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    Matthew Griffiths

    Director and Equity Research Analyst at Bank of America

    Matthew Griffiths is a Director and Equity Research Analyst at Bank of America, specializing in the healthcare sector with a primary focus on UK and European pharmaceuticals and biotechnology companies. He has covered leading firms such as AstraZeneca, GlaxoSmithKline (GSK), and other blue-chip pharmaceutical names, with his investment recommendations gaining industry attention and contributing to robust sector coverage. Griffiths began his career at Deloitte in audit before moving into equity research roles at firms including Jefferies and Barclays, and he has been with Bank of America since 2021. He holds a CFA designation and is registered with relevant UK and European securities authorities, reflecting his expertise in financial analysis and regulatory compliance.

    Matthew Griffiths's questions to BCE (BCE) leadership

    Matthew Griffiths's questions to BCE (BCE) leadership • Q2 2025

    Question

    Matthew Griffiths from Bank of America inquired if the updated free cash flow guidance factors in the bonus depreciation extension and if the U.S. JV structure would benefit from it. He also asked for expectations about the upcoming October 14 Investor Day.

    Answer

    EVP & CFO Curtis Millen clarified that the 2025 guidance does not include a bonus depreciation impact, as the benefit is realized over time, but confirmed the JV is expected to benefit from the rules. President & CEO Mirko Bibic stated the Investor Day will focus on the company's four strategic growth pillars and its business transformation program.

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    Matthew Griffiths's questions to BCE (BCE) leadership • Q2 2025

    Question

    Matthew Griffiths asked if the updated free cash flow guidance factors in the bonus depreciation extension and if the U.S. JV structure would benefit from it. He also inquired about what to expect from the upcoming October 14 Investor Day.

    Answer

    EVP & CFO Curtis Millen confirmed the U.S. operations are expected to benefit from bonus depreciation over time, but there is no impact reflected in the 2025 guidance. President & CEO Mirko Bibic stated the Investor Day will focus on the company's four strategic growth pillars and its business transformation program.

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    Matthew Griffiths's questions to BCE (BCE) leadership • Q1 2025

    Question

    Matthew Griffiths of Bank of America asked about the construction timeline for the 6 million homes in the PSP partnership, the nature of PSP's $1.5 billion contribution, and the year-over-year comparison for Bell brand net adds.

    Answer

    CEO Mirko Bibic explained that the fiber build-out is a long-term project and PSP's financial contributions will be made over time as construction progresses. He also stated that the 25,000 net adds on the main Bell brand were down 9,000 compared to the prior year.

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    Matthew Griffiths's questions to ROGERS COMMUNICATIONS (RCI) leadership

    Matthew Griffiths's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q1 2025

    Question

    Matthew Griffiths asked about potential exposure to U.S.-China tariffs through handset purchasing channels and requested a quantification of the impact of lower roaming revenue on ARPU during the quarter.

    Answer

    President and CEO Anthony Staffieri stated that Rogers has little to no direct impact from the discussed tariffs, as most suppliers are in Canada or outside the U.S., though he acknowledged it as a potential macroeconomic risk. CFO Glenn Brandt quantified the roaming impact, stating it accounted for approximately 15% of the year-over-year decline in blended mobile phone ARPU, with the remainder due to competitive intensity.

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    Matthew Griffiths's questions to ROGERS COMMUNICATIONS (RCI) leadership • Q4 2024

    Question

    Matthew Griffiths, on behalf of David Barden, asked for the outlook on cable revenue growth, the expected balance of growth between wireless and cable, and for more color on wireless pricing dynamics, particularly the impact of customers repricing from older, more expensive plans.

    Answer

    CFO Glenn Brandt stated that Rogers does not provide guidance for individual business units. President and CEO Tony Staffieri addressed pricing by highlighting differentiators beyond price, such as 48-month handset financing and growing data usage. He noted that the majority of new subscribers are on the premium 5G brand, contributing to a long track record of stable ARPU.

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    Matthew Griffiths's questions to QUEBECOR MEDIA (QBCRF) leadership

    Matthew Griffiths's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2023

    Question

    Matthew Griffiths of Bank of America inquired about the completion timeline for the 5G deployment and whether the new radios are C-band compatible. He also asked for details on the operational work (systems, sales, distribution) being done for the staged rollout of new initiatives like Fizz.

    Answer

    President and CEO Pierre Karl Péladeau stated that Freedom's 5G network was well-advanced, and the company is proceeding prudently with deployment, leveraging a strong spectrum position and favorable equipment pricing. He described the behind-the-scenes integration work as too complex to detail on the call.

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    Matthew Griffiths's questions to QUEBECOR MEDIA (QBCRF) leadership • Q1 2023

    Question

    Matthew Griffiths from Bank of America asked for insights into Freedom's upcoming marketing strategy, including potential rebranding or the introduction of Fizz, and questioned if the current out-of-footprint data offerings are sufficient to be competitive.

    Answer

    President and CEO Pierre Karl Péladeau declined to share specific marketing plans but confirmed they are working on multiple strategies. He noted that the competitiveness of data offerings will be significantly improved by expected decreases in regulated roaming prices and the implementation of seamless hand-off technology. He also highlighted plans to expand sales channels beyond retail to include transactional websites and call centers to accelerate customer acquisition.

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    Matthew Griffiths's questions to QUEBECOR MEDIA (QBCRF) leadership • Q4 2022

    Question

    Matthew Griffiths of Bank of America asked about the outcome of the company's review of strategic priorities and whether increasing retail distribution is a consideration for future wireless growth. He also followed up on whether the ongoing billing system update was impacting customer net additions.

    Answer

    President and CEO Pierre Karl Peladeau outlined key strategic priorities, including continued investment in the 5G network, network extensions into new housing developments, and a significant migration to a new, more efficient billing system. He affirmed that Quebecor will continue to leverage its diverse sales platforms, including retail, call centers, and door-to-door. CFO Hugues Simard added that they do not believe the billing system migration is impacting churn, which is more related to the intense competitive environment.

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    Matthew Griffiths's questions to QUEBECOR MEDIA (QBCRF) leadership • Q2 2022

    Question

    Matthew Griffiths of Bank of America asked about wireless ARPU drivers, particularly the impact of plan migrations versus roaming recovery, and inquired about market dynamics in early Q3, including any potential benefits from the Rogers network outage.

    Answer

    CFO Hugues Simard noted that while Quebecor benefits less from roaming recovery than national peers, ARPU is supported by price package stability and improved brand positioning. President and CEO Pierre Peladeau added that Q3 started strong, consistent with historical trends, and the company remains focused on maintaining its competitive market share.

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