Slide 1: Q2 2026 Results Conference Call
Q2 2026 Results Conference Call August 6, 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 construction of additional direct-to-device satellite ground stations; the anticipated timing for operation o
Slide 3: Q2 highlights & progress on strategic priorities
Q2 highlights & progress on strategic priorities • Postpaid churn(1) improved 4 bps y/y to 1.02% – lowest quarterly level in 3 years • Launched always-on Internet solutions – Wireless Internet Backup and Power Put the Backup customer first • Bell recognized as Canada's Most Reliable Internet by Open
Slide 4: Q2 highlights & progress on strategic priorities (cont'd)
Q2 highlights & progress on strategic priorities (cont’d) • Continued momentum in AI-powered solutions • Construction on track at 300 MW Saskatchewan facility Lead in enterprise with • Winnipeg facility on track to enter service in second half of 2026 AI-powered • Merritt, B.C. facility Phase 2 to e
Slide 5: Bell AI Fabric: advancing build-out across Canada
Bell AI Fabric: advancing build-out across Canada Merritt, B.C. Sherwood, Saskatchewan ✓ First phase operational since March 2026; ✓ Site works advancing; first building slabs second phase expected in early 2027 and structural steel underway ✓ 13 MW total contracted capacity (6.5 MW + ✓ First phase
Slide 6: Delivering on Investor Day metrics
Delivering on Investor Day metrics 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 6
Slide 7: Financial & Operating Results
Financial & Operating Results 7
Slide 8: Consolidated financial results
Consolidated financial results ($M) except per share data Q2’26 Y/Y • Revenue up 1.5% y/y on Ziply Fiber contribution and Bell Media growth Revenue 6,176 1.5% Service 5,491 4.3% • Adjusted EBITDA up 1.0% driven by Ziply Fiber Product 685 (16.3%) Adjusted EBITDA(1) 2,702 1.0% • Net earnings and statu
Slide 9: Bell Communication & Technology Services – Canada
Bell Communication & Technology Services – Canada Q2 operating metrics Revenue ($M) • 41,594 mobile phone postpaid net adds • Significant net additions on the main Bell brand 5,334 5,122 • Postpaid churn rate of 1.02%, improved 4 bps y/y • Lowest quarterly level since Q2’23 -4.0% • Without the impac
Slide 10: Bell Communication & Technology Services – U.S.
Bell Communication & Technology Services – U.S. Q2’26 • Build activity expected to increase significantly in H2’26 Financials • Permit submissions accelerated through Q2 Revenues ($M) 234 • Highest quarterly residential FTTH and total Adjusted EBITDA ($M) 95 Margin 40.6% Internet net additions repor
Slide 11: Bell Media
Bell Media Q2 operating metrics Revenue ($M) • 5.1M Crave subscribers, up 23% y/y • DTC streaming subscribers up 49% y/y 918 843 • Strong FIFA World Cup performance across linear and +8.9% streaming platforms • Group stage audiences up 43% versus 2022 tournament (1) Q2 financials Q2'25 Q2'26 • Total
Slide 12: Balance sheet & liquidity position
Balance sheet & liquidity position Available liquidity(1) • $4.6B total available liquidity at end of Q2 $4.6B incl. $477M in cash • DB pension plans solvency surplus at $4.9B • Solvency ratio remains comfortably above 105% *At June 30, 2026 • Net debt leverage ratio improved ~0.1x since Q4 to 3.7x
Slide 13: 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 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 accordanc e with IFRS® Accounting Standards or GAAP while certain other measures do not have a standardized meaning under GAAP. We believe that ou
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. Therefor e, it is unlikely to be comparable to similar measures presented by other issu