Good day, everyone, and thank you for standing by. Welcome to the Quebecor Inc. financial results for the third quarter 2026 conference call. I would like to introduce Hugues Simard, Chief Financial Officer of Quebecor Inc. Please go ahead. Welcome, everyone. My name is Hugues Simard. I am the CFO. Joining me to discuss our financial and operating results as usual for the third quarter of 2026 is Pierre Karl Péladeau, our President and CEO. Anyone unable to attend the conference call will be able to access the recorded version by logging on to the webcast available on Quebecor's website until the 3rd of February of next year. As usual, I also want to inform you that certain statements made on the call today may be considered forward-looking, and we would refer you to the risk factors outlined in today's press release and reports filed by the corporation with the regulatory authorities. Let me now turn the floor to Pierre Karl. Thank you, Hugues, and good morning, everyone. I am very pleased to report once again solid operational and financial results for Quebecor in the third quarter of 2026. In all our business sectors, we are continuing to improve our performance quarter- after- quarter through disciplined execution and rigorous management, resiliently and ever more successfully delivering on our expansion plan, growing our wireless market share in all markets across Canada, generating consistently strong cash flows, and maintaining the best balance sheet of the industry. On a consolidated basis in the third quarter of 2026, Quebecor continued to improve all its key financial indicators. Cash flow from operation increased by CAD 67 million, or 15%, to CAD 530 million. EBITDA improved by CAD 79 million, or 13%, to CAD 707 million. Net income attributable to shareholders grew by CAD 60 million, or 26%, to CAD 296 million. We reduced our net debt by more than CAD 220 million in the quarter, bringing our net debt-to-EBITDA ratio to 2.69, still the lowest leverage of the Canadian industry by some margin, after buying back more than CAD 50 million of our stock and investing CAD 177 million in capital expenditures for growth projects, investment in our core systems, and the continued improvement of our network and best-in-class client experience to fuel our resilient and profitable growth. I will now review our operational results, starting with our telecom segment. I am proud to report yet another record quarter for our telecom segment. In the third quarter, we delivered adjusted EBITDA of CAD 648 million, up CAD 45 million, or 7.5% year-over-year. This is the highest quarterly adjusted EBITDA in our history and our strongest EBITDA growth since the acquisition of Freedom Mobile. Our adjusted EBITDA margins was 51%, an improvement of 160 basis points. Total revenues were CAD 1.3 billion, up 4.2%, driven by service revenues of CAD 1.05 billion, which grew even faster at 4.4%. Adjusted cash flow from operation reached CAD 475 million, up 7.9%. These are outstanding results, confirming that the momentum we have built over the last several quarters is not only sustained, it is accelerating. Let me start by outlining our key achievement this quarter. We added 100,700 net new mobile lines, the best quarterly growth in the history of our company. This surpasses our previous record of 130,800 lines we added in Q3 last year. All three of our brands, Videotron, Freedom Mobile, and Fizz, contributed to this performance, and we achieved this in a market that, by our national competitors' own estimates, saw total industry net additions decline by 30% to 40% this quarter. Despite the tighter market and maintaining our everyday value-driven pricing strategy, we continued to grow and even accelerated our growth, proving the strength of our business model. At the same time, our consolidated mobile ARPU continued its progression. For the fourth consecutive quarter, ARPU increased year-over-year, reaching CAD 36.08 in Q3, up CAD 1.03 from CAD 35.05 in Q3 2025, beating again the sequential gain of CAD 0.48 in Q4 2025, CAD 0.49 in Q1 2026, and CAD 0.86 in Q2 2026. While our competitors continued to report declining revenue per subscriber, we continued to improve, and even more each quarter. Once again, we are demonstrating that volume and value are not mutually exclusive, and that our ARPU growth is sustainable. Our growth is sustainable because, contrary to our competitors, it is achieved without any price increase from our existing customers across all our brands, be Videotron, Freedom Mobile, or Fizz. Over the course of this year, the big three have implemented successive rounds of price increases on their customer base, with some of them raising monthly rates several times since the beginning of 2026. We have chosen a different path. Our ARPU growth results from our customers choosing richer plans and staying with us longer, not from raising their bill or adding various fees. Our performance is a testament to the strength of our marketing approach, built on superior customer experience, transparency, and peace of mind. Let me share with you a concrete example. On July 24, Freedom Mobile gave access to its 5G+ network to all customers on all plans at no additional cost. That is how we build trust and value, by giving our customers more, not by charging more. Our customers know what they pay for, they know what they get, and they know it will not change without their consent. Despite the sluggish market and the population growth and the slowing improving penetration, we are continuing to show that the runway ahead of us is still long, with very significant untapped opportunities to continue to grow our market share profitably in all our main markets. Many Canadians still want to break free from price increases they never asked for, free from complexity, free from the feeling of being taken for granted. That is exactly why every quarter, more Canadians are choosing to make the switch. We are also continuing to extend the reach of our networks. During the quarter, Freedom Mobile further expanded its 5G+ network in Ontario, Alberta, and British Columbia, bringing enhanced connectivity to more than 500,000 additional Canadians. Here in Quebec, on October 1st, Videotron announced the expansion of its wireless service area to several communities in Abitibi-Témiscamingue, Nord-du-Québec, Saguenay-Lac-Saint-Jean, and Bas-Saint-Laurent, offering more than 25,000 residents a true competitive alternative for their mobile service. Turning to wireline, we added 8,600 internet customers in Q3, at a higher average revenue per customer, generating 3% internet revenue growth. This is a good performance in a mature market, which bodes well for the coming quarters. Looking at the cumulative first nine months of 2026, we clearly continue to execute and perform with remarkable consistency. Year-to-date service revenues grew by 4.2% to CAD 3.1 billion. Year-to-date adjusted EBITDA grew 6.4% to CAD 1.9 billion, once again, a meaningful higher rate than revenue, and we consistently pare down our cost structure while expanding our business. Year-to-date adjusted cash flow from operation reached CAD 1.4 billion, or up 7.4%. These results reflect a platform built for durable performance, not for short-term gains. Looking ahead for the fourth quarter and the holiday season, I'm confident in our trajectory. Freedom Mobile national expansion continued to gain strength. Videotron leadership in Quebec remains strong, and Fizz continued to build its position as the leading digital brand in Canada. Our cost discipline creates operating leverage that will continue to benefit our shareholders, and our internet speed upgrade and 5G+ investment are building the network differentiation that will drive growth for years to come. We're coming to the last month of 2026 with a strong momentum and the strongest value, volume combination of the entire Canadian industry. Turning to the media segment, I am pleased to report a significant improvement in our financial performance, with adjusted EBITDA reaching CAD 40 million in the quarter, up CAD 16 million year-over-year. This improvement mainly reflects savings from cost reduction initiatives, including lower content costs, higher TVA Sports subscription revenue driven by TVA Sports Direct, a new affiliation agreement, and estimated support from Quebec new tax credit for news media. While encouraged by these results, we remain prudent and disciplined given ongoing industry challenges, notably in advertising. Groupe TVA led once again the Quebec television market in the third quarter with 43.5% market share, up 2.3 points year-over-year. The TVA network grew its share to 23.1%, up one point, driven by such hits as Chanteurs masqués, which is The Masked Singer, and Indéfendable, the most popular script daily program. LCN remained Quebec's most watched specialty channel. Together, TVA and LCN led political coverage, airing the most watched leader debates, Face-à-face 26, and Election Night Quebec 26. We also reached a new 12-year sublicensing agreement with Rogers for the French language broadcast rights to the NHL games through the 2037-2038 season, reinforcing TVA Sports' position as the premier destination for hockey fans in Quebec and across Canada. Games will also be available on illico+, as viewing habits evolve and distribution platforms diversify. I will now let Hugues review our detailed financial results. Merci, Pierre Karl. On a consolidated basis in the third quarter, Quebecor recorded revenues of CAD 1.45 billion, up 4% from last year, and EBITDA reached CAD 707 million, up CAD 79 million, or 13%, helped by a CAD 32 million decrease in stock-based compensation expense across all the corporation segments. Excluding stock-based compensations, EBITDA is still up CAD 47 million, or 7%. Free cash flow decreased by CAD 22 million, or 5%, to CAD 422 million due to a lower working Cap adjustment, while cash flows from operating activities increased by CAD 11 million, or 2%, to CAD 593 million compared to the same quarter last year. In our telecom segment, total revenues increased 4% to CAD 1.3 billion. Total service revenues, our primary indicator of recurring revenue momentum, were CAD 1.05 billion, up CAD 44 million, or 4.4% year-over-year. Wireless service revenues were CAD 492 million, up 10%, driven by continued subscriber and ARPU growth across our three brands. Wireline service revenues were CAD 555 million, up 0.3%, with internet revenue growth of 3%, more than offsetting the ongoing structural decline in traditional services. With rigorous cost management, adjusted EBITDA reached CAD 648 million in the telecom sector, of course, up 7.5%, our highest adjusted EBITDA ever recorded in a single quarter, with adjusted EBITDA margin reaching 51%, a 160 basis point improvement, as Pierre Karl mentioned, year-over-year. Once again, our adjusted EBITDA grew at a rate significantly higher than our revenues. Operating expenses thus fell to 48.9% of revenue from 50.5% a year ago, and to 48.7% year to date from 49.7%. This is not a one-time optimization, and it has not come from headcount reductions. It is the compounding effect of the continued optimization of our cost base while improving the quality of our revenues. We expect AI to continue driving efficiencies in the years ahead, and this transformation is already underway. Telecom CapEx spending, excluding spectrum licenses, was up by CAD 10 million, or 6.4%, in the quarter, while we continue to invest in the deployment of our internet infrastructure and the continued 5G and 5G+ rollout, including the expansion of Freedom Mobile's national footprint. While some of our peers are cutting back on their network investments, we continue to deploy capital with discipline, where it creates genuine competitive differentiation and lasting value for our customers and shareholders. Despite these additional investments, quarterly adjusted cash flows from operations still increased by CAD 35 million, or 7.9%, to reach CAD 475 million. This same cash flow generation reflects the quality and resilience of our operating model and gives us the flexibility to keep investing in our networks, expand Freedom Mobile nationally, and create long-term value for our shareholders. Our media segment revenues reached CAD 154 million, up CAD 2.1 million, or 1.4%, driven mainly by higher subscription revenues and increased activity in our film and audiovisual services. EBITDA rose by CAD 16 million to CAD 40 million, primarily reflecting the benefits of our cost reduction initiatives along with revenue growth. Sports and entertainment segment revenues declined by CAD 4 million to CAD 65 million, with EBITDA down CAD 0.9 million to CAD 14 million. Quebecor reported a net income attributable to shareholders of CAD 296 million in the quarter, or CAD 1.33 per share, compared to a net income of CAD 236 million, or CAD 1.03 per share reported in the same quarter last year. Adjusted net income, excluding unusual items, came in at CAD 294 million, or CAD 1.32, compared to an adjusted net income of CAD 242 million, or CAD 1.05 per share in the same quarter last year. For the first nine months of the year, Quebecor's revenue rose 4% to CAD 4.3 billion, and EBITDA increased 7% to CAD 1.9 billion, held back by a CAD 55 million increase in stock-based compensation charges. Excluding stock-based compensation, EBITDA would have grown CAD 183 million or 10%. In our telecom segment, EBITDA grew 7%, an improvement of CAD 131 million year-over-year, excluding stock-based compensation. Our telecom adjusted cash flow from operation totaled CAD 1.044 billion, an increase of CAD 99 million or 7%. As of the end of the quarter, Quebecor's net debt to EBITDA ratio decreased to 2.69 times, a significant improvement from the 2.87 times just a quarter ago, further widening our lead as the least leveraged telecom operator in Canada. During the quarter, Videotron repaid CAD 200 million in its term loan tranche, in its last term loan tranche, that came from the Freedom acquisition, and that was maturing April 2027, and another CAD 100 million on October 6th after quarter end. Only CAD 100 million now remain in this tranche, the last remaining portion of the financing put in place, as I just said, for the Freedom acquisition. All in all, we have a best-in-class balance sheet with available liquidity of more than CAD 900 million at the end of the third quarter. In the first nine months of the year, we purchased and canceled 3.9 million Class B Shares for a total investment of CAD 238 million. We thank you for your attention and will now open the lines for your questions. Thank you. Ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. Thank you. Your first question will be from Sebastiano Petti at JPMorgan. Please go ahead. Hi. Thank you for taking the question. Can you just help us on, update us, I guess, on the push into Western Canada, I guess, how we are thinking about the contribution there relative to your legacy or previous GTA, as well as some of the other markets as well? I think Pierre Karl Péladeau, you talked about taking share in all markets. Just help us think about what inning are you in terms of the Western Canada push, just so as we kind of think about extrapolating the healthy volume gains going forward. Then for you, as you think about capital allocation, I mean, leverage continues to drift down here, as you kind of talked about 2.69 down from 2.87 last quarter. Buybacks slowed in the quarter. Can you just maybe help us, update us on the capital allocation framework? Should we anticipate leverage continuing to drift lower? Should we anticipate a re-acceleration in buybacks in Q4 and beyond? Thank you both. Yeah. Good morning, Sebastiano Petti. Well, as you know, Freedom started at more of an Ontario customer base through all the years, and especially probably under more Shaw than ever, they have been investing more on the western side, but was still considered, or at the end of the day, the lowest, the smallest part of a customer base for Freedom. There is always two sides on a coin. The first, the positive one, or the negative one is that it is a small position. The positive one is that it creates a significant opportunities in a market to grow there. Certainly, the market is different, and on the western side, even it is different between Alberta and B.C. They are different markets, and obviously they are different also from Ontario. We need to look at them differently. The level of the quality of our network is also different from one to the other. We know where we should invest, and somewhere it is tougher to invest in certain areas because of probably not as good conditions that we can find elsewhere. That would not stop us to continue to invest, to make sure that we will be able. Obviously, service is there because we go through roaming, but at the end of the day, we would prefer going our own network for cost reason. So, we will continue to make our brands known. This is an exercise that we will continue to do. Where we are sitting here, we can see that we have favorable results, and our brands continue to be better known. I think that for Fizz in B.C. is also a good positioning, because the digital is something that is more in demand. It's a matter of continuing to work day-to-day, and bringing our brands better known, and our strategy and marketing strategy also as efficient as it is elsewhere. Just pointing out, maybe to add a little bit to Sebastiano, that our market shares out west are still fairly limited, to be honest. As Pierre Karl said, we started from almost nothing, to be honest, but still. We're still in the single digits, to be honest. This is something that is obviously a huge opportunity ahead of us still, and one that, as Pierre Karl just said, we're diligently working on. As to your capital allocation question, I'll point out firstly that Q4 CapEx, as I've said a number of times, we're still in line with our annual CapEx guidance, which will obviously mean, if you run the numbers, that there'll be a bit of a pickup in Q4. There was some timing in some of our investments that will just catch up in Q4, so there should be a bit of an increase in CapEx in Q4. Other than that, we are still at 2.69. We are well into the sweet spot that we had outlined as our operating leverage going forward. Now that we've almost repaid all of it, there's CAD 100 million, as we said in our scripted remarks, there's CAD 100 million left of term loans, and we're not using margins in any way, and haven't been for quite some time. We'll just keep on focusing on our optimal refinancing of our various bonds and fixed income instruments that will come up over the next years. I mean, we don't have anything pressing in terms of our next maturities. I would expect a continuation of our ongoing capital allocation strategy that we've been experiencing, or that we've been executing, rather, for the past little while in terms of dividends. We increased last quarter. We will revisit next year and continue to pay down the debt that we can, that's left to be repaid. As you know, we have renewed our stock buyback program as well going forward. I wouldn't expect any short-term change in our capital allocation strategy, Sebastiano. Great. Thank you both. Next question comes from Matthew Griffiths at Bank of America. Please go ahead. Yeah. Hi. Good morning. Thanks for taking the question. Maybe just to start, just to clarify on the impact of the stock-based comp this quarter, is the 31 that you are quoting, are we supposed to interpret that as the in-quarter amount, or is that the year-over-year change that you are quoting? Sorry if I am maybe the only one who is unsure about that, but if you could clarify, that would be helpful. Then just on the 5G coverage and 5G+ kind of coverage expansion, was that done within the quarter, or was that kind of an ongoing process throughout the year, and you are just kind of disclosing that you hit a milestone of half a million people covered? I guess the obvious next thing would be, are you planning on continuing that expansion, or is this kind of more of a lumpy type of upgrade? Thanks. Thank you, Matthew. I will answer the second part, and quite easily. It is an ongoing process. We are not rushing anything. I remember a few years ago, some companies were rushing to go 5G, thinking that it will be the end of the world and the big revolution. That never happened. The monetization was something people were considering. We work in a competitive environment, and at the end of the day, what the customers are looking for is good service, good product, but also good prices. Therefore, if you are moving different to what market is expecting, customers are expecting, then unfortunately, you go not in the right direction. We always thought that we will invest with discipline, not in a quarter, to build out our 5G network. Just to conclude again, it is an ongoing process, and it will continue to be in terms of quality of the network and the extension or the amplitude of the network. Your specific CAD 31 million stock-based compensation question, Matt, the CAD 31 million is the difference in impact for the quarter compared to last year of stock-based compensation. Just to give you the direct numbers, our EBITDA for the quarter is CAD 707 million, including stock-based compensation. It would have been CAD 693 million without stock-based compensation. So, a positive pickup, a pickup of CAD 14 million. Last year, our EBITDA was CAD 628 million. Excluding SBC, it would have been CAD 646. So that is a CAD 17 million hit on EBITDA. So CAD 14 plus CAD 17, you have a CAD 31 million impact year-over-year for the quarter. Okay. Perfect. Thank you, guys. I appreciate it. Thank you, Matthew. Next question comes from Maher Yaghi at Scotiabank. Please go ahead. Yes, thank you for taking my question. [Foreign language] sorry, I wanted to ask you, just to follow up on the question on EBITDA here, if you can also take away the impact of Etiya, maybe just to have the numbers year-on-year clear for us in terms of the growth and the telecom business on the EBITDA side. Sure. For the quarter, Etiya's EBITDA is honestly marginal. It's about CAD 5 million or less, so you shouldn't worry so much about that. Okay, great. Obviously very strong numbers on subscriber loading. I wanted to ask you two questions on that. The first one is, compared to Q2, Q1, it looks like your market share of net new adds this quarter is closing in on 50%,52%. In your view, what is the biggest driver for the improvement versus the first half? Was it improved retention, lower churn, or gross loading improved beyond what we saw in the first half? The second question is, when we see numbers like these, and we look back at previous periods where you had very strong loading like that, we got followed by increased competitive dynamics in the industry that we all suffer from, I guess, is how do you think you can sustain those kind of net adds without seeing increased competitive pressure coming from the incumbents? Thank you, Maher. I will let Hugues give more details, but I would say that all the answers you mentioned are the reasons. Before going there, I'd like to You mentioned Etiya. I think it was important to tell you that financially or in terms of numbers, it's not And we hope that maybe it's going to be a huge positive result. What is important to remind is, Etiya is a company that is providing some very strong support in a very competitive environment, where the experience we had with them for the last, what, 10 years now, almost, was very positive. We continue to think it will continue to be positive, and bring us the capacity also to increase in a different kind of business, the revenue growth. It reminds me, and sorry, I'll take a few seconds for It's like my father. My father, when he started the Journal de Montréal, a newspaper needs to be distributed. Sometimes what you do is that you hire your own employees that will distribute the newspaper. Instead of doing that, he created a company that was distributing periodicals and newspapers, and it became a company that was also servicing other customers, which is basically was using the asset to grow the revenue. I think of Etiya obviously differently because we're talking here on IT, which is creating significant value, and for us, having the capacity to grow this business in the future. Eventually, if you have additional questions, I'm sure that Hugues will be happy to answer them. We think this as a very strategic acquisition, and instead of our Yeah, we have our own employees that work very closely with them, but we also have a different kind of intelligent network that brings value to the company. For your other piece, I guess that what I will say is that, and we've been seeing this all day, all week, all month long, our competitors don't help themselves. They have fights against the regulator. They go in court. They fight fees. The CRTC are going against them. They charge that kind of fee, additional fee. I think that the market and the customers know that. They know that they receive increases without even knowing about it. I don't know what's their mindset. Maybe they think that, "Yeah, we'll lose some customers, but at the end of the day, most of our customers will not going to be able to find out, and they will pay." That could be something that they consider. We're not going to do this. We've never been part of the big three, and we will never be part of that. What we're doing is servicing our customers. I mentioned it in my remarks, transparency. This what brings the kind of financial and favorable results we had for the last, what now? Almost 20 years in wireless. We will continue to service this market with that kind of philosophy, that kind of policy. We look forward to see this as a continuous recipe being favorable. I don't know, Hugues, if you have anything else to add. Well, just adding, honestly, as you just said, how did we do this, Maher? As Pierre Karl said at the beginning, all of the factors you mentioned are true in terms of gross loading, in terms of churn, in terms of other things. I mean, our different path, as Pierre Karl outlined in his opening remarks, is what? It has been everyday low price for many quarters and many years. This is just building that confidence with the customers that there will not be surprises and that we will continue to provide the best service and the best experience at the best price. You know what? That is why people are switching, and that is why people are coming to us, and they are staying with us. That is what is explaining that high loading. If I can, let us take you guys off the loading for a minute. If you look at wireless service revenues, we have said it in terms of growth that we still have market share to gain in the West. We still have market share to gain in Ontario and obviously in Quebec as well. We still have a long runway outside ahead of us. Looking at putting that in perspective, we said still single-digit market share in the West. Obviously, huge opportunity. Look at it from a different lens and have a look at the wireless service revenues for the industry this quarter, or last 12 months, let us say. You will see that we are almost 8% of wireless service revenue. If you had, we are just slightly under CAD 2 billion, if our calculations are correct, for the last 12 months. Whereas the top three are more than CAD 20 billion. So, 8% market share of service revenues, I think you will agree, is still a sizable opportunity ahead of us, because we were to clearly gain a lot more than that. A year ago, we were at 7%, maybe slightly ahead of 7%. We are now almost 8%. This is the path ahead of us, and this is the opportunity ahead of us. Doing it while, as we have just explained, through everyday low-price approach that has been successful for many retailers in the past and is clearly successful for us right now. I will finish, Maher, by adding, you have been following the industry for so many years, and you know what is the difference between Quebec and the other areas in the country. We have been used to having lower prices in all our details, in all our services. Accordingly, we have our cost structure structured considering this specific environment. We are bringing this elsewhere, and this is why we have the capacity to remain very competitive, and we intend, as I said, one is not the opposite of the other one. We can create value, and we can create volume. RGU are not going against ARPU. In fact, they go in the same direction for us. Thank you, and congratulations on the quarter. Next question comes from Vince Valentini at TD Cowen. Please go ahead. Hey, thanks very much. First, given how strong the wireless service revenue is, I am assuming there is positive operating leverage. I know you do not have it broken out exactly, Hugues, but, I mean, directionally, do we think of wireless segment EBITDA being up sort of 12%-13% year over year? Yeah, that is reasonable. Yep. Okay. Thank you. Just nippy on the financials. Other revenue within the telecom segment, it seems to have been up every quarter this year. This quarter is up 36% year-over-year. What are you putting in that other category? In the wireless? Other wireless must No, not in wireless. Just on your supplemental, where it has all the categories of revenue for telecom, there is an other segment, and it is up 36% year-over-year. So, it is not mobile equipment revenue. It is something you call other. Is it? Our revenue. I do not know. I will get back to you on this because I am not quite sure what the other 30%. But it is a small number, right? It must be very small in the revenues. Like CAD 60 million or thereabouts. Whatever, we can take it offline if that is easier for you. That is fine by me. The last one I have, you gave a very comprehensive answer to Maher's question, but I just want to double-click on it. I think you have to admit that the incumbents, despite all of, yes, their potential challenges and the CRTC issues and the fact that you guys have sort of grown up with a different starting point and maybe better behavior, despite all that, the incumbents all moved their flanker brands from CAD 45 to CAD 50 early in Q3. There is a lot of moving pieces around that of promotions and so forth, but that has been the rack headline rate on their websites the entire quarter, and you guys stayed at CAD 40 for Freedom. The price gap went from CAD 5 to CAD 10. Instantly, you have seen this massive surge in your market share. Clearly, you are going to add over 50% of the sub adds in the industry this quarter. Do you not think that there is some linkage there and that maybe you are, in some respects, over-earning this quarter? If you keep this up with a CAD 10 price advantage, that the others may be forced to respond at some point, and then everybody just loses, as opposed to you guys just taking that extra ARPU and still driving strong sub adds? Well, that is a tough question to answer, Vince. I would say, if it is not broken, don't fix it. I guess, what we have been able to achieve are good results. Again, it is unfortunate that, and I guess that you would like to have a different answer, but again, volume is not against ARPU. If we are able to achieve both, we will continue to do so. We should not. Obviously, we take care about what is taking place elsewhere. We are looking about what our competitors are doing. I think, and you will agree, I guess, as your colleague in the industry, that they probably didn't follow the right strategy, and they possibly changing their mind right now. The repricing effect was great, was hard for them. Are they changing their mind? Maybe. Maybe yes, maybe no. We will see. But for the moment, what we can see is that they probably find out that was not a good strategy. Again, if it is stable, don't fix it. We have been doing good. There is no reason why we should change our strategies since we deliver good results. Okay. Fair enough. Thank you. Vince, just back to your other revenue question. I guess I should have reacted, but it is fairly new. Etiya revenues are in the other revenues, so that is most of it. Also in others is we put SVOD revenues and others. So, that is what makes up the other revenues, and the increase is due to the fact that we now include the Etiya revenues as opposed to not having them last year. So, that is the 36% increase. That makes sense. Thank you. Good day. Next question comes from Drew McReynolds at RBC. Please go ahead. Yeah, thanks very much. Good morning. Hugues, for you on, just back to telecom EBITDA growth ex stock compensation expense year-over-year. I am not sure in your prepared remarks you actually gave that, so my apologies, but can you just let us know what that is? Yes, it is 5.5%, 5.6% exactly, increase ex SBC. Okay. Awesome. Thank you. Then just back to capital allocation. Obviously, you are in fantastic shape. What is preventing you from taking CapEx up significantly and accelerating network expansion? You have been very, I think, clear and transparent. It is a gradual step up over time, as you build out the network, but you seem to have so much financial capacity. Why wouldn't you step on the gas on network expansion? Drew, I'll answer by saying, first of all, again, it's not because we have money that we'll spend it stupidly. I'm not saying that investing in our network is stupid. But we've been disciplined, and we will continue to do so. If we were to have a weak product, then we will be forced to do something. But again, roaming is certainly something that is adding our capacity to continue to offer good service. So, we'll do this, and we will continue to be disciplined in terms of allocation. I guess the board at the next board meeting, after reviewing the year results, will sit and will listen and will discuss what could be a different capital allocation. It's a matter of the board, and we look forward to have their own insights to make sure that we're heading in the right direction. Okay. Thanks, Pierre Karl. Then one final one for me. Maybe back to you, Hugues. Just amazing work on the EBITDA margin for telecommunications, and I think you've quarter and quarter explained kind of everything behind it. As you think about Freedom Mobile expansion and that next leg of growth, I know last quarter you remained comfortable that you could absorb the OPEX investment as you kind of build out your brand and grow that in the West. Are you still comfortable in kind of maintaining that margin trajectory or operating leverage as you put more into the West? Absolutely. Absolutely. This is something, Drew, I think you know, operating margin and EBITDA margin is something of an obsession for us. It is something we have been not only good at, but I would argue the industry standard at for many, many years. Even starting with a CAD 20 less ARPU, we keep maintaining higher margins. So this is something, and why I'm saying this is that that is the result of continuous improvement, continuous day after day and month after month, trying to find opportunities for cost savings, and investing in new platforms that will lead to cost savings and to OPEX reduction. This is something that we continue. It's in our DNA, and it's something that will continue. I'm more than confident that this is something that will always give us the flexibility to continue to invest for our growth, because we are hyper tight and hyper rigorous on our cost base. Okay. Well, amazing performance. Thank you both. Thank you, Drew. Next question comes from Jérôme Dubreuil at Desjardins. Please go ahead. [Foreign language]. Thanks for taking my question. I guess I'll have to be that guy, but we'll see what happens after 2030 with regards to MVNO. But in the meantime, do you think it would be beneficial for Quebecor to have some sort of an agreement with SpaceX, possibly for an MVNO, or do you think letting them in is too risky of a strategy? Thank you. Thank you, Jérôme. Well, maybe first of all, I will try to. You guys, we know that you have another appointment in, what, nine minutes? We're going to try to answer that more quickly. Yeah, obviously MVNO is of importance. The policy is of importance. We've been seeing the government, the federal government being concerned about this situation. We see the government having a narrative regarding NTN, so non-terrestrial networks. I think it's of importance for Canada, and we will continue to look what's taking place there. As of today, as you all know, we're in a regulated business. Therefore, spectrum is a scarce asset, and we need to make sure that Canada will use it as most efficiently as possible. We're always open about new technology. We will need to look at that in details. I guess that it's too early to have a final or the beginning of a final conclusion. But there's certainly some interesting movement for the future. Yeah, networks will change, but certainly something will never change is the customer experience and our capacity to deliver a good product. This I think that we're good at, and we will continue to enhance and increase the capability of adding different network. The backhaul is there, the wireless network is there. NTN is another thing that we will need to consider, either in association or either in a different mode. Sorry, I'm just going to push a bit further on that one. If SpaceX were to come to you, knocking on your door and ask for an MVNO, would you say yes or no today? Just that you- Sorry. Well, I would say, as you probably know, I did some politics, so I will answer parallel to your question. I think this is an assumption that we didn't face yet, so I don't think it worth to mention Okay To answer it. Thank you. Yes, I need Next- I think that last one. Next question comes from Stephanie Price at CIBC. Hi, good morning. Just wanted to stick on internet here, or maybe transition to internet a little bit after the SpaceX commentary. Internet revenue growth was strong at 3%. Just curious if you can give any additional color there on the competitive environment of Quebec, and also you can touch on bundling and thoughts on west of Quebec internet expansion. Yes, certainly some color on internet. Plus 3% as you just said, and you will remember this is after a couple of years of difficult performance on internet. You will remember, last year or two years ago at this point, we were struggling, and our internet revenues were actually lower. Now we are back in positive territory. The market is clearly. Why? Because we are within a very competitive environment, but a rationally competitive environment. We are able to better value our services and our client experience in Quebec. Globally, I think the market is a lot healthier, and we are certainly able to monetize that value and this superior service that we've built over the years, and finally translating this in revenue growth in Quebec. So, we're quite positive on broadband in Quebec going forward. Even in cable, I even ask, wireline is something we haven't talked much, or you guys didn't ask us a lot about this quarter. Even on cable, you'll look at minus 4% decreases two years ago, or about 18 months ago. We're now at minus 1%. We certainly see that as continuing. This is, in our view, a healthy environment, one in which we are clearly demonstrating the value of our products and services. It's a healthy cash flow generation machine for us, and it's something that we're quite positive on. I would add, Stephanie, also that I mentioned it, but I think that it's worth to add a few words there. The NHL rights renewal that we signed is of great interest for our cable or TV product. As you probably know, Montreal Canadiens have been very strong for the last months. That brings additional interest on cable and give us the capacity also to improve our streaming and OTT capabilities, which diversifying our capacity to remain strong there. We look forward at a decent price. As you saw, prices were significantly higher. We didn't disclose our price, but what we know is that we have games, and our penetration in terms of providing games is higher, and then therefore giving us an interesting edge for the future. Thank you very much. I think that there's two other, there's Tim and David. We'll try to go short again, because my mother educate me politely, and I don't want to make sure that you guys going to Miss the beginning. Miss our friends, the blue guys. Next question comes from Tim Casey at BMO. I'm covered, thanks. Thank you. All covered? Great. Thanks, Steph. Next question will be from David McFadgen at ATB Cormark. Please go ahead. Oh, great. Thanks for squeezing me in. Maybe you could just give us an update on the network build-out, your own network build-out in B.C. and Alberta. Yeah, quickly, David. Alberta, and I forgot to mention that, but Alberta is going well. We have good capabilities of growing our network there. BC, it is different from one area to the other. When you go more urban, it is different. It is not as easy as elsewhere. Manpower and experience is not as easy also to find. So, in terms of build-out, it is not also going at the same level that we would like us to do. Obviously, if you were to report of our previous answer on CapEx, this is also a reason why we have been disciplined, and we are not going to do things that are going against quality. We need to make sure that the expertise of building our network will continue to be strong, and then therefore continuing to be in the future providing quality service, quality product. Okay, thanks. I will follow up with you later on. Thank you. Good. I would like to thank you all. You are just fine on time, and have a nice day. Thank you. Ladies and gentlemen, this concludes the Quebecor Inc. financial results for the third quarter 2026 conference call. Thank you for your participation, and have a nice day.