room with you, but it's right there in our company name. We've got to be able to do this remotely as well. Happy to join you from Rogers Centre today. Fantastic. We can hear you loud and clear, and certainly a new format for me on this one. Definitely, Glenn Brandt, CFO of Rogers, definitely appreciate you doing this with us. I know it's a very busy day for you. Welcome to our conference once again. Thank you. Thank you for having us, and let's jump in. All right, let's start with the big picture question, just with respect to, obviously, a slower growth revenue year for Canadian Telecom. I think from a Rogers perspective, Q1 off to a pretty good start, and I think your messaging around what Rogers is trying to do for this year has been pretty consistent. Just talk at a high level, just a couple of the priorities that you have as we go into the back half of 2026. Thanks, Drew. I'll start with the day-to-day part of it before I move into the longer term capital planning part with our sports and media assets. On the day-to-day piece, it's looking for just driving disciplined growth. We've got very low population to zero population growth for the sectors overall, it's finding revenue opportunities with managing the customer life cycles, finding bundling opportunities and what have you. It's the block-and-tackle within the wireless and wireline businesses to try and drive disciplined revenue growth. We're not chasing subscriber adds to hit numbers, but we are certainly looking to manage our customer base, minimize churn, be competitive without accelerating some of the discounting we saw in the first quarter. If I look at where we came out through that first quarter, we saw some heavy discounting from the holiday season carry on into Q1, which is really a very low activity quarter. I think the entire sector saw that all that did was drive heightened churn for everybody. We were reluctant to step in and matching the discounting, hoping that it would come out of market. It took several weeks to realize that the discounting was not coming out of market. We leaned in to match offers, but we matched offers with managing our customer base. I think as a result, we saw through that quarter our customer base management scales very effectively, so long as we have competitive offers in the marketplace. I'm pleased to see in the second quarter that the discounting has lessened. Managing those competitive offers, managing our churn and our customer life cycle management, that's become much less destructive to ARPU through the second quarter from what we had in the first quarter. Still very competitive, but we've seen less discounting. That's a positive development from where we were in the first quarter. If I look forward through the year, we've seen pressures come in from some of the regulatory pronouncements around system access fees or setup fees, and looking to try and regulate some of the revenue that we're able to generate for phone setup, for example. We're looking at finding and identifying ways to offset the impact of some of those government pronouncements. All of it is continuing the pressure we've seen for several quarters now from a competitive standpoint, as well as from the regulatory standpoint. We're leaning in hard on our cost structure. You've seen us with continuing to find opportunities to support and add to our wireless and our wireline margins. We've leaned in substantially on improving our capital intensity, and you see the effects of that within our free cash flow. We're focused on the block-and-tackle type measures to make the most of what is still a very strong revenue base within the company, both wireless and wireline. From the sports and media standpoint, we've got a tremendous opportunity to lever those assets, not only to find organic growth and synergistic growth revenue and cost reduction, revenue increase and cost reduction by combining Rogers Sports & Media Blue Jays with MLSE as we move forward. Also finding ways of levering those assets, live entertainment, sports, as well as concerts, and providing access for those tickets through Beyond the Seat program to further support the wireless and the wireline businesses. When I look to the balance sheet, not only have we strengthened our free cash flow, but we have asset valuations within those sports and media properties that are somewhere in the range of north of CAD 25 billion, which is a tremendous opportunity for us to further delever the balance sheet, strengthen our capital structure, and set us up well for the coming decades. I'm optimistic about where we are. In a zero population growth environment, though, there's a whole lot of detail that we are looking to execute on to continue to provide EBITDA and free cash flow growth. Lots to dive in there, Glenn. Thank you for that rundown. Normally, over the last six to nine months, we've gone right into the sports and media assets, but let's stick with just the operational blocking and tackling, only from the perspective is, I think you're pretty well positioned to do it. On the wireless side, from what I think most analysts can tell, it certainly hasn't been Rogers that's been the aggressor. We commend Rogers for that price discipline. Can you talk to two things? One is, a little surprised, even though we're not entirely focused on wireless net adds in a really no growth environment, you still put up a decent Q1. Talk to things like your retail distribution advantage, some of the other things that you're doing to differentiate wireless out there in the market. Second, I know what your intention would be into the back half, more active part of 2026 for the wireless market. What level of confidence do you have that we can avoid, again, what we went through Q1? The context there is last year it was a pretty busy Q1, but then it settled down. Hopefully, could we get the same kind of cadence again this year? There's a few different spots for me to focus on there. On the competitive intensity that we saw in Q1 and where I expect to see that through the balance of the year. I'll start with through the balance of the year. It's one thing to have intense promotional activity during high buying cycle periods, back to school and the holiday period. You're responding to a market that is ready to respond to those offers, and you're not creating churn that is only serving to reprice the base. We've trained the market to look to back to school and the holiday season for adding phone lines, whether it's for children or a second line for the primary account holder, any number or combination of those. Those purchases tend to happen in back to school and the holiday period. When you go into what is historically a very seasonally low activity quarter like Q1 with carrying on the seasonal discounting, all you're doing there is repricing customers that otherwise were not looking to churn, were not looking for changing their plan. What we saw in the first quarter was us and one of our other peers, were largely sitting on the sideline through the month of January, trying to wait for the price discipline to come back and surely this can't carry on. We saw tremendous, I said this earlier, we saw a tremendously high churn on our customer base through the first few weeks of January. When we stepped in to simply match those offers and we used our flanker and prepaid brands to match those offers because we were trying to protect the customer base from repricing the base, and protecting the higher valued service offerings in our premium services. When we leaned in with that price matching and the discount offers, what we found is the breadth of our retail and dealer network, as well as the coast-to-coast breadth of our operations. We're unique that way in that we compete from coast to coast with bundled offerings in virtually every market. Telus is still largely western based. Bell is still largely central Canada and eastern Canada based. When we compete equally from coast to coast across all those markets with a wireline and a wireless offering, what we found is when we leaned in with the competitive offers, we were able to very effectively protect the customer base, lower our churn. What our peer found that was leading on the discounting was, as we did that, as Bell responded, their churn in the last three or four weeks of the quarter heightened to reverse all the gains they had in the early part. You touched on it with your question, that national scale for our wireless and our wireline bundling and for our retail and dealer network, combined with controlling our network, wireless and wireline from coast to coast, those fundamental attributes for Rogers are key to helping us manage the customer base, provide a path to disciplined growth on revenue and EBITDA, disciplined control of our cost structure, so that in periods where we have very low population growth, you still see us being able to lean in on driving higher margins, driving better capital intensity, and driving still EBITDA growth in the face of, I would say, marginal revenue opportunities. We'll stay within wireless for the moment. Thankfully, you're one of the few operators that still disclose the wireless side all the way down to EBITDA. You are generating very good 66% network EBITDA margins. I think most of the Street would not assume that materially goes higher. Given the wireless model, the scale that you have, what should we expect in terms of being able to squeeze out maybe a little bit more margin gain in the picture? I think over time, with scale, comes an opportunity to continue to work on the cost structure. Certainly, if you turn that margin discussion to a free cash flow discussion, lowering the capital intensity becomes very powerful. Even within the cost structure of operating margin, I think there's still a little bit of opportunity to run within wireless, more so within cable. As we further integrate the MLSE transaction, combine it with RSM and Blue Jays and run the synergies and the revenue opportunities there, all of that lifts the consolidated revenue scale that much more. While we're not raising, in fact, we're finding efficiencies every week, every month, every quarter. We look to find efficiencies in our head office costs, in our fixed cost structure, where we can drive out more and more. As we raise the revenue growth from the MLSE integration, and run those synergies, that will further boost the overall consolidated margin. It also lowers the amount of head office costs and administration costs that we then allocate to each of the businesses. As we build scale, we'll still see some upside within wireless. We'll see more upside on margin within wireline. Overall, I expect to see us still finding some opportunities with our VDP and BRP programs that we recently completed. That drove out some people costs within the business. They weren't large changes to our employee base, but they were enough of a change that they will drive some additional efficiencies across the business unit. I say this facetiously. You didn't have 50% of your employees out the door as speculated. The headlines vastly exaggerated what we were looking to drive with that. Every year we have some employees that reach retirement age or potential. So we made available a Voluntary Departure Program that really all it did was allow people to say, "Okay, maybe it's time for a next chapter. Maybe it's time to close the book on any career chapters and move on to a different stage in life." We had some take up that. On the Voluntary Departure Program, a fairly quick change, we've gone to 5 days a week in the office. For some of our employees, that simply wasn't fitting as well in 2026 as it fit in 2019. So it provided some of those employees with a chance to take control of their career, give them a little bit of a financial runway to adjust and to move on. That little bit of a financial runway was nothing more than what an employee would have entitlement to with a job restructuring. So, it gave the ability for us to adjust our cost structure. Some of that will be felt within wireless, some of it will be felt within cable and Sports & Media. No, it was far short of the headline numbers. Sticking with wireless just for the last couple here. In a no population growth environment, you obviously lean on penetration growth and wireless for wireless market expansion, I think consistently Rogers has said 2.5% generally is the wireless growth across the market for 2026. Can you just speak to just the penetration dynamics of what drives this? Obviously, we get pushback on, doesn't everyone have a smartphone effectively? I know it's not that simple, so maybe if you can unpack that a little bit. Ultimately, if there is that wireless market expansion, there's more volume to go after constructively in the back half of 2026. Obviously everyone can still get a decent share of that. There's a few different pockets that make up that 2%- 2.5% penetration gain. First, we continue to lag some of the other global markets on penetration, so we will gravitate up towards some of those global levels over time. We continue to drift upwards. Specifically within some of the market opportunities, more and more company IT departments, business IT areas, are insisting on employees having a dedicated mobile device or devices for the company and a personal device for their personal use, and to take their personal use off of the company handsets. It's for cybersecurity within the IT environment. For employees, even if the company is not requiring it, more often than not, the controls that are put into the phone to strip out the vulnerable capabilities of a smartphone to protect the company IT platforms and systems make the phone less user-friendly. They will add a second phone. You see in front of me here, I've got two handsets. I've had them for several years. Many are moving into having that two handsets within families. Many of the school systems now restrict access to mobile devices in classrooms. There's not a large move to offset that, but there are several parents that still want to maintain contact or see that their children have a means for connecting. They'll add a watch or a wearable device that, while you can restrict access to a handset, it's pretty tough to tell somebody they have to take the watch off their wrist. As well, that watch is much more a communication device as opposed to, let me spend mindless hours on social media while I should be paying attention to math class. We're seeing a few different areas where that penetration growth is contributing to the 2%- 2.5%. Ultimately, and I can't predict when it's going to happen, but ultimately, any government running a country's economy looks to fighting their election on economic growth. The number one engine for driving economic growth is population growth. My expectation is, at some point, we will reengage on population growth, and we'll be ready to chase that when it comes. Until then, we're finding ways to drive revenue growth through price plan management, customer lifecycle management, and taking advantage of these penetration gains. Fantastic. We'll shift the cable. Let's address what generally has been the elephant in the room for the better part of three or six months, more south of the border than in Canada. Satellite broadband as a complement or competitor to your internet business across the country. We've heard you and Tony kind of characterize what the opportunity or threat is with an increasing satellite broadband presence in the market. Maybe give us your latest thoughts on how Rogers is viewing that service medium and longer term. Certainly. You saw us enter into an arrangement with SpaceX to take advantage of that satellite technology to infill the remote rural areas of the country with coverage. That is scaling, I would say, steadily, maybe modestly at the start right now. As we add full voice capability, I think you'll see that scale more. Using satellite technology to displace our wireline network or our wireless network is a much greater challenge for the technology. Most of our customers live in more densely populated suburban, urban market areas. The aperture for the satellite coverage just cannot compete effectively and scale anywhere close to the scaling that you get on a terrestrial system. If you were to try to cover the GTA or Greater Vancouver, or even a smaller market area like greater Ottawa, with satellite coverage, you can pick up a piece of the market area. You can certainly pick up some of the rural coverage areas and attract subscribers there. The plans tend to be relatively expensive, and they will not scale to the point of taking on a substantial portion of an urban market area. There's just not the data capacity on the cell sites or on the satellites. With satellite coverage, the strength of satellite is it provides a very, very wide coverage area in the case of Starlink, SpaceX, because of the number of satellites in the air. If they were to try to use those satellites to cover the densely populated areas, they would quickly run out of capacity. Where their strength is in scaling across those large rural areas and remote areas and picking up a low concentration of traffic spread across a broad land mass. They'll pick up some in the urban markets, but they will not be able to scale to the point of taking a substantial piece of the urban market. The pricing is simply not able to scale on a competitive basis that it would outstrip the technology capabilities of fiber or wireless, nor outstrip our ability to scale those wireline and wireless plans in the more populated areas. We see it as an opportunity to supplement and augment our reach capabilities. We now cover virtually every road in the country, going from the 49th to the 58th parallel, from coast to coast. That's a tremendous opportunity for us to sell our wireless wireline connectivity and remote coverage connectivity, whether it's consumer or business market we're going after. I'll leave it there. Yeah, that's a thorough response, Glenn. Thanks for that. I'm just aware we've got five minutes left, had other cable questions, let's just jump into the sports and media asset file. Glenn, you've been very consistent with the street, and I think it's appreciated just as to what the time frames look like, what you're trying to achieve, what the path forward is. I think most in the room are probably generally up to speed on what that is. Maybe take a few minutes maybe to update us. Is there anything you want to emphasize in terms of what key priorities are for Rogers on this file? I think the story will be familiar. We continue to engage with Kilmer Group and see if there's an opportunity to come to a negotiated transaction. We're one month out now, just under one month out from when we have a window to exercise our call option. I expect if we haven't reached a negotiated offer or a negotiated valuation in the next few weeks, we will execute on our call option. That triggers a well-defined, in terms of timeline as well as the integral steps timeline to calculating the valuation, the shareholders' agreement is quite clear and definitive on those steps. If we haven't come to a negotiated arrangement, we'll execute our call option in early July, I expect. That will trigger a process that I expect would wind up early in the fourth quarter, sometime around early to mid-October. We'll have a valuation. There's not really a regulatory or league approval exercise to go through. We already control the asset. From a regulatory standpoint, we're already a known quantity to the league, we'll quickly close on that acquisition. We will use our own liquidity and supplement it with bilateral bank facilities to close on that transaction, quickly move to integrating Rogers Sports & Media with MLSE, bringing the operations together, starting to run the revenue and cost synergies already in the background to be prepared. We will bring that combined offering to market to sell down. I expect that transaction will happen sometime in the first half of 2027. We'll likely arrange it as a fast follow. We will qualify the offering documents, the terms of the agreement, and maybe some prospective investors with the leagues, as we move through the latter stages of our exercise with Kilmer Group, allowing ourselves to hit the ground running with an offering that I expect will result in a sell-down of, say, 20%-30% of the assets, the combined assets. We think those combined assets are worth somewhere in the range of north of CAD 25 billion. It's a tremendous opportunity for us to delever the balance sheet, surface capital in assets that is not currently reflected on our balance sheet, nor in our share price. That's a critical element of this transaction. The bringing in the minority investors is not solely to strengthen the balance sheet and bring down our leverage, but it is also to provide a placeholder for our sports and media assets within the RCI share price. I think going forward, you'll see us lean in on that with updated valuations on those sports and media assets from time to time, whether it's done on an annual basis or more or less frequently. I would expect at least annually, we will provide our view, based on transactions over the past year, our view on what those assets are worth. I think more and more that will then provide a basis for reflecting the value of those sports and media assets in the RCI share price. Well, Glenn, great summary and update. We're unfortunately with an eye to the time, we'll have to end there. Do again appreciate you taking the time out of a very busy day for you to do this. It's a great update and we look forward, particularly on that last file, how it all progresses as sports kicks up here once again, this week in Toronto. It should be exciting not just for fans, but hopefully for Rogers shareholders as well. Thanks, Glenn, for joining us. Drew, thanks for the opportunity and for everyone in the room, thank you for your interest. We look forward to bringing updates as the developments warrant. Thank you. Thank you.