BCE 2025 Investor Day Summary Company Overview - **Company**: BCE Inc. (NYSE: BCE) - **Event**: 2025 Investor Day - **Date**: October 14, 2025 - **Location**: Toronto, Canada Key Industry Insights - **Telecommunications Industry**: BCE operates in the highly competitive telecommunications sector, focusing on connectivity through fiber and wireless networks. Core Strategic Priorities 1. **Customer First**: BCE aims to enhance customer experience, having improved from the highest share of complaints among major carriers in 2019 to the lowest today [24][60]. 2. **Best Fiber and Wireless Networks**: BCE emphasizes the superiority of its fiber and 5G networks, which are critical for future growth and customer satisfaction [22][39]. 3. **Enterprise Solutions with AI**: BCE is positioning itself as a leader in enterprise solutions powered by AI, aiming for a $1.5 billion AI-powered solutions business by 2028 [29][30]. 4. **Digital Media Powerhouse**: BCE's media division, Bell Media, is expected to drive consistent revenue and cash flow, targeting a 60% digital revenue mix by 2028 [30][31]. Financial Goals - **Revenue Growth**: BCE targets a compound annual revenue growth of 2% to 4% from 2025 to 2028 [23][33]. - **Cost Savings**: Aiming for an additional $750 million in savings, totaling $1.5 billion by 2028 [23][33]. - **Adjusted EBITDA Growth**: Expected CAGR of 2% to 3% from 2025 to 2028 [23][33]. - **Free Cash Flow Growth**: Projected growth of approximately 15% after lease payments [32][33]. - **Dividend Payments**: Anticipating approximately $5 billion in dividend payments to shareholders through a sustainable strategy [33]. Network and Technology Advancements - **Fiber Network Expansion**: BCE has expanded its fiber network significantly, with a goal to reach up to 8 million locations in the U.S. through strategic partnerships [26][39]. - **5G Network Coverage**: BCE's 5G network now reaches 89% of Canadians, with plans for further enhancements, including space-based direct-to-cell services by 2026 [27][28]. - **AI Integration**: BCE is leveraging AI to improve customer service and operational efficiency, with initiatives like the AI-powered Virtual Repair tool that has eliminated over a million technical support calls [66][75]. Customer Experience Enhancements - **Self-Service Initiatives**: Introduction of self-install programs and a user-friendly MyBell app to streamline customer interactions [65][66]. - **Churn Reduction Strategies**: Targeting a 30 basis points reduction in churn by 2028 through improved customer engagement and service offerings [49][64]. - **Personalized Experiences**: Utilizing AI to provide tailored recommendations and support, enhancing customer satisfaction and loyalty [61][72]. Market Position and Competitive Advantage - **Unique Asset Portfolio**: BCE's combination of fiber, wireless, and media assets provides a competitive edge that is difficult for rivals to replicate [39][46]. - **Customer Base**: BCE boasts 3 million fiber Internet customers, 10.5 million wireless subscribers, and 4 million TV content subscribers, positioning it as a market leader in Canada [39]. Conclusion - BCE is strategically positioned for growth through its focus on customer experience, network superiority, and innovative solutions. The company aims to deliver sustainable financial performance while navigating the challenges of a rapidly evolving telecommunications landscape.

Financial Goals and Growth - BCE aims for a revenue growth of 2%-4% CAGR from 2025 to 2028[54] - The company targets adjusted EBITDA growth of 2%-3% CAGR between 2025 and 2028[62] - BCE plans to achieve cost savings of $1.5 billion by 2028[57] - The company aims for a net debt leverage ratio of 3.5x by the end of 2027[145] - BCE projects a free cash flow (FCF) after lease payments CAGR of approximately 15% from 2025 to 2028[138] Strategic Priorities and Investments - BCE aims to reach approximately 6 million Crave paid subscribers and approximately $1 billion in Crave annual revenue by 2028[6, 579] - The company plans to pass 16+ million fibre locations[74] - BCE targets approximately $1.5 billion in AI-powered solutions revenue by 2028[6, 105] Segment Performance - Consumer & Small Business revenues are expected to grow at a CAGR of 1%-2% from 2025 to 2028, reaching approximately $15.9 billion[178] - Ziply Fiber projects revenue of approximately $0.9 billion and adjusted EBITDA of approximately $0.4 billion by 2025, with a CAGR of 15%-20% and 14%-18% respectively from 2025 to 2028[441] - Enterprise external revenue is projected to be approximately $5.2 billion in 2025, with AI-powered solutions contributing approximately $0.7 billion, and a CAGR of 2%-4% from 2025 to 2028[449]

Core Insights - BCE has unveiled a three-year strategic plan aimed at sustainable growth through investments in fibre, wireless, AI-powered enterprise solutions, and digital media, which is expected to enhance total shareholder returns [1][7][34] - The company anticipates a compound annual growth rate (CAGR) of approximately 15% in free cash flow after lease liabilities from 2025 to 2028, alongside $1.5 billion in cost savings by 2028 [7][12][30] - BCE's capital intensity is projected to decrease to around 14% by 2028, which will support improved cash flow and investment flexibility [7][12][30] Financial Outlook - BCE expects to generate approximately $22 billion in cumulative free cash flow before capital expenditures and lease liabilities over the next three years [10][12] - The company has set a target net debt leverage ratio of 3.5x by the end of 2027, aiming for approximately 3.0x by 2030 [7][13] - Anticipated dividend payments to common shareholders are around $5 billion over the next three years, supported by a sustainable dividend strategy [7][12][13] Strategic Priorities - The strategic plan is anchored by four core priorities: putting the customer first, delivering the best fibre and wireless networks, leading in enterprise with AI-powered solutions, and building a digital media and content powerhouse [3][21][30] - BCE aims to enhance customer experience through foundational investments in operational simplicity driven by AI, expecting to achieve a higher Net Promoter Score and lower churn rates [16][17][20] - The company plans to expand its fibre Internet subscriber base to 3 million and wireless subscribers to 10.5 million by the end of 2025 [18][20] Digital Media and Content - BCE's digital revenue mix is expected to grow from 45% of Bell Media revenue in 2025 to approximately 60% by 2028, with Crave aiming for around 6 million subscribers and $1 billion in annual revenue by the end of 2028 [30][31] - The company plans to expand its content offerings significantly, with over 40,000 hours of content available by the end of 2025 [31][30] Expansion and Partnerships - BCE completed the acquisition of Ziply Fiber, enhancing its position as the third-largest fibre Internet provider in North America, with potential access to 8 million fibre locations in the U.S. through a partnership with PSP Investments [27][30] - The company is also pursuing strategic partnerships to optimize its cost of capital and drive long-term growth [13][30]

Core Insights - BCE Inc.'s Bell plans to enhance its wireless service in 224 communities across Canada by early 2026, focusing on building new towers and upgrading existing infrastructure for improved connectivity and support for advanced applications [1][9] - Since 2020, Bell has invested nearly $24 billion in its wireless and Pure Fibre networks, achieving over 99% coverage for Canadians and 89% access to 5G services [2][9] - The expansion aligns with Bell's vision of a fully connected Canada, promising seamless connectivity and advanced applications through continued investment and innovation [3] Strategic Initiatives - Significant investments in network coverage, customer retention, and new data plans are expected to drive subscriber growth, with operating profitability increasing across wireless, wireline, and media segments [4] - BCE's roadmap for 2025 includes enhancing customer experience, expanding fiber and 5G networks, and leveraging AI and automation to modernize operations [5] - BCE has activated Canada's largest 5G network, providing unmatched mobile data speeds in major cities and completing a trial for a 50-gigabit passive optical network to enhance internet speeds [6] Challenges and Outlook - BCE faces challenges from economic uncertainty, inflation, and regulatory pressures, with expectations of a 10-13% decline in adjusted EPS for 2025 due to pricing pressures and higher media costs [7][9] - The competitive landscape remains intense, with potential headwinds from slower subscriber growth and increased operational costs impacting revenue and EBITDA [7]

BCE FY Conference Summary Company Overview - **Company**: BCE Inc. (NYSE: BCE) - **Event**: FY Conference held on September 25, 2025 Key Points Industry and Market Dynamics - BCE has acquired Ziply, focusing on the U.S. fiber market, which is underpenetrated compared to Canada, where fiber penetration is approximately 75% versus about 50% in the U.S. [2][3] - The U.S. fiber market presents significant growth opportunities due to a lack of infrastructure build-out by telcos over the past decade [3] - BCE plans to double its U.S. fiber footprint over the next three years, aiming for approximately 3 million locations by 2028 [5] - The strategy involves not competing directly with major players like AT&T or Verizon but rather taking market share from cable providers [6] Financial Performance and Strategy - BCE emphasizes free cash flow over net adds, indicating a shift in focus towards profitability rather than just subscriber growth [8][9] - Churn rates have improved, with a reduction of 12 basis points, indicating better customer retention strategies [10] - The company has 8 million fiber homes in Canada and aims to manage penetration effectively as growth slows [11][12] Competitive Positioning - BCE's strategy in Quebec involves increasing fiber penetration from below 30% to mid-40%, challenging cable competitors [14] - The company is exploring partnerships and bolt-on acquisitions to enhance its market position and drive returns [7] Technology and AI Integration - BCE is positioning itself to capitalize on AI and business transformation, providing end-to-end solutions for enterprise customers [18][20] - The company is not looking to replicate large language models but rather to partner with hyperscalers to deliver integrated solutions [19][24] - BCE has secured over 500 megawatts of renewable hydroelectric power for its data centers, enhancing its operational capabilities [26] Cost Management and Infrastructure - BCE aims to reduce costs by automating processes and simplifying operations, with a target of $1.5 billion in cost savings by 2028 [30][31] - The company views its infrastructure as a valuable asset, considering potential monetization strategies while maintaining strategic control [32][33] Future Outlook - BCE is focused on increasing its capital efficiency and scrutinizing asset ownership to ensure optimal returns [34] - The company is committed to leveraging its fiber infrastructure to drive growth and profitability in both Canadian and U.S. markets [16][34] Additional Insights - The Canadian wireless pricing environment is stabilizing, with double-digit increases in flanker pricing compared to the previous year [8] - BCE's approach to AI is cautious, emphasizing the importance of tangible business outcomes over mere buzzwords [21][24] This summary encapsulates the critical insights and strategic directions discussed during the BCE FY Conference, highlighting the company's focus on growth, profitability, and technological integration in a competitive landscape.

Group 1 - BCE Inc. will participate in a fireside chat at the 24th Annual CIBC Eastern Institutional Investor Conference on September 25, 2025, at 8:00 am eastern time [1] - BCE is recognized as Canada's largest communications company, focusing on advanced fibre and wireless networks, enterprise services, and digital media [1] - The company emphasizes the delivery of next-generation technology that utilizes cloud-based and AI-driven solutions to enhance customer connectivity and business competitiveness [1] Group 2 - Bell Canada has launched Bell Cyber, consolidating its cybersecurity capabilities under a single brand to provide integrated protection across networks and cloud services [2] - The company has completed the redemption of all Ziply Fiber debt prior to maturity, indicating a strategic financial move [3]

Group 1 - BCE Inc. has experienced a significant decline in stock value, down approximately 35% over the past 52 weeks despite some recent recovery [1] - The company is noted for its generous dividend offerings, which may attract income-focused investors [1]

Core Insights - BCE Inc. has experienced a significant decline in stock value, down approximately 35% over the past 52 weeks, despite some recent recovery [1] Group 1 - The stock performance of BCE Inc. indicates a challenging year, with a notable drop in value [1]

Company Overview - BCE Inc. is Canada's leading integrated telecommunications and media provider, operating primarily through Bell Canada and Bell Media [2][3] - The company offers a diverse range of services including wireless networks, broadband internet, television, and content distribution, serving both consumer and enterprise markets [2][4] Market Positioning - BCE leverages its extensive last-mile copper and fibre assets, along with ongoing upgrades to fibre-to-the-premises (FTTP) and 5G wireless, to enhance its market positioning [5][25] - The company captures approximately 30% of the national wireless subscriber market, placing it among the "Big Three" wireless carriers in Canada [37][40] Financial Performance - BCE's market capitalization is approximately CA$31.6 billion, with annual revenues ranging from CA$23 to CA$24 billion [10][11] - The company generates steady cash flows driven by recurring subscription revenues, with a dividend yield around 5.5% to 5.8% [14][41] Revenue Streams - BCE's revenue is derived from multiple lines including consumer wireless subscriptions, broadband and video packages, enterprise connectivity, and media advertising [11][18] - The integration of network and content allows for cross-selling opportunities, enhancing average revenue per user (ARPU) [5][48] Strategic Assets - Bell Media's content rights and distribution capabilities are key strategic assets, allowing BCE to bundle exclusive content with connectivity services [21][48] - The company's operational strength lies in combining network ownership with content distribution, which helps defend ARPU and reduce churn [25][48] Leadership and Governance - BCE's leadership is focused on aligning long-term capital expenditure with evolving content strategies and regulatory compliance [34][32] - The executive team, led by CEO Mirko Bibic, oversees both telecom and media franchises, ensuring integrated decision-making [32][42] Industry Dynamics - BCE operates in a highly regulated sector, with spectrum licensing and cultural content obligations influencing its strategies [7][24] - The competitive landscape includes challenges from digital-first players and global streaming services, necessitating optimization of content spend and local programming [23][24]

Core Insights - BCE Inc. is considered one of the most undervalued telecom stocks, with a price target raised to C$36 from C$35 by CIBC analyst Stephanie Price, maintaining a Neutral rating [1] Financial Performance - BCE's revenue increased by 2.28% year-over-year in Q2, reaching $4.43 billion, driven by its fiber strategy and growth in premium wireless subscribers [2] Strategic Developments - The acquisition of Ziply Fiber was completed ahead of schedule, expanding BCE's fiber footprint by 1.4 million locations, making it the third-largest fiber Internet provider in North America [3] - Ziply's EBITDA is projected to grow by over 20% in 2025, indicating strong future performance [3] - BCE's self-install program has seen success, with over 1 million self-installs since 2022 [3] Company Overview - BCE Inc. provides a range of communication services including wireless, wireline, internet, streaming, and television services to various customer segments in Canada [4]