Morning, ladies and gentlemen. Welcome to the BCE Q1 2026 results conference call. I would now like to turn the meeting over to Chris Summers. Please go ahead, Mr. Summers. Thank you, Matthew. Good morning, everyone, thank you for joining our call. With me here today are Mirko Bibic, BCE's President and CEO, and our CFO, Curtis Millen. You can find all our Q1 disclosure documents on the investor relations page of the bce.ca website, which we posted earlier this morning. Before we begin, I would like to draw your attention to our safe harbor statement on slide two, reminding you that today's slide presentation and remarks made during the call will include forward-looking information and therefore are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements except as required by law. Please refer to our publicly filed documents for more details on assumptions and risks. With that out of the way, I'll turn the call over to Mirko. Good morning, everyone. Thanks, Chris. Our Q1 results demonstrate continued disciplined execution across all four of our strategic priorities in what remains a competitive operating environment. Consolidated revenue is up 4% and adjusted EBITDA grew 2.9%. As we've outlined consistently, our capital allocation is organized around three priorities: to strengthen the balance sheet through disciplined deleveraging, fund our strategic priorities, and of course, return capital to shareholders through a sustainable dividend. We continued to execute against that framework in Q1. Most recently, we announced the divestiture of our Land Mobile Radio business to Motorola Solutions for CAD 675 million, and that's at an attractive valuation of approximately 10x EBITDA. The latest in a series of actions to simplify the business and accelerate our path to our leverage targets. We're making significant progress across each of our four strategic priorities as well. I want to walk you through them, starting with putting the customer first. I'm on slide 3. You see that we continue to advance a number of initiatives to improve the overall value proposition and service experience for our customers, including the expansion of internet contracts in Ontario, which give customers greater price certainty, continued scaling of hardware-free Fibe TV, and the full launch of our voice virtual assistant across Bell, Virgin Plus, and Lucky Mobile. Each of these supports longer-term, more stable customer relationships at a lower cost to serve. Fiber continues to be a key growth driver for us. In Canada, we added close to 43,000 residential FTTH subscribers in the quarter, with demand remaining solid across our footprint. Combined with the contribution from Ziply Fiber, total residential fiber net adds were close to 50,000, and internet revenue across our North American fiber platforms grew 15% year-over-year. In wireless now, Q1 was an unusually competitive quarter. Promotional activity across the industry extended well beyond typical seasonal windows. We were deliberate in how we responded, staying out of the most aggressive pricing early in the quarter and participating selectively where we saw longer-term value. That discipline is reflected in our results. Strong post-paid net adds of close to 17,000, a 21% increase in gross activations, and continued resilience in Bell-branded performance. Early indicators suggest the market is normalizing. Our focus remains on lifetime economics, not quarter-to-quarter volume. Video net subscriber additions swung to positive, improving approximately 26,000 year-over-year on strong uptake of the streaming bundles we launched in the second half of last year. That content pull-through, together with growing adoption of subscriptions across our fiber base, is driving meaningful momentum and product intensity, which is a key metric we're tracking against our Investor Day framework. Turning now to our third strategic priority, which is to lead an enterprise with AI-powered solutions. This is where I want to spend a bit more time today with you because Bell AI Fabric is creating considerable value in a very short period of time, and I want to make sure investors fully understand the story. Let me start with a simple framing. Bell sits at the intersection of secure, high-performance networks, trusted enterprise relationships, access to significant power, and now purpose-built AI infrastructure with a time to compute advantage. No other Canadian company has assembled this combination. It's very difficult to replicate. That's our competitive advantage. Last year, we outlined our ambition to lead in this space, and we introduced three businesses, Ateco, Bell Cyber, and Bell AI Fabric. Each is closely tied to our core strengths in connectivity, distribution, and trust. Since then, progress has only accelerated. I want to begin with Saskatchewan because it's a landmark investment for Bell and for the country's AI future. Less than two months ago, we announced a fully contracted 300 MW purpose-built AI data center in Saskatchewan. It's a transformational project that meaningfully improves our long-term growth profile and is incremental to the financial framework we laid out at Investor. Our construction partners have mobilized on-site and preliminary work is underway. I'll walk you through what that looks like on the ground when we get the slide pod. At full run rate, as we shared before, this facility alone is expected to contribute approximately CAD 500 million of revenue, CAD 400 million of EBITDA, and over CAD 250 million of free cash flow at an IRR of approximately 20% at the data center level, with additional upside from sovereign workloads and related services on top. Beyond Saskatchewan, our broader AI fabric ecosystem continues to scale. In late March, we launched our Merritt, B.C. facility. Consistent with our model, Bell is providing the building, power and cooling. The tenant supplies and funds all compute hardware. The facility uses a closed loop liquid cool design that does not draw from municipal water resources. The capacity at Merritt is part of the approximately 73 MW of AI Fabric capacity we referenced back in October. At this time, we have four fully contracted facilities, Mission Flats and Merritt, BC, which are both live, you know. We have Winnipeg, which will go live early in the second half of this year, and that one is on an operating lease basis. Those three constitute 29 MW of the 73 MW we guided to at Investor Day. Of course, we have Saskatchewan on top of that, which is under construction. We also continue to build out the sovereign AI solutions ecosystem during the quarter. We announced strategic partnerships with Coveo to deliver sovereign AI powered digital services, with Hypertec to deliver end-to-end sovereign AI infrastructure built, hosted and operate in Canada, and with SAP to strengthen Canada digital sovereignty with cloud and AI infrastructure, and post-quarter with Celestica to advance the development of a Canadian sovereign AI infrastructure stack. Each of these partnerships reinforces a critical point. Bell AI Fabric is not just about data centers. It's a full stack, Canadian controlled AI platform with infrastructure, connectivity, security, integration and services, working with best-in-class partners to meet the needs of governments, enterprises and research institutions that require their AI workloads to remain here in Canada. This brings me now to the financial results in enterprise. Bell Business Markets revenue, which we're disclosing for the first time this quarter, was up 9.7% in the quarter, driven by 113% growth in AI-powered solutions. That's a powerful number, and it reflects the compounding momentum across all three of our AI-powered businesses. I'll note that the Merritt facility contributed to the quarter, and Curtis will walk you through the financial details around that. We increased our AI-powered solutions revenue objective from approximately CAD 1.5 billion to approximately CAD 2 billion by 2028 when we made the Saskatchewan announcement, we're confident in that target. Frankly, I see potential beyond it. We have line of sight to monetizing approximately 800 MW of power over time, our pipeline of interest remains deep and active. In short, AI powered solutions is creating significant differentiated value for this company. It's closely tied to our core business. It's disciplined, demand led and return driven, and it's a growth vector that no other Canadian telecom has. Turning now to our fourth strategic priority, which is to build a digital media and content powerhouse. Our digital pivot in media is now well into its sixth year and the momentum is clear. When I became CEO in 2020, digital represented 19% of Bell Media's revenue, and today it's 46%. That's up three points year-over-year, and it's still growing. It's a fundamental transformation of this business and it's translating directly into subscriber growth, advertiser interest and new monetization streams. Q1 was the most watched quarter in Crave history. Our subscriber base grew 25% year-over-year to more than 4.7 million today, powered by a 59% increase in direct to consumer streaming subscribers. That's exceptional growth in any market. With our target of 6 million subscribers by 2028, we have a clear runway ahead. What's driving this is a combination of premium original content, a significantly expanded library, the streaming bundles we launched in the second half of last year, and continued improvements to the product experience, including targeted marketing offers, efforts, pardon me, in the French language market. Another recent addition is SNL, which will simulcast on Crave and CTV beginning this fall, one of the most watched shows on television and a strong signal of the content value we're building across those platforms. We also continue to solidify our long-term sports content leadership. Over the last few months, we extended regional media rights with the Senators, the Montreal Canadiens, the Winnipeg Jets, and became the new Canadian home of the Toronto Tempo and the WNBA. We expect to announce additional major rights renewals in the near future. These are important long duration agreements that reinforce our position as Canada's leading sports broadcaster across TSN in English and RDS in French. Sports content is the single most powerful driver of live viewership, advertising premium and subscriber retention, we intend to maintain our leadership. On that note and looking ahead, we're excited about the FIFA World Cup this summer. We have exclusivity on 104 games across our platforms, which presents a significant audience and monetization opportunity for Bell Media. The third element I want to highlight is our growing ability to monetize original content internationally. Our Crave original series, YAGA and The Office Movers, have been acquired by Sky for the U.K. and Ireland. Just last week, YAGA was acquired by AMC for the U.S. market, with additional territories expected to follow. This builds on the global success of Season Rivalry, which continued to generate cultural impact through Q1, earning a Peabody Award, multiple Canadian Screen Awards, and a second season renewal. The key here is that they aren't one-offs. They reflect a deliberate strategy to invest in premium Canadian storytelling and then extend the value of that content across the full value chain, including through our majority ownership of Sphere Abacus, our global content distribution arm. As a reminder, our focus is for Bell Media to deliver consistent annual revenue and EBITDA growth while contributing meaningfully to free cash flow for BCE. We're on pace to do exactly that in 2026. I want to pause now on slide 5 because I think it tells an important story. This is back to Bell AI Fabric. In the spirit of transparently tracking and communicating our progress on our strategic initiatives, let me provide you some more detail on the construction progress here. On the left, you can see our Mission Flats facility. That's the one in Kamloops, B.C., the very first one we opened last June. This is where Groq's AI inference technology is live and serving workloads today. Our second facility is the one in Merritt, B.C. That went from dirt to a fully operational AI data center in 9 months. Together, these experiences gave us a proven reproducible playbook for everything that's followed. On the right is Saskatchewan. This is what momentum looks like in real time. Our construction partners have mobilized on-site. You can see the earthworks underway, site stripping, pile load testing, heavy equipment on the ground. The development agreement has been approved by the Rural Municipality of Sherwood, and our development permit application is currently under review. We selected our early works contractors and over half a dozen additional trade contractors in the Regina region. Long lead equipment, including generators and cooling systems, have been ordered and on schedule. We expect all major permits in place by July, and we remain on track for the first phase to come online in the first half of next year. Let's take a step back and look at the trajectory. A year ago, Bell AI Fabric was an idea and a single facility in Kamloops. Today, we have the data centers I summarized earlier and line of sight to monetizing approximately 800 MW of power. Turning to slide 6. As you can see, we continue to track and measure ourselves against disciplined execution on the Investor Day targets we laid out last October. You can see a sample of those metrics on the slide and the progress. Before I turn it over to Curtis in a moment, I want to touch on two more things: capital allocation and capital investment. On capital allocation, we've been very consistent. In February 2025, we laid out a clear plan. Simplify the business, strengthen the balance sheet, focus capital on higher return opportunities. We reinforced all of that at Investor Day with significant transparency around everything we were gonna do. We're committed to continue to share our progress transparently and regularly, and that's what we continue to do today. Since then, we've been executing one step at a time. We completed the sale of our interest in MLSE at a 10-time return. We exited Bell Smart Home, most recently, of course, the Land Mobile Radio divestiture. The roadmap hasn't changed. We're gonna optimize the balance sheet, we're gonna fund the strategic priorities, which are high growth, we're gonna return capital to shareholders through our sustainable dividend. We're gonna do that while maintaining the financial discipline and the flexibility to execute against our three-year plan. A reminder, we're only one quarter into that three-year plan. On CapEx, as early as 2023, we saw where the environment was headed. We made deliberate choices back then to reduce spending on legacy segments and reallocate investment to growth segments. That's what we've done. That's what we're gonna continue to do. Our Canadian telecom CapEx has decreased by over CAD 2 billion from CAD 5.1 billion in 2022 to below CAD 3 billion in 2026. That's putting aside the highly accretive AI Fabric investments. Our underlying Canadian CapEx intensity is approximately 12%, with wireless capital intensity at an industry low 7%. Our Canadian telecom CapEx will continue to decline. In the current environment, we've seen others in the industry recalibrate their capital spending. We totally understand that because it's what we've been doing. We laid out this discipline clearly at Investor Day, and we've been executing against it for three-plus years. What makes our story different is where we're investing the capital we do deploy. We have a significant growth sector in AI-powered solutions that's intrinsically tied to our core business and that no one else in Canada has. Our capital allocation is shifting toward higher return growth opportunities like Bell AI Fabric and our U.S. fiber plan as we maintain discipline on the core telecom side. Before I hand it over to Curtis, I want to acknowledge our entire Bell team. The results we're sharing today reflect the dedication and focus of everyone who works for this company across the country and in the U.S., serving our customers, growing the business, and executing on the plan we've laid out. I'm proud of what the team is doing. Curtis, over to you now to take the team through the Q1 financial and operating results in detail. Thank you. Thank you, Mirko, and good morning, everyone. I'll begin on slide 8 with BCE's consolidated financial results. Total revenue grew 4% from the quarter, driven by the contribution from Ziply Fiber and continued strong momentum at Bell Business Markets, where AI-powered solutions revenue more than doubled year-over-year. Adjusted EBITDA was up 2.9%, driven by the contribution from Ziply Fiber and the flow-through of higher product revenue. Margin declined 40 basis points to 42.7%. As we previously indicated, the mix of growth in the business is evolving. Some of our higher growth services naturally carry a different margin profile than our legacy businesses, which tend to be a higher margin. Our focus is on driving absolute EBITDA dollar growth and free cash flow growth. Adjusted EPS was down CAD 0.06 compared to last year, reflecting higher depreciation and amort expense and interest costs, consistent with our 2026 guidance assumptions. On CapEx, total CapEx, total capital expenditures were up 15.4%, reflecting Ziply Fiber build out in the U.S. and capital investments to support the growth of our Bell AI Fabric business as we build our data centers across Canada. Free cash flow increased 0.8% to CAD 804 million. I would note that beginning this quarter, we updated our definition of free cash flow to exclude income taxes paid on significant investors, which improves comparability quarter-over-quarter, year-over-year, and does not affect any previously reported amounts. In Q1, we paid CAD 542 million in income taxes related to the MLSE sale. That amount is excluded from the free cash flow figure I just referenced. It does impact cash flows from operating activities, which analysts should keep in mind when reviewing the cash flow statement. Turning to Bell CTS Canada on slide 9. Wanna highlight a few disclosure enhancements this quarter that we believe will be helpful for investors. First, we've updated our Internet sub-metrics to include wholesale subscribers. It is consistent with how we reported prior to 2019 and reflects the impacts of the CRTC's mandated fiber access decision on how we operate the business. We've also introduced an additional residential fiber level metric. Previously reported 2025 figures have been restated for comparability. Second, we've broadened our IPTV subscriber definition to include bundled streaming service subscribers, customers who subscribe to a package that includes at least one third-party streaming service and one BCE streaming service. This is now reported under a new video subscriber metric, and again, 2025 figures have been restated. With that context, let me walk through the sub-metrics, starting with wireless. Strength of our distribution network and the premium Bell brand helped deliver 16,947 postpaid mobile phone net adds in an unusually competitive quarter, compared to a net loss of close to 10,000 in Q1 of last year. Postpaid churn was 1.34%. After three consecutive quarters of year-over-year improvement through Q4, the trend reversed in Q1, reflecting a higher number of switchers driven by some of the most aggressive competitive offers we've seen in a seasonally low volume quarter. As the competitive environment normalizes, we expect the improving trend to resume. Our customer first initiatives continue to take hold. ARPU was down 0.8%, consistent with the Q4 decline and significantly improved from the 1.8% decline in Q1 of last year. The decrease reflects the flow-through of the more aggressive pricing environment. We've been encouraged to see a return to more rational behavior in April and continue to focus on premium Bell branded subscribers and fiber-led bundling to support the quality of our subscriber mix. Moving to Internet. Residential Fiber-to-the-Home net adds, our new separately disclosed metric totaled 42,750 in the quarter. A strong result. Where we have fiber, demand remains solid and our market share position continues to be strong. Turning to video. Video net adds totaled 10,103 in the quarter, compared to a net loss of close to 16,000 in Q1 last year, an improvement of approximately 25,000-26,000 year-over-year. This was driven by strong uptake of the streaming bundles we launched in the second half of last year. It speaks directly to the product intensity momentum and MRR efforts. Turning to the financial results for Bell CTS Canada. Bell Business Markets was a clear highlight this quarter. BBM revenue grew 9.7% in Q1, driven by 113% growth in AI-powered solutions. That's Ateco, Bell Cyber and Bell AI Fabric combined. All three components contributed to this growth result. Beginning in Q1, we're providing incremental transparency by disclosing BBM operating revenues with a service and product split, consistent with the transparency commitments we made at Investor Day. In late March, we launched our second Bell AI Fabric data center in Merritt, B.C. Revenue and EBITDA were recognized upon delivery under finance lease accounting. Going forward, we expect the majority of our Bell AI Fabric agreements to be structured as operating leases, including our Winnipeg data center and our announced Saskatchewan data center. The accounting treatment has no impact on the free cash flow we expect to capture over the term of the agreement. Wireless service revenue was down 0.6%. The improving trajectory we saw through 2025 was disrupted by the competitive pricing environment in Q1. Wireless product revenue was down 6.3%, reflecting fewer device upgrades and lower contracted sales as the market shifted toward bring your own device activations. Turning to Bell CTS U.S. on slide 10. Ziply Fiber continues to perform in line with our expectations and the plan we shared with investors. Q1 total revenue was $234 million. Adjusted EBITDA was $102 million, representing a 43.6% margin, an improvement from 43.1% in Q4. Margin performance reflects continued operating discipline and efficiencies within the business. On the subscriber front, Ziply added nearly 7,000 net new fiber customers in the quarter. Penetration across new and existing markets tracking consistent with historical cohort performance. Where we have fiber, we continue to win our share. The Ziply's plan to reach approximately 3 million fiber passings by the end of 2028 is on track. As construction ramps through the balance of the year, we expect both operating and subscriber momentum to accelerate. Over to Bell Media on slide 11. Total revenue was up 0.4% in the quarter. Subscriber revenue grew 11.8%, driven by continued strength in Crave and sports D2C streaming, as well as the benefit of a retroactive adjustment related to a contract renewal with a Canadian TV distributor. Advertising revenue was down 12.8%, reflecting continued softness in non-sports traditional advertising demand, lower audio revenue following last year's radio station divestitures, the absence of the prior year benefit from the federal election, and the shift of advertising dollars to the principal broadcaster of the 2026 Olympic Winter Games. That said, our digital strategy continues to have significant momentum. Total digital revenues now represent 46% of Bell Media revenue, up three points from a year ago. Operating costs were up 1.1%, driven by contractual content cost increases for premium sports and entertainment programming, partly offset by lower labor costs and operating efficiencies, resulting in an EBITDA decline of 2.5%. As Mirko noted, we remain on pace to deliver positive revenue and EBITDA growth for the full year. Turning to the balance sheet on slide 12. We ended Q1 with CAD 4.3 billion of total available liquidity, up from CAD 2.5 billion at year-end, supported by a CAD 1.5 billion hybrid note issuance completed in February and a CAD 750 million public debt offering in late March. Our liquidity position is strong and provides significant financial flexibility. Our defined benefit pension plans remain in excellent shape with a solvency surplus of approximately CAD 4.5 billion And a solvency ratio of approximately 123%. We continue to benefit from a full contribution holiday. Net debt leverage was approximately 3.8x at the end of Q1, essentially unchanged from year-end. A couple of important items to unpack here. First, we paid CAD 542 million of cash taxes in Q1 related to the CAD 4.7 billion sale of our MLSE stake. That's a one-time cash outflow that is excluded from our free cash flow definition, but did reduce cash on hand in the quarter. Second, our reported leverage still reflects only 8 months of Ziply Fiber EBITDA in the trailing 12-month calculation. On a pro forma basis, adjusted to include a full 12 months of Ziply Fiber EBITDA, our net debt leverage ratio would be approximately 3.7x. Looking ahead, we have clear line of sight to further deleveraging. The announced disposition of our Land Mobile Radio Network services business to Motorola Solutions for CAD 675 million is expected to close in Q4, and upon closing, will improve our net debt leverage ratio by approximately 0.04x. We remain firmly on track to achieve our target net debt leverage ratio of 3.5x by the end of 2027, and to move below that level in 2028 while we continue to fund our strategic growth priorities. Turning to our 2026 financial targets on slide 13. As a reminder, we updated our 2026 guidance on March 16th solely to reflect the expected financial impact of the Saskatchewan AI Data Center. Table on the slide shows both the original February guidance and the revised March guidance side- by- side so you can see the impact of our build in 2026. We expect to begin recognizing revenue and EBITDA from Saskatchewan in 2027. We remain confident in our full year guidance ranges. We're delivering on the commitments we made on deleveraging, on capital discipline, and on free cash flow growth. With that, I'll turn the call back over to Chris and the operator to begin Q&A. Thank you, Curtis. Before we start Q&A, I just want to remind everyone that due to time constraints this morning, because of our AGM taking place after this call, please limit yourselves to just one question and a brief follow-up so that we can get to as many in the queue as possible. With that, Matthew, we're ready to take our first question. Okay. Our first question is from Drew McReynolds from RBC. Please go ahead. Yeah, thanks very much, and good morning. Just Mirko on the regulatory environment. You know, I think it's a little bit confusing on the wireless side. There's some kind of archaic, kind of, price control type things being implemented. On the wireline side, looks like we've got a relatively constructive TPIA and a final access rates on fiber. Out of Ottawa, it looks like they want to build, but sometimes that's not obvious in telecom. Love to just get a 30,000-foot updated view from you. In terms of the CapEx reduction across the space. Just how could that evolve over time if the investment climate, i.e., regulatory environment improves? Thank you. Yeah, thanks for the question, Drew. I think the company BCE's views on kind of the regulatory environment writ large are pretty, you know, pretty well-known. We've been staunch defenders of facilities-based competition, but, you know, facilities-based competition are premised on an environment where companies are encouraged to invest in their networks, and that drives long-term sustainable competition. I'm not gonna kinda re-litigate all of that. Also don't intend to re-litigate the wholesale access decision for fiber. Views are well-known on that. When you put all these things together, whether or not it's the kind of more kind of micro rules that are coming out wireless that you refer to or the, you know, the bigger, kind of more policy-oriented, fundamental rules like fiber access, put all those together, and clearly it's having an impact on investment in the industry. This is something that I personally have been talking about for as long as I've operated in the industry, which is January 2004. A staunch believer that if you create a framework that encourages investment will come. If you create an environment that discourages investment will suffer. You just take a look at Now I would refer back to 2022 because that's when we started to pull back on core Canadian telecom CapEx. If you just look at the capital investments over that short period of time in our industry on an annual basis, I mean, literally multiple billions of dollars of annual CapEx that are no longer being invested. I mean, that's frankly unfortunate. Look what we're doing. You know, we're being very, very disciplined in our core segment, capital allocation, especially being very disciplined on legacy segments within the, you know, the core business. Thankfully, and we saw this a couple of years ago. Thankfully, we've developed some highly differentiated opportunities where we can deploy capital in high growth, high return segments that aren't regulated. That's how we've pivoted. If the environment for the core businesses in the country were to shift, I'm sure capital would flow back in. I'll leave it at that. Okay. I'll leave it there as well, just given time. Thank you. Thank you. Our next question is from Maher Yaghi from Scotiabank. Please go ahead. Great. Thank you for taking my question. I just wanted to double down on the Saskatchewan investment. You guys mentioned you disclosed that you're gonna get CAD 400 million of prepayments and set-up fees. How have you received any of those in Q1, or when should we expect to see those flow into your balance sheet? Will they show up in the cash flow statement, in working capital or, you know, or deferred revenue is going to start showing those numbers? The second question on that is, can you provide some of the contractual protections you have with those customers in Saskatchewan, if there were delays, downsizing or exits from them, you know, in terms of termination fees, minimum payments, credit support, et cetera. Again, finally on that, you know, with the schedule that you have to, you know, to have full capacity run rate by late 2027, what are the key, you know, building milestones that we should be thinking about in order to assess your advancement on that project? Thank you. I'll jump in. Hi, Maher. There's a lot to unpack, so we'll circle back if we miss anything. No, in terms of spend to date, we have spent some CapEx in Saskatchewan, but it's less than CAD 20 million in quarters. Again, some spending we're off and running, but no payments that we've made that would then be refunded. Again, that would reduce our net capital at risk, but that hasn't happened yet. I mean, ultimately, we're looking to spend more CapEx. I'd say Q2 and Q3 are gonna be the heavier CapEx spends, where purchase orders for equipment, as Mirko said, over 90% of our equipment, we have purchase orders in. When that equipment starts coming in, CapEx will go up and we'll make sure to disclose what is gross, what is net, and what refunds have actually been credited along the way. To flip to your next question, you know, we do have standard protections. Won't list them all, but it is a take or pay contract. It's not, it's not a contract where, okay, they only need 60% along the way and then ramps up. It's a, it's a take or pay contract. In terms of milestones along the way, again, we'll be transparent. We'll provide information along the way. I think there are a few different phases. One is, permitting and getting the site ready, which you see is well underway. The earthworks, the piling. The second is putting up the four walls, which eventually you'll see on site. We're actually doing some prefab work offsite right now so that we again remain efficient in our timeline. I would say prep work, prefab, start putting up walls and then. That's cooling, et cetera. We'll keep our rest, but that's how I kind of bucket the different milestones. Thank you, Curtis. Thank you. Our next question is from Stephanie Price from CIBC World Markets. Please go ahead. Hi. Good morning. I'll stick with AI and Mirko, I think you mentioned upside that you see to the CAD 2 billion 2028 AI-powered solutions target. Just curious if you can give us any updates on line of sight to deploying, the additional, I think it's about 400 MW of power, or any additional data points you have on the demand environment here. Well, I think I shouldn't be too specific other than to say very high degree of confidence in our ability to monetize the 800 MW for a reasonable period of time. That very high degree of confidence comes from the nature of the discussions we're having with a number of significant, you know, potential customers. You know, very significant customers. The conversations are in great shape, and that would be both on AI Fabric and certainly there's momentum in the parts of the AI solutions business that is outside the data centers. The ancillary services, a lot of momentum there. Again, if you take a look at AI-powered solutions generally, even if you pull out the Merritt facility, there's been a strong growth there across Ateco and Bell Cyber. Just a reminder, just back to your question, Stephanie. We did say put Saskatchewan aside because that was incremental. If you go back to the fairly conservative 73 MW that we said we would monetize over a three-year period, we're already 40% of that 73 MW fully contracted, and we're only one quarter into basically a three-year guide. Didn't think we'd be 40% of the way there at the end of Q1 when we outlined the plan back in October. That's why I'm expressing the high degree of confidence. Thank you very much. Thank you. Our next question is from Tim Casey from BMO Capital Markets. Please go ahead. Good morning. Mirko, both you and Curtis, in your comments talked about when pricing normalizes coming out of Q1. Can you just walk through, you know, why you think that? I mean, what's gonna change in behavior given we're in a low growth environment and a high penetration environment? What gives you confidence that that pricing environment in both wireless and wireline is gonna improve going forward? Thanks for the question, Tim. I mean, the first data point is that you know, so far in Q2, we're only a month in. Pricing has stabilized, that's a positive sign. Second point is just generally as we operate. When you're in a low growth environment, I subscribe to kind of what analysts like have been saying, which is in that low growth environment, pricing discipline should prevail over everything else. I don't plan to get into who did what in Q1 and when, but I will emphasize what our plan has been, and it's consistent. Focus on the premium Bell brand, where we have the better ability to increase product intensity. By the way, in product intensity, I'm obviously referring to both fiber and the streaming content bundles that we have. We will have to continue to differentiate ourselves on customer experience. Going back, kind of, first lines in Q2, positive in terms of price stability. Secondly, we don't plan to lead on pricing, and we're gonna focus on overall value prop. We're gonna optimize lifetime economics, but ultimately it is a competitive market, so we have to kind of check and adjust along the way every once in a while. So far, so good in Q2. How about on the bundling side? Are you seeing any lessening or moderation of intensity there? Yeah. Hi, Tim. No, on the on the fiber-led bundling, it's actually up a little bit in Q1 versus our embedded base. No, no signs of slowing down. Again, we do have the biggest fiber footprint in Canada. We're certainly leveraging that product advantage. Thank you. Thank you. Our next question is from Sebastiano Petti from JPMorgan. Please go ahead. I've got a quick housekeeping question. If you could provide the, I guess, wholesale contribution to retail Internet adds in the first quarter, because I think if you look at it on an adjusted basis, retail wholesale was a drag or a decline in 1Q of20 25. I wasn't sure if maybe you could provide us with the wholesale contribution in 1Q 2026. We kinda have a like for like as we kinda think about the subsequent quarters. That's the 1st question. Then second question, obviously lots of focus around, you know, satellite broadband and directed device, you know, connectivity on the wireless side as well. I guess, are you seeing any impact from satellite broadband in your maybe more rural non-fiber markets? Obviously, you know, fiber wins in the FTTH footprint. Above and beyond that, are you seeing any maybe incremental nibbling on the margins there? you know, lots of headlines recently with AST SpaceMobile, I guess maybe help us think about how you see that product evolving over time or where your kind of ambitions are there, obviously, and how do you kinda see it Table stakes going forward as you kind of think about your consumer lead or trying to meet your consumers where they are in terms of product demand? Thank you very much. Thanks, Sebastiano. I'll do the second part and then, Curtis, you can handle the first question. On the second part, look, we're really, we're really excited about our partnership with AST and the upcoming service that we'll be able to deliver to Canadian consumers to solidify the network experience they have with us, particularly on the fixed device side where we don't have coverage. That's going to be the principal use case for us. Re-recognize that with AST, we'll be able to provide voice, broadband, streaming, data, all of it. Quite excited about the partnership with AST. We're in the cap table, so we're excited about that too. That's on AST. More broadly on satellite broadband and its impacts in rural. Satellite broadband, generally speaking, like, now I'm gonna give you a macro answer. We're not seeing it have an impact where we have fiber, and you can see that in our strong fiber numbers. You know, nothing replaces fiber, frankly, for broadband. In rural areas, you know, where we have, you know, legacy copper, low speed, DSL, that's not competitive. Whether or not it's a tier one cable or fixed wireless or satellite broadband, you can expect to continue to see losses where we have where we have DSL. You know, that's just the facts and whether or not it's broadband, a satellite broadband or something else that's eating away at our customer base there, kinda really doesn't matter which one it is. That's kinda my answers there. I hope that's helpful, Sebastiano, on satellite broadband and on AST. Thanks, Sebastiano, on the first part of your question. We did restate 2025, it is apples- to- apples. You know, going forward, that is how we're gonna report. We do think it's just how we monetize the network in this current reg environment. We think it's more appropriate to share it on a combined basis. Again, it is apples to apples, period over period. Yeah. If we look at the new reporting versus the old reporting, you can see that there's a decline in, like, oh, it's, you know, 6,000 in 1 Q. Right. On your new reporting relative to your old reporting. I wasn't sure if there's Wholesale is a contributing factor to the 14 or is it? Would report it have been higher or lower without wholesale? Is the question essentially. Yeah. I would assume wholesale impact year-over-year has had a bigger impact, given the reg environment. Again, it is full monetization of our network going forward. You know, everything is driving revenue. The retail performance remains quite strong. I mean, retail, I mean the, our own branded performance remains quite strong. That's helpful. Thank you, guys. Thank you. Our next question is from Jérôme Dubreuil from Desjardins Securities. Please go ahead. Hey, good morning. Thanks for taking my questions. Two on Bell AI Fabric. The 1st one is a follow-up to Stephanie's question on the 427 MW of power that is not contracted yet. You said, you're pretty confident to be able to monetize that. Any chance you can talk about whether this could be made at kind of similar IRRs and what you're talking about on the Saskatchewan side? The second one on Bell AI Fabric is, if you can kind of quantify or talk about your ability to be to secure additional power going forward in Canada. Thank you. Thanks, Jérôme. Yes. The first question is, yes, we're still, you know, we have our eyes set on, or objective set on, you know, strong returns through monetization of the remaining power we have access to. Remember, and I reiterated this in my opening remarks, our approach on all this is going to be return led, demand driven. Get the demand, sign the contracts, invest the capital, build, generate the returns. Return driven demand, you know, return led, demand driven. On, you know, is there the possibility of having more than 800 MW to monetize? Yes, that is possible. We keep looking at opportunities. You know, we have nothing to announce in terms of, you know, access to power beyond 800 MW, but it's something we're looking at. You know, if the opportunities arise, we will definitely seize upon them. Thank you. Thank you. Our next question is from Vince Valentini from TD Securities. Please go ahead. Hey, thanks very much. Clarification first. Curtis, can you give us what the revenue e was from the Merritt, BC facility this quarter? Second, we're talking about these subs and the definition changes. Fine, it makes perfect sense to count wholesale and to count streaming subs. Can I just, like, make sure you're not changing any executive compensation formulas to give yourselves bonuses based on subs, given the change in definition? It's just you're changing it because you think that's a more transparent way to show it to us? No. Sub growth, sub volumes, connections, none of that is baked into any of the metrics for our compensation. Our compensation is based. Certainly, the long-term compensation, Vince, as you know, we've talked about this before, is based on driving free cash flow and hitting our leverage targets. Then, Vince, to your question on Bell AI Fabric. If you look to the product revenue change year-over-year, it's about CAD 100 million. You can, you know, roughly that's the impact of the finance lease facility. One more thing actually on the. Okay, Vince, mind if I just jump in here on the, on the question around the sub metrics and particularly around the content ones? Because I think Curtis has handled already the fiber subs. On the streaming bundles, let me explain that, kind of, the philosophy behind the change. If you go all the way back to 1999 when we launched satellite TV, what the Bell consumer business has been offering to consumers is bundled content. That's what we offer. That was with satellite TV at first, and then we had Fibe TV gen 1, gen 2, gen 3, and, you know, we're into hardware-free TV, and now we're into streaming content bundles. All of those is just about providing bundles of content to consumers. We shouldn't kinda measure ourselves based on the technology we use to deliver that. It's the fact that we're delivering bundled content. That's why we changed the subscriber metrics for TV. No, appreciate that, Mirko. Just Curtis, sorry. On the CAD 100 million revenue, we kind of derived that, I agree, from the product revenue. It's really EBITDA, the margins. I mean, I assume this is positive margin product revenue or, like, 20%-25% margin. Is that somewhere in the ballpark? Yeah, I'd say it's a little higher than that and in line with the numbers we provided for the entirety of the 73 MW portfolio. Thank you. Thanks, Vince. Thank you. Our next question is from Batya Levi from UBS. Please go ahead. Great. Thank you. Can you talk a little bit about the trends that you're seeing in the U.S., maybe in terms of the competitive intensity and pricing you're seeing in the market? A quick reminder of Ziply's contribution for revenue and EBITDA would be helpful. I think you had mentioned that you would expect revenues to grow double digits. Is that still the outlook? Thank you. The first one, I'll take the first one, Mirko, Batya Levi. The underlying fundamentals for Ziply are there. They remain there. The demand for fiber is very strong. Customers prefer fiber. It's no different in the U.S. than it is in Canada, as you know. Particularly where we have fiber, the penetration gains are following the profile that, you know, Ziply's had since its inception and creation in 2020 and in line with what we see at Bell where we have fiber. All the, you know, the long-term economics, all remain very, very supportive on that front. As far as the competitive dynamics are concerned, again, when I'm saying that our penetration gains where we have fiber remain as expected and in line with what we've seen in the past, that includes in the more recent period where some of the cable competitors have been more aggressive on pricing. More recently, we've seen better stability or more stability on broadband pricing where we operate in the U.S. from our major competitors compared to perhaps the end of last year. And then in terms of the contribution- Got it. In Q1, Batya, it's Curtis, right? It's CAD 234 million of revenue and just over CAD 100 million of EBITDA. You know, representing growth, if you just multiply it by 4, versus the 0.9 that we talked about in 2025 for Ziply Fiber. Ultimately, the growth for us is continue to drive our footprint expansion, leverage our partnership with PSP to fund incremental footprint build. I would say Q1 of 2026 was the first time that Network FiberCo actually deployed capital. That will continue to ramp and continue to help Ziply drive penetration and subscriber growth. The real growth metric for us is by the time we get to 2028, right, drive way more subs and significant revenue and EBITDA growth. On a short- term, percent growth will be good, but, you know, we're looking for total CAD of contribution, as we continue to ramp and get through some of the initial ramps. 2027, 2028 financials are what I'm focused on. Got it. Thank you. Thank you. Our next question is from Matthew Griffiths from Bank of America. Please go ahead. Hi, thanks for taking the question. I just wanted to circle back again to the AI-powered revenue. Just some clarifications, maybe just for my benefit. For the AI Fabric, is all of that revenue gonna get grouped into the product revenue as these facilities come online? The growth in AI-powered revenue overall seems to be, and maybe you can give some color on, you know, the other, like Ateco and fiber's contribution to that growth, because just it's partially because of the Merritt facility being delivered. That was near the end of the quarter, and I can't imagine that was at that stage a really big driver of the year-over-year increase. Just, you know, maybe some details on, like, the other part of the three-legged stool that is driving that line would be helpful. Thanks. Sure. Hi, Matt. It's Curtis. The Merritt facility is recognized as a finance lease. Yes, it does get, it benefits the product revenue, and that's the roughly CAD 100 million year-over-year increase that you would see there. The first two facilities, Mission Flats and Merritt, both accounted for as finance leases. Again, the accounting, the revenue and EBITDA accounting follows the contract. There is no difference at all in free cash flow. We capture free cash flow over the term of the contract, we'll continue to reap the free cash flow benefit over time. The Winnipeg facility is operating lease. That's why you don't see much of a benefit in this quarter. Again, free cash flow over time, revenue, service revenue and EBITDA over time as well as CapEx. Again, for Winnipeg operating lease, you saw CapEx in Q1 we actually spent, but you haven't seen the impact or the benefit of revenue and EBITDA. When you look at Saskatchewan, again, that's operating lease. You're seeing the burden of CapEx hit our financials. Revenue will be service revenue over time, and EBITDA will be captured over time as well. We do expect the majority of our Bell AI Fabric contracts signed going forward to have operating lease treatment. Okay, got it. Then the contribution of the, you know, to the growth from fiber or Ateco or are you just saying it was all from Fabric? No. If you strip away AI Fabric from AI power solutions. Ateco and Bell Cyber collectively are both growing and collectively north of 30% year-over-year growth. Okay, thanks. Well, I think that that was our last question, just given timing here. Thank you all again for your participation on the call this morning. Richard and I will be available throughout the day for follow-up questions or clarifications. Thank you to all and have a great day. Thanks, everyone. Thanks. Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.