Financial Data and Key Metrics Changes - Total revenue increased by 1.3%, driven by the acquisition of Ziply Fiber [14] - Adjusted EBITDA rose by 1.5%, leading to a margin increase of 10 basis points to 45.7%, the strongest result in over 30 years [14] - Net earnings and statutory EPS saw significant increases, largely due to a $5.2 billion gain from the sale of a minority stake in MLSE [15] - Free cash flow increased by $171 million in Q3, supported by lower CapEx and higher cash from working capital [15] Business Line Data and Key Metrics Changes - Internet revenue grew by 2%, with strong performance in fiber driving subscriber growth [16] - Wireless service revenue declined modestly by 0.4%, while post-paid churn improved by 15 basis points [9][16] - AI-powered solutions revenue grew by 34% year-over-year, indicating strong demand and validation of the company's strategy [11][16] Market Data and Key Metrics Changes - In the U.S. market, Ziply Fiber's revenue reached $160 million, with a 15% year-over-year growth in internet revenue [17][18] - The Canadian wireless environment has stabilized, with expectations for continued improvement [9] Company Strategy and Development Direction - The company unveiled a three-year strategic plan focusing on four priorities: customer service, network delivery, AI-powered solutions, and digital media [4][10] - The strategy includes leveraging unique assets in fiber, wireless, media, and enterprise to drive efficiencies and sustainable free cash flow growth [4][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive impact of the federal budget on investment in the Canadian economy [27] - The company is well-positioned for growth amid rising global instability and technological advancements [10] - Management anticipates strong EBITDA growth for Bell CTS U.S. in line with the three-year plan [19] Other Important Information - The company plans to increase product intensity by approximately 25% over the next three years, with a focus on content bundling [8] - The partnership with AST SpaceMobile aims to enhance network reliability and expand service reach [9] Q&A Session Summary Question: Can you help us unpack the federal budget a bit? - Management noted that the budget is positive for investment in the Canadian economy and encourages companies to invest [27] Question: Can you provide an update on the internet competitive landscape? - Management emphasized a twofold approach: protecting retail positions in the east and enhancing services in the west, with a full launch of fiber resale expected in January [35] Question: Do you expect margin growth in the Canadian telecom business between 2026 and 2028? - Management indicated a focus on operating cost reduction and expects relatively flat margins over time [39] Question: Can you provide more details on the AI Fabric and its expected financials? - Management highlighted a strong pipeline of demand and expects significant growth from AI Fabric in the coming months [42] Question: What kind of competition is faced in the enterprise market for AI-powered solutions? - Management stated that the company is unique in its offering, combining network security with AI automation, which sets it apart from competitors [76]

Financial Data and Key Metrics Changes - Total revenue increased by 1.3%, driven by the acquisition of Ziply Fiber [13] - Adjusted EBITDA rose by 1.5%, leading to a margin increase of 10 basis points to 45.7%, the strongest result in over 30 years [13] - Net earnings and statutory EPS saw significant increases, largely due to a $5.2 billion gain from the sale of a minority stake in MLSE [14] - Adjusted EPS increased by 5.3%, supported by higher EBITDA [14] - Free cash flow increased by $171 million in Q3, driven by lower CapEx and higher cash from working capital [14] Business Line Data and Key Metrics Changes - Internet revenue in Canada grew by 2%, supported by fiber [15] - Wireless service revenue declined modestly by 0.4%, while post-paid churn improved by 15 basis points [8][15] - AI-powered solutions revenue grew by 34% year-over-year, indicating strong demand [10][15] - Ziply Fiber's total revenue reached $160 million, with a 15% year-over-year growth in internet revenue [16] Market Data and Key Metrics Changes - The Canadian wireless environment has stabilized, with expectations for continued stability [7] - The partnership with AST SpaceMobile aims to enhance network reach in challenging geographical areas, with an initial service launch scheduled for late 2026 [8] - Ziply Fiber's network currently passes 1.4 million homes, with plans to reach approximately 3 million by the end of 2028 [6] Company Strategy and Development Direction - The company unveiled a three-year strategic plan focusing on four priorities: fiber, wireless, media, and enterprise [3] - A renewed focus on customer service has led to significant reductions in post-paid churn [4] - The company aims to increase product intensity by approximately 25% over the next three years [7] - The digital media and content strategy includes new streaming bundles and partnerships to enhance advertising opportunities [12] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the growth potential of AI-powered solutions, with a strong pipeline of interest [10] - The Canadian economy is changing, and the company is well-positioned for growth amid rising global instability [9] - Management remains focused on reducing leverage and maintaining a healthy balance sheet, with a net debt leverage ratio of approximately 3.8 times adjusted EBITDA [20] Other Important Information - The company anticipates a year-over-year increase in overall spending in Q4 as Ziply Fiber executes its fiber buildout [14] - The balance sheet remains healthy, with $3.6 billion of available liquidity and a pension solvency surplus of $4.5 billion [20] Q&A Session Summary Question: Can you help us unpack the federal budget a bit? - Management noted that the budget includes initiatives to spur investment in the Canadian economy, which is viewed positively [26] Question: Can you provide an update on the competitive landscape in Eastern Canada? - Management emphasized a twofold approach: protecting Bell's retail position and driving higher fiber network penetration [36] Question: Do you expect margin growth in the Canadian telecom business between 2026 and 2028? - Management indicated a focus on operating cost reduction and expects flat margins with potential for dollar growth [39] Question: Can you provide an update on the $1.5 billion cost savings initiative? - Management confirmed they are halfway through the initiative and expect continued acceleration in cost savings [58] Question: What is the competitive landscape for AI-powered solutions? - Management stated that the company is uniquely positioned with integrated offerings in AI, cybersecurity, and automation [72]

Core Insights - BCE reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and showing an increase from $0.55 per share a year ago, resulting in an earnings surprise of +9.62% [1] - The company generated revenues of $4.39 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.96%, and slightly up from $4.38 billion year-over-year [2] Earnings Performance - Over the last four quarters, BCE has surpassed consensus EPS estimates three times, indicating a positive trend in earnings performance [2] - The current consensus EPS estimate for the upcoming quarter is $0.48, with projected revenues of $4.67 billion, while the estimate for the current fiscal year is $1.96 on revenues of $17.69 billion [7] Market Position and Outlook - BCE shares have underperformed the market, losing about 3.4% since the beginning of the year, compared to the S&P 500's gain of 15.6% [3] - The Zacks Rank for BCE is currently 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [6] Industry Context - The Diversified Communication Services industry, to which BCE belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [8] - Another competitor in the same industry, Telus, is expected to report quarterly earnings of $0.19 per share, reflecting a year-over-year decline of -9.5%, with revenues anticipated to be $3.72 billion, down 0.5% from the previous year [9][10]

Financial Performance - BCE reported a consolidated net earnings of CAD 1,200 million for Q3 2025, representing a 5% increase compared to Q3 2024[1]. - The company achieved an adjusted EBITDA of CAD 2,500 million, reflecting a 4% year-over-year growth[1]. - Operating revenues for Q3 2025 were CAD 6,800 million, up 6% from the same quarter last year[1]. - BCE's net debt stood at CAD 22 billion, with a net debt to adjusted EBITDA ratio of 3.5x[1]. - BCE anticipates a 7% growth in operating revenues for the full year 2025, driven by increased demand for broadband services[7]. - BCE's adjusted net earnings for Q3 2025 were $733 million, or $0.79 per common share, up from $688 million, or $0.75 per common share, in Q3 2024[26]. - BCE's free cash flow in Q3 2025 increased by $171 million to $1,003 million, a 20.6% rise compared to Q3 2024[21][28]. - BCE's adjusted EBITDA for Q3 2025 was $2,762 million, reflecting a 1.5% increase year-over-year, with an adjusted EBITDA margin of 45.7%[19][24]. - BCE's net earnings for Q3 2025 reached $4,555 million, a significant increase of $5,746 million compared to a net loss of $1,191 million in Q3 2024[19]. Subscriber Growth - Customer connections increased by 3% year-over-year, reaching a total of 10 million connections[1]. - Total BCE customer connections reached 22,398,707 in Q3 2025, up 2.9% year over year[55]. - Total mobile phone subscribers as of September 30, 2025, were 10.4 million, with a 0.4% increase year-over-year[18]. - The acquisition of Ziply Fiber on August 1, 2025, contributed to an increase of 442,225 subscribers in U.S. retail high-speed Internet services[18]. - Bell CTS retail high-speed Internet subscribers grew by 9.7% to 4,890,297, with the U.S. segment contributing 446,910 subscribers due to the acquisition of Ziply Fiber[56]. - Mobile phone net subscriber activations decreased by 33.4% in Q3 2025 compared to Q3 2024, totaling 68,018[48]. - Bell CTS retail high-speed Internet net subscriber activations decreased by 38.4% in Q3 2025 and by 58.3% in the first nine months of the year compared to the same periods last year[154]. Capital Expenditures and Investments - Capital expenditures in Q3 2025 were $891 million, a decrease of 6.6% compared to Q3 2024[21]. - The company completed a public debt offering of $2.0 billion in medium-term note debentures on August 14, 2025, to fund the redemption of Ziply Fiber's debt[33][35]. - BCE entered into an agreement to sell its home security and monitored alarm assets to a.p.i. ALARM Inc. for $170 million, completed on October 1, 2025[38]. - Long-term debt increased by $2,320 million (7.1%) to $35,155 million as of September 30, 2025, while debt due within one year decreased by $1,849 million (24.1%) to $5,820 million[196]. - The company issued Series A, B, and C Junior Subordinated Notes totaling $3,916 million in U.S. dollars (approximately $5,586 million in Canadian dollars) during the reporting period[199]. Strategic Initiatives - The company plans to deploy low Earth orbit direct-to-cell services in 2026, aiming to enhance service offerings[7]. - BCE's strategic plan focuses on sustainable free cash flow growth and long-term shareholder value, emphasizing customer service and AI-powered solutions[30]. - Bell Canada launched Bell Cyber on September 9, 2025, consolidating its cybersecurity capabilities with a new autonomous Security Operations Centre[102]. - A partnership with BUZZ HPC was established to deliver a sovereign AI ecosystem through Bell AI Fabric, integrating NVIDIA GPU clusters with Bell's infrastructure[103]. Market Presence and Acquisitions - The acquisition of Northwest Fiber Holdco, LLC (Ziply Fiber) is expected to enhance BCE's market presence in the U.S.[4]. - The acquisition of Ziply Fiber on August 1, 2025, significantly impacted subscriber growth in the U.S. segment, adding 442,225 high-speed Internet subscribers[50]. - BCE expects to close the disposition of Northwestel to Sixty North Unity in 2026 for up to $1 billion, subject to certain conditions[37]. Revenue and Cost Analysis - BCE's operating costs rose by 1.2% in Q3 2025 to $3,287 million, influenced by a 2.5% increase in Bell CTS costs[66]. - Wireless revenues decreased by 0.4% in Q3 2025, impacted by competitive pricing pressures and reduced roaming revenues[127]. - Bell Media operating revenues decreased by 6.4% in Q3 2025, totaling $732 million, compared to $782 million in Q3 2024[188]. - Advertising revenues decreased by 11.5% in Q3 2025, primarily due to lower demand for traditional advertising[192]. - Subscriber revenues decreased by 5.2% in Q3 2025, attributed to the erosion in BDU subscribers, despite growth in DTC streaming revenues[192]. Shareholder Returns - BCE's annualized common share dividend is targeted at CAD 3.00 per share, with a payout policy of 60% of adjusted earnings[7]. - BCE authorized to renew its NCIB to repurchase up to 10% of the public float of each series of its outstanding First Preferred Shares, totaling approximately 9.7 million shares[36]. - BCE repurchased and cancelled 9,770,589 Preferred Shares for a total cost of $176 million since the previous NCIB began[36]. - Common shares outstanding increased from 912,283,103 to 932,525,817, reflecting an increase of 20,242,714 shares[200].

Financial Performance - Revenue increased by 1.3% year-over-year to $6,049 million[12] - Adjusted EBITDA increased by 1.5% year-over-year to $2,762 million[12] - Adjusted EPS increased by 5.3% to $0.79[12] - Free cash flow increased by 20.6% to $1,003 million[14] - Capital expenditures decreased by 6.6% year-over-year to $891 million[12] Subscriber Metrics - Postpaid churn rate improved by 15 bps year-over-year[6] - Retail FTTH Internet net additions were 65,239[9] - Crave subscribers increased by 24% year-over-year to 4.3 million[9] Bell Media - Bell Media revenue decreased by 6.4% year-over-year to $732 million[23] - Bell Media adjusted EBITDA decreased by 6.7% year-over-year to $237 million[24] Bell CTS U.S.(Ziply Fiber) - Bell CTS U.S revenue was $160 million for the 2-month period from August 1, 2025 through September 30, 2025[18] - Bell CTS U.S adjusted EBITDA was $71 million for the 2-month period from August 1, 2025 through September 30, 2025[18]

Core Insights - BCE has appointed Steve Weed, former Executive Chairman of Ziply Fiber, as a director of BCE Inc. and Bell Canada, which is expected to enhance the company's leadership in the telecommunications sector [1][3]. Group 1: Appointment Details - Steve Weed is currently the CEO of WaveDivision Capital, focusing on improving broadband access in the U.S. and Canada [2]. - He previously founded and served as CEO of Wave Broadband from 2002 to 2018, showcasing his extensive experience in the broadband industry [2]. - The appointment is seen as a strategic move to leverage Weed's expertise in driving growth at Bell, particularly in fiber Internet services [3]. Group 2: Company Overview - BCE is recognized as Canada's largest communications company, leading in advanced fiber and wireless networks, enterprise services, and digital media [3]. - The company aims to deliver next-generation technology through cloud-based and AI-driven solutions, enhancing connectivity and competitiveness for its customers [3].

Core Insights - BCE Inc. reported a consolidated revenue growth of 1.3% in Q3 2025, with adjusted EBITDA increasing by 1.5% year-over-year, reflecting the company's strategic focus on customer service and network improvements [3][16][18] - Net earnings for Q3 2025 reached $4,555 million, a significant recovery from a net loss of $1,191 million in Q3 2024, driven by gains on investments and lower asset impairments [17][18] - The acquisition of Ziply Fiber contributed positively, with the new Bell CTS U.S. segment generating $160 million in operating revenue and $71 million in adjusted EBITDA, indicating a successful integration [4][20][38] Financial Performance - Operating revenues for BCE were $6,049 million in Q3 2025, up from $5,971 million in Q3 2024, attributed to a 0.8% increase in service revenue and a 5.1% rise in product revenue [16][18] - Free cash flow increased by 20.6% to $1,003 million, supported by higher cash flows from operating activities and lower capital expenditures [3][19][63] - Adjusted net earnings rose by 6.5% to $733 million, leading to an adjusted EPS of $0.79, up 5.3% from the previous year [17][18] Subscriber Metrics - Bell CTS Canada experienced a reduction in postpaid mobile phone subscribers by 51,541, while the total mobile phone customer base increased by 0.4% to 10,398,934 [7][35] - Retail high-speed Internet net subscriber activations totaled 26,111, contributing to an 11.2% growth in Internet revenue [3][37] - Crave subscriptions reached 4.3 million, driven by a 67% increase in direct-to-consumer streaming subscribers [43] Strategic Initiatives - BCE's three-year strategic plan focuses on sustainable free cash flow growth through investments in fiber, wireless, AI-powered enterprise solutions, and digital media [5][10] - The company is expanding its wireless infrastructure, including a partnership with the Government of New Brunswick to enhance 5G access [14] - BCE launched Bell Cyber, a unified cybersecurity platform, and formed a strategic partnership with Simon Fraser University to advance AI and supercomputing initiatives in Canada [14][18] Segment Performance - Bell CTS U.S. reported operating revenues of $160 million and adjusted EBITDA of $71 million, reflecting strong performance post-acquisition of Ziply Fiber [20][38] - Bell Media's operating revenue decreased by 6.4% to $732 million, primarily due to lower advertising and subscriber revenues [39][42] - Bell CTS Canada saw a slight decline in operating revenue by 0.6% to $5,248 million, with service revenue down 1.5% [29][30]

Core Viewpoint - BCE is expected to report a quarterly earnings per share (EPS) of $0.52, reflecting a 5.5% decline year-over-year, with revenues projected at $4.35 billion, a decrease of 0.6% compared to the previous year [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 2.1%, indicating a reassessment by analysts [1][2] Subscriber Metrics - Analysts predict 'Mobile Phone Subscribers - Gross Subscriber Activations - Postpaid' to reach 350,352, down from 374,116 in the same quarter last year [4] - The forecast for 'Wireline voice - Retail residential NAS lines' is 1,685,630, compared to 1,876,782 a year ago [4] - The estimate for 'Mobile Phone Subscribers - Gross Subscriber Activations - Total' is 544,918, down from 588,263 in the same quarter last year [5] - 'Mobile Phone Subscribers - Net Subscriber Activations - Postpaid' is expected to be 25,949, compared to 33,111 last year [5] - 'Mobile Phone Subscribers - Net Subscriber Activations - Prepaid' is projected at 44,649, down from 69,085 a year ago [6] - The total estimate for 'Mobile Phone Subscribers - Net Subscriber Activations' is 70,599, compared to 102,196 last year [6] - 'Mobile Phone Subscribers - Subscribers End of Period - Postpaid' is expected to reach 9,591,334, up from 9,473,886 last year [7] - The estimate for 'Mobile Phone Subscribers - Subscribers End of Period - Prepaid' is 861,931, down from 887,834 a year ago [7] - The total for 'Mobile Phone Subscribers - Subscribers End of Period' is projected at 10,453,270, compared to 10,361,720 last year [8] - The estimated 'Mobile Phone Subscribers - Blended churn - Prepaid' is 4.9%, slightly up from 4.7% last year [8] - 'Mobile Phone Subscribers - Mobile Connected Device Subscribers - Net Subscriber Activations' is expected to be 53,955, down from 56,216 last year [9] - 'Mobile Phone Subscribers - Mobile Connected Device Subscribers - Subscribers EOP' is projected at 3,230,871, compared to 2,943,087 last year [9] Stock Performance - BCE shares have declined by 4.3% over the past month, contrasting with a 1% increase in the Zacks S&P 500 composite [10] - BCE holds a Zacks Rank 4 (Sell), indicating expected underperformance relative to the overall market [10]

Core Points - Gordon Nixon will step down as Chair of BCE and will not seek re-election at the Annual General Shareholder Meeting on May 7, 2026, after serving for 10 years [1][3] - Louis Vachon is nominated to succeed Nixon as Chair, pending his re-election as a Director by BCE shareholders [2][3] - BCE is recognized as Canada's largest communications company, focusing on advanced fibre and wireless networks, enterprise services, and digital media [4] Leadership Transition - Gordon Nixon has expressed gratitude for his tenure and highlighted the company's growth strategy shared at Investor Day [3] - Mirko Bibic, President and CEO of BCE, praised Nixon's leadership and expressed confidence in Vachon's capabilities as the next Chair [3] Company Overview - BCE is committed to delivering next-generation technology through cloud-based and AI-driven solutions, enhancing customer connectivity and business competitiveness [4]

Core Viewpoint - BCE has increased its 2028 cost-saving target by 50% to C$1.5 billion ($1.07 billion) as part of its strategy to simplify operations and focus on North American expansion for growth [1] Group 1: Financial Targets - The new cost-saving target is set at C$1.5 billion ($1.07 billion), reflecting a 50% increase from previous estimates [1] Group 2: Strategic Focus - The company is simplifying its operations to enhance efficiency and drive growth [1] - BCE is betting on its North American expansion as a key driver for future growth [1]