關的因素，特別是頻譜從地球傳到衛星所需跨越的距離，會造成許多問題。我不是在談延遲（latency），而是就手機的發射功率、手機天線的承載能力而言。這些因素在很長一段時間內，都會讓地面行動通訊服務仍是主導技術。

I’ll add to that just the implications that terrestrial has vis-à-vis satellite for in-building and lateral movement of spectrum. So we continue to see a world much like when, I hate to take us back 40, 50 years, but when wireless came along and what it meant for wireline business, and what we see is an evolution that’s much more complementary. The demands of the network continue to evolve, and they each play a complementary type of position.

我再補充一點：相較於衛星，地面網路在室內覆蓋以及頻譜的橫向移動方面的影響。因此，我們持續看到的世界很像——我不想把大家帶回40、50年前——當無線出現時，它對有線業務意味著什麼；我們看到的是一種更偏互補的演進。網路需求持續演變，而它們各自扮演互補的角色。

We see that playing out with satellite as well. As that technology continues to evolve, we see it as a good complement to the wireless and wireline. And that will evolve. And as I said, and we’re doing that from our experience in working with SpaceX, and the technology roadmap that we’re working with them on that.

我們也看到衛星會以同樣方式發展。隨著該技術持續演進，我們認為它是無線與有線的良好補充。而這也會持續演變。如我所說，這是基於我們與 SpaceX 合作的經驗，以及我們與他們共同推進的技術路線圖。

Vince Valentini, TD Cowen.

TD Cowen 的 Vince Valentini。

Just clarify a couple of things that you’ve said already. CapEx for the back half of the year, to get to the midpoint of your guidance, you’d have to drop from CAD695 million that you just spent in Q2 to an average of CAD549 million per quarter. Just want to make sure I’m understanding your commentary, that is what you’re talking about, because obviously it’s another meaningful step down.

我想釐清你剛才已經提到的幾點。就下半年CapEx而言，若要達到你指引的中位數，你必須從第二季剛花的6.95億加幣，降到每季平均5.49億加幣。我只是想確認我是否正確理解你的說法：你指的就是這件事，因為顯然這又是一次相當明顯的下調。

The second one to clarify, the timeframe. I’ll be frank, I’m disappointed, but I want to make sure I understand what you’re saying on the timeframe on sports. You can’t start negotiating with new investors until after the Kilmer deal closes? I thought you had always talked about a parallel process, and it’s a pretty simple --

第二點要釐清的是時間表。坦白說，我有點失望，但我想確保我理解你對體育資產時間表的說法。在 Kilmer 的交易完成之前，你們不能開始與新的投資人談判嗎？我原本以為你們一直在談並行流程，而且這是個相當簡單的--

Vince, don’t read into that. We can walk and chew gum at the same time. We’re not going to come to market before we have completed the negotiation with Kilmer and have the value that we’re going to be bringing to market to work off of and drive the combined assets and premium off of. We’ve done that. We are now working in earnest on a number of different files around this initiative, approaching the leagues for approval for the Kilmer deal, approaching investors, working with a few choice advisors to approach investors and bring to market. All of that will happen in turn.

Vince，不要過度解讀那點。我們可以同時處理多件事。在我們完成與 Kilmer 的談判之前，我們不會把案子推向市場；因為我們需要先確定將帶到市場的價值，作為後續運作的基礎，並以此推動合併資產以及溢價。我們已經完成了。我們現在正針對這項倡議的多個事項全力推進：向聯盟尋求對 Kilmer 交易的核准、接觸投資人、並與少數精選顧問合作以接觸投資人並推向市場。這些都會依序進行。

We can’t go to the leagues with the prospective investors approvals and the deal terms until we have a deal negotiated, So that’s a second step after seeking the approval for the initial purchase from Kilmer. So that is a two-step exercise. No, we don’t have to sit on our hands now until the leagues approve, until we close and then do the other. If I left that impression, I did not mean to.

在我們把潛在投資人的核准與交易條款拿去給各聯盟之前，必須先把交易談妥，所以那是在向 Kilmer 取得初始收購核准之後的第二步。因此這是一個兩步驟的流程。不，我們不需要現在就什麼都不做，等到聯盟核准、完成交割之後才做其他事情。如果我讓你有那樣的印象，那不是我的本意。

You kind of did. I appreciate the clarification. Sounded like you said you can’t really even start negotiating until after Kilmer's done. Appreciate that. Just the CapEx.

你多少有一點。我感謝你的澄清。聽起來像是你說在 Kilmer 完成之前，你甚至無法真正開始談判。謝謝。就資本支出（CapEx）而言。

Yeah. On the CapEx, the thing to keep in mind is we announced that initiative in, I think it was the third week of April. It takes time to pivot and adjust. It takes time to down tool on some exercises, deferring and extending schedules.

是的。關於資本支出（CapEx），要記住的是，我們在我想是四月第三週宣布了那項倡議。轉向並調整需要時間。在某些工作上停工、延後並拉長時程也需要時間。

Some of that is also what you see reflected in, as Maher pointed out in his question as well, some of the offset. That’s exiting some projects that we had underway and transferring them over to somebody else that we just view as no longer being a priority for us in terms of the economic realities of the marketplace and regulation. There will be a little bit more of that as we exit some of those more marginal priorities.

其中一部分也反映在你所看到的內容裡，正如 Maher 在他的提問中也指出的，那些抵銷項目。那是退出一些我們已在進行中的專案，並把它們轉移給其他人；就市場的經濟現實與監管而言，我們認為那些不再是我們的優先事項。隨著我們退出一些較邊際的優先事項，還會再多一點這類情況。

The emphasis will be getting our capital spend program down to that CAD2.5 billion-CAD2.7 billion guidance in year in 2026. As Tony has said earlier, that will be sustained for the coming years as well. That is our level of capital spend now that we are looking to operate within. So we’ll get down to that, as you say, roughly CAD550 million level or so to be inside our guidance. That’s what we would need to get to the midpoint of the range, and we’ll sustain that level, I expect, for the periods to come. Does that help?

重點將是把我們的資本支出計畫降到 2026 年全年指引的 25 億至 27 億加幣（CAD2.5 billion–CAD2.7 billion）。如 Tony 先前所說，未來幾年也將維持在這個水準。這就是我們現在希望在其中運作的資本支出水準。因此我們會把它降到你所說的大約 5.5 億加幣左右，以落在我們的指引範圍內。那是我們達到區間中點所需要的水準，而我預期在接下來的期間也會維持這個水準。這樣有幫助嗎？

Very much.

非常有幫助。

Jerome Dubreuil, Desjardins.

Jerome Dubreuil，Desjardins。

A few quarters ago, you were highlighting network slicing as being an opportunity for you guys. Now we have investors who are concerned that premium plans aren’t sold at premium prices anymore. I’m wondering if maybe network slicing could be a solution to this. Maybe you could be selling priority network access. Essentially, investors are looking for ways that the companies can avoid commoditization.

幾個季度前，你們曾強調網路切片（network slicing）對你們而言是一個機會。現在投資人擔心高階方案不再以高階價格出售。我想知道網路切片是否可能是解方。也許你們可以販售優先的網路存取權。本質上，投資人正在尋找公司避免商品化的方法。

It’s a good question and really relates to the construct of our value propositions. If you look to each of our tiers across our Rogers and Fido brands, what you see is as you move towards the higher tiers, as you move up the tiers, then you have access to higher speeds for longer periods of time in terms of data usage without any throttling.

這是個好問題，也確實與我們價值主張的架構有關。如果你看我們 Rogers 與 Fido 品牌各個層級的方案，你會看到當你往更高層級移動、往上升級時，你就能在資料使用上於更長時間內享有更高速度而不會被限速（throttling）。

There are other value add propositions that I won’t get into now, but as you described, network slicing does give us the opportunity to give customers priority access, whether it’s video streaming or whether it’s an experience in stadium during a concert where there’s a lot of heavy traffic. Those are things that we have utilized and I would say prototyped, tested our ability to have a differentiated network experience. And so you’ll continue to see that, not unlike the US market, us evolving our value proposition that’s based on priority access and level of experience, based on the tier that the customer is on. It certainly continues to be an opportunity and in play.

還有其他加值主張我現在先不展開，但如你所說，網路切片確實讓我們有機會提供客戶優先存取，無論是影片串流，或是在演唱會等體育場館內、流量非常大的情境下的體驗。這些是我們已經運用過的，我也會說我們已做出原型、測試了提供差異化網路體驗的能力。因此你會持續看到我們（不亞於美國市場）演進我們的價值主張：依客戶所處層級，提供以優先存取與體驗水準為基礎的方案。這確實仍是一個機會，而且正在推進中。

That’s great. Second question for me, just maybe a clarification, Glenn. Not sure if you mentioned that what we’re going to see in terms of CapEx in the second half is what we should be using as a base level for next year, or are we comparing more the full of 2026, that it’s being the sustainable level?

太好了。我第二個問題可能只是想請你澄清一下，Glenn。不確定你是否提到：我們在下半年看到的資本支出（CapEx）是否應該作為明年的基準水準，還是我們應該以 2026 全年作為可持續水準來比較？

Think of it as the full-year guidance as being our expected run rate. If we can find more opportunity to bring that down, we will continue to look for efficiencies, and look for opportunities to lower the intensity. I don’t want to start guiding beyond 2026, other than to say anticipate that to continue on for several periods at that level. If there’s more opportunity, we’ll clarify that as we move through and find it.

把全年指引視為我們預期的運行率（run rate）。如果我們能找到更多把它降下來的機會，我們會持續尋找效率並尋找降低資本強度的機會。我不想在 2026 年之後開始提供指引，只能說預期在接下來幾個期間會以該水準延續。如果還有更多機會，我們會在推進並找到之後再加以說明。

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

Gaylene，我們還有時間再問兩個問題，謝謝。

Matthew Griffiths, Bank of America.

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

Just two questions, if I could. The first one on MLSE, maybe I’m splicing words too closely here, Glenn, you mentioned stakes when you were talking about selling a minority interest. It made me think, are you referring to not just multiple kind of minority partners buying a stake in the combined RSM, or are you referring instead to potentially investors buying a stake in the Blue Jays or the Leafs or the Raptors or something more specific?

如果可以的話我有兩個問題。第一個關於 MLSE，也許我在這裡把字句切得太細了，Glenn，你在談到出售少數股權時提到了「持股（stakes）」。這讓我想到：你指的是不只多個少數合作夥伴買入合併後 RSM 的持股，還是你指的是投資人可能買入藍鳥隊、楓葉隊、暴龍隊等更特定資產的持股？

The former. We’re looking to sell non-voting equity stakes in the holding company in the combined entity, it’d be a single category of capital, non-voting common shares in the holding company that we’re looking to bring to market. That allows the investors to participate across the breadth of the sports and media operations and makes it just more straightforward in terms of operating.

前者。我們希望在合併後實體的控股公司出售無表決權的股權持份；會是一種單一類別的資本，也就是控股公司的無表決權普通股，我們打算推向市場。這讓投資人能參與整體體育與媒體營運的廣度，也使營運面更為直接。

Okay. No, that’s good clarification. Thank you. Secondly, just on CapEx, really, I just wanted to ask about the asset sales that they served to marginally lower CapEx this quarter. Are there more of those that we should be expecting in the remainder of the year?

了解。不，這個澄清很好。謝謝。第二個問題是關於資本支出（CapEx）：我想問本季那些資產出售如何在邊際上降低了 CapEx。今年剩餘期間我們是否還應該預期會有更多這類交易？

The only reason I ask is with a mind to what the jump-off point would be for next year. If there are additional opportunities and the guidance incorporates these opportunities, then perhaps next year’s CapEx on a run rate basis, ex those, would be slightly higher but still a step down from what it previously was. Maybe you could help orient me there.

我之所以問，是想了解明年的起跳點會是什麼。如果還有額外機會，而且指引已納入這些機會，那麼以運行率基礎、排除那些項目後，明年的 CapEx 可能會略高一些，但仍會比先前水準低一階。也許你可以幫我釐清一下。

I’m not going to pre-announce anything. There are a couple of initiatives we’re looking at. As we look to reprioritize our capital initiatives and our build schedule for the year, there were some projects that were undertaken that are no longer as much a priority. I’ll put it that way. That doesn’t mean it doesn’t proceed, it doesn’t go ahead.

我不會預先宣布任何事情。我們正在評估幾項倡議。當我們重新排序資本倡議的優先順序以及今年的建設時程時，有些已啟動的專案不再那麼優先。我就這樣說。但這不代表它不會繼續推進、不會往前走。

In some cases, it means transferring those projects to another party, potentially to complete. That’s what you saw in the asset sales that you’re referring to in the second quarter. There are some other projects that have some potential, which as I said, I’m not in a position to announce anything at this point. There’s some opportunities there to pass those along to somebody else that might have a different threshold, a different fact set than we have.

在某些情況下，這意味著把那些專案移轉給另一方，可能由對方完成。這就是你在第二季所提到的資產出售中看到的情況。還有一些其他專案具有一些潛力，如我所說，我目前不便宣布任何事情。那裡有一些機會，可以把那些專案轉交給可能有不同門檻、不同事實基礎的人。

Again, in terms of our level of spend, those are a portion of the initiatives we had undertaken in our initial guidance range that we released back in January. We’ve reset that range of priorities and that CAD2.5 billion to CAD2.7 billion guidance I said back in April, and I’m reiterating here, that is our expected run rate for several quarters to come, not just in 2026, but out into subsequent years as well. We’re not looking at this as being a temporary reduction in our capital intensity.

再者，就我們的支出水準而言，這些只是我們在一月發布的初始指引區間中所採取措施的一部分。我們已重新設定該優先順序範圍，而我在四月提到、並在此重申的加幣25億至加幣27億元指引，將是我們未來數個季度的預期執行水準，不僅是2026年，還會延伸到之後的年度。我們不把這視為資本強度的暫時性降低。

All along, we have been intending to drive a lower intensity level in our investing. Keep in mind, those projects that we’re passing along would have come with spend initiatives that probably would have extended beyond 2026 into 2027. We’re saving those 2027 expenditures by passing the projects along. No, this would be the run rate that I would expect going forward.

一直以來，我們的目標就是在投資上推動較低的強度水準。請記住，我們轉交出去的那些專案原本會伴隨支出計畫，且很可能會從2026年延伸到2027年。透過轉交專案，我們省下了2027年的那些支出。不，這將是我預期未來的執行水準。

Okay. Very helpful.

好的。非常有幫助。

That help?

這有幫助嗎？

Yeah, it does.

有，有幫助。

Yeah. Our last question, Gaylene.

是的。我們最後一個問題，Gaylene。

David McFadgen, ATB Cormark.

David McFadgen，ATB Cormark。

Great. Yeah, two questions. First of all, just on Rogers Satellite, are there really any substantial number of subscribers that are paying that extra CAD10 or CAD15 a month?

很好。是的，兩個問題。首先，關於Rogers衛星服務，真的有相當數量的訂戶每月多付加幣10元或加幣15元嗎？

Then secondly, just on the combination of the MLSE and your existing sports assets. In the past, you indicated that you think you could get a valuation of CAD25 billion or potentially more. I was just wondering if you still believe that.

第二，關於MLSE與你們既有體育資產的組合。過去你們曾表示，你們認為估值可達加幣250億元或甚至更高。我只是想知道你們是否仍然相信這一點。

Actually, good question, David. I’ll start with the first one on satellite. We aren’t disclosing subscriber numbers on that. The one thing you should keep in mind is, there is the option to pay on a monthly basis, incrementally, and that’s open to all Canadians. But some of our upper-tier plans, as well as during, as a promotional item, we include satellite service in some of the plans.

其實是個好問題，David。我先從衛星服務的第一個問題開始。我們不會披露該項的訂戶數。你需要記住的一點是，有按月增量付費的選項，且對所有加拿大人開放。但我們的一些高階方案，以及在某些促銷活動中，我們會在部分方案內包含衛星服務。

More and more, what we’re finding is (technical difficulty) or as a backup, in the event it’s required.

我們越來越常看到的是（技術問題）或作為備援，以防需要時使用。

David, on your question on the value of our combined sports and media assets, we continue to be very optimistic around the strength of that collection of assets and the value for them. You’ve seen in all of the other comparable transactions and with sports franchises, the asset values appreciate substantially year over year. It’s a reflection of where the revenues have moved over the last several years and continue to grow.

David，關於你對我們合併後的體育與媒體資產價值的問題，我們仍對這組資產的實力與其價值非常樂觀。你也在其他可比交易以及體育特許經營權中看到，資產價值逐年大幅升值。這反映了過去幾年營收的變化走勢，且仍在持續成長。

We saw that with the growth we’ve seen in our revenue and EBITDA within Rogers Sports & Media over the last year and a half, not just for the Toronto Blue Jays, but certainly predominantly for the Toronto Blue Jays.

我們也在過去一年半中看到Rogers Sports & Media的營收與EBITDA成長，不僅是多倫多藍鳥隊，當然主要也是多倫多藍鳥隊帶動的。

So we’re confident with what we’re bringing to market, the value they drive. You’ve heard us refer to an anticipation of assets that are worth CAD25 billion or more in the past. I’m not going to start an early round of negotiation on this call with where we’re going to sell the minority stake. I anticipate that we are going to find strong support for the value of the assets, and we will drive a strong transaction as hard as we can. And more to come on what that value is.

因此，我們對帶到市場上的內容及其所驅動的價值充滿信心。你們過去也聽我們提到，預期資產價值可達加幣250億元或以上。我不會在這通電話上就我們將出售少數股權的價格，提前展開一輪談判。我預期我們會獲得市場對資產價值的強力支持，我們也會盡最大努力推動一筆強勁的交易。至於具體價值，後續還會有更多資訊。

Through this exercise, there is nothing that we have seen that causes us to be modest about the strength of the assets we own and the strength of the proposal we’re bringing to market. The market will determine what that valuation is. I’m optimistic.

在這個過程中，我們沒有看到任何事情會讓我們對所擁有資產的實力，以及我們帶到市場上的提案實力有所保留。市場將決定最終估值。我很樂觀。

Thanks, everyone, for joining the call, and if there’s any follow-ups, please reach out to the IR team. Thank you.

感謝各位參與本次電話會議，如有任何後續問題，請聯繫投資人關係（IR）團隊。謝謝。

Thank you all.

謝謝各位。

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。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。