BCE reports results of series AM and series AN preferred share conversions

Rhea-AI Summary

BCE (TSX: BCE, NYSE: BCE) announced preferred share conversion results and terms effective March 31, 2026. All remaining floating-rate Series AN preferred shares will convert into fixed-rate Series AM at a one-for-one ratio.

Totals: 2,276 Series AM and 348,545 Series AN were tendered; Series AM pays a fixed annual dividend of 4.837% for five years.

Positive

• Fixed dividend set at 4.837% annually for five years
• All Series AN to convert to Series AM on March 31, 2026

Negative

• Low tendering: 2,276 of 8,802,551 Series AM tendered
• Forced conversion: remaining Series AN converted due to <1,000,000 threshold

News Market Reaction – BCE

+0.42%

1 alert

+0.42% News Effect

On the day this news was published, BCE gained 0.42%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Series AM shares outstanding: 8,802,551 shares Series AM tendered: 2,276 shares Series AN shares outstanding: 948,622 shares +3 more

6 metrics

Series AM shares outstanding 8,802,551 shares Cumulative Redeemable First Preferred Shares, Series AM before conversion

Series AM tendered 2,276 shares Series AM shares elected for conversion into Series AN on Mar 31, 2026

Series AN shares outstanding 948,622 shares Cumulative Redeemable First Preferred Shares, Series AN before conversion

Series AN tendered 348,545 shares Series AN shares elected for conversion into Series AM on Mar 31, 2026

Automatic conversion threshold 1,000,000 shares Trigger level for automatic conversion of remaining Series AN into Series AM

Series AM dividend rate 4.837% annually Fixed annual dividend rate for five-year period from Mar 31, 2026

Market Reality Check

Price: $25.80 Vol: Volume 4,529,989 is 36% a...

normal vol

$25.80 Last Close

Volume Volume 4,529,989 is 36% above the 20-day average of 3,340,757. normal

Technical Price 25.895 is trading above the 200-day MA at 23.91 and 2.36% below the 52-week high.

Peers on Argus

BCE rose 1.29% with mixed peer action: TU and SATS gained, RCI slipped, and VIV ...

1 Down

BCE rose 1.29% with mixed peer action: TU and SATS gained, RCI slipped, and VIV and TLK posted smaller gains. Moves do not clearly cluster in one direction, pointing to a more stock-specific backdrop.

Historical Context

5 past events · Latest: Mar 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 16	AI expansion & outlook	Positive	+0.2%	Announced 300 MW AI data centre and updated 2026 guidance and 2025–2028 outlook.
Mar 13	Conference participation	Neutral	-0.4%	CFO to speak at Desjardins Montréal Conference with webcast for investors and public.
Mar 06	Annual report filing	Neutral	+0.3%	Filed 2025 Form 40-F with audited financials and made copies available to investors.
Feb 27	Investor conference	Neutral	+2.5%	CEO to join Morgan Stanley TMT Conference fireside chat with live webcast access.
Feb 27	Investor conference	Neutral	+2.5%	CFO to speak at Scotiabank TMT Conference with webcast on BCE’s website.

Pattern Detected

Recent BCE headlines have been operational or investor-relations focused, generally followed by modestly positive or stable price reactions.

Recent Company History

Over the past months, BCE has emphasized investor outreach and disclosure, including conference participation on Feb 27, 2026 and its 2025 annual report filing on Mar 6, 2026. The Mar 16, 2026 AI data centre and guidance update saw only a slight positive reaction. Today’s preferred share conversion update fits this pattern of steady, incremental corporate communications rather than transformative catalysts.

Market Pulse Summary

This announcement details the conversion mechanics between BCE’s Series AM and Series AN preferred s...

Analysis

This announcement details the conversion mechanics between BCE’s Series AM and Series AN preferred shares, culminating in all Series AN converting into Series AM on March 31, 2026. The resulting Series AM shares carry a fixed annual dividend rate of 4.837% for five years. Investors may track how these changes fit within BCE’s broader financing approach alongside its recent disclosures and conference participation.

Key Terms

cumulative redeemable first preferred shares, floating-rate, fixed-rate

3 terms

cumulative redeemable first preferred shares financial

"all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN"

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

"all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN"

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.

fixed-rate financial

"into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM"

A fixed-rate is an arrangement where the interest or return on a loan, bond, or other financial obligation stays the same for a specified period instead of changing with market conditions. For investors, that means predictable payments and easier budgeting—like locking in a grocery price for a year—but it also means missing out if market rates fall, and it may be less attractive if inflation or rates rise significantly.

AI-generated analysis. Not financial advice.

MONTRÉAL, March 16, 2026 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN ("Series AN Preferred Shares") will be converted on March 31, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM ("Series AM Preferred Shares").

On March 2, 2026, notice was provided that holders of Series AM Preferred Shares could elect to convert their shares into Series AN Preferred Shares and that holders of Series AN Preferred Shares could elect to convert their shares into Series AM Preferred Shares, subject to the terms and conditions attached to those shares. A total of 2,276 of its 8,802,551 Series AM Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AN Preferred Shares. In addition, 348,545 of its 948,622 Series AN Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AM Preferred Shares. As this would result in there being less than 1,000,000 Series AN Preferred Shares outstanding, all remaining Series AN Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AM Preferred Shares on March 31, 2026.

The Series AM Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 31, 2026, as and when declared by the Board of Directors of BCE, a fixed quarterly cash dividend based on an annual dividend rate of 4.837%. The Series AM Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.M.

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) announce for March 31, 2026?

All remaining Series AN preferred shares will convert one-for-one into Series AM on March 31, 2026. According to the company, holders tendered specified amounts and remaining Series AN are auto-converted under share terms.

How many Series AN and Series AM shares were tendered for conversion by BCE?

BCE reported 348,545 of 948,622 Series AN and 2,276 of 8,802,551 Series AM were tendered for conversion. According to the company, these totals determine the automatic conversion outcome.

What dividend rate will BCE Series AM preferred shares pay after conversion?

Series AM will pay a fixed annual dividend rate of 4.837% for five years, paid quarterly as declared. According to the company, this applies from March 31, 2026 for the five-year period.

Why are the remaining Series AN shares being automatically converted by BCE?

Because conversion tendering would leave fewer than 1,000,000 Series AN outstanding, remaining Series AN are auto-converted into Series AM on March 31, 2026. According to the company, this follows the shares' terms and conditions.

Will BCE Series AM preferred shares remain listed after the conversion?

Yes, Series AM preferred shares will continue to be listed on the Toronto Stock Exchange under symbol BCE.PR.M. According to the company, the listing remains in place following the March 31, 2026 conversions.