Telus Corporation (TU) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to the Telus 2026 Q1 earnings conference call. I would like to introduce your speaker, Ian McMillan. Please go ahead.

各位大家好。歡迎參加 Telus 2026 年第一季（Q1）財報電話會議。我想介紹今天的講者 Ian McMillan。請開始。

Thank you, Karl, and hello, everyone. Thank you for joining us today. Our first quarter 2026 news release, annual MD&A, and financial statements and detailed supplemental investor information were posted on our website earlier this morning.

謝謝你，Karl，各位大家好。感謝各位今天加入我們。我們 2026 年第一季新聞稿、年度 MD&A、財務報表以及詳盡的補充投資人資訊已於今天稍早發布於我們的網站。

On our call, we'll begin with remarks by Darren and Doug. For the Q&A portion, we will be joined by Zainul, Navin and Tobias.

在本次電話會議中，我們將先由 Darren 與 Doug 發表談話。在問答環節，我們將邀請 Zainul、Navin 與 Tobias 一同參與。

Briefly, prepared remarks, slides, and answers to questions contain forward-looking statements. Actual results could vary from these statements. The assumptions on which they are based and the material risks that could cause them to differ are outlined in our public filings with securities commissions in Canada and the United States, including our Q1 2026 and 2025 annual MD&A.

簡要說明，事先準備的發言、簡報投影片以及對問題的回覆均包含前瞻性陳述。實際結果可能與這些陳述有所差異。其所依據的假設，以及可能導致結果不同的重大風險，已載明於我們向加拿大與美國證券主管機關提交的公開文件中，包括我們 2026 年第一季與 2025 年度的 MD&A。

And with that, over to you, Darren.

那麼，接下來交給你，Darren。

Thank you, Ian. Hello, everyone. In the first quarter of 2026, our team's unwavering commitment to operational excellence and cost efficiency has once again empowered Telus to deliver industry-leading customer growth, stable profitability, and industry-best free cash flow growth of 19% on a comparable basis.

謝謝你，Ian。各位大家好。在 2026 年第一季，我們團隊對卓越營運與成本效率的堅定承諾，再次使 Telus 得以交出業界領先的客戶成長、穩定的獲利能力，以及在可比基礎上達 19% 的業界最佳自由現金流成長。

These results were achieved within a dynamic operating environment, reinforcing our disciplined approach to respond tactically to market conditions whilst preserving our premium Telus brand value. This strategic focus reflects the enduring resiliency of our business and the compelling strength of our leading portfolio of bundled services nationally.

這些成果是在多變的營運環境中達成，進一步印證我們在維持 Telus 高端品牌價值的同時，仍能以嚴謹紀律、因應市場狀況進行戰術性調整。此一策略重點反映出我們業務的長期韌性，以及我們在全國領先的整合式綑綁服務組合所具備的強勁實力。

Our mobile and fixed customer growth underscores the sustained demand for Telus' premium offerings, underpinned by our world-leading broadband networks and customer service excellence. Notably, we achieved industry-leading customer growth of 262,000, demonstrating the compelling strength of our integrated mobile and home strategy in action. This result included 12,000 mobile phone net additions and 229,000 connected device net additions, a first quarter Telus record, and the second highest quarterly result ever. This was further supported by Internet customer net additions of some 21,000. Together, this growth is powered by our world-leading PureFiber and 5G+ broadband networks, which continue to differentiate Telus meaningfully from the competition.

我們在行動與固網的客戶成長，凸顯市場對 Telus 高端產品的持續需求，而這背後由我們世界領先的寬頻網路與卓越的客戶服務所支撐。值得一提的是，我們達成業界領先的 262,000 名客戶淨增，展現我們整合行動與家庭策略的強大成效。其中包括 12,000 名行動電話客戶淨增，以及 229,000 名連網裝置客戶淨增，創下 Telus 第一季歷史新高，亦為史上第二高的單季表現。此外，網際網路客戶淨增約 21,000 名亦提供進一步支撐。整體而言，這些成長由我們世界領先的 PureFiber 與 5G+ 寬頻網路所驅動，並持續使 Telus 在競爭中展現顯著差異化優勢。

Our PureFiber network is a significant strategic asset valued at approximately $20 billion based on comparable fiber infrastructure asset valuations in the United States. This valuation reflects the substantial capital invested in building Canada's most extensive fiber-to-the-home network and underscores the competitive moat and long-term value creation of our broadband infrastructure.

我們的 PureFiber 網路是一項重要的策略性資產，依據美國可比光纖基礎建設資產估值，約值 200 億美元。此估值反映我們為建置加拿大最廣泛的光纖到府（FTTH）網路所投入的龐大資本，並凸顯我們寬頻基礎建設的競爭護城河與長期價值創造能力。

Indeed, Telus is the top fiber operator globally with industry-leading penetration, product intensity, churn, and cost to serve performance parameters that set the benchmark for operational excellence.

事實上，Telus 是全球頂尖的光纖營運商，在滲透率、產品強度、流失率以及服務成本等關鍵績效指標上均為業界領先，樹立營運卓越的標竿。

Our consistent strategy of leveraging our superior and growing portfolio of bundled products and services on a national basis creates compelling value for our customers. This was supported by our commitment to economic margin-accretive customer growth. This is once again evidenced by our ongoing industry-leading customer lifetime revenue, supported by our industry-best churn result, and continued improving ARPU performance.

我們一貫的策略，是在全國範圍內運用我們更優且持續擴大的綑綁式產品與服務組合，為客戶創造具吸引力的價值。這也受到我們對「提升經濟利潤率」之客戶成長承諾的支持。這一點再次體現在我們持續領先同業的客戶終身營收（customer lifetime revenue）、由業界最佳的流失率表現所支撐，以及 ARPU 表現持續改善。

Indeed, as a result of our moderating ARPU decline, network revenue was higher by 1%, the second consecutive quarter of positive growth and modestly leading the industry. This is a trend we intend to build upon throughout 2026 and well beyond. Our sustained focus on enhancing the customer experience, combined with the strength of our customer relationships, and the value of our bundled solutions positions us well for an improving trajectory going forward.

確實，受惠於 ARPU 下滑幅度趨緩，網路營收成長 1%，連續第二季呈現正成長，且略優於同業。這是一項我們計畫在 2026 年乃至更長期持續深化的趨勢。我們持續聚焦提升客戶體驗，結合穩固的客戶關係與綑綁解決方案的價值，使我們在未來具備更佳的改善動能與發展軌跡。

Let's turn to our unique and differentiated data-centric growth businesses. Telus Health delivered another quarter of strong growth, achieving service revenue and adjusted EBITDA growth of 11%, fueled by strategic investments, continuous product innovation, and cost efficiencies across our global platforms. Notably, this marks our 15th straight quarter of double-digit adjusted EBITDA growth since acquiring LifeWorks in Q3 of 2022. This performance was bolstered by the $431 million in annualized LifeWorks synergies, overachieving our $427 million target, and nearly 3 times our original $150 million commitment.

接下來談談我們獨特且具差異化、以數據為核心的成長型業務。Telus Health 再度交出強勁成長的一季，服務營收與調整後 EBITDA 皆成長 11%，主要受惠於策略性投資、持續的產品創新，以及我們全球平台的成本效率提升。值得注意的是，自 2022 年第三季收購 LifeWorks 以來，這已是我們連續第 15 季達成調整後 EBITDA 的雙位數成長。此表現亦受惠於 LifeWorks 年化綜效達 4.31 億美元，不僅超越我們 4.27 億美元的目標，亦接近我們最初 1.5 億美元承諾的 3 倍。

Furthermore, when combined with Telus Health lower capital intensity, this business drives strong cash flow generation, serving as a strategic capital contributor to Telus' overall capital allocation priorities. Telus Health is now generating over $2 billion in annual revenue and is targeting EBITDA of over $400 million in 2026.

此外，結合 Telus Health 較低的資本密集度，該業務帶來強勁的現金流創造能力，並作為策略性的資本貢獻來源，支持 Telus 整體資本配置的優先事項。Telus Health 目前年營收已超過 20 億美元，並以 2026 年 EBITDA 超過 4 億美元為目標。

By way of illustration, we are targeting more than $200 million of simple free cash flow in 2026 coming from Telus Health. The economic scale of Telus Health continues to grow, now covering nearly 170 million lives globally, further progressing our position as the world leader in workforce digital health solutions. Telus Health is capturing meaningful industry, technology, and societal tailwinds that position it for sustained growth.

舉例而言，我們目標在 2026 年由 Telus Health 貢獻超過 2 億美元的簡單自由現金流（simple free cash flow）。Telus Health 的經濟規模持續擴大，目前在全球覆蓋近 1.7 億人，進一步鞏固我們作為全球勞動力數位健康解決方案領導者的地位。Telus Health 正把握顯著的產業、科技與社會趨勢紅利，使其具備持續成長的有利條件。

Our financial advisers continue to support our comprehensive review of strategic partnership opportunities for Telus Health. As part of this process, we are looking to bring in strategic investors across key areas of the business. This includes, by way of example, retirement and benefit solutions as we look to accelerate growth, enhance capabilities, and unlock value within Telus Health's attractive lines of business whilst maintaining our commitment to customers and market leadership.

我們的財務顧問持續支持我們對 Telus Health 策略合作夥伴機會的全面性檢視。作為此流程的一部分，我們希望在業務的關鍵領域引入策略投資人。例如，包含退休與福利解決方案等領域；我們希望藉此加速成長、強化能力，並在維持對客戶與市場領導地位承諾的同時，釋放 Telus Health 具吸引力業務線的價值。

As we advance these aforementioned strategic partnerships, Telus Health will concentrate its focus on strengthening still further its globally leading position across the workforce digital health and well-being markets.

隨著我們推進上述策略合作夥伴關係，Telus Health 將更進一步聚焦於強化其在勞動力數位健康與福祉市場的全球領先地位。

In this regard, our employer health solutions platform remains the cornerstone of our Telus Health growth strategy. Our goal here will be to drive penetration and cross-selling, deliver new product innovation, seize greater market share, expand geographically, and leverage full business digital AI transformation, and to do that aided and abetted by Telus Digital and delivering sustainable value and value-accretive growth along the way.

在此方面，我們的雇主健康解決方案平台仍是 Telus Health 成長策略的基石。我們的目標是提升滲透率與交叉銷售、推出新的產品創新、取得更高的市占率、擴展地理版圖，並推動全業務的數位 AI 轉型；而這將在 Telus Digital 的協助與支持下達成，同時在過程中創造可持續的價值與具增值性的成長。

This strategic review, which we foreshadowed a year ago and announced publicly in January, has generated significant interest from multiple parties, reflecting the strength and quality of our Telus Health portfolio. Notably, we have received more than 75 inbound inquiries from interested parties prior to launching the official marketing process, demonstrating the significant value and market appetite in our health assets.

這項策略檢視，我們在一年前即已預告並於今年一月對外正式宣布，已引起多方高度興趣，反映出我們 Telus Health 投資組合的實力與品質。值得注意的是，在啟動正式行銷流程之前，我們已收到超過 75 件來自有意方的主動洽詢，顯示市場對我們健康資產的高度價值認同與需求。

Furthermore, as part of this process, a confidential information memorandum is currently being distributed to qualified parties. And as you know well, proceeds from strategic partnerships will be deployed towards deleveraging, supporting our path to augmented financial flexibility in the future.

此外，作為此流程的一部分，我們目前正向符合資格的對象發送機密資訊備忘錄（confidential information memorandum）。如各位所熟知，策略合作夥伴關係所取得的資金將用於去槓桿化，支持我們未來提升財務彈性的路徑。

Another area of differentiated growth is Telus Digital, the engine to Telus' customer experience leadership for over the last two decades and the accelerator to our enterprise-wide AI and data capabilities. Indeed, Telus Digital is uniquely positioned to provide Telus and our clients complete end-to-end AI solutions from AI transformations, all the way through to the compute needs of our clients with a special differentiating emphasis on world-leading CX AI transformation for the massive global market in customer care operations.

另一個具差異化的成長領域是 Telus Digital；在過去二十多年來，它一直是 Telus 客戶體驗領導力的引擎，也是推動我們全企業 AI 與數據能力的加速器。確實，Telus Digital 具備獨特定位，可為 Telus 與我們的客戶提供完整端到端的 AI 解決方案，從 AI 轉型一路延伸至客戶的運算需求，並以世界領先的 CX AI 轉型作為關鍵差異化重點，面向客戶服務營運這一龐大的全球市場。

At Telus Digital, we are especially encouraged by the Q1 growth in our legacy CX business, which we are transforming end-to-end by deploying our CX AI capabilities, which include our proprietary fuel platform and best-in-class third-party AI solutions.

在 Telus Digital，我們尤其受到第一季在我們傳統 CX（客戶體驗）業務的成長所鼓舞；我們正透過部署我們的 CX AI 能力（包括我們自有的 fuel 平台以及同級最佳的第三方 AI 解決方案），推動端到端轉型。

Indeed, our combination of existing CX relationships, deep client data, and world-class technical and AI capabilities underpinned by Telus as our living lab creates a unique competitive position for Telus Digital in the industry. The results, well, they demonstrate that we're gaining meaningful traction with CX clients, enabling cross-promotion of our industry-leading AI solutions across Telus.

確實，我們既有的 CX 客戶關係、深厚的客戶資料，以及以 Telus 作為「生活實驗室」所支撐的世界級技術與 AI 能力之組合，為 Telus Digital 在產業中建立了獨特的競爭地位。而成果嘛，顯示我們正與 CX 客戶取得實質進展，並促成在 Telus 內部跨事業推廣我們業界領先的 AI 解決方案。

Furthermore, the strategic expansion of our AI capabilities is synergistic with the integration of Telus Digital, which continues to unlock meaningful operational efficiencies for us. Notably, annual cash synergies of approximately $150 million to $200 million is tracking well against plan, realizing annualized free cash flow synergies of approximately $115 million as at the end of the first quarter of 2026.

此外，我們 AI 能力的策略性擴張，與 Telus Digital 的整合相輔相成，持續為我們釋放具意義的營運效率。值得注意的是，約 1.5 億至 2 億美元的年度現金綜效正按計畫推進，截至 2026 年第一季末已實現約 1.15 億美元的年化自由現金流綜效。

With Telus Digital operating at a modest CapEx intensity of approximately 4%, combined with the cash synergies realized by Telus, we are driving strong cash flow generation for the benefit of our shareholders of $150 million per annum. Moreover, between these cash synergies and strong cash flow generation, the discounted payback period on privatizing Telus Digital will be realized in short order and shift thereafter to value accretion.

在 Telus Digital 約 4% 的溫和資本支出（CapEx）強度下，結合 Telus 已實現的現金綜效，我們正為股東帶來每年 1.5 億美元的強勁現金流創造。此外，在這些現金綜效與強勁現金流創造的帶動下，將 Telus Digital 私有化的折現回收期將在短期內實現，之後並轉為增值（value accretion）。

In respect of commercializing the compute capabilities that Telus has been building, our sovereign AI factory in Rimouski, which launched in September of 2025 as Canada's first fully sovereign AI factory, is now sold out, validating strong market demand for sovereign AI infrastructure. Accordingly, we are expanding our compute inventory in Rimouski to meet continued demand, whilst our second facility in Kamloops, British Columbia, will be coming online in fairly short order.

就商業化 Telus 正在建置的運算能力而言，我們位於 Rimouski 的主權 AI 工廠於 2025 年 9 月啟用，作為加拿大首座完全主權的 AI 工廠，目前已全數售罄，驗證市場對主權 AI 基礎設施的強勁需求。因此，我們正擴充 Rimouski 的運算庫存以滿足持續需求，同時我們在卑詩省 Kamloops 的第二座設施也將在不久後上線。

This new compute capacity will serve the growing ecosystem of businesses, researchers, entrepreneurs, and start-ups and government organizations seeking to innovate rapidly and leverage AI capabilities for training, models or inference applications. We look forward to sharing an important update regarding our sovereign AI factories on Monday, May 11, which will further demonstrate our commitment and progress in advancing Canada's digital infrastructure and AI capabilities.

這些新增的運算產能將服務日益成長的生態系，包括企業、研究人員、創業者、新創公司以及政府組織，協助其快速創新並運用 AI 能力於訓練、模型或推論（inference）應用。我們期待於 5 月 11 日（週一）分享關於我們主權 AI 工廠的重要更新，進一步展現我們在推進加拿大數位基礎設施與 AI 能力方面的承諾與進展。

Indeed, with these unique capabilities across the entire value chain of AI, we are creating prescient and meaningful new revenue streams for the Telus organization and our portfolio of companies as we bring together the power of Telus, leveraging assets from Telus Digital, Telus Business Solutions, and Telus Health, we are bringing end-to-end solutions for our clients, validating our integrated approach in this regard.

確實，憑藉涵蓋 AI 全價值鏈的獨特能力，我們正為 Telus 組織及旗下公司組合創造前瞻且具意義的新營收來源；透過整合 Telus 的力量，並運用 Telus Digital、Telus Business Solutions 與 Telus Health 的資產，我們為客戶提供端到端解決方案，驗證我們在此方面的整合式策略。

Altogether, our AI enabling capabilities delivered strong double-digit revenue growth of 22% in the first quarter of 2026. This result demonstrates the continued momentum of our AI-driven strategy as we progress towards our revenue target of circa $2 billion in 2028 across Telus Digital and Telus Business Solutions, including contributions from our sovereign AI factories.

整體而言，我們的 AI 賦能能力在 2026 年第一季帶來 22% 的強勁雙位數營收成長。此結果展現我們 AI 驅動策略的持續動能；我們正朝向 2028 年在 Telus Digital 與 Telus Business Solutions 合計約 20 億美元的營收目標邁進，其中亦包含主權 AI 工廠的貢獻。

Telus's well-developed, world-class networks, data-centric growth assets, and customer experience leadership positions Telus to execute on our strategic priorities, including moderating capital expenditures and generating strong free cash flow of approximately $2.45 billion in 2026.

Telus 成熟且世界級的網路、以數據為核心的成長資產，以及客戶體驗領導地位，使 Telus 得以落實我們的策略重點，包括適度降低資本支出，並在 2026 年創造約 24.5 億美元的強勁自由現金流。

An important component supporting this execution is the welcome stabilization in competitive dynamics with a gradual retrenchment from the relentless pricing aggression that has certainly characterized recent years in our industry. This is complemented by an ongoing emphasis on cost efficiency as a way of life, leveraging digitization, and further integration of AI across all areas of our business, stewarded by Telus Digital. This is further supported by our team's unwavering commitment to customer service excellence, positioning Telus to deliver sustainable, value-accretive growth for years to come.

支撐此一執行的重要因素之一，是競爭態勢出現令人樂見的穩定，業界近年來持續不斷的激進價格競爭正逐步收斂。同時，我們持續將成本效率視為日常運作方式，善用數位化，並在 Telus Digital 的主導下，進一步將 AI 整合至我們業務的各個領域。此外，我們團隊對卓越客戶服務的堅定承諾亦提供支撐，使 Telus 得以在未來多年交付可持續、具增值性的成長。

As we move through 2026 and beyond, Telus will progress its balance sheet strength as compared to our Canadian peers still further with an industry-leading net debt-to-EBITDA leverage ratio. This position reflects the most resilient financial and operational profile in the Canadian telecommunications industry, particularly since 2022, a period marked by significant competitive regulatory and macroeconomic headwinds.

隨著我們走過 2026 年並展望未來，Telus 將進一步強化相較加拿大同業的資產負債表實力，並維持業界領先的淨負債對 EBITDA 槓桿比率。此一地位反映出加拿大電信產業中最具韌性的財務與營運體質，特別是自 2022 年以來，在競爭、監管與總體經濟逆風顯著的期間。

Driving our performance is a disciplined approach to financial management, supported by compelling business fundamentals and significant free cash flow generation. Our confidence in delivering free cash flow growth at a minimum 10% compounded annual growth rate through 2028 reflects our strong financial momentum. Our comprehensive deleveraging strategy is moving ahead of plan and expected to reach circa 3.3 times or lower by the end of 2026 and 3x or better by the end of 2027, years ahead of our peers.

推動我們表現的是嚴謹的財務管理方法，並由具吸引力的業務基本面與顯著的自由現金流創造所支撐。我們對於在 2028 年前以至少 10% 的複合年成長率（CAGR）實現自由現金流成長充滿信心，反映我們強勁的財務動能。我們全面的去槓桿策略進度超前，預期於 2026 年底達到約 3.3 倍或更低，並於 2027 年底達到 3 倍或更佳，較同業提前多年。

In 2026, our team is advancing monetization opportunities, including the accelerated monetization of real estate and copper assets. This monetization program is being enabled by our PureFiber build, which, at the same time, is making our real estate, including our central offices, redundant. Indeed, and importantly, 77% of our PureFiber build will be self-funded by the real estate and copper assets that we are monetizing.

在 2026 年，我們團隊正推進變現機會，包括加速不動產與銅資產的變現。此一變現計畫得以推動，係因我們的 PureFiber 建設同時使我們的不動產（包括中央機房）變得多餘。確實且重要的是，我們的 PureFiber 建設中有 77% 將由我們正在變現的不動產與銅資產自籌資金。

Notably, our copper to fiber transition is generating substantial real estate opportunities with a portfolio of 70 sites, representing some $4 billion in total value, including $600 million from commercial assets. These 70 sites, which represent nearly 10,000 homes, will drive future customer growth through exclusive Telus products and services, while positioning us as the first telco globally to scale real estate value from owned network assets, addressing housing needs in our communities.

值得注意的是，我們由銅轉光纖的轉型正創造可觀的不動產機會，包含 70 個據點的資產組合，總價值約 40 億美元，其中包括 6 億美元的商用資產。這 70 個據點約代表近 10,000 戶住宅，將透過 Telus 獨家產品與服務帶動未來客戶成長，同時使我們成為全球首家能從自有網路資產規模化釋放不動產價值的電信業者，以回應社區的住房需求。

These efforts will be buttressed by operational growth, including EBITDA and robust free cash flow expansion, supported by moderating capital expenditures and an industry-leading CapEx intensity ratio trending from 12% towards circa 10%, which, of course, would represent an industry best.

這些努力將由營運成長所支撐，包括 EBITDA 與強勁的自由現金流擴張；在資本支出趨緩的支持下，我們業界領先的 CapEx 強度比率正由 12% 走向約 10%，這當然將代表業界最佳水準。

Telus is already at where others strive to be, given our early start and proficient fiber build and preemptive OpEx improvements from sequential staff-level reduction programs implemented presciently a couple of years ago.

鑑於我們起步早、光纖建設能力成熟，以及數年前即以前瞻方式推動的連續人力層級縮減計畫所帶來的預先 OpEx 改善，Telus 目前已處於他人努力追求的位置。

Notably, we are achieving this industry low CapEx intensity whilst maintaining world-leading broadband connectivity and continuing to invest meaningfully in Canada's digital infrastructure, demonstrating the operational efficiency of our network strategy in action.

值得注意的是，我們在維持此一業界低 CapEx 強度的同時，仍保持世界領先的寬頻連線能力，並持續對加拿大數位基礎設施進行具意義的投資，展現我們網路策略的營運效率正在發揮作用。

As part of our capital allocation framework, we continue to maintain our dividend at the current level. Additionally, in the first quarter, we reduced our DRIP discount to 1.75% from 2%. Further reductions are planned through 2026 and into 2027 with the full removal taking effect by the end of 2027, if not better, given our monetization programs.

作為我們資本配置架構的一部分，我們持續將股利維持在目前水準。此外，在第一季，我們將 DRIP 折扣由 2% 下調至 1.75%。我們計畫在 2026 年並延伸至 2027 年進一步下調，並於 2027 年底前（甚至更早，視我們的變現計畫而定）全面取消。

Importantly, in this regard, we continue to assess both an accelerated deleveraging and an expedited DDRIP step-down in conjunction with the execution of our monetization program, targeting $7 billion of assets, inclusive of the near-term Telus Health monetization opportunity.

重要的是，就此而言，我們持續在執行變現計畫的同時，評估加速去槓桿以及加快 DDRIP 階梯式下調，目標變現 70 億美元資產，其中包含近期 Telus Health 的變現機會。

Myself and the leadership team remain confident that the Telus organization prospectively will provide clarity in respect of Telus' capital allocation priorities based on what is best for Telus and our shareholders, including our employees who collectively represent our third largest shareholder group.

我本人與領導團隊仍有信心，Telus 組織未來將就 Telus 的資本配置優先順序提供更清晰的說明，並以對 Telus 與股東最有利為依歸，其中也包括我們的員工；員工合計構成我們第三大股東群體。

One way or the other, I'm sure Telus' future will be underpinned by the strong operational and financial execution Telus has long been known for, and the lucrative capital allocation associated with such. Reflecting on our team's long-standing belief in the synergistic relationship between doing well in business and doing good in our global communities.

無論如何，我相信 Telus 的未來都將以 Telus 長期以來以強勁的營運與財務執行力著稱為基礎，並由與此相伴的具吸引力的資本配置所支撐。回顧我們團隊長久以來的信念：在商業上做得好，與在全球社區中行善之間存在相輔相成的關係。

Since 2000, Telus has contributed $1.85 billion, including 2.5 million days of volunteerism more than any other company in the world. This is supported by our annual Telus Days of Giving events in 35 countries around the globe. For 20 years, our annual Days of Giving events have been a powerful and authentic demonstration of our team's unparalleled legacy of giving being put into action.

自 2000 年以來，Telus 已貢獻 18.5 億美元，並投入 250 萬天的志工服務，超過全球任何其他公司。這也由我們每年在全球 35 個國家舉辦的 Telus「捐贈日」（Days of Giving）活動所支持。20 年來，我們每年的「捐贈日」活動一直是我們團隊無與倫比的捐贈傳承付諸行動的有力且真誠的展現。

In closing, I would like to express my gratitude to our global team for their efforts and expertise in executing on our winning strategy to meet our commitments to all stakeholders. Your dedication to operational execution and customer service excellence and community impact continues to set Telus apart and positions us for sustained success.

最後，我想對我們全球團隊表達感謝，感謝大家以努力與專業執行我們的致勝策略，以履行對所有利害關係人的承諾。你們對營運執行、卓越客戶服務與社區影響力的投入，持續讓 Telus 脫穎而出，並使我們具備持續成功的定位。

Before I conclude my remarks, I would like to extend my sincere gratitude to Doug French, Uncle Doug as he's known here, who, as you would now have well heard, is retiring at the end of June. Doug has had, without a doubt, a truly extraordinary career at Telus, and I'm a huge admirer.

在我結束發言之前，我想向 Doug French 致上誠摯的謝意；在這裡大家都稱他為 Doug 叔叔，而正如各位現在已經聽得很清楚，他將於 6 月底退休。毫無疑問，Doug 在 Telus 擁有一段真正非凡的職涯，我也非常敬佩他。

I feel exceedingly fortunate to have had the opportunity to work alongside him for 26 of his 30 years at Telus. The people on this call know very well, Doug is one of North America's most respected and experienced CFOs. Throughout his storied tenure, Doug has demonstrated an outstanding ability to support Telus in generating leading results, excellence in balance sheet and cash management alongside world best shareholder value creation.

我感到非常幸運，能在他於 Telus 的 30 年中，有 26 年有機會與他並肩工作。參與本次電話會議的人都很清楚，Doug 是北美最受尊敬且最具經驗的財務長（CFO）之一。在他傳奇般的任期中，Doug 展現了卓越能力，支持 Telus 取得領先成果，在資產負債表與現金管理方面追求卓越，同時創造世界級的股東價值。

Doug is also the living embodiment of our social purpose thesis in action in terms of the way he gives back to our communities and make such a meaningful difference. Doug leaves behind him an extremely impressive legacy of success. He is undoubtedly truly one of a kind, both as a professional and as a human being.

就他回饋社區並帶來深遠影響的方式而言，Doug 也是我們「社會使命」論述付諸實踐的活生生典範。Doug 留下了極其令人印象深刻的成功傳承。無論作為專業人士或作為一個人，他都無疑是獨一無二的。

I'd also like to congratulate Gopi Chande on being named Telus' new CFO, which will take effect on July 1. Gopi has considerable CFO experience with Telus Digital as well as nearly three decades of strategic financial leadership and she'll be a great partner for Victor and ensuring that both Victor and our entire leadership team have a strong continuity of financial leadership and the financial excellence and the business results that, that drives.

我也要恭喜 Gopi Chande 獲任命為 Telus 新任財務長（CFO），並將於 7 月 1 日生效。Gopi 在 Telus Digital 擁有相當豐富的財務長經驗，並具備近三十年的策略性財務領導資歷；她將成為 Victor 的絕佳夥伴，並確保 Victor 與我們整個領導團隊在財務領導上具備強而有力的延續性，以及推動財務卓越與業務成果的能力。

So to my phenomenal partner, the best partner that I've ever had the opportunity to work with, I'll hand over one last time and just again express my gratitude that I had the opportunity to take our 78 years of combined telecommunications experience between the two of us and put it to work fruitfully for investors, for customers, for team members, and our communities.

因此，對我這位卓越的夥伴——也是我有幸共事過最好的夥伴——我將最後一次把時間交給你，並再次表達我的感謝：我們兩人合計 78 年的電信經驗，得以富有成效地為投資人、客戶、團隊成員以及我們的社區服務。

Over to you, Uncle Doug.

交給你了，Doug 叔叔。

Thank you, Darren. It's been an amazing journey. I'm incredibly proud of our results that we've built together. I have confidence in the leadership team to take our organization into the future. It's been a real honor.

謝謝你，Darren。這是一段令人驚嘆的旅程。我對我們一起打造的成果感到無比自豪。我對領導團隊帶領組織走向未來充滿信心。這是一份真正的榮幸。

Darren, I'd also like to thank you for everything you've done for our customers, our team, our communities, and our investors over the past 26 years. You've evolved Telus from a regional telco to a national telecom company and a global powerhouse spanning health, agricultural, digital, and will benefit our stakeholders around the world for many years to come. Here you are 104 IR calls later. You've certainly created an amazing legacy. On behalf of the Telus team, congratulations on your well-deserved retirement. I hope the next call we make together will be whether to use a 7-iron or an 8-iron as we dump a hole in one.

Darren，我也想感謝你在過去 26 年為我們的客戶、團隊、社區以及投資人所做的一切。你已將 Telus 從一家區域性電信公司，發展為全國性的電信公司，以及橫跨健康、農業、數位領域的全球強權，並將在未來多年持續讓全球利害關係人受益。你已經來到第 104 次投資人關係（IR）電話會議。你確實創造了令人驚嘆的傳承。我謹代表 Telus 團隊，恭喜你實至名歸的退休。我希望我們下一次一起打的電話，會是在討論要用 7 號鐵還是 8 號鐵，然後打出一桿進洞。

Now turning to results. First quarter results illustrate our team's discipline with focus on operational execution and vigorous cost management. On a consolidated basis, service revenue increased by 1% year over year and adjusted EBITDA was stable. These results were supported by continued strong performance of Telus Health and consistent execution of TTech and Telus Digital, demonstrating the resilience of our diversified business portfolio in a dynamic and ever-changing telecom market.

現在轉到業績表現。第一季的結果展現了我們團隊的紀律，聚焦於營運執行與嚴謹的成本管理。以合併基礎來看，服務收入年增 1%，調整後 EBITDA 維持穩定。這些結果受惠於 Telus Health 持續強勁的表現，以及 TTech 與 Telus Digital 的穩健執行，展現我們多元化業務組合在動態且不斷變化的電信市場中的韌性。

During the first quarter, our response to competitive dynamics continued to focus on preserving our premium Telus brand. Our consistent strategy and discipline are evident in our financial results, delivering on continued positive network revenue growth of 1%, while ARPU demonstrated continued sequential improvement.

在第一季期間，我們對競爭態勢的回應仍聚焦於維護 Telus 的高端品牌定位。我們一貫的策略與紀律反映在財務結果上：網路收入持續正成長 1%，同時 ARPU 亦呈現連續改善。

Our strategy is built on a proven thesis of bundling mobile and home, driving lower churn, higher revenue per household through Internet and wireless and further differentiated service offerings. As we progress through the year, our team will continue to execute maintaining a strategy that differentiates us from our competitors and protects long-term wireless industry health.

我們的策略建立在一個已被驗證的論點之上：將行動與家用服務進行綑綁，帶動更低的流失率，並透過網際網路與無線服務提高每戶收入，同時提供更具差異化的服務方案。隨著我們推進今年的進程，團隊將持續執行並維持一套能讓我們與競爭對手區隔、並保護無線產業長期健康的策略。

In fixed, you will note our disclosure, we are no longer reporting on TV, security and automation and residential subscribers and have removed them from the reported subscriber base. This change underscores our focus on product intensity, reflecting our core business thesis of mobility and Internet, complemented by a suite of additional products and services that will add value to our customers. Overall, this update reinforces our focus on economically accretive growth, supporting our efforts to drive profitability and cash flow.

在固網方面，您會注意到我們的揭露：我們不再報告電視、保全與自動化，以及住宅用戶數，並已將其自所報告的用戶基礎中移除。此一變更凸顯我們對產品強度的聚焦，反映我們以行動與網際網路為核心的業務論述，並搭配一系列可為客戶增值的附加產品與服務。整體而言，這項更新強化我們對具經濟增益成長的聚焦，支持我們推動獲利能力與現金流的努力。

Fixed data service revenue for the first quarter increased 1%, driven by continued residential Internet subscriber base and revenue per customer growth within fixed. In business, fixed data continued to reflect revenue variability with customer contract changes, partially offset by continued growth in small and medium business.

第一季固網數據服務收入成長 1%，主要由固網業務中住宅網際網路用戶基礎持續擴大，以及每位客戶收入成長所帶動。在企業端，固網數據仍因客戶合約變更而呈現收入波動，但部分被中小企業持續成長所抵銷。

Overall, TTech adjusted EBITDA was stable, while adjusted EBITDA margin expanded 80 basis points to 44.4%. This is a reflection of our cost efficiency programs, synergies achieved from privatization of Telus Digital, along with our AI enablement.

整體而言，TTech 的調整後 EBITDA 維持穩定，而調整後 EBITDA 利潤率擴張 80 個基點至 44.4%。這反映了我們的成本效率計畫、Telus Digital 私有化所帶來的協同效益，以及我們的 AI 賦能。

In Health, operating revenue and adjusted EBITDA each grew 11%. The growth captured benefits from global business acquisitions, notably WPO and in May -- I'm sorry, in May of last year and organic growth in payer and provider solutions. At the same time, profitability in Health reflects our realization of integration synergies as the migration of customers to the Workplace Options platform continues.

在健康業務方面，營業收入與調整後 EBITDA 各自成長 11%。此成長受惠於全球業務併購所帶來的效益，尤其是去年 5 月的 WPO（Workplace Options）併購，以及在付款方與提供方解決方案的有機成長。同時，健康業務的獲利能力反映我們實現整合協同效益，因為客戶持續遷移至 Workplace Options 平台。

For Telus Digital, I'll remind you that our results reflect the updated segment reporting to align with operational realignment of Telus Digital following Telus' privatization of the business. Telus Digital segment's operating revenues were lower to start the year, reflecting an overall unfavorable foreign exchange impact and lower volumes from certain tech clients. However, in US dollars and including the intersegment revenue, Telus Digital's revenue grew by 3%. We are seeing increases in service revenues from clients across our digital solutions and customer experience management service lines.

至於 Telus Digital，我提醒各位，我們的結果反映了更新後的分部報告方式，以配合 Telus 將該業務私有化後 Telus Digital 的營運重整。Telus Digital 分部的營業收入在年初較低，反映整體不利的匯率影響，以及來自部分科技客戶的業務量下降。然而，以美元計價並包含分部間收入後，Telus Digital 的收入成長 3%。我們看到來自客戶的服務收入增加，涵蓋我們的數位解決方案與客戶體驗管理服務線。

At the same time, Telus Digital's segment's adjusted EBITDA increased 2% year over year with the margin expanding by 20 basis points to 10%, reflecting operational expense efficiencies. The team will continue to drive further efficiencies through business simplification and AI enablement as we progress through the year with the expectation of both revenue and EBITDA improving in the second half.

同時，Telus Digital 部門的調整後 EBITDA 年增 2%，且利潤率擴大 20 個基點至 10%，反映營運費用效率提升。隨著我們在今年推進，團隊將持續透過業務簡化與 AI 賦能來推動進一步效率，並預期下半年營收與 EBITDA 皆將改善。

Our net debt-to-EBITDA ratio as of March 31 was [3.5x] as compared to [3.9x] at the same time last year. Telus leverage remains the lowest of our national peers. We remain highly confident in delivering on our leverage goals of [3.3x] or lower by the end of 2026 and [3.0x] or better by the end of 2027. Supporting these efforts is strong free cash flow generation.

截至 3 月 31 日，我們的淨負債對 EBITDA 比率為 [3.5x]，相較去年同期的 [3.9x]。Telus 的槓桿水準仍為全國同業中最低。我們對於在 2026 年底前達成 [3.3x] 或更低、以及在 2027 年底前達成 [3.0x] 或更佳的槓桿目標，仍高度有信心。支撐這些努力的是強勁的自由現金流產生能力。

In the first quarter, we delivered cash from operations of more than $1 billion and industry-leading free cash flow on a comparative basis of $583 million, increasing 19% year over year. This underscores our solid financial foundation as we look to achieve our objectives established with our investors. Importantly, we are delivering on all of our commitments we set out. This includes deleveraging, moderating CapEx intensity, stepping down on the discount on the DDRIP, and executing on our asset monetization program.

第一季，我們營運活動產生現金超過 10 億美元，且以可比基礎計算的自由現金流達 5.83 億美元，年增 19%，領先同業。這凸顯我們穩健的財務基礎，並使我們能夠達成與投資人所建立的目標。重要的是，我們正在履行所有既定承諾。其中包括去槓桿、降低資本支出強度、下調 DDRIP 折扣，以及執行資產變現計畫。

Regarding our targets, we are striving to be within the mid- to lower end of our consolidated service revenue and adjusted EBITDA range. As economic and market conditions improve, we anticipate seeing more accretive growth supplemented by efficiency and effectiveness in the second half.

就我們的目標而言，我們正努力使合併服務營收與調整後 EBITDA 落在指引區間的中段至較低端。隨著經濟與市場狀況改善，我們預期下半年在效率與效能提升的補充下，將看到更具增益性的成長。

As we navigate through the competitive environment, our focus remains on generating free cash flow, affirming our target of $2.5 billion -- $2.45 billion for 2026, supported by EBITDA growth, CapEx intensity, moderation -- sorry, CapEx intensity moderation and ongoing efficiency and synergy realization.

在我們應對競爭環境之際，重點仍放在創造自由現金流，並重申我們 2026 年自由現金流目標為 25 億美元——24.5 億美元，該目標由 EBITDA 成長、資本支出強度降低——抱歉，資本支出強度的降低，以及持續的效率提升與協同效益實現所支撐。

With our free cash flow growth target of minimum 10% compounded annual growth through 2028, combined with our portfolio of asset monetization opportunities, we are on solid footing to support our capital allocation plan and deleveraging targets.

在我們設定至 2028 年自由現金流至少 10% 複合年成長的目標下，結合我們的資產變現機會組合，我們具備穩固基礎以支持資本配置計畫與去槓桿目標。

Ian, back to you.

Ian，交回給你。

Thank you, Doug. Karl, please proceed with questions.

謝謝你，Doug。Karl，請開始提問。

(Operator Instructions)

(接線員指示)

Jerome Dubreuil, Desjardins.

Jerome Dubreuil，Desjardins。

First of all, congrats, again, Darren on the career. And Doug, too, congrats on this. Always appreciate our discussions. So all the best. First one is on CapEx.

首先，再次恭喜 Darren 的職涯成就。也恭喜 Doug。一直很感謝我們的交流。祝一切順利。第一個問題是關於資本支出（CapEx）。

We're seeing it being up 11% in the quarter. Wondering how -- if there's potential for lower CapEx down the road. I think you said in the prepared remarks that you're already where others want to be. I'm just double checking if that refers to whether there's potential for further CapEx reduction down the road.

我們看到本季資本支出年增 11%。想請教未來是否有可能降低資本支出。我記得你在事先準備的發言中提到，你們已經達到其他人想要達到的水準。我只是想再確認一下，這是否意味著未來仍有進一步降低資本支出的空間。

Yes, there is. The explicit comment that we made in terms of being at where others are striving to get to is the 12% CapEx intensity zone, reflective also of how we exited 2025. And the view prospectively is to take that down still further towards the 10% CapEx intensity zone, which would be reflective of a leading metric certainly within the global telecom industry.

是的，有。我們明確提到「已達到其他人努力要達到的水準」，指的是 12% 的資本支出強度區間，這也反映我們在 2025 年底的收官狀況。而從前瞻角度來看，我們仍希望進一步降至接近 10% 的資本支出強度區間，這將是全球電信產業中領先的指標。

I think what is enabling that is many of the heavy lifts of the organization are more behind us than ahead of us, whether that's fiber builds or spectrum auctions that were particularly challenging given the rules associated with them. But it's also reflective that the organization is changing fundamentally in the leveraging of AI and the developing of our asset portfolio, where the CapEx intensity within that asset portfolio by way of example, looking at Telus Health in the 8% CapEx intensity zone, Telus Digital in the 3.5% to 4% CapEx intensity zone.

我認為能做到這點的原因在於，組織許多艱鉅工作已更多在我們身後而非前方，無論是光纖建設，或是在相關規則下特別具挑戰性的頻譜拍賣。同時，這也反映組織正因運用 AI 與打造資產組合而發生根本性改變；以資產組合的資本支出強度為例，Telus Health 約在 8% 的資本支出強度區間，Telus Digital 約在 3.5% 至 4% 的資本支出強度區間。

The mix of the organization is also evolving as we become more and more an AI services organization on that front. So just to give you a view as to where we would like to take it to.

隨著我們在這方面愈來愈成為一家 AI 服務型組織，公司的組合也在演進。以上是讓你了解我們希望把它推進到什麼程度。

And of course, that expansion and going from 12% to 10%, we also want to complement that with an improving EBITDA profile, hopefully within a more economically sanguine Canadian telecom market. But we think the combination of the lower CapEx intensity and the improving EBITDA profile sets up a very strong free cash flow story of this organization on a chronic basis. And that's attractive for us from supply chain reasons like deleveraging to obviously, value creation.

當然，從 12% 擴展並降至 10% 的同時，我們也希望搭配 EBITDA 概況的改善，並期盼加拿大電信市場在更為景氣的經濟環境下回溫。但我們認為，較低的資本支出強度與改善中的 EBITDA 概況相結合，將為本組織帶來長期且持續的強勁自由現金流故事。這對我們而言很有吸引力，從去槓桿等資金運用需求到價值創造皆然。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Congrats, Doug. Wish you all the best and absolutely fabulous working with you. Two for me. I guess back to you, Doug. We're not letting you off the hook yet.

恭喜你，Doug。祝你一切順利，與你共事非常愉快。我有兩個問題。我想還是回到你這邊，Doug。我們還不會這麼快放過你。

On the TTech margins, obviously, a very good lift again in Q1 here. You alluded to AI and Telus Digital synergies, overall efficiencies. Are we still in the gradual margin expansion looking out over the next kind of two, three, four years as that revenue mix even within TTech could evolve with potentially the data center piece coming in with a little bit more force? Or do you see potential for maybe a little bit more of a step-up at some point?

關於 TTech 的利潤率，第一季再次有很好的提升。你提到 AI 與 Telus Digital 的協同效益，以及整體效率提升。展望未來兩到三到四年，隨著即便在 TTech 內部的營收組合也可能演變、且資料中心業務可能更強勢地導入，我們是否仍處於逐步擴大利潤率的軌道？或者你認為在某個時間點可能出現更明顯的跳升？

And then second, I guess, back to you as well on the real estate monetization road map, Darren, thanks for the additional granularity there. Just wondering, kind of, of that $4 billion, just how that kind of feeds into your pocket over time. What's the time frame looking like on that front?

第二個問題也回到你這邊，關於不動產變現路線圖；Darren，謝謝你提供更細的資訊。想請教在那 40 億美元之中，這些資金會如何隨時間流入你們的口袋。在這方面的時間表大概是怎樣？

So on the -- maybe I'll start with the second one first. So the real estate one will feed in over time. We have the commercial one that Darren referred to and a few of the residential ones will be more short term. And then probably the remaining portfolio would be between the next two to five years over that time frame. So it's going to be a smooth line, but there's definitely some upfront opportunities that will be more lump sum on that end.

關於——也許我先回答第二個。不動產部分會隨時間逐步貢獻。我們有 Darren 提到的商用部分，另外有幾個住宅案會偏短期。然後剩餘的投資組合大概會在未來兩到五年之間於該期間內完成。因此會是一條平滑的曲線，但確實也有一些前期機會會以較大筆一次性金額的形式實現。

On the margin side, some of the advantages we do have with our data center rollout is we own the end-to-end. We not only are owning the real estate, the chips, the operations. So our margins on that end, yes, will contribute and will be a benefit tailwind to where we're headed in the longer term.

在利潤率方面，我們資料中心佈建的一些優勢在於我們擁有端到端的能力。我們不僅擁有不動產、晶片與營運。因此，我們在那一端的利潤率，確實會貢獻並在長期成為我們前進方向的有利順風。

And I think when you think through or look at our restructuring in the first quarter, as we continue to shut down copper areas, as we shut down 3G networks, as we integrate from some of the older platforms to more digital and AI, yes, there is an opportunity to continue on margin expansion. And especially as we realize the final benefits even through that real estate portfolio we talked about on shutting down COs and no longer having to keep those open for a small portion of our customer base.

而且我認為，當你回顧或檢視我們第一季的重組時，隨著我們持續關閉銅纜相關區域、關閉 3G 網路，並將部分較舊的平台整合轉向更數位化與 AI，是的，確實存在持續推動利潤率擴張的機會。尤其是當我們實現我們先前提到的房地產資產組合的最終效益——關閉 CO（局端）並且不再需要為了少部分客戶群而維持那些局端持續開放。

So I would expect that to continue. And we also have done significant items you'll see on pricing for -- and quality of loading, which I'm sure we'll continue to have our other leaders talk to.

所以我預期這會持續下去。而且我們也已經做了你會在定價上看到的重要舉措——以及載入品質方面的改善，我相信我們也會持續請其他主管來說明。

If you look at the long-term view, Drew, we're postulating prospectively into the future, inclusive of what we do with PureFiber nationally of a cumulative circa $10 billion spend on fiber. And when you examine the real estate portfolio component of the $4 billion and then say, okay, with the development of that real estate portfolio, we've got a captive market for our telecom services with those customers that reside within that real estate portfolio that we have developed.

如果你從長期角度來看，Drew，我們是在前瞻性地推估未來，包括我們在全國推動 PureFiber 的作為，累計約 100 億美元的光纖資本支出。當你檢視其中 40 億美元的房地產資產組合部分，並且說，好，隨著該房地產資產組合的開發，我們對於居住在我們所開發之房地產資產組合內的客戶，擁有一個對我們電信服務而言的封閉式市場（captive market）。

And so we think that's roughly about $5.5 billion right there, fairly precise actually, another $1 billion as it relates to copper recycling activities. So that takes you up to kind of the mid-6s and then looking at certain commercial real estate monetization opportunities and things that we can do on subsidies like the broadband fund, that's about another $1 billion in totality. So that gets you to just over $7.5 billion on a cumulative $10 billion spend. So three-quarters of it is self-funded.

因此我們認為那部分大約就是 55 億美元，實際上相當精準；另外還有約 10 億美元與銅纜回收再利用活動相關。所以這會把你帶到大約 60 多億的中段，接著再看某些商用不動產變現機會，以及我們可以在補助（例如寬頻基金）上做的事情，合計大約再增加 10 億美元。因此，在累計 100 億美元支出下，這會讓你達到略高於 75 億美元。所以其中四分之三是自籌資金。

And I think the discipline of doing that, but also a point that Doug has made that the gift to fiber never stops giving. It's not just the new 100-year return on investment asset to replace copper, the byproduct components of it, whether it's fiber supporting our wireless business or it's fiber freeing up real estate. The economics are tremendously attractive. And they're definitely so for Telus because within my remarks, and I would encourage you to go out and benchmark us, but I don't think you'll find a fiber operator globally that post the type of pen rates that we do that has the 3.4x product intensity that has the unit cost that deserve the average revenue per account or per home or a lower churn rate. I think you'll find that globally, we're leading across all of those parameters. So we just like the holistic aspects of this business.

我認為這樣做的紀律性很重要；同時也呼應 Doug 提過的一點：對光纖的投入是「持續回饋、永不止息的禮物」。它不只是用來取代銅纜、具備新的百年投資報酬資產；其衍生效益也很關鍵，無論是光纖支援我們的無線業務，或是光纖釋放出不動產資源。其經濟效益極具吸引力。而對 Telus 而言更是如此；在我的發言中——我也鼓勵你去做同業比較——但我不認為你能在全球找到一家光纖營運商，能像我們一樣達到這樣的滲透率（pen rates）、3.4 倍的產品強度（product intensity）、具備這樣的單位成本、能夠帶來每戶/每帳戶的平均營收，或是更低的流失率。我認為在全球範圍內，我們在所有這些指標上都處於領先。所以我們很喜歡這門業務的整體面向。

And the other thing we thought was interesting, probably brought on by our frustration with the stock price, but we thought it would be an interesting thing to just take a US fiber multiple looking at transaction and trading comps and apply it to Telus' fiber business and you get a $20 billion result, and that doesn't reflect our superior operating attributes in that regard. So from a sum of the parts point of view, I think that's quite potent even if you just took that and added our spectrum value to it along the way.

另外一件我們覺得有趣的事——可能是因為我們對股價感到挫折——是我們認為，把美國光纖的估值倍數（參考交易與可比公司交易倍數）套用到 Telus 的光纖業務上會很有意思，結果你會得到 200 億美元的估值，而這還沒有反映我們在營運屬性上的優勢。所以從分部加總（sum of the parts）的角度來看，我認為這相當有力，即便你只是把這個再加上我們的頻譜價值一路算進去。

(Operator Instructions)

（接線員指示）

Stephanie Price, CIBC.

Stephanie Price，CIBC。

I wanted to circle back on AI a little bit, and just regarding Telus Digital and how it's enabling Telus' AI strategy. Can you help us understand kind of the interplay between the different businesses at Telus and what the opportunity is there with Telus Digital?

我想稍微回到 AI 的話題，特別是關於 Telus Digital 以及它如何促成 Telus 的 AI 策略。你能否幫我們理解一下 Telus 內部不同業務之間的互動關係，以及 Telus Digital 在其中的機會是什麼？

Sure. Maybe what I'll do, given the question, Stephanie, is I'll let Tobias kick it off, and he can provide the overview, and then Navin can speak with specificity on the business unit front and as well Zainul. So why don't we do that? Go ahead, Tobias.

當然。Stephanie，鑑於這個問題，我想我會先請 Tobias 開場，由他提供整體概覽，接著 Navin 會就各業務單位層面做更具體的說明，Zainul 也會補充。那我們就這樣進行，好嗎？Tobias，請。

Yes. Thanks, Darren, and thanks, Doug. And congratulations, Doug, as well. Stephanie, thanks for the question.

好的。謝謝你，Darren，也謝謝 Doug。也恭喜你，Doug。Stephanie，謝謝你的提問。

I would think about the relationship in a couple of different ways. So one is Telus Digital is an operational efficiency machine for Telus and for all our clients, frankly. That is universal with everyone that we serve. And we do that in two primary ways: one is global optimization of the team, and then two is deployment of AI, right? And those things go hand in hand. They're not separate things.

我會從幾個不同角度來看這個關係。第一，Telus Digital 對 Telus 以及坦白說對我們所有客戶而言，都是一部營運效率機器。這對我們服務的每一個對象都普遍適用。而我們主要透過兩種方式做到：第一是團隊的全球化最佳化配置；第二是 AI 的部署，對吧？而這兩者是相輔相成的。它們不是彼此分離的事情。

Every piece of work that we do for Telus is supported now by AI. You can think of the contact center as a prime example where, as Darren mentioned, we are super focused on being the differentiated global player in CX AI. Every contact with a customer is supported by AI, telling our agents, what is the best-in-class response, what is the best response that we've done over the years in this type of situation, right?

我們為 Telus 所做的每一項工作，現在都由 AI 來支援。你可以把聯絡中心視為一個典型例子；正如 Darren 提到的，我們非常專注於成為 CX AI（客戶體驗 AI）領域具差異化的全球玩家。每一次與客戶的接觸都有 AI 支援，告訴我們的客服人員什麼是最佳實務等級的回應、在過去多年中遇到這類情境時我們做過的最佳回應是什麼，對吧？

And I think when you think about the evolution of AI, it's going to be supporting humans. It's going to be the primary use case for us, and it allows our humans to work on much more difficult problems, and it allows our new team members to get up the learning curve much more quickly. So when we think about how we do that with Telus, right, we're improving on first call resolution, save rates, product intensity. That's our living lab. And when we roll that out to clients, we're getting results like for US telco, 25% reduction in AHT, 800 basis point improvement in customer NPS with a tech hyperscaler, 600 basis point improvements in quality, 23% improvements in CSAT. And we're using our agent trainer to get our 30-day production performance for new agents, an improvement by 920 basis points. So these are step functions.

而且我認為，當你思考 AI 的演進，它將會是用來支援人類。這會是我們的主要使用情境，並且讓我們的人力能夠處理更困難的問題，也讓新進團隊成員能更快跨越學習曲線。因此當我們思考如何在 Telus 內部做到這點時，我們正在改善首次來電解決率（first call resolution）、挽留率（save rates）、產品強度（product intensity）。這就是我們的「實驗場」（living lab）。而當我們把這套做法推廣到客戶端時，我們看到的成果包括：對一家美國電信業者，AHT（平均處理時間）降低 25%；對一家科技超大規模雲端業者（tech hyperscaler），客戶 NPS 提升 800 個基點；品質提升 600 個基點；CSAT 提升 23%。而我們也使用客服人員訓練工具，讓新客服在 30 天的產能表現提升 920 個基點。所以這些都是躍升式的改善。

I think there was a previous question to Doug on, is this a step function or linear? It becomes more and more a step function over time as we get smarter and smarter. So by doing that and doing that with Telus first, we're able to roll that out to clients. But it's not just supporting the cost efficiency of all of the Telus enterprises, it's also going to market together. And so we are super tightly aligned with Navin's team in Telus Health, for example, bringing our solutions together, for example, to Alberta Health, where we're working on an agent digital front door together to support 5 million citizens in Alberta. So there's a revenue synergy as well as a cost synergy.

我想之前有人問 Doug，這是躍升式（step function）還是線性成長？隨著時間推移、我們變得越來越聰明，它會越來越呈現躍升式的型態。因此，透過先在 Telus 內部做到並驗證，我們就能把它推廣到客戶端。但這不只是支援 Telus 各企業的成本效率，也包括共同對外拓展市場。因此我們與 Navin 在 Telus Health 的團隊高度緊密對齊，例如把我們的解決方案整合起來，一起提供給 Alberta Health；我們正共同打造一個客服代理的數位前門（agent digital front door），以支援亞伯達省 500 萬名居民。所以這裡既有營收協同，也有成本協同。

And I'll hand it back to Darren.

我把話交回給 Darren。

Navin , why don't you make a quick example and maybe, Zai, you can wrap it up quickly thereafter.

Navin，你要不要快速舉個例子，然後 Zai 你可以在之後簡短做個總結。

Yes. Thanks, Darren. As as Darren said, we -- on the pure sovereign AI factory side, we've been partnering with Tobias and our CIO organization. And the Rimouski factory is now sold out. And so we are excited to see that, but are anxious now to continue to build out our KIDC, or Kamloops Internet Data Center.

是的。謝謝，Darren。正如Darren所說，我們——在純主權AI工廠這一端——一直與Tobias以及我們的CIO組織合作夥伴關係。而Rimouski工廠現在已經售罄。因此我們很高興看到這一點，但也迫切希望能持續擴建我們的KIDC，也就是Kamloops網際網路資料中心。

And that data center has a very strong funnel of opportunity ahead of us, and that funnel cuts across multiple segments. So there's customers in our enterprise space, our public sector space, mid-market, and many small start-up organizations that are keen to take advantage of our sovereign AI factory capabilities.

而該資料中心在我們面前有非常強勁的機會漏斗，而且這個漏斗橫跨多個細分領域。因此，我們的企業客戶、公部門客戶、中型市場，以及許多小型新創組織，都很希望能利用我們主權AI工廠的能力。

And as Tobias said, in the B2B space, whether it's health, agriculture or Telus Business Solutions, really strong alignment with Tobias on the go-to-market side around our professional services and digital transformation capabilities that we can offer our customers.

而正如Tobias所說，在B2B領域，無論是醫療、農業或Telus Business Solutions，我們在市場推進（go-to-market）方面，圍繞可提供給客戶的專業服務與數位轉型能力，與Tobias之間都有非常強的協同一致性。

And then just lastly, internally, in the B2B side, we are working with the Telus Digital team around our own AI and agentic implementations that are going to really help with an improved customer experience as well as margin expansion going forward.

最後，在內部的B2B方面，我們正與Telus Digital團隊合作，推動我們自身的AI與代理式（agentic）落地應用，這將在未來真正有助於提升客戶體驗，同時帶動利潤率擴張。

Zai, any top up?

Zai，還有要補充的嗎？

Yes. Maybe a couple of things. Thanks for the question, Stephanie. I just wanted to highlight how that -- these efforts and synergies have been realized in our results. So it's not the first quarter, but for the last 24 months as we've seen margin compression, particularly in the consumer side of the business, that we've been delivering 5% and 10%, 5% and 10% quarter after quarter on cost efficiency quarter-over-quarter.

有的。也許補充幾點。謝謝你的問題，Stephanie。我只是想強調，這些努力與協同效應如何已經反映在我們的業績結果中。所以不只是第一季，而是在過去24個月裡，當我們看到利潤率受到擠壓、特別是在消費者業務端時，我們仍然一季接一季地在成本效率上實現5%與10%、5%與10%的季對季改善。

And so the CX and AI relationship with Telus Digital has been a material driver of that. As Tobias mentioned, there isn't really even one area of our business that we're not using AI at this stage.

因此，與Telus Digital在CX與AI方面的合作關係，是推動這一點的重要驅動因素。正如Tobias提到的，現階段我們的業務幾乎沒有任何一個領域不在使用AI。

And then I would also say that we have leveraged Telus Digital significantly on our own development activities. So we've had adjacent businesses that have been pressurized from cash flow like video, where we've had to pay licensing costs, and we've completely transformed those businesses into cash flow generating businesses. So -- and with greater flexibility to support our customers on -- across their portfolio of content needs as one example, and doing the same thing on the automation and security front now. So all of that would not have been -- we would not have been able to do at scale and at speed without the support of Telus Digital and the significant resource and scalable AI capacity that they provide.

另外我也想說，我們在自身的開發活動上也大量運用了Telus Digital。因此，我們有一些相鄰業務曾因現金流而承壓，例如影音業務需要支付授權成本，而我們已經徹底把這些業務轉型為能產生現金流的業務。因此——並且以更高的彈性來支援客戶在其內容需求組合上的各項需求，這是一個例子；而我們現在也在自動化與資安方面做同樣的事情。所以，若沒有Telus Digital的支援，以及他們所提供的龐大資源與可擴展的AI產能，我們不可能以這樣的規模與速度做到這些。

And Stephanie, I think maybe one thing is not as well understood as it should be, and this is my fault as it relates to Telus Digital. But given the massive size of the customer care market globally, looking at Telus Digital's end-to-end AI capabilities, both how comprehensive they are and how technologically advanced they are and the fact that they've already got 700 clients on this front, many of them, blue-chip clients without a shadow of a doubt, Telus Digital is the hyperscaler in the CX AI space.

而Stephanie，我想有一件事可能沒有被充分理解到它應有的程度，這也算是我在Telus Digital相關溝通上的責任。但鑑於全球客戶服務市場的巨大規模，從Telus Digital端到端的AI能力來看——不論是其完整性、技術先進程度，以及他們在這方面已經擁有700家客戶，其中許多毫無疑問是藍籌客戶——Telus Digital就是CX AI領域的超大規模服務商（hyperscaler）。

That's great color. Doug, maybe one for you. And just to confirm, I think I heard you say that you're striving to be within the mid- to lower end of consolidated service revenue and adjusted EBITDA range. Did I hear that correctly? And if so, can you elaborate on that comment a little bit?

這些說明很有幫助。Doug，可能有一題想問你。我想確認一下，我好像聽到你說，你們的目標是落在合併服務營收與調整後EBITDA指引區間的中段到較低端。我聽得對嗎？如果是的話，你能否再多說明一下這個評論？

Yes. Just when we see that some of the market pressures that we've experienced out of the gate has kept us closer to the middle to the bottom end of the range so far. We hope we can mitigate and see market opportunities to take it back up, and that's where we're currently trending.

是的。只是因為我們一開始就遇到的一些市場壓力，讓我們目前的表現更接近區間的中段到較低端。我們希望能加以緩解，並看到市場機會把它拉回到更高的位置，而這就是我們目前的趨勢。

Okay. Okay. Darren and Doug, congratulations on the phenomenal run at Telus and all the best going forward.

好的。好的。Darren和Doug，恭喜你們在Telus的卓越表現，並祝未來一切順利。

Vince Valentini, TD Securities.

Vince Valentini，TD Securities。

Yes. A couple of things. First, on CapEx, as your peers strive to catch up with you, as you pointed out, they're giving a few data points. Bell yesterday said their wireless capital intensity is only 7% of revenue. Given the network sharing deal, is there any reason to think that Telus shouldn't be able to operate in that same ZIP code?

是的。有幾點。首先談資本支出（CapEx），正如你所指出的，當同業努力追趕你們時，他們也提供了一些數據點。Bell昨天表示，他們的無線資本強度僅為營收的7%。考量到網路共享協議，有沒有任何理由認為Telus不應該也能在同一個水準區間運作？

We should be in the same ZIP code. I don't have the exact number at my fingertips, but we would not be far off.

我們應該會在同一個水準區間。我手邊沒有精確數字，但我們不會差太多。

So when you're saying 10% overall, I mean, wireless is pretty much your biggest business though, you're really still spending quite a bit in other areas. And I assume the fiber-to-the-home part of the business requires minimal maintenance CapEx given how efficient and new that network is?

所以當你說整體是10%時，我的意思是，無線幾乎是你們最大的業務，但你們在其他領域仍然花了不少。而且我假設光纖到府（fiber-to-the-home）這部分的業務，因為網路很新且效率高，所以維護性資本支出應該很少？

Yes. And customer loading has a higher capital investment on the wireline side. So there is a definite higher portion of capital going towards that.

是的。而在固網端，客戶裝載（customer loading）需要較高的資本投入。因此，確實有較高比例的資本會投向那一塊。

Okay. And separately on wireline data, quite frankly, there's a lot of talk here about how great things are going in all these capabilities and your wireline data revenue growth is less than 1% this quarter. It remains quite disappointing. I assume you would agree. Is -- can you give us a little more unpacking here of what the -- how big this enterprise repricing was to offset a data center that's fully sold out and all of the good things going on in consumer broadband?

好的。另外談固網數據（wireline data），坦白說，這裡談了很多你們在各種能力上的進展有多好，但你們本季的固網數據營收成長不到1%。這仍然相當令人失望。我想你應該也同意。你能否再幫我們多拆解一下：為了抵銷資料中心已完全售罄以及消費者寬頻各種正面進展，這次企業端重新定價（enterprise repricing）的規模到底有多大？

Those are all totally wiped out by one enterprise contract that's repriced. So maybe you can just unpack it a bit more for us because I assume there's a better picture underneath the surface a little?

這些全部都被一份重新定價的企業合約完全抵銷掉了。所以也許你可以再多拆解一點給我們，因為我猜在表面之下應該有更好的情況？

Yes. So the data center revenue in Q1 is actually quite low. We have sold it out. So the run rate going forward, you'll see more of an impact in that line. But from the ramp up in getting to being where we are today, Q1 had minimal contribution.

是的。所以第一季的資料中心營收其實相當低。我們已經把它賣到滿。因此，往後的運行水準（run rate），你會在那一行看到更明顯的影響。但在我們爬坡、一路提升到今天這個狀態的過程中，第一季的貢獻很有限。

Second would be the business side has been improving from that negative trajectory that you highlighted that we've talked about for a few quarters now. And there is a little bit of pressure, call it, on the consumer side. But all of those looking to enhance with what we're looking at on bundling and continue to take it in the right direction. So I would expect that we can continue to show improvements in that area. I think this one -- this quarter, though, was not influenced by the data center, and TBS is on its way to a positive contribution on that front in the back half of the year.

第二點是，業務端已經從你所指出、而我們也談了好幾季的那個負向趨勢中改善。而消費者端則有一點壓力，可以這麼說。但我們會透過綑綁方案等我們正在推進的作法來強化，並持續把方向帶回正軌。因此我預期我們可以在那個領域持續展現改善。不過我認為本季並未受到資料中心的影響，而TBS在今年下半年將在那方面走向正向貢獻。

Okay. Can I just add one last? You mentioned something about a press release or some sort of announcement on Monday related to data centers. I mean, if you're going to float it here on this call, can you maybe just level set? Is this some sort of massive new facility or contract that could be coming?

好的。我可以再補充最後一點嗎？你提到週一會有一則與資料中心相關的新聞稿或某種公告。我的意思是，如果你要在這通電話上先透露一下，能否請你大概先幫大家校準一下預期？這會是某種規模龐大的新設施或可能即將到來的合約嗎？

Or are you talking about just some sort of government partnership or customer wins within existing facilities you already announced?

還是你指的是某種政府合作夥伴關係，或是在你們已經宣布的既有設施內取得的客戶斬獲？

It's significant. It's developmental, and it's in collaboration with the public entity. And I think I'll leave it there, Vince. It's not that long that you have to wait.

這很重要。它仍在發展中，並且是與公共部門實體合作。我想我就先說到這裡，Vince。你不用等太久。

Karl, we have time for two more questions.

Karl，我們還有時間再問兩個問題。

Maher Yaghi, Scotiabank.

Scotiabank 的 Maher Yaghi。

Great. First, I would like to wish both of you, Darren and Doug, a great retirement, and it was an honor to have interacted with you all these years. My first question is on your guidance. So you are looking to deliver 2% to 4% growth on EBITDA, $2.5 billion, $2.45 billion in free cash flow. In Q1, you delivered flat growth on EBITDA and $600 million on free cash flow.

太好了。首先，我想祝你們兩位 Darren 和 Doug 退休愉快，這些年能與你們互動是我的榮幸。我的第一個問題是關於你們的指引。所以你們預期 EBITDA 成長 2% 到 4%，自由現金流為 25 億美元、24.5 億美元。在第一季，你們的 EBITDA 成長持平，自由現金流為 6 億美元。

I would love to hear from you what are the key inflection points you're monitoring in your three business segments that gives you the confidence in achieving the middle, let's say, of your guidance range? And where do you see the most execution risk or market sensitivities that could drive outcomes towards the lower end of the guidance?

我很想聽聽你們在三個業務分部中，正在觀察哪些關鍵拐點，讓你們有信心能達到指引區間的中位數（比如說）？以及你們認為最大的執行風險或市場敏感因素在哪裡，可能會把結果推向指引的下緣？

Yes. If you look at all of the business lines, I would say they're all at an inflection point. We just talked about business data and the biz side showing more progression into the back half of the year. We saw organic health being a little bit lower and gaining momentum to the back half of the year. We talked the data centers on where that is going and that there was minimal impact of that in Q1.

是的。如果你看所有業務線，我會說它們都處在一個拐點上。我們剛談到商用資料與企業端在今年下半年會有更多進展。我們看到有機健康（organic health）略低，但在下半年會加速累積動能。我們也談到資料中心的走向，以及第一季對此的影響很小。

And I would say you then have Telus Digital, which also has got more opportunity on the AI growth trajectory as we go throughout the year. So I think all the areas have contributions that I would say will continue to evolve as the year progresses. I think the highest level of risk is probably the obvious one of above-the-line market intensity in wireless. And I think that would be the -- probably the most influential for the rest of the year should it take a negative turn.

另外還有 Telus Digital，隨著今年推進，它在 AI 成長軌跡上也有更多機會。所以我認為各個領域都會有所貢獻，而且會隨著年度進展持續演變。我認為最高層級的風險大概就是顯而易見的：無線業務在「線上」（above-the-line）的市場競爭強度。如果它出現負面轉折，這可能會是今年剩餘時間最具影響力的因素。

Zainul, would you want to top up on that? And maybe Navin, if you want to add something as well. But Zainul, why don't you lean in on this.

Zainul，你要不要補充一下？另外 Navin，如果你也想加幾句也可以。不過 Zainul，你先來深入談談這個。

Yes, sure. So maybe I'll talk about a couple of the inflection points with a little bit more color, Vince. So I would say maybe the first one I'll talk about is that on the wireless side, as Doug highlighted, really, we are focused all about the base. So trying to drive premium value to the base. And I think you see that trajectory in our ARPU and in our network revenue.

好的，當然。Vince，那我就針對幾個拐點多補充一些細節。我想先談無線端：如 Doug 所強調的，我們的重點其實都放在既有客戶基礎（base）上。也就是努力在既有基礎上推動更高端的價值。我想你可以從我們的 ARPU 以及網路營收中看到這個走勢。

We had to forsake net through the last half of March, as you've seen. The churn performance is not indicative of anything this organization has ever delivered. And we lost some share at the lower end of the market, but we continue to build at our premium level and not let that get diluted. And so where the market pressure would impact those results is if you had to put in subsidy in the flanker side at a premium level and bring the premium down. And that is the one trend that we have to really avoid overall.

如你所見，我們在三月下半月不得不放棄淨新增（net）。這次的流失率（churn）表現並不代表這個組織過去曾交付過的水準。我們在市場低端流失了一些市占，但我們仍持續在高端層級建立規模，並且不讓它被稀釋。因此，市場壓力會影響這些結果的情況是：如果你必須在副品牌（flanker）端以高端水準投入補貼，進而把高端價格拉下來。這就是我們整體上必須真正避免的一個趨勢。

And so in the wireline side, I think we don't talk as much about some of the similar pricing pressure and commoditization that has occurred. And even though we have a premium asset, I think we haven't played it to be a premium asset as much as we could. And you'll see that change in terms of the way that we differentiate our Internet product going forward with the way that we deliver customer-friendly value propositions on service, on pricing certainty and in terms of video and automation capabilities that we can integrate into the product. So those are the things that we will push to drive a premium outcome, and we have more market to grow into. And so our base and our bundle will be the drivers of those points of inflection.

至於固網端，我想我們較少談到類似的定價壓力與商品化（commoditization）所帶來的影響。即便我們擁有高端資產，我認為我們在把它當作高端資產來經營這件事上，還沒有做到我們能做到的程度。你會看到我們未來在差異化網際網路產品的方式上有所改變：透過提供對客戶更友善的價值主張，包括服務、價格確定性，以及我們能整合進產品的影音與自動化能力。這些就是我們將推動以帶來高端成果的要素，而且我們還有更大的市場可以擴張。因此，我們的既有客戶基礎與綑綁方案（bundle）將是這些拐點的驅動因素。

And just a follow-up on slide 15 of your deck and in your prepared remarks, Darren, you reiterated the sustainability of your dividend and the deleveraging road map that you have set in motion. I wanted to ask you -- I'm not going to ask you what the new management and the Board might do on dividend policy in the coming months, but I wanted to ask you, what would you be monitoring or what could change -- what changes could take place that would derail achieving those free cash flow targets and the sustainability of the dividend?

另外追問一下：在你們簡報第 15 頁以及你事先準備的講稿中，Darren，你重申了股利的可持續性，以及你們已啟動的去槓桿路線圖。我想問你——我不會問你新管理層和董事會在未來幾個月可能如何調整股利政策——但我想問的是，你會監控哪些事項，或有哪些可能的變化——哪些變化可能發生，會讓你們無法達成那些自由現金流目標以及股利的可持續性？

Okay. Maher, I think it's important that I'm specific on the correction of what was in my prepared remarks. It wasn't related to the sustainability of the dividend. It was related to the pause on the dividend while we address our deleveraging activities. So I wasn't making a foreshadowing on that particular front.

好的。Maher，我認為我需要具體更正我在事先準備講稿中的表述。那並不是關於股利的可持續性。而是關於在我們處理去槓桿活動期間暫停股利。所以我並不是在那個面向上做任何預示。

It was related to pausing the dividend for a number of reasons, but most particularly so that we could focus [stridently] on addressing our immediate deleveraging goals. Also at the end of the day, when you're looking at the dividend yield, I think addressing that as we address the future stock price improvement is the synchronous way to tackle that.

那是關於基於多個原因暫停股利，但最主要是為了讓我們能夠[堅定地]專注於達成眼前的去槓桿目標。此外，歸根結底，當你在看股利殖利率時，我認為在我們推動未來股價改善的同時一併處理它，是一種同步的做法。

To answer your question specifically in terms of parameters, number one, I would continue to track how well the company does on deleveraging, first and foremost. I think it's not just AI or statistical analytics where the past can be a leading indicator of the future. But when you're looking to make a determination on how well we'll do on deleveraging prospectively, I think it's good to draw inference from what we've achieved thus far on the deleveraging front. I think we've made excellent progress, whether it's the junior subordinated debt or whether it's the creation of Terrion. We've got good momentum on that front, and we are ahead of our plan as it relates to net debt-to-EBITDA.

具體回答你關於參數的問題：第一，我會持續追蹤公司去槓桿的執行情況，這是首要之務。我認為不只是 AI 或統計分析，過去也可以成為未來的領先指標。當你要判斷我們未來去槓桿能做得如何時，我認為從我們迄今在去槓桿方面的成果推導出一些結論是有幫助的。我認為我們已取得非常好的進展，不論是次級從屬債（junior subordinated debt），或是 Terrion 的成立。我們在這方面動能良好，而且就淨負債對 EBITDA 而言，我們已經超前於計畫。

And I think the trend line towards 3.3x and 3.0x is exceedingly strong. So I think you should draw some confidence to that effect.

我認為朝向 3.3 倍與 3.0 倍的趨勢線非常強勁。所以我認為你應該可以因此更有信心。

And the thing that I think is important also to point out is the comparative aspect. I would argue that we have the best balance sheet in the industry when you look at our net debt-to-EBITDA position versus our peer group.

我認為另外一個也很重要、需要指出的是比較面的觀點。我會主張，當你把我們的淨負債對 EBITDA 的位置與同業群相比時，我們擁有業界最強的資產負債表平衡。

I would be hopeful that the holistic debt load on the industry would drive more sanguine pricing behavior and a more disciplined approach to overall economics, which would help everyone on the deleveraging side of it as well because net debt-to-EBITDA is a quotient. It's not a singular parameter related to the debt itself. And I think the quicker people get seized of that reality, the better we will all do within Canadian telecom.

我希望產業整體的債務負擔，能促使更為平和的定價行為，以及對整體經濟效益更有紀律的做法；這也會在去槓桿方面幫助到每一個人，因為淨負債對 EBITDA 是一個比值。它不是只與債務本身相關的單一參數。我認為大家越快掌握這個現實，我們在加拿大電信業的整體表現就會越好。

The second thing I would look at is we have been pretty good at giving forward-looking guidance. And I would say we've been pretty good at delivering against forward-looking guidance. And so following a discussion with a number of investors and discussions, including you, Maher, on this particular front, we listened to the investor advice and we came forward with a forward-looking view on free cash flow. That was not something that originated within Telus. It originated with feedback from both the buy side and the sell side on that front. And so that's why we did it in terms of 10% compounded free cash flow growth through 2028, and we intend to deliver against that.

第二點我會看的是，我們在提供前瞻性指引方面一直做得相當不錯。而且我也會說，我們在達成前瞻性指引方面也做得相當不錯。因此，在與多位投資人討論、以及包括你在內（Maher）就這個議題進行多次交流之後，我們聽取了投資人的建議，提出了對自由現金流的前瞻性看法。那並不是 Telus 內部一開始就提出的。而是來自買方與賣方在這方面的回饋。所以我們才提出到 2028 年自由現金流 10% 複合成長的目標，而且我們打算按此交付成果。

Again, I think in terms of figuring out what we're going to do on capital allocation, FCF is a good leading indicator. And I'm pleased that we've got 2026 off to a good start with a 19% pure free cash flow growth rate. And it's a nice positive corollary to my frustration that we're not aiding and abetting it by EBITDA expansion. I would have liked to have seen that as well within Q1, but market conditions right now have been a bit challenging. So I would expect continuity in that regard.

再說一次，我認為在判斷我們在資本配置上要怎麼做時，自由現金流（FCF）是一個很好的領先指標。我也很高興我們在 2026 年有個好的開局，自由現金流純成長率達到 19%。而這也與我對於我們沒有透過 EBITDA 擴張來推波助瀾的挫折感形成一個正向的對照。我也希望在第一季能看到那一點，但目前市場狀況確實有些具挑戰性。所以我預期在這方面會延續目前的趨勢。

And I think, again, that's indicative of what will come on capital allocation.

而我認為，這同樣也反映了資本配置接下來可能的走向。

Third thing would be our monetization strategy. So we've got $7 billion to look at, that's inclusive of Terrion. So Terrion is within that number, the almost $1.3 billion that we did there. But if we continue to make good progress on monetizing assets, and we're in the midst right now of distributing a confidential information memorandum as it relates to a particular line of business on the Telus Health front, where we have no shortage of interested parties, I think that speaks well for latitude on capital allocation prospectively. And when Telus puts its mind to execution, I think we execute pretty damn well.

第三點會是我們的資產變現策略。我們有 70 億美元可供評估，這個數字包含 Terrion。因此 Terrion 也包含在其中，也就是我們在那裡做的將近 13 億美元。但如果我們持續在資產變現上取得良好進展，而且我們目前正就 Telus Health 旗下某一條業務線發送機密資訊備忘錄（CIM），對此有興趣的各方不在少數，我認為這對未來資本配置的彈性是個很好的訊號。而當 Telus 下定決心要執行時，我認為我們的執行力相當、相當出色。

And the corp dev team will do exactly that on the Telus Health monetization. But we have a plethora of additional monetization opportunities over and above that along the way.

而企業發展團隊也會在 Telus Health 的資產變現上做到這一點。但除此之外，我們一路上還有大量額外的變現機會。

Next thing I would look at is business performance. Everything that we're talking about here, deleveraging, FCF growth, monetization, yada yada yada, and capital allocation, they're all just byproducts as to how well is the business doing. Are we generating revenue? Are we making a profit? Are the business operations stable?

接下來我會看的是業務表現。我們在這裡談的所有事情——去槓桿、FCF 成長、資產變現、等等等等，以及資本配置——都只是業務經營好壞的副產品。我們是否在創造營收？我們是否在獲利？營運是否穩定？

Are we generating good quality of earnings along the way? So the health of the business, wireline, wireless, looking for performance on the emerging growth side, I would say that overall health of the business is also a leading indicator.

我們是否一路上都在產生高品質的盈餘？因此，業務的健康狀況——固網、無線，以及新興成長領域的表現——我會說整體業務健康度同樣也是一個領先指標。

And then finally, there's no one that wants to give the Street clarity on capital allocation more than I do. But I'm part of Telus' past. I'm not part of its future. And my zeal on clarity has a pecking order, but let's just say whether it's stay the course or make an adjustment, I would like clarity, one way or the other. I think that would be a very, very, very healthy thing for the organization.

最後，沒有人比我更希望向華爾街提供資本配置的清晰度。但我屬於 Telus 的過去。我不屬於它的未來。我對清晰度的熱切有其優先順序，但就這麼說吧：不論是維持既定路線或做出調整，我都希望能有一個明確的答案，無論是哪一種。我認為那會對組織非常、非常、非常健康。

So make a call, stay the course or make a call and do a cut, either way, I think that's good for the company. I have a personal view as to what I would do if that was something I was participating in, but I won't be here. We've got a talented administration coming in. We've got an experienced administration coming in. They're familiar with our business from opportunities through challenges.

所以做個決定：要嘛維持既定路線，要嘛做個決定並進行削減；不管哪一種，我都認為對公司是好事。如果我還參與其中，我個人對於會怎麼做有自己的看法，但我不會在這裡了。我們有一個有才幹的管理團隊即將上任。我們也有一個經驗豐富的管理團隊即將上任。他們對我們的業務很熟悉，從機會到挑戰都經歷過。

I know in the head and in the heart, the incoming administration and the Board wants to do the right thing for this organization on a sustainable basis. So we're going to need to give them the time to do that. And I'm sure in the not-too-distant future, you'll get the adjudication that you desire.

我在理性上與情感上都知道，新上任的管理團隊與董事會都希望以可持續的方式，為這個組織做正確的事。因此我們需要給他們時間去做到這一點。我相信在不久的將來，你會得到你所期望的裁定結果。

Congratulations to both of you on your retirement.

恭喜你們兩位退休。

Thanks. That means a lot. And that last answer came from both the head and the heart. So there you go.

謝謝。這對我意義重大。而剛才那個最後的回答，是同時出自理性與情感。所以就是這樣。

Karl, we're through the hour, so we'll end it there. Thank you for everyone for joining the call today. Please reach out to the IR team with any follow-ups that you may have. Thank you.

Karl，我們已經到一小時了，就在這裡結束。感謝各位今天加入電話會議。如有任何後續問題，請聯繫投資人關係（IR）團隊。謝謝。

Ladies and gentlemen, this concludes the Telus 2026 Q1 Earnings Conference Call. Thank you for your participation, and have a nice day.

各位女士、先生，Telus 2026 年第一季財報電話會議到此結束。感謝各位的參與，祝各位有美好的一天。