Slide 1: Q1 2026 Results Conference Call
Q1 2026 Results Conference Call May 7, 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: BCE’s 2026 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annu
Slide 3: Q1 highlights & progress on strategic priorities
Q1 highlights & progress on strategic priorities • Expanded Internet contracts in Ontario, increasing price certainty and transparency for customers Put the • Continued scaling of hardware-free TV, expanding access to the full Fibe TV customer first experience on devices customers already own • Full
Slide 4: Q1 highlights & progress on strategic priorities (cont’d)
Q1 highlights & progress on strategic priorities (cont’d) • Building AI for Canada • Fully contracted 300 MW purpose-built AI data centre in Saskatchewan, with flexibility to allocate a significant portion of capacity to sovereign AI compute Lead in enterprise with • Launched Merritt, B.C. AI data c
Slide 5: Bell AI Fabric: advancing build-out across Canada
Bell AI Fabric: advancing build-out across Canada Mission Flats / Kamloops, B.C. Sherwood, Saskatchewan ✓ Operational since June 2025 ✓ Development agreement approved ✓ Groq AI inference live ✓ Construction mobilized ✓ First phase on track for H1 2027 Two operational data centres in B.C., 300 MW fac
Slide 6: Delivering on Investor Day metrics
Delivering on Investor Day metrics Bell-branded subscriber loadings Product intensity Fibre Internet market share AI-powered solutions revenue Crave subscribers U.S. fibre expansion Disciplined execution across key Investor Day metrics 6
Slide 7: Financial & Operating Results
Financial & Operating Results 7
Slide 8: Consolidated financial results
Consolidated financial results ($M) except per share data Q1’26 Y/Y • Revenue growth of 4.0% y/y on contributions from Ziply Fiber and Bell Business Markets Revenue 6,168 4.0% Service 5,350 3.4% • Adjusted EBITDA up 2.9% driven by Ziply Fiber Product 818 7.9% and flow-through of higher product reven
Slide 9: Bell Communication & Technology Services – Canada
Bell Communication & Technology Services – Canada Q1 operating metrics Revenue ($M) • 16,947 mobile phone postpaid net adds vs. 9,598 net loss in Q1’25 – significant net additions on the main Bell brand 5,246 5,251 • ARPU(1) down 0.8%, consistent with Q4 decline +0.1% • 42,750 residential FTTH(2) ne
Slide 10: Bell Communication & Technology Services – U.S.
Bell Communication & Technology Services – U.S. Q1’26 • Financial performance tracking in line with expectations Financials Revenues ($M) 234 • Revenue growth driven by continued fibre footprint expansion and strong penetration Adjusted EBITDA ($M) 102 Margin 43.6% • Adjusted EBITDA margin of 43.6%,
Slide 11: Bell Media
Bell Media Q1 operating metrics Revenue ($M) • Digital revenues(1) 8% higher y/y • 4.74M Crave subscribers, up 25% y/y 775 778 • DTC streaming subscribers up 59% +0.4% • Most watched quarter in Crave history • TSN and RDS are leading sports networks(2) • TSN: #1 specialty TV channel overall • RDS: t
Slide 12: Balance sheet & liquidity position
Balance sheet & liquidity position Available liquidity(1) • $4.3B total available liquidity at end of Q1 $4.3B • $750M public debt offering completed March 30 incl. $1,367M in cash • DB pension plans solvency surplus at $4.5B *At March 31, 2026 • Solvency ratio remains comfortably above 105% Net deb
Slide 13: Financial targets for 2026
Financial targets for 2026 February 5 March 16 BCE guidance guidance(1) Revenue growth 1% to 5% 1% to 5% Adjusted EBITDA growth 0% to 4% 0% to 4% ~20% Capital intensity(2) <15% (~$1.3B of incremental capital expenditures) Adjusted EPS growth(3) (11%) to (5%) (11%) to (5%) 4% to 10% (34%) to (28%) Fr
Slide 14: Appendix
Appendix 14
Slide 15: 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 16: 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