Slide 1: Q2 2025 Results Conference Call
Q2 2025 Results Conference Call August 7, 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 financial guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow
Slide 3: Focused capital allocation priorities
Focused capital allocation priorities 1 2 3 Optimize the Execute on Return Capital to Balance Sheet Strategic Priorities Shareholders • Accelerate deleveraging • Put the customer first • Sustainable dividend paying company Net debt leverage ratio(1) • Deliver the best fibre and − $1.75 / common shar
Slide 4: Put the customer first
Put the customer first Powered by AI Making it easy for customers to do business with Bell 4
Slide 5: Q2 highlights & progress on strategic priorities
Q2 highlights & progress on strategic priorities • Enhanced Self-Install program – 90% self-install take rate with over 1M self-installs performed since 2022 • AI-driven Virtual Repair tool Put the – 1.2M technician support calls eliminated since 2022 customer first • Gen AI Virtual Assistant – Chat
Slide 6: Bell Business Markets – Strategic Focus
Bell Business Markets – Strategic Focus Reinvent Lead Build Ateko into a Extend Bell AI core services and in cybersecurity world-class SI/MSP Fabric’s leadership service delivery Accelerated by sovereign platforms and Agentic AI 6
Slide 7: Q2 highlights & progress on strategic priorities (cont’d)
Q2 highlights & progress on strategic priorities (cont’d) • Record Bell Business Markets revenue growth driven by positive contributions from all 4 vectors: core connectivity & communication services, cybersecurity, Ateko and Bell AI Fabric Lead in • Launch of Bell AI Fabric, creating the largest AI
Slide 8: Q2 operating metrics
Q2 operating metrics Wireless Wireline Media 44,547 26,583 8.1% Postpaid net adds Retail FTTH Internet net Subscriber • Balancing volume growth with economics adds revenue growth • All net adds on main premium Bell brand • 69% of EOP subscribers on fibre, up 6 pts 1.06% ~50% 4.1M Postpaid churn rate
Slide 9: Financial Results
Financial Results Bell
Slide 10: Consolidated financial results
Consolidated financial results ($M) except per share data Q2’25 Y/Y • Revenue up 1.3% y/y – significant benefit from Bell Business Markets Revenue 6,085 1.3% Service 5,267 (0.8%) • Adjusted EBITDA down 0.9% Product 818 17.4% • Net earnings and statutory EPS up 6.6% and Adjusted EBITDA(1) 2,674 (0.9%
Slide 11: Bell Communication & Technology Services
Bell Communication & Technology Services Revenue ($M) • Revenue increase due to Bell Business Markets, Internet and higher sales of wireless devices +1.0% 5,334 • Bell Business Markets revenues up, driven by 5,283 strong demand for Ateko managed services, cybersecurity and Bell AI Fabric – First AI
Slide 12: Bell Media
Bell Media Revenue ($M) • 5th consecutive quarter of revenue and adjusted EBITDA growth +3.8% • Total revenue up 3.8% y/y 843 – Digital revenues increased 9% and now represent 43% of 812 total media revenue, up 2 pts from Q2’24 – F1 Canadian Grand Prix growth Q2'24 Q2'25 • Subscriber revenue up 8.1%
Slide 13: Balance sheet & liquidity update
Balance sheet & liquidity update Available liquidity(1) • $3.8B total available liquidity at end of Q2 $3.8B • DB pension plans solvency surplus at $4.1B incl. $507M in cash – Solvency ratio remains comfortably above 105% *At June 30, 2025 Net debt leverage • Net debt leverage ratio of ~3.5x at end
Slide 14: Ziply Fiber: leading fibre provider in U.S. Pacific Northwest
Ziply Fiber: leading fibre provider in U.S. Pacific Northwest Key metrics 2.0M 1.5M • Ziply Fiber delivering consistently strong financial results and Total Passings Fibre Passings fibre momentum (Current) (2025E) – Revenue(1) of ~US$710M in 2025E: >10% y/y growth – Adjusted EBITDA(1)(2) of ~US$335M
Slide 15: Updated financial targets for 2025
Updated financial targets for 2025 Prior Current • Increased revenue and adjusted EBITDA BCE Guidance Guidance guidance reflects Ziply Fiber acquisition – 5-month contribution in 2025 Revenue growth(1) (3%) to 1% 0% to 2% • Adjusted EPS guidance reflects higher Adjusted EBITDA growth(1) (2%) to 2% 0
Slide 16: Key financial assumptions for 2025
Key financial assumptions for 2025 BCE (including Ziply Fiber) ($M except per share data) 2024 2025E Post-employment benefit plans service cost 208 ~205 Net return on post-employment benefit plans 66 ~100 Depreciation & amortization expense 5,041 ~5,200 to 5,250 Interest expense 1,713 ~1,800 to 1,85
Slide 17: Appendix
Appendix Bell
Slide 18: 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 19: 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 20: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Ziply Fiber adjusted EBITDA The term Ziply Fiber adjusted EBITDA does not have any standardized meaning under IFRS Accounting Standards or U.S. GAAP. Therefore, it is unlikely to be comparable to similar measures pre
Slide 21: 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
Slide 22: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Capital management measures Net debt leverage ratio The net debt leverage ratio is a capital management measure and represents net debt divided by adjusted EBITDA. Net debt used in the calculation of the net debt leverage ratio is a non-GAAP financial m