BCE reports results of Series AG and AH Preferred Share conversions

Rhea-AI Summary

BCE (TSX: BCE / NYSE: BCE) announced the results of voluntary conversions between its preferred share series ahead of May 1, 2026. A total of 121,070 Series AG and 1,464,469 Series AH were tendered for one‑for‑one conversion.

As of May 1, 2026, BCE will have 9,375,684 Series AG and 2,832,114 Series AH outstanding. Series AG will pay a quarterly fixed dividend at an annual rate of 5.30% for five years; Series AH will continue a monthly floating dividend tied to the prime rate plus an adjustment factor. Both series remain listed as BCE.PR.G and BCE.PR.H on the Toronto Stock Exchange.

Positive

• Series AG fixed rate set at 5.30% annually
• Series AG outstanding will be 9,375,684 on May 1, 2026
• Series AH outstanding will be 2,832,114 on May 1, 2026

Negative

• Series AH dividends remain variable and tied to the prime rate
• Conversion activity changed share mix (1,464,469 AH and 121,070 AG tendered)

News Market Reaction – BCE

-0.71%

-0.71% Session close to close

In the Apr 22 session, BCE declined 0.71%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement outlines the final mix between BCE’s fixed-rate Series AG and floating-rate Series...

Analysis

This announcement outlines the final mix between BCE’s fixed-rate Series AG and floating-rate Series AH preferred shares following one-for-one conversions effective May 1, 2026. It confirms new outstanding counts and a fixed 5.30% dividend for Series AG over the next five years, while Series AH remains tied to the prime rate via a designated percentage formula. Investors may track future updates on other preferred series and monitor how these instruments shape BCE’s funding structure and income profile.

Key Figures

Series AG tendered: 121,070 shares Series AG outstanding pre-conversion: 8,032,285 shares Series AH tendered: 1,464,469 shares +5 more

8 metrics

Series AG tendered 121,070 shares Series AG fixed-rate preferred shares converted into Series AH on May 1, 2026

Series AG outstanding pre-conversion 8,032,285 shares Fixed-rate Series AG preferred shares before May 1, 2026 conversion

Series AH tendered 1,464,469 shares Series AH floating-rate preferred shares converted into Series AG on May 1, 2026

Series AH outstanding pre-conversion 4,175,513 shares Floating-rate Series AH preferred shares before May 1, 2026 conversion

Series AG outstanding post-conversion 9,375,684 shares Series AG preferred shares issued and outstanding as of May 1, 2026

Series AH outstanding post-conversion 2,832,114 shares Series AH preferred shares issued and outstanding as of May 1, 2026

Series AG dividend rate 5.30% annually Fixed cash dividend for five-year period starting May 1, 2026

Reference basis 1 Based on total revenue and total combined customer connections

Historical Context

5 past events · Latest: Apr 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 06	MTN program renewal	Neutral	-1.8%	Renewal of Bell Canada MTN debenture program to May 2, 2029.
Apr 02	Earnings date set	Neutral	-3.7%	Announcement of Q1 2026 results release and conference call on May 7.
Mar 26	Business divestiture	Neutral	-0.9%	Sale of Bell Canada land mobile radio networks services business to Motorola.
Mar 26	Proxy circular filed	Neutral	-0.1%	Release of 2026 management proxy circular and AGM details for May 7.
Mar 16	Preferred conversion	Neutral	+0.4%	Series AM/AN preferred share conversion results and new 4.837% fixed dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent BCE headlines on funding programs, governance documents and preferred share conversions have generally seen small, mixed price reactions, with modest downside moves dominating.

Recent Company History

Over the last month, BCE has focused on capital structure, funding flexibility and routine corporate governance. On March 16, 2026, it reported Series AM/AN preferred share conversions, which saw a small 0.42% gain. Subsequent items included a management proxy circular on March 26, an LMR services business sale to Motorola Solutions the same day, a Q1 2026 results date on April 2, and an MTN program renewal on April 6, with modest negative reactions. Today’s Series AG/AH preferred conversion results fit this pattern of incremental balance-sheet and capital-structure updates.

Key Terms

cumulative redeemable first preferred shares, floating-rate, prime rate, designated percentage

4 terms

cumulative redeemable first preferred shares financial

"its 8,032,285 fixed-rate Cumulative Redeemable First Preferred Shares, Series AG"

Cumulative redeemable first preferred shares are a type of preferred stock that pays regular dividends which, if skipped, accumulate and must be paid later before common shareholders receive dividends; think of it as a savings account where missed interest builds up. They rank ahead of common shares for dividend payments and in liquidation, and the issuer has the right to buy them back at a predetermined price or time, so they matter to investors seeking steady income with higher priority than common stock but limited upside and call risk.

floating-rate financial

"into floating-rate Cumulative Redeemable First Preferred Shares, Series AH"

A floating-rate is an interest rate on a loan, bond or other debt that moves up or down over time based on a regularly published reference number, so the payments change as market rates change. For investors, that means income and interest costs track current market conditions—like a thermostat that adjusts with room temperature—offering protection when rates rise but adding uncertainty about future cash flow.

prime rate financial

"calculated based on the prime rate for such month and using the Designated Percentage"

The prime rate is the interest rate banks typically charge their most creditworthy customers for short-term loans and serves as a common baseline for many other interest rates. Think of it as a price tag for borrowing: when the prime rate rises, costs for business loans, mortgages and consumer credit usually go up, which can slow spending, squeeze profits and influence stock prices and interest-sensitive sectors.

designated percentage financial

"using the Designated Percentage for such month representing the sum of an adjustment factor"

A designated percentage is a specific proportion—stated as a percent—set out in a contract, offering document, or rule to determine how much of something (cash, shares, voting rights, fees, or liability) applies to a party or calculation. Investors care because that fixed slice directly affects payouts, ownership dilution, thresholds for corporate actions or fee charges; like a recipe telling you how much of an ingredient each person gets, it shapes financial outcomes and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MONTRÉAL, April 21, 2026 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that 121,070 of its 8,032,285 fixed-rate Cumulative Redeemable First Preferred Shares, Series AG ("Series AG Preferred Shares") have been tendered for conversion on May 1, 2026, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AH ("Series AH Preferred Shares"). In addition, 1,464,469 of its 4,175,513 Series AH Preferred Shares have been tendered for conversion on May 1, 2026, on a one-for-one basis, into Series AG Preferred Shares. Consequently, on May 1, 2026, BCE will have 9,375,684 Series AG Preferred Shares and 2,832,114 Series AH Preferred Shares issued and outstanding. The Series AG Preferred Shares and the Series AH Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.G and BCE.PR.H, respectively.

The Series AG Preferred Shares will pay on a quarterly basis, for the five-year period beginning on May 1, 2026, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.30%.

The Series AH Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on May 1, 2026, as and when declared by the Board of Directors of BCE. The monthly floating adjustable dividend for any particular month will continue to be calculated based on the prime rate for such month and using the Designated Percentage for such month representing the sum of an adjustment factor (based on the market price of the Series AH Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.

About BCE

BCE is Canada's largest communications company¹, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we're keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca. 

1 Based on total revenue and total combined customer connections.

Media inquiries:

Ellen Murphy
media@bell.ca

Investor inquiries:

Krishna Somers
krishna.somers@bell.ca

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SOURCE BCE Inc.

FAQ

What conversions did BCE (BCE) report for Series AG and AH preferred shares on April 21, 2026?

BCE reported 121,070 Series AG and 1,464,469 Series AH were tendered for one‑for‑one conversion. According to the company, conversions take effect on May 1, 2026, changing the outstanding counts of each series.

How many Series AG and Series AH preferred shares will be outstanding for BCE (BCE) after the May 1, 2026 conversions?

After conversions, BCE will have 9,375,684 Series AG and 2,832,114 Series AH outstanding. According to the company, these figures reflect the one‑for‑one tendered conversions effective May 1, 2026.

What dividend will BCE Series AG preferred shares (BCE.PR.G) pay after May 1, 2026?

Series AG will pay a quarterly fixed cash dividend at an annual rate of 5.30% for five years starting May 1, 2026. According to the company, dividends are paid as and when declared by the board.

How are dividends calculated for BCE Series AH preferred shares (BCE.PR.H) after May 1, 2026?

Series AH will continue a monthly floating adjustable dividend based on the prime rate plus an adjustment factor. According to the company, the adjustment factor reflects market price movements and prior month designated percentages.

Will BCE keep Series AG and AH listed on the Toronto Stock Exchange after conversions?

Yes. BCE confirmed both series remain listed on the Toronto Stock Exchange as BCE.PR.G and BCE.PR.H. According to the company, listing symbols and market access are unchanged by the conversions.