Slide 1: Q4 2025 Results & 2026 Financial Guidance Conference Call
Q4 2025 Results & 2026 Financial Guidance Conference Call February 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: BCE’s 2026 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annu
Slide 3: Executing on strategic priorities in 2025
Executing on strategic priorities in 2025 • Postpaid churn(1) improved three consecutive quarters (17 bps y/y in Q4) • Differentiated wireless plan tiers based on class of service, content and handset financing Put the customer first • no name mobile expansion to Maxi stores across Québec • New Voic
Slide 4: Executing on strategic priorities in 2025 (cont’d)
Executing on strategic priorities in 2025 (cont’d) • Bell Business Markets momentum with revenue and adjusted EBITDA relatively stable y/y in 2025 Lead in • AI-powered solutions revenue(1) growth of 60% y/y enterprise • Material growth vectors: Ateko, Bell Cyber, Bell AI Fabric with • Ateko: buildin
Slide 5: 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 • 3.5x net debt leverage • $1.75 / common share • Deliver the best fibre ratio(1) by end of
Slide 6: Early progress on Investor Day ambitions
Early progress on Investor Day ambitions Bell-branded subscriber loadings Wireless postpaid churn Product intensity Fibre Internet market share AI-powered solutions revenue Crave subscribers U.S. fibre expansion Focused on three-year strategic plan to deliver sustainable growth through fibre, wirele
Slide 7: Financial & Operating Results
Financial & Operating Results 7
Slide 8: Consolidated financial results
Consolidated financial results ($M) except per share data Q4’25 Y/Y 2025 Y/Y Revenue 6,404 (0.3%) 24,468 0.2% Service 5,439 2.9% 21,207 0.6% Product 965 (15.0%) 3,261 (2.2%) Adjusted EBITDA(1) 2,664 2.3% 10,658 0.7% Margin(2) 41.6% 1.0 pts 43.6% 0.2 pts Net earnings 632 25.1% 6,514 n.m. Statutory EP
Slide 9: Bell Communication & Technology Services – Canada
Bell Communication & Technology Services – Canada Revenue ($M) Q4 operating metrics • 56,124 mobile phone postpaid net additions (1.5%) – Significant net additions on the main Bell brand 21,619 21,289 • Postpaid churn rate of 1.49%, improved 17 bps y/y – 3rd consecutive quarter of y/y improvement (3
Slide 10: Bell Communication & Technology Services – U.S.
Bell Communication & Technology Services – U.S. Q4’25 • Financial results in line with plan Financials • Revenue growth driven by fibre momentum Revenues ($M) 232 • Double-digit Internet revenue growth supported by continued fibre footprint expansion and strong penetration rates Adjusted EBITDA ($M)
Slide 11: Bell Media
Bell Media Q4 operating metrics Revenue ($M) • 4.6M Crave subscribers, up 26% y/y – Direct-to-consumer streaming subscribers up 65% +0.1% powered by immense popularity of global sensation Heated Rivalry 3,151 3,154 – Over 50% of Top 100 shows viewed on Crave over holiday period were Canadian (3.4%)
Slide 12: 2026 Financial Outlook
2026 Financial Outlook 12
Slide 13: Revenue and adjusted EBITDA outlook
Revenue and adjusted EBITDA outlook BCE revenue ($M) • Bell CTS Canada underpinned by wireless improvement and AI-powered solutions growth – Improving wireless service revenue trajectory and higher y/y 1%-5% wireless product revenue 0.2% – Continued focus on higher value mobile phone and Internet su
Slide 14: Adjusted EPS outlook
Adjusted EPS outlook Adjusted EPS ($) • Adjusted EBITDA growth and higher net return on post-employment benefit plans moderating y/y decline in adjusted net earnings(1) (7.9%) (11%)-(5%) • Depreciation and amortization expense up y/y 2.80 due to ongoing strategic capital investments as well as Ziply
Slide 15: Free cash flow outlook
Free cash flow outlook Free cash flow ($M) • Flow-through of higher y/y adjusted EBITDA • Lower y/y severance payments 4%-10% • Interest paid up y/y due to higher average debt 10.0% outstanding related to Ziply Fiber 3,300 • Income taxes paid stable to slightly down 3,178 to 3,500 • Capex for 2026 s
Slide 16: Balance sheet & liquidity position
Balance sheet & liquidity position Available liquidity(1) • $2.5B total available liquidity and manageable debt maturity schedule going into 2026 $2.5B • $750M of 2026 MTN debentures maturities were pre-financed and incl. $314M in cash early redeemed in 2025 *At December 31, 2025 • Net debt leverage
Slide 17: Financial targets for 2026
Financial targets for 2026 BCE 2025 guidance 2025 results 2026 guidance Revenue growth 0% to 2% 0.2% 1% to 5% Adjusted EBITDA growth 0% to 2% 0.7% 0% to 4% Capital intensity(1) ~15% 15.1% <15% Adjusted EPS growth(2) (13%) to (10%) (7.9%) (11%) to (5%) Free cash flow growth(3) 6% to 11% 10.0% 4% to 1
Slide 18: Key financial assumptions for 2026
Key financial assumptions for 2026 BCE ($M except per share data) 2025 2026E Post-employment benefit plans service cost 198 ~195 Net return on post-employment benefit plans 102 ~145 Depreciation & amortization expense 5,238 ~5,450 to 5,500 Interest expense 1,775 ~1,850 to 1,900 Average effective tax
Slide 19: Appendix
Appendix 19
Slide 20: 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 21: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that
Slide 22: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Adjusted net earnings (cont’d) The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis. ($M) Q4 2025 Q4 2024 2025 2024 Net earnings
Slide 23: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Available liquidity Available liquidity is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issu
Slide 24: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Free cash flow and free cash flow after payment of lease liabilities The terms free cash flow and free cash flow after payment of lease liabilities do not have any standardized meaning under IFRS Accounting Standards
Slide 25: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Free cash flow and free cash flow after payment of lease liabilities (cont’d) The following tables provide reconciliations of cash flows from operating activities to free cash flow and free cash flow after payment of
Slide 26: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP financial measures (cont’d) Net debt The term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define net debt as debt due within one year
Slide 27: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Non-GAAP ratios A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non- GAAP financial measure as one or more of its components. Adjusted EPS Adjusted EPS is a non-GAAP
Slide 28: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Total of segments measures A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE’s consolidated primary financial statements. Adjusted EBITDA and Bell CTS
Slide 29: Non-GAAP and other financial measures (cont’d)
Non-GAAP and other financial measures (cont’d) Capital management measures A capital management measure is a financial measure that is intended to enable a reader to evaluate our objectives, policies and processes for managing our capital and is disclosed within the Notes to BCE’s consolidated finan