BCE Inc. · TSX:BCE
BCE — Q3 2026 Earnings Presentation
17 slides from BCE's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Results Conference Call
Q3 2026 Results Conference Call November 5, 2026
Slide 2: Safe harbour notice
Safe harbour notice Certain statements made in this presentation are forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to: the acquisition of United States (U.S.) fibre businesses by Ziply Fiber with Network FiberCo, including the antic
Slide 3: Q3 highlights & progress on strategic priorities
Q3 highlights & progress on strategic priorities • Postpaid churn(1) improved 7 bps y/y to 1.06% – lowest Q3 level in 4 years • Bell named best overall mobile network, best 5G network and fastest 5G network Put the among major carriers in PCMag's Best Mobile Networks in Canada 2026(2) customer first
Slide 4: Q3 highlights & progress on strategic priorities (cont’d)
Q3 highlights & progress on strategic priorities (cont’d) • Bell Business Markets revenue up 9.2%, with 41% growth in AI-powered solutions revenue(1) Lead in • Cybersecurity AI model built with Cohere using Bell Cyber's proprietary security data, now running on Bell AI Fabric infrastructure in Canad
Slide 5: Bell AI Fabric: Saskatchewan construction progress
Bell AI Fabric: Saskatchewan construction progress ✓ Structural steel complete on 3 of 4 buildings; 4th nearly complete th ✓ Roof liners >90% installed on first 3 buildings; envelope underway on 4 ✓ Interior fit-out underway in Building 1 ✓ Substation and SaskPower connection on schedule ✓ >1,100 pe
Slide 6: Surfacing the value of our wireless tower infrastructure
Surfacing the value of our wireless tower infrastructure • Definitive agreement for La Caisse to acquire a 49.9% stake in newly formed wireless tower infrastructure company TowerCo for $2.45B • TowerCo to be Canada's largest dedicated tower company with 5,000+ sites • Bell retains 50.1% controlling
Slide 7: Executing our clear Investor Day strategy
Executing our clear Investor Day strategy Bell-branded subscriber loadings Wireless postpaid churn Product intensity Fibre Internet market share AI-powered solutions revenue Crave subscribers Disciplined execution across key Investor Day metrics 7
Slide 8: Financial & Operating Results
Financial & Operating Results 8
Slide 9: Consolidated financial results
Consolidated financial results ($M) except per share data Q3’26 Y/Y • Revenue up 2.2% y/y on growth at Bell Media and Bell Business Markets together with Revenue 6,182 2.2% contribution of Ziply Fiber(4) Service 5,412 1.6% Product 770 6.9% Adjusted EBITDA(1) 2,786 0.9% • Adjusted EBITDA up 0.9%, dri
Slide 10: Bell Communication & Technology Services – Canada
Bell Communication & Technology Services – Canada Revenue ($M) Q3 operating metrics • 24,110 mobile phone postpaid net adds 5,248 5,238 • Significant net additions on main Bell brand across all customer segments -0.2% • Postpaid churn rate of 1.06%, improved 7 bps y/y • Lowest Q3 level since 2022 •
Slide 11: Bell Communication & Technology Services – U.S.
Bell Communication & Technology Services – U.S. Q3’26 • Residential FTTH subscriber base up 6.4% y/y to 391k(1) Financials Revenues ($M) 238 • Penetration of new fibre cohorts consistent with historical performance Adjusted EBITDA ($M) 95 Margin 40% • Fibre footprint expansion Subscriber metrics • P
Slide 12: Bell Media
Bell Media Revenue ($M) Q3 operating metrics • 5.15M Crave subscribers, up 21% y/y 803 • DTC streaming subscribers up 41% y/y 732 +9.7% • Digital revenue mix of ~50%, up 4 pts y/y Q3 financials • Total revenue up 9.7% y/y driven by FIFA World Cup, Crave Q3'25 Q3'26 growth and program sales • Adverti
Slide 13: Balance sheet & liquidity position
Balance sheet & liquidity position Available liquidity(1) • $3.7B total available liquidity at end of Q3 $3.7B incl. $650M in cash • DB pension plans solvency surplus at $5.0B • Solvency ratio remains comfortably above 105% *At September 30, 2026 • Net debt leverage ratio of ~3.7x at end of Q3 Net d
Slide 14: Financial targets for 2026
Financial targets for 2026 March 16 BCE guidance(1) Revenue growth 1% to 5% Adjusted EBITDA growth 0% to 4% Capital intensity(2) ~20% Adjusted EPS growth(3) (11%) to (5%) (34%) to (28%) Free cash flow growth(4) $2,100M to $2,300M Annualized common share dividend $1.75 (1) Guidance updated on March 1
Slide 15: Appendix
Appendix 15
Slide 16: Non-GAAP and other financial measures
Non-GAAP and other financial measures BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with IFRS® Accounting Standards or GAAP while certain other measures do not have a standardized meaning under GAAP. We believe that our
Slide 17: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Net debt Net debt is a non-GAAP financial measure and it does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issue