Slide 1: Q3 2025 Results Conference Call
Q3 2025 Results Conference Call November 6, 2025
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: BCE’s 2025 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annu
Slide 3: Q3 highlights & progress on strategic priorities
Q3 highlights & progress on strategic priorities • Postpaid churn(1) improved 15 bps – second straight quarter of y/y improvement • Differentiated wireless plan tiers based on class of service, content and handset Put the financing customer first • AI-powered Virtual Assistant enhancements • Rolling
Slide 4: Q3 highlights & progress on strategic priorities (cont'd)
Q3 highlights & progress on strategic priorities (cont’d) • AI-powered solutions revenue(1) growth of 34% y/y • Launched Bell Cyber, unifying all of Bell’s cybersecurity capabilities under one Lead in trusted brand enterprise • Next generation Security-as-a-Service (SECaaS) platform hosted on Canadi
Slide 5: Q3 operating metrics
Q3 operating metrics Wireless Wireline Media 68,018 65,239 21% Mobile phone net adds Retail FTTH Internet net adds Digital video advertising • Balancing volume growth with economics revenue growth • Significant postpaid net adds on main Bell brand 1.13% ~50% 4.3M Postpaid churn rate Internet househo
Slide 6: Financial Results
Financial Results
Slide 7: Consolidated financial results
Consolidated financial results ($M) except per share data Q3’25 Y/Y • Revenue growth of 1.3% y/y on strong contribution from Ziply Fiber Revenue 6,049 1.3% Service 5,329 0.8% • Adjusted EBITDA up 1.5%, reflecting Ziply Product 720 5.1% Fiber acquisition Adjusted EBITDA(1) 2,762 1.5% • Excluding Bell
Slide 8: Bell Communication & Technology Services – Canada
Bell Communication & Technology Services – Canada Revenues ($M) • Total Internet revenue up ~2% • Higher y/y sales of AI-powered enterprise -0.6% 5,280 solutions driven by growth at Ateko and Bell Cyber 5,248 • Wireless service revenue down 0.4%, consistent with Q2 decline Q3'24 Q3'25 • Wireless pro
Slide 9: Bell Communication & Technology Services – U.S.
Bell Communication & Technology Services – U.S. Q3’25(1) • Results from acquired Ziply Fiber operations included in new Bell CTS U.S. segment from Financials August 1, 2025 acquisition date Revenues ($M) 160 • Financial results ahead of investment case Adjusted EBITDA ($M) 71 Margin 44.4% • Revenue
Slide 10: Bell Media
Bell Media Revenues ($M) • Advertising revenue down 11.5% on lower y/y demand for traditional advertising and radio station divestitures 782 -6.4% • Digital video advertising revenue(1) grew 21% • Digital out of home revenue(2) up 18% 732 • Subscriber revenue down 5.2% y/y Q3'24 Q3'25 • Q3’24 result
Slide 11: Balance sheet & liquidity update
Balance sheet & liquidity update Available liquidity(1) • $3.6B total available liquidity at end of Q3 $3.6B incl. $460M in cash *At September 30, 2025 • DB pension plans solvency surplus at ~$4.5B • Solvency ratio remains comfortably above 105% Net debt leverage • Net debt leverage ratio of ~3.8x a
Slide 12: Financial targets for 2025
Financial targets for 2025 BCE August 7 Guidance(1) Revenue growth(2) 0% to 2% Adjusted EBITDA growth(2) 0% to 2% Capital intensity(3) ~15% Adjusted EPS growth(4),(5) (13%) to (10%) Free cash flow growth(6) 6% to 11% Annualized common share dividend $1.75 (1) Guidance updated on August 7, 2025 to re
Slide 13: Appendix
Appendix
Slide 14: 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 15: Non-GAAP and other financial measures (cont'd)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures Adjusted net earnings Adjusted net earnings 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 present
Slide 16: Non-GAAP and other financial measures (cont'd)
Non-GAAP and other financial measures (cont’d) Non-GAAP ratios Adjusted EPS Adjusted EPS is a non-GAAP ratio 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 issuers. We define adjusted EP