2026 Canadian Telecom and Media Conference Key Takeaways

研报英文原文证据摘录

2026 Canadian Telecom and Media Conference Key Takeaways

TD SECURITIES INC. - CANADA SECTOR NOTE

May 15, 2026

■Communications 2026 Canadian Telecom and Media

Conference Key Takeaways

Vince Valentini, CFA^ THE TD COWEN INSIGHT

416 944 7012

We hosted senior executives from BCE, Rogers, and Cogeco at our annual Canadian Telecom

vince.valentini@tdsecurities.com

Conference. The overall messaging was positive in our view, with a particular emphasis on:

Natale Puccia, CFA^ wireline/internet pricing discipline in ON/QC (a message that was reinforced by the strong

416 983 6399 internet revenue growth at QBR);

natale.puccia@tdsecurities.com

Carter Sullivan, CPA^ Better wireless pricing and churn trends so far in Q2; the DC growth opportunity for Bell; and

416 983 3954 the sports monetization opportunity for Rogers. There was also some increased colour from

carter.sullivan@tdsecurities.com Rogers on how capex is being reduced, and the regulatory factors that partially explain the

motivation for the cuts.

Here are the key takeaways:

Sector:

■Wireline/internet: On the heels of QBR posting over 3% internet revenue growth (its best

results in three years), BCE, Rogers, and especially Cogeco, signaled that price competition

in ON/QC has improved recently. We believe recent rate increases by all the carriers are

gaining better net traction (in other words, fewer customers either switching providers or

calling in to negotiate), which could bode well for wireline/cable segment revenue growth

in upcoming quarters. Pricing and competitive intensity in western Canada is seemingly

improving to a lesser extent than in Ontario.

■LEO competition: All three companies remained somewhat dismissive of the potential

threat from Starlink and other LEO players.