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BCE Inc. (BCE) Q2 2026 nets $629M on $6,176M revenue and higher EBITDA

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

BCE Inc. reported Q2 2026 operating revenues of $6,176 million, up 1.5% from Q2 2025, as higher service revenue offset weaker product sales. Net earnings were $629 million and EPS $0.60, down 2.3% and 4.8%, while adjusted EBITDA rose 1.0% to $2,702 million.

Cash from operating activities increased 11.0% to $2,162 million, but free cash flow declined 9.5% to $1,042 million due to 41.5% higher capital expenditures of $1,080 million. The Ziply Fiber acquisition contributed to growth in Bell CTS U.S., lifting total high-speed Internet subscribers 7.3% to 4.9 million and residential FTTH subscribers 14.7% to 3.6 million. BCE also completed $1.6 billion of Canadian MTN debentures and $650 million U.S. notes offerings, using part of the proceeds to repurchase $1,453 million of Canadian and $878 million U.S. debt. The company expects approximately $1.7 billion of capital expenditure for its planned 300 MW AI data centre in Saskatchewan.

Positive

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Negative

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Filing Explained

BCE’s Saskatchewan AI facility remains pre-operation after $150 million spent to date, with its first phase expected online in the first half of 2027.

BCE's August 6, 2026 Form 6-K furnishes its interim report for the quarter ended June 30, 2026. It also says selected exhibits are incorporated by reference into specified F-3, F-3D, S-8 and F-10 registration statements, extending those Q2 materials into those filings.

The Saskatchewan AI data-centre project remains under development: approximately $150 million of capital expenditures and related cash outflows have occurred to date, spending is expected to accelerate, and the first phase is expected to come online in the first half of 2027.

A separate sovereign direct-to-device satellite ground station in Québec has completed construction, but testing has commenced rather than operations; additional stations remain under construction.

The proposed dispositions of Northwestel and Bell Mobility's land-mobile-radio networks services business remain subject to closing conditions and termination rights, so the filing does not report those transactions as completed.

Operating revenues $6,176 million Q2 2026, up 1.5% vs Q2 2025
Net earnings $629 million Q2 2026, down 2.3% vs Q2 2025
Adjusted EBITDA $2,702 million Q2 2026, up 1.0% vs Q2 2025
EPS $0.60 Net earnings per common share, Q2 2026, down from $0.63
Adjusted EPS $0.65 Q2 2026, up from $0.63 in Q2 2025
Cash flows from operating activities $2,162 million Q2 2026, up 11.0% vs Q2 2025
Free cash flow $1,042 million Q2 2026, down 9.5% vs Q2 2025
High-speed Internet subscribers 4,911,422 Bell CTS high-speed Internet subscribers at June 30, 2026, up 7.3% year over year
Adjusted EBITDA financial
"BCE adjusted EBITDA increased by 1.0% in Q2 2026, compared to the same period last year"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow in the second quarter of 2026 decreased by $110 million compared to the same period last year"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
fibre-to-the-home (FTTH) technical
"Bell CTS residential fibre-to-the-home (FTTH) Internet subscribers were 3.6 million at June 30, 2026"
mobile phone blended ARPU financial
"Mobile phone blended ARPU of $56.30 in Q2 2026 and $56.45 year to date declined by 2.3% and 1.6%"
medium-term notes (MTN) debentures financial
"Bell Canada completed a public offering in Canada of $1.6 billion aggregate principal amount of medium-term notes (MTN) debentures"
direct-to-device satellite service technical
"The facility connects with AST SpaceMobile's constellation of satellites to support direct-to-device satellite service"
Operating revenues $6,176 million +1.5% vs Q2 2025
Net earnings $629 million (2.3%) vs Q2 2025
Adjusted EBITDA $2,702 million +1.0% vs Q2 2025
EPS $0.60 (4.8%) vs Q2 2025
Adjusted EPS $0.65 +3.2% vs Q2 2025
Cash flows from operating activities $2,162 million +11.0% vs Q2 2025
Free cash flow $1,042 million (9.5%) vs Q2 2025

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

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FAQ

How did BCE (BCE) perform financially in Q2 2026?
BCE reported Q2 2026 operating revenues of $6,176 million, up 1.5% year over year, and net earnings of $629 million, down 2.3%. Adjusted EBITDA increased 1.0% to $2,702 million, with an adjusted EBITDA margin of 43.8%.

What were BCE (BCE) earnings per share in Q2 2026?
Q2 2026 EPS were $0.60, down from $0.63 a year earlier, while adjusted EPS rose to $0.65 from $0.63. Adjusted net earnings were $604 million, compared with $592 million in Q2 2025.

How did BCE (BCE) cash flow and capital spending change in Q2 2026?
Cash flows from operating activities rose 11.0% to $2,162 million, but free cash flow fell 9.5% to $1,042 million. The decline was driven by a 41.5% increase in capital expenditures to $1,080 million during the quarter.

How is the Ziply Fiber acquisition affecting BCE (BCE) results?
The Bell CTS U.S. segment, driven by Ziply Fiber, contributed $234 million of operating revenue and $95 million of adjusted EBITDA in Q2 2026. Year to date, it added $468 million of revenue, $197 million of adjusted EBITDA, and boosted U.S. high-speed Internet and FTTH subscribers.

What major financing and debt actions did BCE (BCE) undertake in 2026?
Bell Canada issued $1.6 billion of Canadian MTN debentures and $650 million U.S. senior notes. It repurchased $1,453 million of Canadian MTNs and $878 million U.S. notes via tender offers, using proceeds plus other funds and retaining some for general corporate purposes.

What are BCE (BCE) plans for AI data centres and expected capex?
BCE plans a 300 MW AI data centre in Saskatchewan and expects approximately $1.7 billion of capital expenditure for the facility over time. Capital spent to date is about $150 million, with spending expected to accelerate as construction and long-lead component orders progress.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

August 6, 2026
Commission File Number: 1-8481

BCE Inc.
(Translation of registrant’s name into English)
 
1, carrefour Alexander-Graham-Bell,
Verdun, Québec
Canada H3E 3B3
(514) 786-8424
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Only the BCE Inc. Management’s Discussion and Analysis for the quarter ended June 30, 2026 furnished with this Form 6-K as Exhibit 99.1, the BCE Inc. unaudited consolidated interim financial statements for the quarter ended June 30, 2026 furnished with this Form 6-K as Exhibit 99.2, the Bell Canada Unaudited Selected Summary Financial Information for the quarter ended June 30, 2026 furnished with this Form 6-K as Exhibit 99.5, and the Exhibit to 2026 Second Quarter Financial Statements – Earnings Coverage furnished with this Form 6-K as Exhibit 99.6 are incorporated by reference in the registration statements filed by BCE Inc. with the Securities and Exchange Commission on Form F-3 (Registration Statement No. 333-12130), Form F-3D (Registration Statement No. 333-283289) and Form S-8 (Registration Statement Nos. 333-12780, 333-12802 and 333-293345) and the joint registration statements filed by BCE Inc. and Bell Canada with the Securities and Exchange Commission on Form F-10 (Registration Statement Nos. 333-279247 and 333-279247-01, Registration Statement Nos. 333-284730 and 333-284730-01 and Registration Statement Nos. 333-294864 and 333-294864-01). Except for the foregoing, no other document or portion of document furnished with this Form 6-K is incorporated by reference in BCE Inc.’s registration statements. Notwithstanding any reference to BCE Inc.’s Web site on the World Wide Web in the documents attached hereto, the information contained in BCE Inc.’s site or any other site on the World Wide Web referred to in BCE Inc.’s site is not a part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission.








 
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BCE Inc.
Date: August 6, 2026By:/s/ Curtis Millen
Name: Curtis Millen
Title: Executive Vice-President and Chief Financial Officer





EXHIBIT INDEX
 
Exhibit  
99.1 BCE Inc. 2026 Second Quarter Management’s Discussion and Analysis
99.2BCE Inc. 2026 Second Quarter Financial Statements
99.3CEO/CFO Certifications
99.4News Release
99.5Bell Canada Unaudited Selected Summary Financial Information
99.6Exhibit to 2026 Second Quarter Financial Statements – Earnings Coverage


Exhibit 99.1
Management's discussion and analysis

Table of contents
1 Overview
7
1.1 Financial highlights
7
1.2 Key corporate and business developments
9
1.3 Assumptions
10
2 Consolidated financial analysis
11
2.1 BCE consolidated income statements
11
2.2 Customer connections
12
2.3 Operating revenues
14
2.4 Operating costs
15
2.5 Net earnings
16
2.6 Adjusted EBITDA
17
2.7 Severance, acquisition and other costs
18
2.8 Depreciation and amortization
18
2.9 Finance costs
18
2.10 Other income (expense)
19
2.11 Income taxes
19
2.12 Net earnings attributable to common shareholders and EPS
19
3 Business segment analysis
20
3.1 Bell CTS
20
3.2 Bell Media
32
4 Financial and capital management
36
4.1 Net debt
36
4.2 Outstanding share data
37
4.3 Cash flows
38
4.4 Post-employment benefit plans
42
4.5 Financial risk management
42
4.6 Credit ratings
45
4.7 Liquidity
45
5 Quarterly financial information
46
6 Regulatory environment
47
6.1 Canadian regulatory environment
47
7 Accounting policies
49
8 Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)
50
8.1 Non-GAAP financial measures
50
8.2 Non-GAAP ratios
53
8.3 Total of segments measures
53
8.4 Capital management measures
55
8.5 Supplementary financial measures
55
8.6 KPIs
56
9 Controls and procedures
57
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 3


Management’s discussion and analysis
In this management’s discussion and analysis (MD&A), we, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. Bell means, as the context may require, either Bell Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements and associates.
All amounts in this MD&A are in millions of Canadian dollars, except where noted. Please refer to section 8, Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) for a list of defined non-GAAP financial measures, other financial measures and KPIs.
Please refer to BCE’s unaudited consolidated financial statements for the second quarter of 2026 (Q2 2026 Financial Statements) when reading this MD&A. We also encourage you to read BCE’s MD&A for the year ended December 31, 2025 dated March 5, 2026 (BCE 2025 Annual MD&A) as updated in BCE's MD&A for the first quarter of 2026 dated May 6, 2026 (BCE 2026 First Quarter MD&A). In preparing this MD&A, we have taken into account information available to us up to August 5, 2026, the date of this MD&A, unless otherwise stated.
You will find additional information relating to BCE, including BCE’s annual information form for the year ended December 31, 2025 dated March 5, 2026 and recent financial reports, including the BCE 2025 Annual MD&A and the BCE 2026 First Quarter MD&A on BCE’s website at BCE.ca, on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.
Documents and other information contained in BCE’s website or in any other site referred to in BCE’s website or in this MD&A are not part of this MD&A and are not incorporated by reference herein unless explicitly stated.
This MD&A comments on our business operations, performance, financial position and other matters for the three months (Q2) and six months (YTD) ended June 30, 2026 and 2025.
Caution regarding forward-looking statements
This MD&A and, in particular, but without limitation, section 3.1, Bell CTS, section 3.2, Bell Media, the section and sub-sections entitled Assumptions and section 4.7, Liquidity, contain forward-looking statements. These forward-looking statements include, without limitation, statements relating to: Bell’s partnership with the Government of Saskatchewan to develop a 300 megawatts (MW) artificial intelligence (AI) data centre in the Rural Municipality of Sherwood, Saskatchewan; the benefits expected to result from the facility; timing for operation of the facility; the expected increase in expenditures on the facility as development continues; the timing for operation of the Merritt, British Columbia (B.C.) AI data centre facility; expectations regarding the agreement between Bell, Cohere, Hypertec and BUZZ High Performance Computing (BUZZ HPC); Bell’s sovereign direct-to-device satellite service ground station, including the expected benefits and plans for upcoming construction; the ability of Bell’s broader sovereign direct-to-device satellite service infrastructure to support direct-to-device service across Canada; the expected benefits of the partnership between Walmart+ and Crave; the anticipated expansion of Bell Media’s Connected TV inventory resulting from its strategic agreement with TELUS Corporation (TELUS); the sources of liquidity we expect to use to meet our 2026 cash requirements and to fund the development of our Saskatchewan AI data centre; the approximately $1.7 billion of capital expenditure expected for the data centre and the timing of this expenditure; the risks associated with our financial instruments and the methods by which we manage such risks; expected financial impacts from interest rate and foreign currency exposures; the impact of changes to critical accounting estimates and new accounting pronouncements; the anticipated impact of regulatory developments; and BCE’s business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target, commitment and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the safe harbour provisions of applicable Canadian securities laws and of the United States (U.S.) Private Securities Litigation Reform Act of 1995.
Unless otherwise indicated by us, forward-looking statements in this MD&A describe our expectations as at August 5, 2026 and, accordingly, are subject to change after that date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in, or implied by, such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in this MD&A for the purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.
We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in this MD&A and, in particular, but without limitation, the forward-looking statements contained in the previously
4 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

mentioned sections of this MD&A. These assumptions include, without limitation, the assumptions described in the section and sub-sections of this MD&A entitled Assumptions, which section and sub-sections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at August 5, 2026. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect.
Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentioned forward-looking statements and other forward-looking statements contained in this MD&A, include, but are not limited to: the negative effect of adverse economic conditions, including the continuation or escalation of trade wars, recessions, U.S. tariffs and the unpredictability of future trade arrangements, inflation, the value of the Canadian dollar, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility, and the resulting negative impact on customer spending, the resulting demand for our products and services, our customers’ financial condition, and the cost and amount of funding available in the capital markets; the negative effect of adverse conditions associated with geopolitical events, including financial and capital market volatility, broader geopolitical instability and armed conflicts, higher energy prices, inflationary pressures limiting consumer and business spending and increasing our operating costs, disruptions in our supply chains, and increased information security threats; the intensity of competitive activity in Canada and the U.S. and the failure to effectively respond to evolving competitive dynamics; the level of technological advancements and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of cloud-based, over-the-top (OTT) and other alternative solutions; advertising market pressures from economic conditions, fragmentation and non-traditional/global digital services; rising content costs and challenges in our ability to acquire or develop key content; high Canadian Internet and smartphone penetration; regulatory initiatives, proceedings and decisions, government consultations and government positions that negatively affect us and influence our business in Canada including, without limitation, concerning mandatory access to networks, spectrum auctions, the imposition of consumer-related codes of conduct, approval of acquisitions, broadcast and spectrum licensing, foreign ownership requirements, privacy and cybersecurity obligations, online streaming and digital services regulations, control of copyright piracy, and regulatory frameworks governing AI; the inability to implement enhanced compliance frameworks and to comply with legal and regulatory obligations, including the failure to monitor and comply with the U.S. legal and regulatory requirements to which Ziply Fiber is subject, which may reduce the amount of subsidies or revenues it receives, increase its compliance burdens or constrain its ability to compete; unfavourable resolution of legal proceedings; the inability to protect our assets and data from events such as information security attacks, unauthorized access or entry, fire, natural disasters, extreme weather events linked to climate change, power loss, building cooling loss, acts of war or terrorism, geopolitical conflict, sabotage, vandalism, actions of neighbours and other events; the failure to implement effective security, data and responsible AI governance frameworks; the inability to drive a positive customer experience; the failure to evolve and transform our networks, systems and operations using next-generation technologies while lowering our cost structure, including the failure to meet customer expectations of product and service experience; the use of AI technologies in our business solutions and operations, and by our customers, business partners and third-party vendors; the risk that we may need to incur significant capital expenditures to provide additional capacity and reduce network congestion; service interruptions or outages due to network failures or slowdowns; the complexity of our operations and information technology (IT) systems and the failure to implement, maintain or manage highly effective processes and IT systems; events affecting the functionality of and our ability to protect, test, maintain, replace and upgrade our networks, IT systems, equipment and other facilities; the failure by other telecommunications carriers on which we rely to provide services, to complete planned and sufficient testing, maintenance, replacement or upgrade of their networks, equipment and other facilities, which could disrupt our operations including through network or other infrastructure failures; in-orbit and other operational risks to which the satellites used to provide our satellite television (TV) services are subject; the failure to successfully expand Ziply Fiber’s fibre network; the inability of Ziply Fiber’s current and future initiatives or programs to generate the level of returns, or to occur on the timeline, we anticipate; there can be no assurance that the potential benefits expected to result from the formation of Network FiberCo will be realized; the failure to successfully integrate Ziply Fiber as a subsidiary of BCE, and to generate the anticipated benefits from the acquisition of Ziply Fiber; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether our dividend payout policy will be maintained or achieved, or that the dividend on common shares will be maintained or dividends on any of BCE’s outstanding shares will be declared by BCE’s board of directors (BCE Board); the failure to reduce costs and adequately assess investment priorities, as well as unexpected increases in costs; the inability to manage various credit, liquidity and market risks; the failure to accurately anticipate fluctuations in the exchange rate between the Canadian dollar and U.S. dollar and our inability to successfully implement currency hedging strategies; the failure to evolve practices to effectively monitor and control fraudulent activities; new or higher taxes due to new tax laws, treaties, regulations or rules thereunder in Canada, the U.S. or other relevant jurisdictions, or changes thereto, or changes in their interpretation or enforcement by tax authorities, and the inability to predict the outcome of government audits; the impact on our financial statements and estimates from a number of factors; pension obligation volatility and increased contributions to post-employment benefit plans; the expected timing and completion of the proposed disposition of Northwestel Inc. (Northwestel) are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, the purchaser securing financing, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated, or that the potential benefits expected to result from the proposed disposition will be realized; the failure to attract, develop and retain a talented team capable of furthering our business strategy and operational transformation; the potential deterioration in employee morale and engagement resulting from staff reductions, cost
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 5

reductions or reorganizations, and the de-prioritization of transformation initiatives due to staff reductions, cost reductions or reorganizations; the failure to adequately manage health and safety concerns; labour disruptions and shortages; reputational risks and the inability to meaningfully integrate sustainability considerations into our business strategy, operations and governance; the adverse impact of various internal and external factors on our ability to achieve our sustainability targets including, without limitation, those related to greenhouse gas (GHG) reduction and supplier engagement; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; the failure to develop and implement sufficient corporate governance practices; the inability to adequately manage social issues; health risks, including pandemics, epidemics and other health concerns, such as radio frequency emissions from wireless communications devices and equipment; our dependence on third-party suppliers, outsourcers and consultants to provide an uninterrupted supply of the products and services we need and comply with various obligations; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data and AI governance, privacy and responsible procurement; the quality of our products and services and the extent to which they may be subject to defects or fail to comply with applicable government regulations and standards; and the expected timing and completion of the proposed disposition of Bell Mobility’s land mobile radio networks services business are subject to closing conditions, termination rights and other risks and uncertainties including, without limitation, relevant regulatory and third-party approvals, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated.
We caution that the foregoing list of risk factors is not exhaustive and other factors could also materially adversely affect us. Please see section 9, Business risks of the BCE 2025 Annual MD&A for a more complete description of the above-mentioned and other risks, which section, and the other sections of the BCE 2025 Annual MD&A referred to therein, are incorporated by reference in this cautionary statement. Please also see section 6, Regulatory environment in the BCE 2026 First Quarter MD&A and in this MD&A for an update to the regulatory initiatives and proceedings described in the BCE 2025 Annual MD&A, which sections 6 are incorporated by reference in this cautionary statement. Any of those risks could cause actual results or events to differ materially from our expectations expressed in, or implied by, the forward-looking statements set out in this MD&A. Except for the updates set out in section 6, Regulatory environment in the BCE 2026 First Quarter MD&A and in this MD&A, the risks described in the BCE 2025 Annual MD&A remain substantially unchanged.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint arrangements and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after August 5, 2026. The financial impact of these transactions and special items can be complex and depends on facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way, or in the same way we present known risks affecting our business.
6 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

1 Overview

1.1 Financial highlights
BCE Q2 2026 selected quarterly information
Operating revenuesNet earnings
Adjusted EBITDA (1)
$6,176$629$2,702
millionmillionmillion
+1.5% vs. Q2 2025
(2.3%) vs. Q2 2025
+1.0% vs. Q2 2025
Net earnings attributable to common shareholders
Adjusted net earnings (1)
Cash flows from operating activities
Free cash flow (1)
$558$604$2,162$1,042
millionmillionmillionmillion
(3.6%) vs. Q2 2025
+2.0% vs. Q2 2025
+11.0% vs. Q2 2025
(9.5%) vs. Q2 2025
BCE customer connections (5)
Total mobile phones
Bell Communications and Technology Services (Bell CTS) high-speed Internet (2) (4)
Bell CTS residential fibre-to-the-home (FTTH) Internet (2) (4)
0%+7.3%+14.7%
10.4 million subscribers
at June 30, 2026
4.9 million subscribers
at June 30, 2026
3.6 million subscribers
at June 30, 2026
Bell CTS video (3)
Bell CTS retail residential network access services (NAS) lines
+3.1%(5.4%)
2.2 million subscribers
at June 30, 2026
1.6 million subscribers
at June 30, 2026




(1)Adjusted EBITDA is a total of segments measure and adjusted net earnings and free cash flow are non-GAAP financial measures. See section 8.3, Total of segments measures and section 8.1, Non-GAAP financial measures in this MD&A for more information on these measures.
(2)Effective January 1, 2026, we updated our Internet subscriber metrics to include wholesale subscribers as a result of the impacts on our operations of a recent Canadian Radio-television and Telecommunications Commission (CRTC) decision mandating the establishment of an aggregated wholesale high-speed access (HSA) service on fibre-to-the premise (FTTP) facilities. Accordingly, previously reported 2025 subscribers and net activations have been restated for comparability. Additionally, we expanded our disclosure to separately report residential FTTH subscribers and net activations.
(3)Effective January 1, 2026, Bell CTS Canada updated the definition of an Internet protocol television (IPTV) subscriber to include bundled streaming service subscribers, which are reflected under a new video subscriber metric. To be classified as a bundled streaming service subscriber, a customer must subscribe to a package that includes at least one third-party streaming service and one streaming service offered by BCE (comprised of duos, trios and quad packages including Crave, TSN, Netflix and Disney+) where BCE has a direct customer relationship. Accordingly, previously reported 2025 subscribers and net activations have been restated for comparability.
(4)Residential FTTH Internet subscribers are included within high-speed Internet subscribers.
(5)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 7

BCE consolidated income statements - selected information
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Operating revenues
Service5,4915,267224 4.3%10,84110,439402 3.9%
Product685818(133)(16.3%)1,5031,576(73)(4.6%)
Total operating revenues6,1766,08591 1.5%12,34412,015329 2.7%
Operating costs(3,474)(3,411)(63)(1.8%)(7,011)(6,783)(228)(3.4%)
Adjusted EBITDA2,7022,67428 1.0%5,3335,232101 1.9%
Adjusted EBITDA margin (1)
43.8%43.9%(0.1) pts43.2%43.5%(0.3) pts
Net earnings attributable to:
Common shareholders558579(21)(3.6%)1,1741,209(35)(2.9%)
Preferred shareholders3940(1)(2.5%)7681(5)(6.2%)
Non-controlling interest (NCI)32257 28.0%46379 24.3%
Net earnings629644(15)(2.3%)1,2961,327(31)(2.3%)
Adjusted net earnings60459212 2.0%1,1931,225(32)(2.6%)
Net earnings per common share (EPS)0.600.63(0.03)(4.8%)1.261.31(0.05)(3.8%)
Adjusted EPS (2)
0.650.630.02 3.2%1.281.32(0.04)(3.0%)
(1)Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to section 8.6, KPIs in this MD&A for more information on this measure.
(2)Adjusted EPS is a non-GAAP ratio. Refer to section 8.2, Non-GAAP ratios in this MD&A for more information on this measure.
BCE consolidated statements of cash flows – selected information
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Cash flows from operating activities2,162 1,947 215 11.0%3,311 3,518 (207)(5.9%)
Capital expenditures(1,080)(763)(317)(41.5%)(1,921)(1,492)(429)(28.8%)
Free cash flow1,042 1,152 (110)(9.5%)1,846 1,950 (104)(5.3%)
Q2 2026 financial highlights
BCE operating revenues grew by 1.5% in Q2 2026, compared to the same period last year, driven by higher service revenues of 4.3%, moderated by lower product revenues of 16.3%. The growth in service revenues was attributable to the contribution from our Bell CTS U.S. segment, as a result of the acquisition of Ziply Fiber on August 1, 2025, higher Bell Media revenues, led by the success of the broadcast of the 2026 Fédération Internationale de Football Association (FIFA) World Cup, higher direct-to-consumer (DTC) streaming revenues, and increased revenues from Formula 1 (F1) Canadian Grand Prix 2026, as well as reflecting the continued growth from our AI-powered solutions business (1) in Bell CTS Canada. The increase in service revenues was moderated by continued erosion in legacy voice, data and TV services and ongoing lower demand for traditional advertising. Additionally, wireless service revenues declined year over year, mainly due to the non-recurrence of revenues from the 2025 G7 Leaders' Summit, mitigated by more disciplined pricing on base rate plans in the market this quarter. The year-over-year decline in product revenues was driven by strong Q2 2025 performance due to the delivery of our first AI facility in Kamloops, B.C., coupled with reduced wireless product revenues from lower wireless device sales to consumers, partly offset by lower discounting.
Net earnings of $629 million and net earnings attributable to common shareholders of $558 million in the second quarter of 2026 decreased by $15 million and $21 million, respectively, compared to the same period last year, mainly due to higher depreciation and amortization, higher interest expense and higher income taxes, partly offset by higher other income and higher adjusted EBITDA.
BCE adjusted EBITDA increased by 1.0% in Q2 2026, compared to the same period last year, driven by the contribution from our Bell CTS U.S. segment due to the acquisition of Ziply Fiber and growth from our Bell Media segment, partly offset by a decline in our Bell CTS Canada segment. The year-over-year growth in adjusted EBITDA reflected higher operating revenues, partly offset by greater operating expenses. Adjusted EBITDA margin of 43.8% in Q2 2026, declined by 0.1 pts over Q2 2025, primarily due to higher operating expenses, reflecting the operating costs of Ziply Fiber as a result of the acquisition, and higher content costs in Bell Media, moderated by ongoing cost containment and operating efficiencies across the company. The decline in adjusted EBITDA margin was partly offset by higher service revenue flow-through, along with a reduced proportion of lower margin product sales in our total revenue base, and reflected our disciplined approach to wireless subscriber loadings.
(1)AI-powered solutions revenues is comprised of revenues from Ateko, Bell Cyber, and Bell AI Fabric.
8 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

BCE’s EPS of $0.60 in Q2 2026 decreased by $0.03 compared to the same period last year.
In the second quarter of 2026, adjusted net earnings, which excludes the impact of severance, acquisition and other costs, net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans, net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on investments, net early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $604 million, or $0.65 per common share, compared to $592 million, or $0.63 per common share, for the same period last year.
Cash flows from operating activities in the second quarter of 2026 increased by $215 million, compared to the same period last year, mainly due to lower severance and other costs paid, lower income taxes paid and higher adjusted EBITDA, partly offset by higher interest paid.
Free cash flow in the second quarter of 2026 decreased by $110 million compared to the same period last year, mainly due to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding cash from income taxes paid on significant divestitures and acquisition and other costs paid.

1.2 Key corporate and business developments
Public debt offerings
On June 3, 2026, Bell Canada completed a public offering in Canada of $1.6 billion aggregate principal amount of medium-term notes (MTN) debentures in two series pursuant to its MTN program. The $900 million Series M-69 MTN debentures will mature on November 15, 2036 and carry an annual interest rate of 4.70%. The $700 million Series M-70 MTN debentures will mature on June 3, 2056 and carry an annual interest rate of 5.30%. The MTN debentures are fully and unconditionally guaranteed by BCE.
On June 5, 2026, Bell Canada also completed a public offering in the U.S. of $650 million in U.S. dollars ($899 million in Canadian dollars) aggregate principal amount of U.S. senior notes in one series. The $650 million in U.S. dollars ($899 million in Canadian dollars) Series US-11 Notes will mature on November 15, 2036 and carry an annual interest rate of 5.450%. The Series US-11 Notes are fully and unconditionally guaranteed by BCE.
A portion of the net proceeds from the Canadian and U.S. offerings was used to repurchase Bell's senior indebtedness pursuant to the tender offers referred to below. The remainder of the net proceeds was used to repurchase, redeem or repay, as applicable, senior and/or subordinated indebtedness of Bell Canada and for general corporate purposes.
Tender offers for debt securities
On June 5, 2026, Bell Canada repurchased, pursuant to tender offers, for an aggregate cash purchase price of $1,422 million, an aggregate principal amount of $1,453 million representing part of the outstanding principal amount of five of its series of MTN debentures.
On June 5, 2026, Bell Canada also repurchased, pursuant to tender offers, for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars), an aggregate principal amount of $878 million in U.S. dollars ($1,222 million in Canadian dollars) representing part of the outstanding principal amount of six of its series of U.S. notes.
Bell recognized as Canada's most valuable telecoms brand
On May 13, 2026, Bell announced that it was named Canada's most valuable telecom brand in the Brand Finance Telecoms 150 2026 and Brand Finance Global 500 2026 rankings. Bell rose five places to 15th globally in the Brand Finance Telecoms 150 2026 ranking, reflecting a 41% increase in brand value to $9.5 billion in U.S. dollars. The rankings are compiled annually by Brand Finance, an independent brand valuation consultancy, based on financial performance and consumer research metrics including familiarity, reputation, likeability, engagement and recommendation.













BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 9


1.3 Assumptions
As at the date of this MD&A, our forward-looking statements set out in the BCE 2025 Annual MD&A, as updated or supplemented in the BCE 2026 First Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, as well as the various assumptions referred to under the sub-sections entitled Assumptions set out in section 3, Business segment analysis of this MD&A.
Assumptions about the Canadian economy
The economic outlook remains highly dependent on the evolution of Canada’s trade relationship with the U.S. and the duration and severity of the war in the Middle East, as well as how the Canadian economy responds to these developments. We have assumed:
•Modest economic growth, given the Bank of Canada’s most recent estimated growth in Canadian gross domestic product (GDP) of 0.7% in 2026, representing a decrease from the earlier estimate of 1.2%, reflecting a weaker‑than‑expected start to the year
•Continued subdued population growth
•Modest growth in consumer spending
•Cautious business investment outside the oil and gas sector, reflecting ongoing trade‑related uncertainty
•Easing consumer price index (CPI) inflation, due to a decline in gasoline prices
•Continued labour market softness
•Interest rates expected to remain at or near current levels, although the outlook is subject to uncertainty depending on the evolution of inflation
•Canadian dollar expected to remain near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices.
Assumptions about the U.S. economy
•Slowdown in consumer spending, offset by business investment
•Ongoing uncertainty surrounding trade policy
•Stable CPI inflation
•Moderate to steady GDP growth
•Stable rate of unemployment
Canadian market assumptions
•A moderated level of wireless competition and sustained level of wireline competition in consumer markets
•Higher, but slowing, wireless industry penetration
•A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative OTT competitors
•The advertising market is shifting towards digital platforms and most legacy Canadian TV and radio platforms are expecting impacts from flat to declining audiences
•Increasing competition from the continued rollout of subscription video on demand (SVOD) streaming services together with further scaling of OTT aggregators is expected to result in further declines in broadcasting distribution undertaking (BDU) subscribers
U.S. market assumptions
•A higher level of wireline pricing competition in consumer, business and wholesale markets
•Increased demand for colocation and data centre connectivity services
•A shrinking traditional voice services market as customers migrate to wireless or voice over Internet protocol (VoIP) offerings
Assumptions underlying expected continuing contribution holiday in 2026 in the majority of our pension plans
•At the relevant time, our defined benefit (DB) pension plans will remain in funded positions with going concern surpluses and maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken for applicable DB and defined contribution (DC) components
•No significant declines in our DB pension plans’ financial position due to declines in investment returns or interest rates
•No material experience losses from other events such as through litigation or changes in laws, regulations or actuarial standards
10 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

2 Consolidated financial analysis
This section provides detailed information and analysis about BCE’s performance in Q2 and YTD 2026 compared with Q2 and YTD 2025. It focuses on BCE’s consolidated operating results and provides financial information for our Bell CTS Canada, Bell CTS U.S. and Bell Media business segments. For further discussion and analysis of our business segments, refer to section 3, Business segment analysis.
2.1 BCE consolidated income statements
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Operating revenues
Service 5,4915,267224 4.3%10,84110,439402 3.9%
Product685818(133)(16.3%)1,5031,576(73)(4.6%)
Total operating revenues6,1766,08591 1.5%12,34412,015329 2.7%
Operating costs(3,474)(3,411)(63)(1.8%)(7,011)(6,783)(228)(3.4%)
Adjusted EBITDA 2,7022,67428 1.0%5,3335,232101 1.9%
Adjusted EBITDA margin43.8%43.9%(0.1) pts43.2%43.5%(0.3) pts
Severance, acquisition and other costs(50)(41)(9)(22.0%)(44)(288)244 84.7%
Depreciation(985)(949)(36)(3.8%)(1,968)(1,890)(78)(4.1%)
Amortization (391)(338)(53)(15.7%)(764)(669)(95)(14.2%)
Finance costs
Interest expense(469)(442)(27)(6.1%)(913)(865)(48)(5.5%)
Net return on post-employment benefit plans362610 38.5%735122 43.1%
Impairment of assets(6)(8)2 25.0%(11)(17)6 35.3%
Net losses on investments(2)(8)6 75.0%(3)(10)7 70.0%
Other income (expense)58(30)88 n.m.96280(184)(65.7%)
Income taxes(264)(240)(24)(10.0%)(503)(497)(6)(1.2%)
Net earnings629644(15)(2.3%)1,2961,327(31)(2.3%)
Net earnings attributable to:
Common shareholders558579(21)(3.6%)1,1741,209(35)(2.9%)
Preferred shareholders3940(1)(2.5%)7681(5)(6.2%)
NCI32257 28.0%46379 24.3%
Net earnings629644(15)(2.3%)1,2961,327(31)(2.3%)
Adjusted net earnings60459212 2.0%1,1931,225(32)(2.6%)
EPS0.600.63(0.03)(4.8%)1.261.31(0.05)(3.8%)
Adjusted EPS0.650.630.02 3.2%1.281.32(0.04)(3.0%)
n.m.: not meaningful
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 11


2.2 Customer connections
Total BCE net activations
Q2 2026Q2 2025% changeYTD 2026YTD 2025% change
Mobile phone net subscriber activations57,627 94,479 (39.0%)62,681 93,883 (33.2%)
Postpaid41,594 44,547 (6.6%)58,541 34,949 67.5%
Prepaid16,033 49,932 (67.9%)4,140 58,934 (93.0%)
Mobile connected device net subscriber activations45,589 97,502 (53.2%)126,915 133,486 (4.9%)
Bell CTS high-speed Internet net subscriber activations (1)
17,733 4,612 n.m.35,515 8,356 n.m.
Bell CTS Canada11,601 4,612 n.m.25,520 8,356 n.m.
Bell CTS U.S.6,132 — n.m.9,995 — n.m.
Bell CTS video net subscriber activations (losses) (1)
8,494 (15,851)n.m.18,382 (31,822)n.m.
Bell CTS Canada8,741 (15,851)n.m.18,844 (31,822)n.m.
Bell CTS U.S.(247)— n.m.(462)— n.m.
Bell CTS retail residential NAS lines net losses(41,541)(44,700)7.1%(87,290)(92,130)5.3%
Bell CTS Canada(38,227)(44,700)14.5%(80,355)(92,130)12.8%
Bell CTS U.S.(3,314)— n.m.(6,935)— n.m.
Total services net activations87,902 136,042 (35.4%)156,203 111,773 39.8%
n.m.: not meaningful
(1)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
Total BCE customer connections
Q2 2026Q2 2025% change
Mobile phone subscribers (2) (6)
10,380,265 10,382,457 — 
Postpaid (2) (6)
9,609,020 9,565,385 0.5%
Prepaid (2)
771,245 817,072 (5.6%)
Mobile connected device subscribers (2) (6)
3,393,596 3,176,916 6.8%
Bell CTS high-speed Internet subscribers (1) (3) (5) (7)
4,911,422 4,577,706 7.3%
Bell CTS Canada (3)
4,465,897 4,577,706 (2.4%)
Bell CTS U.S. (5) (7)
445,525 — n.m.
Bell CTS video subscribers (1) (4) (7)
2,164,083 2,099,290 3.1%
Bell CTS Canada (4)
2,158,706 2,099,290 2.8%
Bell CTS U.S. (7)
5,377 — n.m.
Bell CTS retail residential NAS lines (5) (7)
1,634,888 1,727,911 (5.4%)
Bell CTS Canada1,565,952 1,727,911 (9.4%)
Bell CTS U.S. (5) (7)
68,936 — n.m.
Total services subscribers22,484,254 21,964,280 2.4%
n.m.: not meaningful
(1)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(2)Effective January 1, 2026, Bell CTS Canada removed 134,000 mobile phone subscribers (31,000 postpaid and 103,000 prepaid) and 92,884 mobile connected device subscribers from the respective subscriber bases as a result of our decision to decommission our third-generation high-speed packet access (3G/HSPA) network in Manitoba as of December 31, 2025 and nationally as of March 31, 2027.
(3)At the beginning of Q1 2026, Bell CTS Canada removed 181,086 Virgin Plus Internet subscribers (including 124,956 FTTH subscribers) from the respective subscriber bases as we stopped selling new plans for this service in Ontario as of January 14, 2026.
(4)At the beginning of Q1 2026, Bell CTS Canada removed 21,886 Virgin Plus IPTV subscribers from the subscriber base as we stopped selling new plans for this service in Ontario as of January 14, 2026.
(5)In Q4 2025, after a comprehensive review of Ziply Fiber subscriber accounts following our acquisition on August 1, 2025, we reduced our high-speed Internet and retail residential NAS subscriber bases, by 13,029 (including 10,955 FTTH subscribers) and 1,106 customers, respectively, to align with Bell methodology for customer deactivations.
(6)In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.
(7)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. high-speed Internet (including wholesale), video and retail residential NAS lines subscriber bases increased by 442,861 (including 358,615 FTTH subscribers), 6,089 and 84,440 subscribers, respectively.

12 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

BCE total services net subscriber activations of 87,902 in Q2 2026 decreased by 35.4% compared to Q2 2025 and consisted of:
•57,627 mobile phone net subscriber activations and 45,589 mobile connected device net subscriber activations
•17,733 Bell CTS high-speed Internet net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 11,601
•Bell CTS U.S. net subscriber activations of 6,132
•8,494 Bell CTS video net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 8,741
•Bell CTS U.S. net subscriber losses of 247
•41,541 Bell CTS retail residential NAS lines net losses, composed of:
•Bell CTS Canada net losses of 38,227
•Bell CTS U.S. net losses of 3,314
In the first half of the year, BCE added 156,203 total services net subscriber activations, up 39.8% compared to the first half of 2025 and consisted of:
•62,681 mobile phone net subscriber activations and 126,915 mobile connected device net subscriber activations
•35,515 Bell CTS high-speed Internet net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 25,520
•Bell CTS U.S. net subscriber activations of 9,995
•18,382 Bell CTS video net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 18,844
•Bell CTS U.S. net subscriber losses of 462
•87,290 Bell CTS retail residential NAS lines net losses, composed of:
•Bell CTS Canada net losses of 80,355
•Bell CTS U.S. net losses of 6,935
At June 30, 2026, BCE's customer connections totalled 22,484,254, up 2.4% year over year, and consisted of:
•10,380,265 mobile phone subscribers, which remained essentially unchanged year over year, and 3,393,596 mobile connected device subscribers, up 6.8% year over year
•4,911,422 Bell CTS high-speed Internet subscribers, up 7.3% year over year, composed of:
•Bell CTS Canada subscribers of 4,465,897, down 2.4% year over year
•Bell CTS U.S. subscribers of 445,525, compared to nil last year, as a result of the acquisition of Ziply Fiber on August 1, 2025
•2,164,083 Bell CTS video subscribers, up 3.1% year over year, composed of:
•Bell CTS Canada subscribers of 2,158,706, up 2.8% year over year
•Bell CTS U.S. subscribers of 5,377, compared to nil last year, as a result of the acquisition of Ziply Fiber
•1,634,888 Bell CTS retail residential NAS lines, down 5.4% year over year, composed of:
•Bell CTS Canada lines of 1,565,952, down 9.4% year over year
•Bell CTS U.S. lines of 68,936, compared to nil last year, as a result of the acquisition of Ziply Fiber

BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 13


2.3 Operating revenues
BCEBCE
RevenuesRevenues
(in $ millions)(in $ millions)
operatingrevenues-qtda.jpg
operatingrevenues-ytda.jpg
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Bell CTS5,356 5,334 22 0.4%10,841 10,580 261 2.5%
Bell CTS Canada5,122 5,334 (212)(4.0%)10,373 10,580 (207)(2.0%)
Bell CTS U.S.234 — 234 n.m.468 — 468 n.m.
Bell Media918 843 75 8.9%1,696 1,618 78 4.8%
Inter-segment eliminations(98)(92)(6)(6.5%)(193)(183)(10)(5.5%)
Total BCE operating revenues6,176 6,085 91 1.5%12,344 12,015 329 2.7%
n.m.: not meaningful
BCE
BCE operating revenues increased by 1.5% in Q2 2026 and by 2.7% in the first half of the year, compared to the same periods last year, reflecting service revenues of $5,491 million in Q2 2026 and $10,841 million year to date, up year over year by 4.3% and 3.9%, respectively, and product revenues of $685 million in Q2 2026 and $1,503 million year to date, down year over year by 16.3% and 4.6%, respectively. The growth in BCE operating revenues was driven by an increase in Bell CTS of 0.4% in the quarter and 2.5% year to date, as a result of the contribution from our Bell CTS U.S. segment of $234 million and $468 million, respectively, due to the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in our Bell CTS Canada segment of 4.0% and 2.0%, respectively, while revenues in our Bell Media segment grew by 8.9% in Q2 2026 and 4.8% year to date.



14 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT


2.4 Operating costs
BCEBCE
Operating cost profileOperating cost profile
Q2 2025Q2 2026
image6.jpg
operatingcosts2026qtda.jpg
BCEBCE
Operating cost profileOperating cost profile
YTD 2025YTD 2026
image7.jpg
operatingcosts2026ytda.jpg
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Bell CTS(2,898)(2,895)(3)(0.1%)(5,907)(5,742)(165)(2.9%)
Bell CTS Canada(2,759)(2,895)136 4.7%(5,636)(5,742)106 1.8%
Bell CTS U.S.(139)— (139)n.m.(271)— (271)n.m.
Bell Media(674)(608)(66)(10.9%)(1,297)(1,224)(73)(6.0%)
Inter-segment eliminations98 92 6 6.5%193 183 10 5.5%
Total BCE operating costs(3,474)(3,411)(63)(1.8%)(7,011)(6,783)(228)(3.4%)
n.m.: not meaningful
(1)Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.
(2)Labour costs (net of capitalized costs) include wages, salaries and related taxes and benefits, post-employment benefit plans service cost, and other labour costs, including contractor and outsourcing costs.
(3)Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent.
BCE
BCE operating costs increased by 1.8% in Q2 2026 and by 3.4% in the first half of the year, compared to the same periods in 2025, driven by higher expenses in Bell Media of 10.9% and 6.0%, respectively. Bell CTS operating costs remained relatively stable in Q2 2026, compared to Q2 2025, as the operating costs of Bell CTS U.S. of $139 million from the acquisition of Ziply Fiber on August 1, 2025 were essentially offset by lower costs in Bell CTS Canada of $136 million, whereas year-to-date expenses grew by 2.9% year over year, from Bell CTS U.S. operating costs of $271 million, due to the acquisition of Ziply Fiber, partly offset by lower Bell CTS Canada costs of 1.8%.

BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 15


2.5 Net earnings
BCEBCE
Net earningsNet earnings
(in $ millions)(in $ millions)
netearningqtda.jpg
netearningytda.jpg
Net earnings in the second quarter of 2026 decreased by $15 million, compared to the same period last year, mainly due to higher depreciation and amortization, higher interest expense and higher income taxes, partly offset by higher other income and higher adjusted EBITDA.
Net earnings on a year-to-date basis in 2026 decreased by $31 million, compared to the same period last year, mainly due to lower other income, higher depreciation and amortization and higher interest expense, partly offset by lower severance, acquisition and other costs and higher adjusted EBITDA.
16 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT


2.6 Adjusted EBITDA
BCE BCE
Adjusted EBITDAAdjusted EBITDA
(in $ millions)(in $ millions)
image8.jpg
image5.jpg
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Bell CTS (1)
2,458 2,439 19 0.8%4,934 4,838 96 2.0%
Adjusted EBITDA margin45.9%45.7%0.2 pts45.5%45.7%(0.2) pts
Bell CTS Canada2,363 2,439 (76)(3.1%)4,737 4,838 (101)(2.1%)
Adjusted EBITDA margin46.1%45.7%0.4 pts45.7%45.7%— 
Bell CTS U.S.95 — 95 n.m.197 — 197 n.m.
Adjusted EBITDA margin40.6%— 40.6 pts42.1%— 42.1 pts
Bell Media244 235 9 3.8%399 394 5 1.3%
Adjusted EBITDA margin26.6%27.9%(1.3) pts23.5%24.4%(0.9) pts
Total BCE adjusted EBITDA2,702 2,674 28 1.0%5,333 5,232 101 1.9%
Adjusted EBITDA margin43.8%43.9%(0.1) pts43.2%43.5%(0.3) pts
n.m.: not meaningful
(1)Bell CTS adjusted EBITDA is a total of segments measure. See section 8.3, Total of segments measures in this MD&A for more information on this measure.
BCE
BCE adjusted EBITDA increased by 1.0% in Q2 2026 and by 1.9% in the first half of the year, compared to the same periods last year, due to higher operating revenues, partly offset by greater operating costs. The growth was driven by an increase in Bell CTS of 0.8% in Q2 2026 and 2.0% year to date, due to the contribution from our Bell CTS U.S. segment of $95 million and $197 million, respectively, as a result of the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in our Bell CTS Canada segment of 3.1% and 2.1%, respectively. Additionally, our Bell Media segment contributed to the year-over-year growth, up 3.8% in Q2 2026 and 1.3% year to date. This drove an adjusted EBITDA margin of 43.8% in Q2 2026 and 43.2% in the first six months of the year, down 0.1 pts and 0.3 pts, respectively, over the same periods last year, resulting from greater operating costs, mainly attributable to the acquisition of Ziply Fiber, partly offset by the impact of greater revenue flow-through.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 17


2.7 Severance, acquisition and other costs
2026
Severance, acquisition and other costs of $50 million in the second quarter of 2026 and $44 million on a year-to-date basis included:
•Severance costs of $46 million in Q2 2026 and $48 million on a year-to-date basis related to employee terminations
•Acquisition and other costs of $4 million in Q2 2026 and acquisition and other income of ($4) million on a year-to-date basis
2025
Severance, acquisition and other costs of $41 million in the second quarter of 2025 and $288 million on a year-to-date basis included:
•Severance costs of $14 million in Q2 2025 and $245 million on a year-to-date basis related to employee terminations
•Acquisition and other costs of $27 million in Q2 2025 and $43 million on a year-to-date basis

2.8 Depreciation and amortization
Depreciation
Depreciation in the second quarter of 2026 and on a year-to-date basis in 2026 increased by $36 million and $78 million, respectively, compared to the same periods in 2025, mainly due to the acquisition of Ziply Fiber on August 1, 2025, partly offset by a lower asset base excluding Ziply Fiber.
Amortization
Amortization in the second quarter of 2026 and on a year-to-date basis in 2026 increased by $53 million and $95 million, respectively, compared to the same periods in 2025, mainly due to the acquisition of Ziply Fiber on August 1, 2025 and a higher asset base excluding Ziply Fiber.

2.9 Finance costs
Interest expense
Interest expense in the second quarter of 2026 and on a year-to-date basis in 2026 increased by $27 million and $48 million, respectively, compared to the same periods last year, due to higher average cost of debt and higher debt balances.
Net return on post-employment benefit plans
Net return on our post-employment benefit plans is based on market conditions that existed at the beginning of the year as well as the net post-employment benefit plan asset (liability). On January 1, 2026, the discount rate was 4.9% compared to 4.7% on January 1, 2025.
In the second quarter of 2026 and on a year-to-date basis in 2026, net return on post-employment benefit plans increased by $10 million and $22 million, respectively, compared to the same periods last year, as a result of a higher discount rate in 2026.
The impacts of changes in market conditions during the year are recognized in Other comprehensive income (OCI).
18 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

2.10 Other income (expense)
2026
Other income of $58 million in the second quarter of 2026 and $96 million on a year-to-date basis in 2026 included early debt redemption gains due to the repurchase by Bell Canada, as a result of its cash tender offers, of a portion of its Series US-1, US-2, US-4, US-5, US-6, US-7 Notes and Series M-3, M-39, M-45, M-52 and M-60 MTN debentures and interest income, partly offset by net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans.
2025
Other expense of $30 million in the second quarter of 2025 included foreign exchange losses on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies and net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans, partly offset by early debt redemption gains due to the repurchase by Bell Canada, as a result of its cash tender offers, of a portion of its Series M-39, M-45, M-51 and M-55 MTN debentures.
Other income of $280 million on a year-to-date basis in 2025 included early debt redemption gains due to the repurchase by Bell Canada, as a result of its cash tender offers, of a portion of its Series M-39, M-45, M-51 and M-55 MTN debentures, and a portion of its Series US-2, US-4, US-5, US-6, and US-7 Notes and interest income, partly offset by foreign exchange losses on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies and net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans.

2.11 Income taxes
Income taxes in the second quarter of 2026 and on a year-to-date basis in 2026 increased by $24 million and $6 million, respectively, compared to the same periods last year, mainly due to higher taxable income.

2.12 Net earnings attributable to common shareholders and EPS
Net earnings attributable to common shareholders in the second quarter of 2026 of $558 million, decreased by $21 million, compared to the same period last year, mainly due to higher depreciation and amortization, higher interest expense and higher income taxes, partly offset by higher other income and higher adjusted EBITDA.
Net earnings attributable to common shareholders on a year-to-date basis in 2026 of $1,174 million, decreased by $35 million, compared to the same period last year, mainly due to lower other income, higher depreciation and amortization and higher interest expense, partly offset by lower severance, acquisition and other costs and higher adjusted EBITDA.
BCE’s EPS of $0.60 in Q2 2026 decreased by $0.03 compared to the same period last year. BCE’s EPS of $1.26 on a year-to-date basis in 2026 decreased by $0.05 compared to the same period last year.
In the second quarter of 2026, adjusted net earnings, which excludes the impact of severance, acquisition and other costs, net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans, net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on investments, net early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $604 million, or $0.65 per common share, compared to $592 million, or $0.63 per common share, for the same period last year. Adjusted net earnings in the first half of 2026 was $1,193 million, or $1.28 per common share, compared to $1,225 million, or $1.32 per common share, for the first six months of 2025.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 19

3 Business segment analysis

3.1 Bell CTS
This section contains forward-looking statements, including relating to Bell’s partnership with the Government of Saskatchewan to develop a 300 MW AI data centre in the Rural Municipality of Sherwood, Saskatchewan; the benefits expected to result from the facility; timing for operation of the facility; the expected increase in expenditures on the facility as development continues; the timing for operation of the Bell AI Fabric Merritt, B.C. facility; expectations regarding the agreement between Bell, Cohere, Hypertec and BUZZ HPC; Bell’s sovereign direct-to-device satellite service ground station, including the expected benefits and plans for upcoming construction; and the ability of Bell’s broader sovereign direct-to-device satellite service infrastructure to support direct-to-device service across Canada. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Key business developments
Bell AI Fabric Saskatchewan facility and construction partnership with Bird Construction
On March 16, 2026, Bell announced a partnership with the Government of Saskatchewan to develop a new 300 MW AI data centre in the Rural Municipality of Sherwood, Saskatchewan. On May 14, 2026, Bell announced the selection of development and construction partners for the facility. Bird Construction Inc. has been selected as the lead construction partner for the facility, which will provide capacity to customers Cerebras and CoreWeave, with the first phase expected to come online in the first half of 2027. Regina-based Alton Tangedal Architect Ltd. has been appointed as Architect of Record, and George Gordon Developments Ltd. will provide site services.
The development of the facility continues to progress according to the previously announced plan. Capital expenditures and associated cash outflows are approximately $150 million to date, with project spending expected to accelerate significantly through the remainder of the year as civil construction intensifies and orders of long-lead-time components progress.
AI infrastructure agreement with Cohere, Hypertec and BUZZ HPC
On June 18, 2026, Bell announced an AI infrastructure agreement with Cohere, Hypertec, and BUZZ HPC, a subsidiary of Hive Digital Technologies, to support the development and deployment of advanced AI workloads on sovereign Canadian infrastructure. The agreement builds on previously announced partnerships with Cohere, Hypertec and BUZZ HPC.
Under the agreement, Bell will provide data centre capacity and connectivity services from its Bell AI Fabric facility in Merritt, B.C., with the second phase of the facility expected to enter service in early 2027. BUZZ HPC will deliver the AI-native cloud layer using Hypertec’s Canadian-built hardware cluster and NVIDIA accelerated computing. Cohere will use the platform to operate its foundation models and to support secure enterprise-grade AI solutions for government and enterprise customers, with data and workloads remaining within Canada.
Completion of first sovereign direct-to-device satellite ground station in Canada
On July 15, 2026, Bell announced the completion of construction of its first sovereign direct-to-device satellite ground station, located in Québec. The facility connects with AST SpaceMobile's constellation of satellites and, once operational, will integrate AST SpaceMobile's space-based cellular broadband network with Bell's terrestrial network to support direct-to-device satellite service to Bell customers on standard smartphones in areas beyond the reach of traditional wireless networks.
Testing has commenced at the facility, including text messaging, broadband data connectivity, voice call and video call tests on standard smartphones. Construction of additional satellite ground stations is underway in Ontario, Alberta, and Newfoundland and Labrador to support direct-to-device service across Canada, while ensuring that customer traffic is routed through domestic infrastructure and data remains within Canada.
Launch of always-on Internet solutions
On May 26, 2026, Bell launched a suite of always-on Internet solutions to help maintain home Internet connectivity during service disruptions and power outages. The suite comprises Wireless Internet Backup, which automatically shifts home Internet traffic to Bell’s wireless network during a service disruption, and Power Backup, an uninterruptible power supply solution that keeps home modems powered during electrical outages. Wireless Internet Backup is available to eligible Bell Pure Fibre Internet customers in Ontario and Québec who also subscribe to Bell Mobility services, and Power Backup is available to Bell Internet customers in Ontario, Québec, Manitoba and Atlantic Canada.
Bell Internet recognized as Canada’s most reliable in Opensignal report
Opensignal, an independent global analytics company specializing in consumer connectivity experience, named Bell Internet as Canada’s Most Reliable Internet in its June 2026 Fixed Broadband Experience (1) report. In the same report, Bell Internet was also recognized as delivering Canada’s Most Consistent Internet Quality and Canada’s Fastest Internet Upload Speeds.
(1)Opensignal Awards — Canada: Fixed Broadband Experience report, June 2026, based on Opensignal’s independent analysis of fixed broadband measurements recorded during the period February 1 - May 1, 2026.
20 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Financial performance analysis
Q2 2026 performance highlights
Bell CTSBell CTS
RevenuesAdjusted EBITDA
(in $ millions)(in $ millions)
(% adjusted EBITDA margin)
ctsrevqtda.jpg
ctsadjebitdaqtda.jpg
Bell CTSBell CTS
RevenuesAdjusted EBITDA
(in $ millions)(in $ millions)
(% adjusted EBITDA margin)
image4.jpg
ctsadjebitdaytda.jpg

BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 21

Total mobile phone subscriber growth (3)
Mobile phone postpaid net subscriber activations in Q2 2026
Mobile phone prepaid net subscriber activations in
Q2 2026
Mobile phone postpaid churn in Q2 2026 (3) (4)
Mobile phone blended average revenue per user (ARPU) (3) (5)
per month
0%41,59416,0331.02%(2.3%)
Q2 2026 vs. Q2 2025
vs. net activations of 44,547 in Q2 2025
vs. net activations of 49,932 in Q2 2025
Decreased 0.04 pts vs. 1.06% in Q2 2025
Q2 2026: $56.30
Q2 2025: $57.61
High-speed Internet subscriber growth (decline) (1) (2) (3)
Residential FTTH Internet subscriber growth (1) (2) (3)
Q2 2026 vs. Q2 2025
Q2 2026 vs. Q2 2025
Bell CTS (3)
+7.3%
Bell CTS (3)
+14.7%
Bell CTS Canada (3)
(2.4%)
Bell CTS Canada (3)
+2.7%
Bell CTS U.S. (3)
n.m.
Bell CTS U.S. (3)
n.m.
High-speed Internet net subscriber activations in Q2 2026 (1) (2)
Residential FTTH Internet net subscriber activations in Q2 2026 (1) (2)
Bell CTS17,733Bell CTS54,883
vs. net activations of 4,612 in Q2 2025
Increased 14.5% vs. Q2 2025
Bell CTS Canada11,601Bell CTS Canada45,271
vs. net activations of 4,612 in Q2 2025
Decreased 5.5% vs. Q2 2025
Bell CTS U.S.6,132Bell CTS U.S.9,612
nil in Q2 2025
nil in Q2 2025
Video subscriber growth (1) (3)
Retail residential NAS lines decline (3)
Q2 2026 vs. Q2 2025
Q2 2026 vs. Q2 2025
Bell CTS (3)
+3.1%
Bell CTS (3)
(5.4%)
Bell CTS Canada (3)
+2.8%Bell CTS Canada(9.4%)
Bell CTS U.S. (3)
n.m.
Bell CTS U.S. (3)
n.m.
Video net subscriber activations (losses) in Q2 2026 (1)
Retail residential NAS lines net losses in Q2 2026
Bell CTS8,494Bell CTS(41,541)
vs. net losses of (15,851) in Q2 2025
Improved 7.1% vs. Q2 2025
Bell CTS Canada8,741Bell CTS Canada(38,227)
vs. net losses of (15,851) in Q2 2025
Improved 14.5% vs. Q2 2025
Bell CTS U.S.(247)Bell CTS U.S.(3,314)
nil in Q2 2025
nil in Q2 2025
n.m.: not meaningful
(1)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(2)Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
(3)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
(4)Mobile phone churn is defined as the rate at which existing mobile phone subscribers cancel their services. Refer to section 8.6, KPIs in this MD&A for more information on this measure.
(5)Mobile phone blended ARPU is defined as Bell CTS Canada wireless external services revenues divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Refer to section 8.6, KPIs in this MD&A for more information on this measure.
22 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Revenues
Bell CTS
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Wireless1,744 1,783 (39)(2.2%)3,492 3,542 (50)(1.4%)
Wireline data 2,225 2,025 200 9.9%4,433 4,039 394 9.8%
Wireline voice622 624 (2)(0.3%)1,258 1,253 5 0.4%
Other wireline services73 77 (4)(5.2%)142 156 (14)(9.0%)
External service revenues4,664 4,509 155 3.4%9,325 8,990 335 3.7%
Inter-segment service revenues7 7 — —13 14 (1)(7.1%)
Operating service revenues4,671 4,516 155 3.4%9,338 9,004 334 3.7%
Wireless555 594 (39)(6.6%)1,140 1,218 (78)(6.4%)
Wireline130 224 (94)(42.0%)363 358 5 1.4%
External/operating product revenues685 818 (133)(16.3%)1,503 1,576 (73)(4.6%)
Total external revenues5,349 5,327 22 0.4%10,828 10,566 262 2.5%
Total operating revenues5,356 5,334 22 0.4%10,841 10,580 261 2.5%
Bell CTS operating revenues increased by 0.4% in Q2 2026 and by 2.5% in the first half of the year, compared to the same periods last year, due to the contribution from Bell CTS U.S. of $234 million in Q2 2026 and $468 million year to date, as a result of the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in Bell CTS Canada of 4.0% in Q2 2026 and 2.0% year to date. The year-over-year revenue increase was driven by higher service revenues, moderated by lower product revenues.
Bell CTS Canada
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Wireless1,744 1,783 (39)(2.2%)3,492 3,542 (50)(1.4%)
Wireline data 2,028 2,025 3 0.1%4,041 4,039 2 —
Wireline voice588 624 (36)(5.8%)1,188 1,253 (65)(5.2%)
Other wireline services70 77 (7)(9.1%)136 156 (20)(12.8%)
External service revenues4,430 4,509 (79)(1.8%)8,857 8,990 (133)(1.5%)
Inter-segment service revenues7 7 — —13 14 (1)(7.1%)
Operating service revenues4,437 4,516 (79)(1.7%)8,870 9,004 (134)(1.5%)
Wireless555 594 (39)(6.6%)1,140 1,218 (78)(6.4%)
Wireline130 224 (94)(42.0%)363 358 5 1.4%
External/operating product revenues685 818 (133)(16.3%)1,503 1,576 (73)(4.6%)
Total external revenues5,115 5,327 (212)(4.0%)10,360 10,566 (206)(1.9%)
Total operating revenues5,122 5,334 (212)(4.0%)10,373 10,580 (207)(2.0%)
Bell CTS Canada operating revenues decreased by 4.0% in Q2 2026, and by 2.0% in the first half of the year, compared to the same periods in 2025, driven by both lower service and product revenues. The service revenues decline reflected reduced wireless, wireline voice, and other wireline services revenues, while data revenues remained essentially stable year-over-year.
Bell CTS Canada operating service revenues declined by 1.7% in Q2 2026 and by 1.5% in the first half of the year, compared to the same periods in 2025.
•Wireless revenues decreased by 2.2% in Q2 2026 and by 1.4% year to date, compared to the same periods last year, driven by lower ARPU, including the year-over-year unfavourable impact from the non-recurrence of revenues related to the 2025 G7 Leaders' Summit, partly offset by continued growth in our postpaid mobile phone and connected device average subscriber bases
•Wireline data revenues were essentially stable in both the quarter and the first six months of the year, compared to the same periods in 2025, mainly driven by:
•Greater revenues from our AI-powered solutions business driven by growth in Ateko, our systems integrator and managed services practice, Bell Cyber, our cyber security business, and Bell AI Fabric, our full-stack sovereign AI platform that combines scalable infrastructure with managed services, including the impact of small acquisitions made in 2025 and 2026, along with higher traditional business solutions services revenues from greater volumes
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 23

These factors were offset by:
•Lower TV revenues, mainly from the erosion of our satellite TV and IPTV subscriber bases
•Reduced Internet protocol (IP) broadband and legacy data revenues
•Lower Internet revenues as a result of the unfavourable retroactive impact in Q2 2026 from the CRTC decision which finalized wholesale rates for some high-speed Internet access services on our network
•Wireline voice revenues decreased by 5.8% in Q2 2026, and by 5.2% year to date, compared to the same periods in 2025, primarily due to:
•Continued retail residential NAS lines erosion, coupled with business voice declines, driven by technological substitution to wireless and Internet-based services
•The benefit in Q2 2025 from the Canadian Federal Election
These factors were partly offset by the flow-through of residential rate increases.
•Other wireline services revenues decreased by 9.1% in Q2 2026 and by 12.8% in the first half of the year, compared to the same periods in 2025, primarily due to the sale in Q4 2025 of our home security and monitored alarm assets
Bell CTS Canada operating product revenues declined by 16.3% in Q2 2026, and by 4.6% in the first half of the year, compared to the same periods last year.
•Wireless operating product revenues decreased by 6.6% in Q2 2026 and by 6.4% year to date, compared to the same periods last year, as a result of lower wireless device sales to consumers mainly from lower contracted activations due to a greater mix of bring-your-own-device (BYOD) activations and fewer upgrades, partly offset by reduced discounting and a mix shift to higher value handsets. In the first half of the year, wireless product revenues were also unfavourably impacted by lower year-over-year device sales to the government sector.
•Wireline operating product revenues declined by 42.0% in Q2 2026 compared to Q2 2025, due to higher revenues in Q2 2025 from the delivery of our first AI facility in Kamloops, B.C. Conversely, during the first six months of the year, product revenues increased by 1.4%, compared to the same period last year, as the delivery of our second AI facility in Merritt, B.C. in Q1 2026, was moderated by the delivery of our first facility in Q2 2025.
Bell CTS U.S.
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Wireline data 197 — 197 n.m.392 — 392 n.m.
Wireline voice34 — 34 n.m.70 — 70 n.m.
Other wireline services3 — 3 n.m.6 — 6 n.m.
External/operating service revenues234 — 234 n.m.468 — 468 n.m.
Total external/operating revenues234 — 234 n.m.468 — 468 n.m.
n.m.: not meaningful
Bell CTS U.S. operating revenues were $234 million in Q2 2026 and $468 million in the first half of 2026, compared with nil in the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025. The operating revenues consisted of service revenues, mainly from wireline data and voice.
•Wireline data revenues totalled $197 million in Q2 2026 and $392 million in the first half of the year, compared to nil in the same periods last year and mainly consisted of:
•Internet revenues generated from residential, business and wholesale broadband Internet services primarily delivered over Ziply Fiber's FTTP network which benefited from the continued expansion of their FTTP footprint
•IP broadband revenues derived from the sale of commercial ethernet, dedicated Internet/non-switched access, and other data transport networking options
•Modest TV revenues from the sale of IPTV service
•Wireline voice revenues were $34 million in Q2 2026 and $70 million in the first half of the year, compared with nil in the same periods in 2025. These revenues included traditional local and long distance wireline services, VoIP services and a number of unified messaging services. Voice revenues were unfavourably impacted by ongoing losses due to technological substitution to wireless and Internet-based services.
24 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Operating costs and adjusted EBITDA
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Bell CTS operating costs(2,898)(2,895)(3)(0.1%)(5,907)(5,742)(165)(2.9%)
Bell CTS Canada(2,759)(2,895)136 4.7%(5,636)(5,742)106 1.8%
Bell CTS U.S.(139)—(139)n.m.(271)—(271)n.m.
Bell CTS adjusted EBITDA2,4582,43919 0.8%4,9344,83896 2.0%
Margin45.9%45.7%0.2 pts45.5%45.7%(0.2) pts
Bell CTS Canada2,3632,439(76)(3.1%)4,7374,838(101)(2.1%)
Margin46.1%45.7%0.4 pts45.7%45.7%—
Bell CTS U.S.95—95 n.m.197—197 n.m.
Margin40.6%—40.6 pts42.1%—42.1 pts
n.m.: not meaningful
Bell CTS operating costs increased modestly by 0.1% in Q2 2026 and by 2.9% in the first half of the year, compared to the same periods last year, due to greater costs from Bell CTS U.S. of $139 million and $271 million, respectively, reflecting the operating expenses of Ziply Fiber as a result of the acquisition on August 1, 2025, mitigated in part by reduced costs in Bell CTS Canada of 4.7% in Q2 2026 and 1.8% year to date.
Bell CTS Canada operating costs decreased by 4.7% in Q2 2026 and by 1.8% in the first half of the year, compared to the same periods in 2025, due to:
•Greater costs in Q2 2025 associated with the revenues from the delivery of our first AI facility in Kamloops, B.C and from the G7 Leaders' Summit
•Lower wireless cost of goods sold driven by reduced product sales
•Cost reduction initiatives attributable to workforce reductions, savings from our customer service centres, and technology and automation-enabled operating efficiencies
These factors were partly offset by:
•Higher costs associated with the revenue growth from our AI-powered solutions business and from traditional business solutions services
•Greater commissions expenses
Additionally, in the first half of the year, year-over-year operating costs were unfavourably impacted by expenses associated with the delivery of our second AI facility in Merritt, B.C. in Q1 2026, along with higher advertising and sponsorship expenses mainly related to the 2026 Olympic Winter Games.
Bell CTS U.S. operating costs were $139 million in Q2 2026 and $271 million in the first half of the year, compared with nil in the same periods last year, reflecting the operating costs of Ziply Fiber due to the acquisition on August 1, 2025. The costs predominantly consisted of labour expenses, network-related costs, payments to other carriers, regulatory costs and various administrative and marketing costs. The expenses reflected ongoing operating efficiencies, primarily from simplification of systems and processes.
Bell CTS adjusted EBITDA increased by 0.8% in Q2 2026 and by 2.0% in the first half of the year, compared to the same periods in 2025, driven by the contribution from Bell CTS U.S. of $95 million and $197 million, respectively, as a result of the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in Bell CTS Canada of 3.1% and 2.1%, respectively. The year-over-year adjusted EBITDA growth was driven by higher operating revenues, partly offset by increased operating costs. Bell CTS adjusted EBITDA margin of 45.9% in Q2 2026, increased by 0.2 pts compared to Q2 2025, driven by higher service revenue flow-through coupled with a reduced proportion of lower margin product sales in our total revenue base. Conversely, in the first six months of the year, Bell CTS adjusted EBITDA margin of 45.5% decreased by 0.2 pts compared to the same period in 2025, due to greater operating costs, mainly attributable to the acquisition of Ziply Fiber, partly offset by higher revenue flow-through.
Bell CTS Canada adjusted EBITDA decreased by 3.1% in Q2 2026 and by 2.1% in the first half of the year, compared to the same periods last year, due to lower operating revenues, partly offset by reduced operating expenses. Adjusted EBITDA margin of 46.1% in Q2 2026 increased by 0.4 pts over Q2 2025, driven by operating expense savings from cost reduction initiatives and operating efficiencies, as well as reflecting our disciplined approach to wireless subscriber loadings, along with a reduced proportion of lower margin product sales in our total revenue base, partly offset by lower service revenue flow-through. During the first six months of the year, adjusted EBITDA margin of 45.7% remained unchanged compared to the same period in 2025.
Bell CTS U.S. adjusted EBITDA was $95 million in Q2 2026 and $197 million in the first half of the year, compared to nil in the same periods last year, due to the acquisition of Ziply Fiber. This corresponded to an adjusted EBITDA margin of 40.6% in Q2 2026 and 42.1% year to date.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 25

Adjusted EBIT
Bell CTS
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Adjusted EBITDA2,458 2,439 19 0.8%4,934 4,838 96 2.0%
less: Severance, acquisition and other costs(49)(37)(12)(32.4%)(38)(273)235 86.1%
         Depreciation and amortization(1,316)(1,224)(92)(7.5%)(2,614)(2,438)(176)(7.2%)
         Impairment of assets(6)(8)2 25.0%(11)(17)6 35.3%
Adjusted EBIT1,087 1,170 (83)(7.1%)2,271 2,110 161 7.6%
Bell CTS adjusted EBIT (1) in the second quarter of 2026 decreased by $83 million compared to the same period last year, due to higher depreciation and amortization mainly due to the acquisition of Ziply Fiber. On a year-to-date basis in 2026, Bell CTS adjusted EBIT increased by $161 million compared to the same period last year, mainly due to lower severance, acquisition and other costs from lower severance and higher adjusted EBITDA, partly offset by higher depreciation and amortization mainly due to the acquisition of Ziply Fiber.
Bell CTS Canada
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Adjusted EBITDA2,363 2,439 (76)(3.1%)4,737 4,838 (101)(2.1%)
less: Severance, acquisition and other costs(43)(37)(6)(16.2%)(27)(273)246 90.1%
        Depreciation and amortization(1,215)(1,224)9 0.7%(2,416)(2,438)22 0.9%
        Impairment of assets(6)(8)2 25.0%(11)(17)6 35.3%
Adjusted EBIT1,099 1,170 (71)(6.1%)2,283 2,110 173 8.2%
Bell CTS Canada adjusted EBIT in the second quarter of 2026 decreased by $71 million compared to the same period last year, mainly due to lower adjusted EBITDA. On a year-to-date basis in 2026, Bell CTS Canada adjusted EBIT increased by $173 million compared to the same period last year, mainly due to lower severance, acquisition and other costs from lower severance and lower depreciation and amortization from a net lower asset base.
Bell CTS U.S.
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Adjusted EBITDA95 — 95 n.m.197 — 197 n.m.
less: Severance, acquisition and other costs(6)— (6)n.m.(11)— (11)n.m.
        Depreciation and amortization(101)— (101)n.m.(198)— (198)n.m.
        Impairment of assets— — — n.m.— — — n.m.
Adjusted EBIT(12)— (12)n.m.(12)— (12)n.m.
n.m.: not meaningful
Bell CTS U.S. adjusted EBIT in the second quarter of 2026 and on a year-to-date basis in 2026 was ($12) million, compared to nil last year, due to the acquisition of Ziply Fiber on August 1, 2025.














(1)Bell CTS adjusted EBIT is a total of segments measure. See section 8.3, Total of segments measures in this MD&A for more information on this measure.
26 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Bell CTS operating metrics
Wireless
Q2 2026Q2 2025Change% changeYTD 2026YTD 2025Change% change
Mobile phones
Blended ARPU ($/month) (1)
56.3057.61(1.31)(2.3%)56.4557.35(0.90)(1.6%)
Gross subscriber activations473,639510,597(36,958)(7.2%)994,132979,18214,9501.5%
Postpaid309,481331,438(21,957)(6.6%)695,692651,68844,0046.8%
Prepaid164,158179,159(15,001)(8.4%)298,440327,494(29,054)(8.9%)
Net subscriber activations57,62794,479(36,852)(39.0%)62,68193,883(31,202)(33.2%)
Postpaid41,59444,547(2,953)(6.6%)58,54134,94923,59267.5%
Prepaid16,03349,932(33,899)(67.9%)4,14058,934(54,794)(93.0%)
Blended churn % (average per month) (1)
1.36%1.36%—1.52%1.45%(0.07) pts
Postpaid (1)
1.02%1.06%0.04 pts1.18%1.13%(0.05) pts
Prepaid (1)
5.63%5.06%(0.57) pts5.80%5.41%(0.39) pts
Subscribers (1)
10,380,26510,382,457(2,192)—10,380,26510,382,457(2,192)—
Postpaid (1)
9,609,0209,565,38543,6350.5%9,609,0209,565,38543,6350.5%
Prepaid (1)
771,245817,072(45,827)(5.6%)771,245817,072(45,827)(5.6%)
Mobile connected devices
Net subscriber activations45,58997,502(51,913)(53.2%)126,915133,486(6,571)(4.9%)
Subscribers (1)
3,393,5963,176,916216,6806.8%3,393,5963,176,916216,6806.8%
(1)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
Mobile phone blended ARPU of $56.30 in Q2 2026 and $56.45 year to date, declined by 2.3% and 1.6%, respectively, compared to the same periods last year, attributable to:
•The non-recurrence of revenues related to the G7 Leaders' Summit in Q2 2025
•Lower connection fees related to the implementation of a recent CRTC ruling prohibiting certain customer fees
These factors were partly offset by:
•The favourable impact from adjustments to our mobile phone subscriber bases
•Flow-through of rate increases
Year-to-date mobile phone blended ARPU decline was also impacted by competitive pricing pressures on base rate plans in Q1 2026.
Mobile phone gross subscriber activations decreased by 7.2% in Q2 2026, compared to the same period last year, due to both lower postpaid and prepaid gross subscriber activations. In the first half of the year, mobile phone gross subscriber activations increased by 1.5% year over year, due to greater postpaid gross subscriber activations, partly offset by lower prepaid gross subscriber activations.
•Mobile phone postpaid gross subscriber activations decreased by 6.6% in Q2 2026, compared to the same period last year. Despite continued growth in our premium Bell brand, the decline was driven by lower market activity from reduced promotional offer intensity, reflecting lower contracted gross activations, and the unfavourable impact from limited population growth in Canada. Conversely, in the first half of the year, postpaid gross activations increased by 6.8% year over year, mainly due to greater market activity in Q1 2026 from greater promotional offer intensity.
•Mobile phone prepaid gross subscriber activations decreased by 8.4% in the quarter and by 8.9% year to date, compared to the same periods last year, due to limited population growth in Canada along with a decline in international students. Year to date was also impacted by consumer shift to postpaid as a result of more attractive promotional offers on postpaid rate plans in Q1 2026.
Mobile phone net subscriber activations decreased by 39.0% in Q2 2026, compared to the same period in 2025, reflecting lower prepaid and postpaid net subscriber activations. In the first six months of the year, mobile phone net subscriber activations decreased by 33.2%, due to lower prepaid net subscriber activations, partly offset by higher postpaid net subscriber activations.
•Mobile phone postpaid net subscriber activations decreased by 6.6% in the quarter, compared to Q2 2025, due to lower gross activations, partly offset by greater migrations from prepaid and lower deactivations. In the first half of the year, postpaid net subscriber activations increased by 67.5%, compared to last year, due to greater gross subscriber activations and higher migrations from prepaid, partly offset by greater subscriber deactivations.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 27

•Mobile phone prepaid net subscriber activations decreased by 67.9% in Q2 2026 and by 93.0% year to date, compared to the same periods last year, due to lower gross activations, greater migrations to postpaid and increased subscriber deactivations.
Mobile phone blended churn of 1.36% in Q2 2026, was stable to Q2 2025, whereas in the first half of the year, blended churn of 1.52% increased by 0.07 pts, compared to the same period last year.
•Mobile phone postpaid churn of 1.02% in Q2 2026, decreased by 0.04 pts, compared to last year, driven by lower deactivations due to less competitive market activity. Year to date postpaid churn of 1.18% increased by 0.05 pts, compared to last year, due to higher subscriber deactivations driven by greater competitive market activity in Q1 2026 moderated by lower competitive market activity in Q2 2026.
•Mobile phone prepaid churn of 5.63% in Q2 2026 and of 5.80% year to date, increased by 0.57 pts and 0.39 pts, respectively, compared to the same periods last year, due to higher subscriber deactivations.
Mobile phone subscribers at June 30, 2026 totalled 10,380,265, essentially stable to the 10,382,457 subscribers reported at the end of Q2 2025. This consisted of 9,609,020 postpaid subscribers, an increase of 0.5% from 9,565,385 subscribers reported at the end of Q2 2025, and 771,245 prepaid subscribers, a decrease of 5.6% from 817,072 subscribers reported at the end of Q2 2025.
Mobile connected device net subscriber activations decreased by 53.2% in Q2 2026 and by 4.9% year to date, compared to the same periods last year, due to greater business Internet of Things (IoT) deactivations driven largely by one customer, partly offset by lower data devices net losses. The year-to-date decline was also moderated by higher connected cars and consumer IoT net subscriber activations.
Mobile connected device subscribers at June 30, 2026 totalled 3,393,596 up 6.8% from 3,176,916 subscribers reported at the end of Q2 2025.
Wireline data
Internet
Q2 2026Q2 2025Change% changeYTD 2026YTD 2025Change% change
Bell CTS high-speed Internet net subscriber activations (1) (2)
17,733 4,612 13,121 n.m.35,515 8,356 27,159 n.m.
Bell CTS Canada11,601 4,612 6,989 n.m.25,520 8,356 17,164 n.m.
Bell CTS U.S.6,132 — 6,132 n.m.9,995 — 9,995 n.m.
Bell CTS high-speed Internet subscribers (1) (2) (3)
4,911,422 4,577,706 333,716 7.3%4,911,422 4,577,706 333,716 7.3%
Bell CTS Canada (3)
4,465,897 4,577,706 (111,809)(2.4%)4,465,897 4,577,706 (111,809)(2.4%)
Bell CTS U.S. (3)
445,525 — 445,525 n.m.445,525 — 445,525 n.m.
Bell CTS residential FTTH Internet net subscriber activations (1) (2)
54,883 47,920 6,963 14.5%104,408 95,912 8,496 8.9%
Bell CTS Canada 45,271 47,920 (2,649)(5.5%)88,021 95,912 (7,891)(8.2%)
Bell CTS U.S. 9,612 — 9,612 n.m.16,387 — 16,387 n.m.
Bell CTS residential FTTH Internet subscribers (1) (2) (3)
3,626,608 3,163,062 463,546 14.7%3,626,608 3,163,062 463,546 14.7%
Bell CTS Canada (3)
3,248,353 3,163,062 85,291 2.7%3,248,353 3,163,062 85,291 2.7%
Bell CTS U.S. (3)
378,255 — 378,255 n.m.378,255 — 378,255 n.m.
n.m.: not meaningful
(1)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(2)Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
(3)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
Bell CTS high-speed Internet net subscriber activations increased by 13,121 in Q2 2026 and by 27,159 year to date, compared to the same periods last year, driven by growth in Bell CTS Canada of 6,989 and 17,164, respectively, coupled with the contribution from Bell CTS U.S of 6,132 and 9,995, respectively, as a result of the acquisition of Ziply Fiber on August 1, 2025. This included year-over-year growth from residential FTTH net subscriber activations of 14.5% in Q2 2026 and 8.9% year to date, compared to the same periods last year, driven by the contribution from Bell CTS U.S. of 9,612 and 16,387, respectively, moderated by a decline in Bell CTS Canada of 2,649 and 7,891, respectively.



28 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Bell CTS Canada high-speed Internet net subscriber activations increased by 6,989 in Q2 2026 to 11,601 and by 17,164 to 25,520 in the first half of the year, compared to the same periods in 2025, including residential FTTH net subscriber activations of 45,271 in Q2 2026 and 88,021 year to date, down 5.5% and 8.2%, respectively, over the same periods in 2025. The year-over-year growth was driven by reduced non-FTTH net losses, partly offset by lower FTTH net activations attributable to slowing market growth from limited population growth in Canada, less new fibre footprint expansion and competitive pressures, mitigated in part by our focus on customer retention and a lower number of customers coming off of promotional offers.
Bell CTS U.S. high-speed Internet net subscriber activations were 6,132 in Q2 2026 and 9,995 in the first half of the year, compared to nil in the same periods last year, as a result of the acquisition of Ziply Fiber. This included residential FTTH net subscriber activations of 9,612 in Q2 2026 and 16,387 in the first half of the year, which benefited from the continued expansion of the fibre footprint, combined with strong fibre penetration, moderated by pressure from cable competitors.
Bell CTS high-speed Internet subscribers totalled 4,911,422 at June 30, 2026, up 7.3% from 4,577,706 subscribers reported at the end of Q2 2025, due to the contribution from Bell CTS U.S. as a result of the acquisition of Ziply Fiber, moderated by a decline in Bell CTS Canada. This included 3,626,608 residential FTTH subscribers, up 14.7% from 3,163,062 subscribers reported at the end of Q2 2025.
Bell CTS Canada high-speed Internet subscribers totalled 4,465,897 at June 30, 2026, down 2.4% from 4,577,706 subscribers reported at the end of Q2 2025. This included 3,248,353 residential FTTH subscribers, up 2.7% from 3,163,062 subscribers reported at the end of Q2 2025.
Bell CTS U.S. high-speed Internet subscribers totalled 445,525 at June 30, 2026, including 378,255 residential FTTH subscribers, compared to nil at the end of Q2 2025, as a result of the acquisition of Ziply Fiber.
Video
Q2 2026Q2 2025Change% changeYTD 2026YTD 2025Change% change
Bell CTS video net subscriber activations (losses) (1)
8,494 (15,851)24,345 n.m.18,382 (31,822)50,204 n.m.
Bell CTS Canada8,741 (15,851)24,592 n.m.18,844 (31,822)50,666 n.m.
Bell CTS U.S.(247)— (247)n.m.(462)— (462)n.m.
Bell CTS video subscribers (1) (2)
2,164,083 2,099,290 64,793 3.1%2,164,083 2,099,290 64,793 3.1%
Bell CTS Canada (2)
2,158,706 2,099,290 59,416 2.8%2,158,706 2,099,290 59,416 2.8%
Bell CTS U.S. (2)
5,377 — 5,377 n.m.5,377 — 5,377 n.m.
n.m.: not meaningful
(1)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(2)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
Bell CTS video net subscriber activations of 8,494 in Q2 2026 and 18,382 in the first six months of the year, increased by 24,345 and 50,204 net subscribers, respectively, compared to net subscriber losses of 15,851 in Q2 2025 and 31,822 in the first half of 2025, driven by an increase in Bell CTS Canada net subscribers of 24,592 and 50,666, respectively, partly offset by net subscriber losses in Bell CTS U.S. of 247 and 462, respectively, as a result of the acquisition of Ziply Fiber on August 1, 2025.
Bell CTS Canada video net subscriber activations of 8,741 in Q2 2026 and 18,844 in the first six months of the year, increased by 24,592 and 50,666 net subscribers, respectively, compared to net subscriber losses of 15,851 in Q2 2025 and 31,822 in the first half of 2025, driven by our new streaming bundles which launched in the second half of 2025. This was partly offset by greater IPTV net losses, mitigated in part by a higher IPTV attach rate on Internet activations associated with the 2026 FIFA World Cup.
Bell CTS U.S. video net subscriber losses were 247 in Q2 2026 and 462 in the first half of the year, compared to nil in the same periods last year, as a result of the acquisition of Ziply Fiber, reflecting greater deactivations as traditional IPTV services are challenged by customer adoption of OTT services.
Bell CTS video subscribers at June 30, 2026 totalled 2,164,083, up 3.1% from 2,099,290 subscribers reported at the end of Q2 2025, due to an increase in Bell CTS Canada, along with the contribution from Bell CTS U.S. attributable to the acquisition of Ziply Fiber.
Bell CTS Canada video subscribers at June 30, 2026 totalled 2,158,706 up 2.8% from 2,099,290 subscribers reported at the end of Q2 2025.
Bell CTS U.S. video subscribers at June 30, 2026 totalled 5,377, compared to nil at the end of Q2 2025, as a result of the acquisition of Ziply Fiber.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 29

Wireline voice
Q2 2026Q2 2025Change% changeYTD 2026YTD 2025Change% change
Bell CTS retail residential NAS lines net losses(41,541)(44,700)3,159 7.1%(87,290)(92,130)4,840 5.3%
Bell CTS Canada(38,227)(44,700)6,473 14.5%(80,355)(92,130)11,775 12.8%
Bell CTS U.S.(3,314)— (3,314)n.m.(6,935)— (6,935)n.m.
Bell CTS retail residential NAS lines (1)
1,634,888 1,727,911 (93,023)(5.4%)1,634,888 1,727,911 (93,023)(5.4%)
Bell CTS Canada1,565,952 1,727,911 (161,959)(9.4%)1,565,952 1,727,911 (161,959)(9.4%)
Bell CTS U.S. (1)
68,936 — 68,936 n.m.68,936 — 68,936 n.m.
n.m.: not meaningful
(1)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
Bell CTS retail residential NAS lines net losses decreased by 7.1% in Q2 2026 and by 5.3% in the first half of the year, compared to the same periods last year, attributable to lower net losses in Bell CTS Canada of 14.5% and 12.8%, respectively, partly offset by net losses in Bell CTS U.S. of 3,314 and 6,935, respectively, compared to nil last year, as a result of the acquisition of Ziply Fiber on August 1, 2025.
Bell CTS Canada retail residential NAS lines net losses decreased by 14.5% in the quarter and by 12.8% in the first half of the year, compared to the same periods in 2025, mainly due to lower customer deactivations, reflecting a reduced number of customers coming off of promotional offers, partly offset by fewer gross activations resulting from continued substitution to wireless and Internet-based technologies, combined with less pull-through on lower Internet activations.
Bell CTS U.S. retail residential NAS lines net losses were 3,314 in Q2 2026 and 6,935 in the first six months of the year, compared with nil in the same periods last year, due to the acquisition of Ziply Fiber. The net losses were impacted by continued substitution to wireless and Internet-based technologies.
Bell CTS retail residential NAS lines of 1,634,888 at June 30, 2026, declined by 5.4% from 1,727,911 lines reported at the end of Q2 2025, due to a decline in Bell CTS Canada, partly offset by the inclusion of Bell CTS U.S. NAS lines due to the acquisition of Ziply Fiber.
Bell CTS Canada retail residential NAS lines of 1,565,952 at June 30, 2026, declined by 9.4% from 1,727,911 lines reported at the end of Q2 2025.
Bell CTS U.S. retail residential NAS lines were 68,936 at June 30, 2026, compared to nil at the end of Q2 2025, as a result of the acquisition of Ziply Fiber.
30 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Assumptions
As at the date of this MD&A, our forward-looking statements set out in the BCE 2025 Annual MD&A, as updated or supplemented in the BCE 2026 First Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, the assumptions referred to in the Bell Media business segment discussion set out in section 3.2, Bell Media, of this MD&A, as well as the economic, market and other assumptions referred to in section 1.3, Assumptions of this MD&A.
Assumptions applicable to Bell CTS Canada
•Stabilizing wireless market share of net additions as we manage increased competitive intensity and promotional activity across all regions and market segments
•Ongoing expansion and deployment of fifth generation (5G) and 5G+ wireless networks, offering competitive coverage and quality
•Continued diversification of our distribution strategy with a focus on expanding DTC and online transactions
•Slightly declining mobile phone blended ARPU due to competitive pricing pressure
•Continuing business customer adoption of advanced 5G, 5G+ and IoT solutions
•Continued scaling of technology services from recent acquisitions made in the enterprise market through leveraging our sales channels with the acquired businesses’ technical expertise
•Continued growth in residential fibre Internet subscribers
•Increasing wireless and Internet-based technological substitution
•Continued focus on the consumer household and bundled service offers for mobility, Internet and content services
•Continued large business customer migration to IP-based systems
•Ongoing competitive repricing pressures in our business and wholesale markets
•Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services, which, in many cases, are also sold as a service by Bell Business Markets to ensure continuity of customer relationships and adjacent revenue growth opportunities
•Increasing customer adoption of OTT services resulting in downsizing of TV packages and fewer consumers purchasing BDU subscriptions services
•Realization of cost savings related to operating efficiencies enabled by our direct fibre footprint, changes in consumer behaviour and product innovation, digital and AI adoption, product and service enhancements, expanding self-serve capabilities, new call centre and digital investments, other improvements to the customer service experience, management workforce reductions including attrition and retirements, and lower contracted rates from our suppliers
Assumptions applicable to Bell CTS U.S.
•Continued growth in retail Internet customers with continued deployment of direct fibre to incremental homes and businesses both within our existing footprint and in new markets
•Increasing retail Internet ARPU through continued migration of customers to higher speed tiers and rate increases
•Ongoing competitive repricing pressures in our business and wholesale markets
•Realization of cost savings related to operational efficiencies enabled by our direct fibre footprint, digital and AI adoption, expanding self service capabilities, and other improvements to the customer service experience
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 31


3.2 Bell Media
This section contains forward-looking statements, including relating to the expected benefits of the partnership between Walmart+ and Crave; and the anticipated expansion of Bell Media's Connected TV inventory resulting from its strategic agreement with TELUS. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Key business developments
Long-term broadcast and streaming rights extension with the CFL
On May 28, 2026, Bell Media and the Canadian Football League (CFL) announced a six-year rights extension, starting with the 2027 season, under which Bell Media will continue as the CFL's majority broadcast and streaming partner across its TSN, RDS, CTV, and Crave platforms. TSN will remain the majority English-language broadcast partner, delivering 60 regular-season games and six of eight playoff games each season, including Thursday Night Football and Friday Night Football. RDS will continue as the exclusive French-language broadcast and streaming partner, covering all Montreal Alouettes games, 25 regular-season matchups and all playoff games. Bell Media will also continue to hold Canadian broadcast and streaming rights to the Grey Cup, which will be available across TSN, RDS, CTV, and Crave.
Broadcast and streaming rights agreement with the WNBA
On May 5, 2026, Bell Media and the Women's National Basketball Association (WNBA) announced a multi-year agreement to broadcast and stream WNBA games in Canada, beginning with the 2026 season. Under the agreement, Bell Media serves as the official media partner of the Toronto Tempo, and TSN carries live coverage of the Toronto Tempo, additional regular-season matchups from across the league, and the vast majority of the WNBA Draft, WNBA All-Star, WNBA Playoffs and WNBA Finals. A select number of Toronto Tempo games are also simulcast on CTV and streamed on Crave.
Exclusive coverage of FIFA World Cup 2026
Bell Media served as the exclusive Canadian broadcaster and streamer of FIFA World Cup 2026, which was hosted in Canada for the first time and concluded on July 19, 2026. Bell Media's coverage of the tournament's 104 matches on TSN, RDS, CTV, Noovo and Crave reached approximately 30.5 million unique Canadian viewers, and the FIFA World Cup 2026 Final became the most-watched FIFA World Cup match ever in Canada, with an average audience of 6.4 million viewers, according to preliminary data from Numeris.
Launch of Walmart+ membership with embedded Crave subscription
On June 4, 2026, Walmart Canada launched Walmart+ in Canada, a new membership program that includes a subscription to Crave Standard with Ads as an embedded streaming benefit at no additional cost to members. The launch expands Crave's distribution in the Canadian retail-membership channel.
Agreement with TELUS to expand live Connected TV advertising
On May 21, 2026, Bell Media announced a strategic agreement with TELUS to expand its Connected TV live advertising inventory across TSN, CTV, and leading English-language specialty channels on the TELUS TV+ platform. The agreement, which represents the first arrangement between a Canadian broadcaster and broadcast distributor to bring live linear ad replacement to market, extends Bell Media's live Connected TV inventory into Alberta and B.C., complementing Bell Media's established footprint in Ontario, Québec and Atlantic Canada.
32 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Financial performance analysis
Q2 2026 performance highlights
Bell MediaBell Media
RevenuesAdjusted EBITDA
(in $ millions)(in $ millions)
(% adjusted EBITDA margin)
imageb.jpg
image1a.jpg
Bell MediaBell Media
RevenuesAdjusted EBITDA
(in $ millions)(in $ millions)
(% adjusted EBITDA margin)
image2a.jpg
image3.jpg
Bell Media results
Revenues
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
External revenues827 758 69 9.1%1,516 1,449 67 4.6%
Inter-segment revenues91 85 6 7.1%180 169 11 6.5%
Bell Media operating revenues918 843 75 8.9%1,696 1,618 78 4.8%
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 33

Bell Media operating revenues increased by 8.9% in Q2 2026, compared to last year, driven by higher advertising, subscriber and other revenues. In the first half of the year, operating revenues increased by 4.8%, compared to 2025, due to higher subscriber and other revenues, partly offset by lower advertising revenues. Operating revenues reflected year-over-year growth from digital revenues (1) of 5.8% in Q2 2026 and of 6.8% year to date.
•Advertising revenues increased by 5.3% in Q2 2026, compared to last year, attributable to strong cross-platform sports performance driven by the success of the broadcast of the 2026 FIFA World Cup, which also contributed to the growth in digital video advertising revenues, including increased adoption of ad-supported subscription tiers on Crave, highlighting Bell Media's ongoing shift to digital advertising platforms. The growth in Q2 2026 advertising revenues was moderated by continued softness in traditional advertising demand, coupled with lower audio revenues following the divestitures in 2025 of 45 radio stations and the non-recurrence of advertising revenues from the 2025 Canadian Federal Election. Conversely, in the first half of the year, advertising revenues declined by 3.9%, as the lower demand for traditional advertising, radio station divestitures, the unfavourable year-over-year impact from the 2025 Canadian Federal Election and the shift in advertising dollars to the principal broadcaster of the 2026 Olympic Winter Games more than offset the favourable factors discussed above.
•Subscriber revenues grew by 6.7% in Q2 2026 and by 9.2% year to date, compared to the same periods last year, due to strong growth in Crave and sports streaming revenues primarily from higher DTC streaming subscribers, including the favourable impact from Canadian original content and the 2026 FIFA World Cup, partly offset by ongoing erosion in BDU subscribers. In the first six months of the year, the growth in subscriber revenues was also favourably impacted by a retroactive adjustment related to a contract with a Canadian TV distributor.
•Other revenues increased in Q2 2026 and in the first six months of the year, compared to the same periods last year, due to higher year-over-year revenues from F1 Canadian Grand Prix 2026 and higher program sales, driven mainly by the acquisition of Sphere Abacus in May 2025 and the distribution of Canadian original content.
Operating costs and adjusted EBITDA
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Operating costs(674)(608)(66)(10.9%)(1,297)(1,224)(73)(6.0%)
Adjusted EBITDA2442359 3.8%3993945 1.3%
Adjusted EBITDA margin26.6%27.9%(1.3) pts23.5%24.4%(0.9) pts
Bell Media operating costs increased by 10.9% in Q2 2026 and by 6.0% in the first half of the year, compared to the same periods last year, due to:
•Greater costs associated with the 2026 FIFA World Cup and F1 Canadian Grand Prix 2026
•Increased content costs including contractual rights increases to support growth in Crave, along with escalating costs for sports broadcasting rights
•The operating expenses of Sphere Abacus as a result of the acquisition in May 2025
These factors were partly offset by:
•Savings from cost reduction initiatives, mainly workforce reductions
•Lower expenses due to radio station divestitures in 2025
In the first six months of the year, the year-over-year operating costs were also favourably impacted by the rescinded Canadian federal digital services tax.
Bell Media adjusted EBITDA increased by 3.8% in Q2 2026 and by 1.3% in the first half of the year, compared to the same periods last year, driven by increased operating revenues, partly offset by higher operating costs.















(1)Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, ad-supported subscription tiers on Crave, connected TV apps and out-of-home (OOH) digital assets/platforms, as well as advertising procured through Bell digital buying platforms and subscription revenue from DTC services and video on demand (VOD) services.
34 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Adjusted EBIT
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Adjusted EBITDA244 235 9 3.8%399 394 5 1.3%
less: Severance, acquisition and other costs(1)(4)3 75.0%(6)(15)9 60.0%
         Depreciation and amortization(60)(63)3 4.8%(118)(121)3 2.5%
         Impairment of assets— — — n.m.— — — n.m.
Adjusted EBIT183 168 15 8.9%275 258 17 6.6%
n.m.: not meaningful
Bell Media adjusted EBIT in the second quarter of 2026 increased by $15 million compared to the same period last year, mainly due to a higher adjusted EBITDA. On a year-to-date basis in 2026, Bell Media adjusted EBIT increased by $17 million compared to the same period last year, mainly due to lower severance, acquisition and other costs.
Assumptions
As at the date of this MD&A, our forward-looking statements set out in the BCE 2025 Annual MD&A, as updated or supplemented in the BCE 2026 First Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, the assumptions referred to in the Bell CTS business segment discussion set out in section 3.1, Bell CTS, of this MD&A, as well as the economic, market and other assumptions referred to in section 1.3, Assumptions, of this MD&A.
•Overall digital revenue expected to reflect scaling of Connected TV, DTC advertising and subscriber growth, as well as digital growth in our OOH business contributing towards the advancement of our digital-first media strategy
•Leveraging of first-party data to improve targeting, advertisement delivery including personalized viewing experience and attribution
•Strategically managing escalating content acquisition and production costs to secure high-quality, differentiated programming across all screens and platforms
•Continued scaling of Crave, TSN and RDS through expanded distribution, partnerships, content offerings and user experience improvements
•Global content distribution growth through majority ownership of Sphere Abacus
•Continued support in original French content with a focus on digital platforms such as Crave, Noovo.ca and iHeartRadio Canada, to better serve our French-language customers through a personalized digital experience
•No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our media business
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 35

4 Financial and capital management
This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an analysis of our financial condition, cash flows and liquidity on a consolidated basis.
4.1 Net debt
June 30, 2026December 31, 2025$ change% change
Long-term debt37,522 34,904 2,618 7.5%
less: 50% of junior subordinated debt (1)
(2,946)(2,149)(797)(37.1%)
Debt due within one year4,254 6,155 (1,901)(30.9%)
50% of preferred shares (2)
1,608 1,644 (36)(2.2%)
Cash(477)(314)(163)(51.9%)
Cash equivalents(2)(6)4 66.7%
Net debt (3)
39,959 40,234 (275)(0.7%)
(1)50% of junior subordinated debt is excluded as it has been afforded equity treatment by certain credit rating agencies.
(2)50% of outstanding preferred shares of $3,216 million and $3,288 million at June 30, 2026 and December 31, 2025, respectively, are classified as debt consistent with the treatment by certain credit rating agencies.
(3)Net debt is a non-GAAP financial measure. See section 8.1, Non-GAAP financial measures in this MD&A for more information on this measure.
The decrease of $1,901 million in debt due within one year and the increase of $2,618 million in long-term debt were due to:
•the issuance by Bell Canada of Series D Fixed-to-Fixed Rate Junior Subordinated Notes (Series D Notes), with a total principal amount of $750 million
•the issuance by Bell Canada of Series E Fixed-to-Fixed Rate Junior Subordinated Notes (Series E Notes), with a total principal amount of $750 million
•the issuance by Bell Canada of Series M-68 MTN debentures, with a total principal amount of $750 million
•the issuance by Bell Canada of Series M-69 MTN debentures, with a total principal amount of $900 million
•the issuance by Bell Canada of Series M-70 MTN debentures, with a total principal amount of $700 million
•the issuance by Bell Canada of Series US-11 Notes, with a total principal amount of $650 million in U.S. dollars ($899 million in Canadian dollars)
•an increase in outstanding loans of $212 million in U.S. dollars ($291 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•a net increase of $448 million mainly due to foreign exchange fluctuations on U.S. debt for which we have entered into hedges, partly offset by lower lease liabilities and other debt. Refer to section 4.5, Financial risk management, of this MD&A for more details.
Partly offset by:
•a decrease in notes payable (net of issuances) of $1,971 million
•the repayment at maturity of Series 1 Notes, with a total principal amount of $125 million
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars) of:
•a principal amount of $353 million in U.S. dollars ($491 million in Canadian dollars) of its Series US-1 Notes, that had an outstanding principal amount of $1,150 million in U.S. dollars ($1,601 million in Canadian dollars)
•a principal amount of $98 million in U.S. dollars ($136 million in Canadian dollars) of its Series US-2 Notes, that had an outstanding principal amount of $426 million in U.S. dollars ($593 million in Canadian dollars)
•a principal amount of $109 million in U.S. dollars ($152 million in Canadian dollars) of its Series US-4 Notes, that had an outstanding principal amount of $421 million in U.S. dollars ($587 million in Canadian dollars)
•a principal amount of $91 million in U.S. dollars ($127 million in Canadian dollars) of its Series US-5 Notes, that had an outstanding principal amount of $417 million in U.S. dollars ($581 million in Canadian dollars)
•a principal amount of $84 million in U.S. dollars ($117 million in Canadian dollars) of its Series US-6 Notes, that had an outstanding principal amount of $459 million in U.S. dollars ($639 million in Canadian dollars)
•a principal amount of $143 million in U.S. dollars ($199 million in Canadian dollars) of its Series US-7 Notes, that had an outstanding principal amount of $533 million in U.S. dollars ($742 million in Canadian dollars)
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,422 million of:
•a principal amount of $60 million of its Series M-3 MTN debentures, that had an outstanding principal amount of $200 million
•a principal amount of $301 million of its Series M-39 MTN debentures, that had an outstanding principal amount of $395 million
•a principal amount of $367 million of its Series M-45 MTN debentures, that had an outstanding principal amount of $400 million
•a principal amount of $345 million of its Series M-52 MTN debentures, that had an outstanding principal amount of $1,000 million
•a principal amount of $380 million of its Series M-60 MTN debentures, that had an outstanding principal amount of $600 million
•a decrease in debt of $290 million due to an early debt redemption gain as a result of the tender offers described above
36 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

The increase in cash of $163 million and the decrease in cash equivalents of $4 million were mainly due to:
•$5,036 million of issuance of long-term debt
•$3,311 million of cash flows from operating activities
•$107 million from initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 2026
Partly offset by:
•$2,611 million repayment of long-term debt, excluding principal payment of lease liabilities
•$1,971 million decrease in notes payable (net of issuances)
•$1,921 million of capital expenditures
•$816 million of dividends paid on BCE common shares
•$499 million principal payment of lease liabilities
•$116 million of cash flows from other financing activities which includes early debt redemption costs
•$95 million purchase of shares for settlement of share-based payments
•$74 million increase in investments
•$72 million of dividends paid on BCE preferred shares
•$62 million paid for the repurchase of BCE preferred shares

4.2 Outstanding share data
Common shares outstandingNumber of shares
Outstanding, June 30, 2026
932,525,817 
Stock options outstandingNumber of optionsWeighted average
exercise price ($)
Outstanding, January 1, 20265,503,174 62 
Granted3,341,630 36 
Forfeited or expired(82,575)63 
Outstanding, June 30, 20268,762,229 52 
Exercisable, June 30, 20265,420,599 62 
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 37


4.3 Cash flows
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Cash flows from operating activities2,162 1,947 215 11.0%3,311 3,518 (207)(5.9%)
Capital expenditures(1,080)(763)(317)(41.5%)(1,921)(1,492)(429)(28.8%)
Cash dividends paid on preferred shares(36)(38)2 5.3%(72)(77)5 6.5%
Cash dividends paid by subsidiaries to NCI(12)— (12)n.m.(24)(13)(11)(84.6%)
Income taxes paid on significant divestitures — — — — 542 — 542 n.m.
Acquisition and other costs paid8 6 2 33.3%10 14 (4)(28.6%)
Free cash flow1,042 1,152 (110)(9.5%)1,846 1,950 (104)(5.3%)
Principal payment of lease liabilities(258)(278)20 7.2%(499)(582)83 14.3%
Free cash flow after payment of lease liabilities (1)
784 874 (90)(10.3%)1,347 1,368 (21)(1.5%)
Business acquisitions(17)(24)7 29.2%(24)(23)(1)(4.3%)
Business dispositions— 36 (36)(100.0%)1 38 (37)(97.4%)
Increase in investments(26)(9)(17)n.m.(74)(17)(57)n.m.
Decrease in investments2 — 2 n.m.11 — 11 n.m.
Income taxes paid on significant divestitures— — — — (542)— (542)n.m.
Acquisition and other costs paid(8)(6)(2)(33.3%)(10)(14)4 28.6%
Decrease in short-term investments— — — — — 400 (400)(100.0%)
Spectrum licences— — — — (13)— (13)n.m.
Other investing activities(6)10 (16)n.m.(11)5 (16)n.m.
(Decrease) increase in notes payable(1,149)405 (1,554)n.m.(1,971)(726)(1,245)n.m.
Issue of long-term debt2,647 318 2,329 n.m.5,036 4,755 281 5.9%
Repayment of long-term debt, excluding principal payment of lease liabilities(2,554)(1,447)(1,107)(76.5%)(2,611)(5,399)2,788 51.6%
Purchase of shares for settlement of share-based payments(33)(32)(1)(3.1%)(95)(96)1 1.0%
Repurchase of preferred shares(30)(39)9 23.1%(62)(76)14 18.4%
Cash dividends paid on common shares(408)(608)200 32.9%(816)(1,210)394 32.6%
Other financing activities(101)(20)(81)n.m.(116)(67)(49)(73.1%)
(1,683)(1,416)(267)(18.9%)(1,297)(2,430)1,133 46.6%
Effect of currency exchange rate changes on cash and cash equivalents2 — 2 n.m.2 — 2 n.m.
Net (decrease) increase in cash(890)(542)(348)(64.2%)56 (1,065)1,121 n.m.
Net increase in cash on initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 2026— — — — 107 — 107 n.m.
Net (decrease) increase in cash equivalents(7)— (7)n.m.(4)3 (7)n.m.
n.m.: not meaningful
(1)Free cash flow after payment of lease liabilities is a non-GAAP financial measure. Refer to section 8.1, Non-GAAP financial measures in this MD&A for more information on this measure.
38 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Cash flows from operating activities and free cash flow
Cash flows from operating activities in the second quarter of 2026 increased by $215 million, compared to the same period last year, mainly due to lower severance and other costs paid, lower income taxes paid and higher adjusted EBITDA, partly offset by higher interest paid.
Cash flows from operating activities on a year-to-date basis in 2026 decreased by $207 million, compared to the same period last year, mainly due to higher income taxes paid resulting from significant divestitures of $542 million and higher interest paid, partly offset by lower severance and other costs paid and higher adjusted EBITDA.
Free cash flow in the second quarter of 2026 decreased by $110 million compared to the same period last year, mainly due to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding cash from income taxes paid on significant divestitures and acquisition and other costs paid.
Free cash flow on a year-to-date basis in 2026 decreased by $104 million compared to the same period last year, mainly due to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding cash from income taxes paid on significant divestitures and acquisition and other costs paid.
Capital expenditures
Q2 2026Q2 2025$ change% changeYTD 2026YTD 2025$ change% change
Bell CTS1,035727(308)(42.4%)1,8481,431(417)(29.1%)
Capital intensity (1)
19.3%13.6%(5.7) pts17.0%13.5%(3.5) pts
Bell CTS Canada872727(145)(19.9%)1,5291,431(98)(6.8%)
Capital intensity17.0%13.6%(3.4) pts14.7%13.5%(1.2) pts
Bell CTS U.S.163—(163)n.m.319—(319)n.m.
Capital intensity69.7%—(69.7) pts68.2%—(68.2) pts
Bell Media4536(9)(25.0%)7361(12)(19.7%)
Capital intensity 4.9%4.3%(0.6)pts4.3%3.8%(0.5)pts
BCE1,080763(317)(41.5%)1,9211,492(429)(28.8%)
Capital intensity 17.5%12.5%(5.0)pts15.6%12.4%(3.2)pts
n.m.: not meaningful
(1)Capital intensity is defined as capital expenditures divided by operating revenues. Refer to section 8.6, KPIs in this MD&A for more information on this measure.
BCE capital expenditures were $1,080 million in Q2 2026 and $1,921 million in the first half of the year, up $317 million and $429 million, respectively, compared to the same periods last year. This corresponded to a capital intensity ratio of 17.5% in Q2 2026 and 15.6% year to date, up 5.0 pts and 3.2 pts, respectively, year over year. The increases in capital expenditures over last year reflected the following:
•Capital expenditures in Bell CTS U.S. of $163 million in Q2 2026 and $319 million year to date, compared to nil in the same periods last year, as a result of the acquisition of Ziply Fiber on August 1, 2025. Capital spending was focused on the continued expansion of Ziply Fiber's FTTP network in the U.S.
•Greater capital spending in Bell CTS Canada of $145 million in Q2 2026 and $98 million year to date, compared to the same periods last year, driven by higher capital investments to support the growth in our Bell AI Fabric business as we continue to build out data centres, partly offset by slower FTTP footprint expansion in Canada
•Higher capital spending in Bell Media of $9 million in Q2 2026 and $12 million year to date, compared to the same periods last year, driven by greater investments to support digital growth
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 39

Debt instruments
2026
In the second quarter of 2026, we repaid debt, net of issuances. This included:
•$2,812 million repayment of long-term debt comprised of:
•the repayment at maturity of Series 1 Notes, with a total principal amount of $125 million
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars), of an aggregate principal amount of $878 million in U.S. dollars ($1,222 million in Canadian dollars), representing part of the outstanding principal amount of six of its series of U.S. notes. Refer to section 4.1, Net Debt, of this MD&A for more details.
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,422 million, of an aggregate principal amount of $1,453 million representing part of the outstanding principal amount of five of its series of MTN debentures. Refer to section 4.1, Net Debt, of this MD&A for more details.
•principal payment of lease liabilities of $258 million
•net payments of other debt of $44 million
•$1,149 million repayments (net of issuance) of notes payable
Partly offset by:
•$2,647 million issuance of long-term debt comprised of:
•the issuance by Bell Canada of Series M-69 MTN debentures, with a total principal amount of $900 million
•the issuance by Bell Canada of Series M-70 MTN debentures, with a total principal amount of $700 million
•the issuance by Bell Canada of Series US-11 Notes, with a total principal amount of $650 million in U.S. dollars ($899 million in Canadian dollars)
•an increase in outstanding loans of $110 million in U.S. dollars ($152 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•partly offset by $4 million of discounts on our debt issuances
In the first half of 2026, we repaid debt, net of issuances. This included:
•$3,110 million repayment of long-term debt comprised of:
•the repayment at maturity of Series 1 Notes, with a total principal amount of $125 million
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars), of an aggregate principal amount of $878 million in U.S. dollars ($1,222 million in Canadian dollars), representing part of the outstanding principal amount of six of its series of U.S. notes. Refer to section 4.1, Net Debt, of this MD&A for more details.
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,422 million, of an aggregate principal amount of $1,453 million representing part of the outstanding principal amount of five of its series of MTN debentures. Refer to section 4.1, Net Debt, of this MD&A for more details.
•principal payment of lease liabilities of $499 million
•net payments of other debt of $101 million
•$1,971 million repayments (net of issuance) of notes payable
Partly offset by:
•$5,036 million issuance of long-term debt comprised of:
•the issuance by Bell Canada of Series D Notes, with a total principal amount of $750 million
•the issuance by Bell Canada of Series E Notes, with a total principal amount of $750 million
•the issuance by Bell Canada of Series M-68 MTN debentures, with a total principal amount of $750 million
•the issuance by Bell Canada of Series M-69 MTN debentures, with a total principal amount of $900 million
•the issuance by Bell Canada of Series M-70 MTN debentures, with a total principal amount of $700 million
•the issuance by Bell Canada of Series US-11 Notes, with a total principal amount of $650 million in U.S. dollars ($899 million in Canadian dollars)
•an increase in outstanding loans of $212 million in U.S. dollars ($291 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•partly offset by $4 million of discounts on our debt issuances






40 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

2025
In the second quarter of 2025, we repaid debt, net of issuances. This included:
•$1,725 million repayment of long-term debt comprised of:
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $602 million, of an aggregate principal amount of $700 million, representing part of the outstanding principal amount of four of its series of MTN debentures.
•the repayment of the outstanding loan of $600 million in U.S. dollars ($814 million in Canadian dollars) under the Bell Mobility trade loan agreement
•principal payment of lease liabilities of $278 million
•net payments of other debt of $31 million
Partly offset by:
•$405 million issuance (net of repayments) of notes payable
•$318 million issuance of long-term debt comprised of an increase in outstanding loans of $228 million in U.S. dollars ($315 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement and $3 million issuance of other debt
In the first half of 2025, we repaid debt, net of issuances. This included:
•$5,981 million repayment of long-term debt comprised of:
•the repayment at maturity of Series M-47 MTN debentures with a total principal amount of $1,500 million
•the repayment at maturity of Series M-49 MTN debentures with a total principal amount of $600 million
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $633 million in U.S. dollars ($903 million in Canadian dollars), of an aggregate principal amount of $844 million in U.S. dollars ($1,205 million in Canadian dollars), representing part of the outstanding principal amount of five of its series of U.S. notes.
•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,498 million, of an aggregate principal amount of $1,831 million representing part of the outstanding principal amount of four of its series of MTN debentures.
•the repayment of the outstanding loan of $600 million in U.S. dollars ($814 million in Canadian dollars) under the Bell Mobility trade loan agreement
•principal payment of lease liabilities of $582 million
•net payments of other debt of $84 million
•$726 million repayment (net of issuances) of notes payable
Partly offset by:
•$4,755 million issuance of long-term debt comprised of:
•the issuance of Fixed-to-Fixed Rate Junior Subordinated Notes, Series A, with a total principal amount of $1,000 million U.S. dollars ($1,416 million in Canadian dollars)
•the issuance of Fixed-to-Fixed Rate Junior Subordinated Notes, Series B, with a total principal amount of $1,250 million U.S. dollars ($1,771 million in Canadian dollars)
•the issuance of Fixed-to-Fixed Rate Junior Subordinated Notes, Series C, with a total principal amount of $1,250 million
•an increase in outstanding loans of $228 million in U.S. dollars ($315 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•$3 million issuance of other debt
Repurchase of preferred shares
2026
For the three and six months ended June 30, 2026, BCE repurchased and canceled 1,369,920 and 2,886,461 First Preferred Shares under its normal course issuer bid (NCIB) for a total cost of $30 million and $62 million, respectively.
2025
For the three and six months ended June 30, 2025, BCE repurchased and canceled 2,275,526 and 4,362,531 First Preferred Shares under its NCIB for a total cost of $39 million and $76 million, respectively.




BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 41

Cash dividends paid on common shares
In the second quarter of 2026, cash dividends paid on common shares decreased by $200 million compared to Q2 2025, due to a lower dividend paid in Q2 2026 of $0.4375 per common share compared to $0.9975 per common share in Q2 2025.
In the first half of 2026, cash dividends paid on common shares decreased by $394 million compared to the same period last year, due to a lower dividend paid in the first half of 2026 of $0.8750 per common share compared to $1.9950 per common share in the first half of 2025.

4.4 Post-employment benefit plans
For the three months ended June 30, 2026, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $441 million, due to a higher-than-expected return on plan assets, partly offset by a decrease in the discount rate of 4.9% at June 30, 2026, compared to 5.0% at March 31, 2026 and an increase in the effect of the asset limit.
For the six months ended June 30, 2026, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $462 million, due to a higher-than-expected return on plan assets, partly offset by an increase in the effect of the asset limit. The discount rate of 4.9% at June 30, 2026 did not change compared to December 31, 2025.
For the three months ended June 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $108 million, due to an increase in the discount rate of 4.8% at June 30, 2025, compared to 4.7% at March 31, 2025, partly offset by a lower-than-expected return on plan assets.
For the six months ended June 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $207 million, due to an increase in the discount rate of 4.8% at June 30, 2025, compared to 4.7% at December 31, 2025, partly offset by an increase in the effect of the asset limit.

4.5 Financial risk management
Fair value
The following table provides the fair value details of certain financial instruments measured at amortized cost in the consolidated statements of financial position (statements of financial position).
  June 30, 2026December 31, 2025
ClassificationFair value methodologyCarrying valueFair valueCarrying valueFair value
Debt securities and other debt Debt due within
one year and
long-term debt		Quoted market
price of debt		33,581 33,837 31,236 31,286 
42 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
ClassificationFair value
Carrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
June 30, 2026       
Publicly-traded and
privately-held investments (3) (4)
Other non-current assets352 184 — 168 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(268)— (268)— 
InvestmentsOther non-current assets 247 — 247 — 
December 31, 2025
Publicly-traded and
privately-held investments (3)
Other non-current assets1,198 105 — 1,093 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(513)— (513)— 
InvestmentsOther non-current assets246 — 246 — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in OCI in the consolidated statements of comprehensive income and are reclassified from Accumulated OCI to the Deficit in the statements of financial position when realized.
(4)In Q1 2026, our investment in the Montréal Canadiens was reclassified to Investments in associates and joint ventures in the statements of financial position.
Market risk
Currency exposures
In 2026, following the repurchase of a portion of certain U.S. dollar debt prior to maturity, we proportionately terminated the corresponding cross currency interest rate swaps used to hedge the U.S. currency exposure of this debt. Specifically, we terminated cross currency interest rate swaps with a notional amount of $353 million in U.S. dollars ($464 million in Canadian dollars) relating to our Series US-1 Notes, $98 million in U.S. dollars ($132 million in Canadian dollars) relating to our Series US-2 Notes, $109 million in U.S. dollars ($139 million in Canadian dollars) relating to our Series US-4 Notes, $91 million in U.S. dollars ($114 million in Canadian dollars) relating to our Series US-5 Notes, $84 million in U.S. dollars ($106 million in Canadian dollars) relating to our Series US-6 Notes and $143 million in U.S. dollars ($182 million in Canadian dollars) relating to our Series US-7 Notes. The fair value of the cross currency interest rate swaps at the date of termination was a net liability of $82 million.
In 2026, we entered into cross currency interest rate swaps with a notional amount of $650 million in U.S. dollars ($899 million in Canadian dollars) to hedge the U.S. currency exposure of our Series US-11 Notes maturing in 2036. The fair value of the cross currency interest rate swaps at June 30, 2026 was a net asset of $6 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
In 2026, we entered into amortizing cross currency interest rate swaps with a notional amount of $213 million in U.S. dollars ($292 million in Canadian dollars) to hedge the U.S. currency exposure of other debt maturing in 2029. The fair value of the amortizing cross currency interest rate swaps at June 30, 2026 was a net asset of $9 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 43

The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2026.
Type of hedgeBuy
currency		Amount to receiveSell
currency		Amount
to pay		MaturityHedged item
Cash flow (1)
USD1,132 CAD1,604 2026Loans
Cash flowUSD425 CAD589 2026Commercial paper
Cash flowUSD442 CAD587 2026Anticipated purchases
Cash flowPHP4,752 CAD110 2026 Anticipated purchases
Cash flowUSD440 CAD589 2027 Anticipated purchases
Cash flowUSD120 CAD156 2028 Anticipated purchases
Economic - call optionsUSD60 CAD79 2026 Anticipated purchases
Economic - options (2)
USD10 CAD13 2026 Anticipated purchases
Economic - call optionsCAD261 USD180 2026 Anticipated purchases
Economic - put options USD80 CAD105 2026 Anticipated purchases
Economic - put optionsCAD67 USD50 2026Anticipated purchases
Economic - call optionsUSD75 CAD99 2027Anticipated purchases
Economic - put optionsUSD60 CAD79 2027Anticipated purchases
Economic - options (2)
USD44 CAD59 2027Anticipated purchases
Economic - call optionsCAD360 USD240 2028Anticipated purchases
Economic - put optionsUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD— CAD7 2028Anticipated purchases
(1)Forward contracts to hedge loans secured by receivables under our securitization program.
(2)Foreign currency options with a leverage provision and a profit cap limitation.
A 10 % depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a loss of $42 million (gain of $3 million) recognized in net earnings at June 30, 2026 and a gain of $16 million (gain of $13 million) recognized in OCI at June 30, 2026, with all other variables held constant.
Interest rate exposures
In 2026, following the repurchase of a portion of our Series M-45 MTN debentures prior to maturity, we terminated the corresponding interest rate swaps with a notional amount of $200 million used to hedge the fair value of these debentures and interest rate swaps with a notional amount of $200 million to hedge the interest cost of these debentures. The fair value of the interest rate swaps at the date of termination was a net liability of $8 million, of which $5 million and $3 million is reflected in the initial fair value of the interest rate swaps relating to our Series EO Notes and Series M-45 MTN debentures, respectively.
In 2026, we entered into interest rate swaps to hedge the fair value and interest cost of debt instruments as follows:
DebtFair value hedgeHedge of interest cost
SeriesMaturityNotional amountMaturityNotional amountMaturity
E Notes2056750 2036750 2031
EH Notes2041400 2041400 2031
EO Notes2053150 2046150 2031-2032
EU Notes2054150 2046150 2032
M-45 MTN debentures204733 204733 2028
M-61 MTN debentures2053400 2046400 2031
M-68 MTN debentures2033750 2029— — 
M-70 MTN debentures2056700 2046700 2031
The fair value of these interest rate swaps at June 30, 2026 was a net liability of $1 million recognized in Other current assets, Other non-current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position and reflects an initial liability of $8 million, as described above.
A 1 % increase (decrease) in interest rates would result in a loss of $24 million (gain of $12 million) recognized in net earnings and a gain of $87 million (loss of $83 million) recognized in OCI for the six months ended June 30, 2026, with all other variables held constant.
44 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Equity price exposures
We use equity forward contracts on BCE’s common shares to hedge economically the cash flow exposure related to the settlement of equity settled share-based compensation plans. The fair value of our equity forward contracts at June 30, 2026 and December 31, 2025 was a net liability of $219 million and $187 million, respectively, recognized in Other current assets, Trade payables and other liabilities, and Other non-current liabilities in the statements of financial position. A loss of $62 million and $29 million for the three and six months ended June 30, 2026, respectively, and a loss of $43 million and $42 million for the three and six months ended June 30, 2025, respectively, relating to the equity forward contracts is recognized in Other income (expense) in the consolidated income statements (income statements).
A 5 % increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $15 million recognized in net earnings at June 30, 2026, with all other variables held constant.

4.6 Credit ratings
BCE's and Bell Canada's key credit ratings remain unchanged from those described in section 6.6, Credit ratings of the BCE 2025 Annual MD&A.

4.7 Liquidity
This section contains forward-looking statements, including relating to the sources of liquidity we expect to use to meet our 2026 cash requirements and to fund the development of our Saskatchewan AI data centre; and the approximately $1.7 billion of capital expenditure expected for this data centre and the timing of this expenditure. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Available liquidity
Total available liquidity (1) at June 30, 2026 was $4.6 billion, comprised of $477 million in cash, $2 million in cash equivalents, $700 million available under our securitized receivables program and $3.4 billion available under our $4.0 billion committed revolving and expansion credit facilities (given $0.6 billion of commercial paper outstanding).
Total available liquidity at December 31, 2025 was $2.5 billion, comprised of $314 million in cash, $6 million in cash equivalents, $700 million available under our securitized receivables program and $1.5 billion available under our $4.0 billion committed revolving and expansion credit facilities (given $2.5 billion of commercial paper outstanding).
We expect that our cash, cash equivalents, short-term investments, amounts available under our securitized receivables program, cash flows from operations and possible capital markets financings will permit us to meet our cash requirements in 2026 for capital expenditures, post-employment benefit plans funding, dividend payments, the payment of contractual obligations, maturing debt, ongoing operations and other cash requirements. We also expect to have sufficient liquidity from our cash on hand and potential debt financings to fund the development of our previously announced Saskatchewan AI data centre for which we expect to require approximately $1.7 billion of incremental capital expenditures, with approximately $1.3 billion to be incurred in 2026.
Should our 2026 cash requirements exceed our cash, cash equivalents, short-term investments, cash generated from our operations, and funds raised under capital markets financings and our securitized receivables program, we would expect to cover such a shortfall by drawing under committed credit facilities that are currently in place or through new facilities to the extent available.
We continuously monitor our operations, capital markets and the Canadian economy with the objective of maintaining adequate liquidity.
Credit facilities
On January 28, 2026, a fourth loan advance of $102 million in U.S. dollars ($139 million in Canadian dollars) was made under the unsecured committed term loan agreement of $700 million in U.S. dollars ($972 million in Canadian dollars) that Bell Canada entered into on April 14, 2025, to finance certain purchase obligations. On April 13, 2026, a fifth loan advance of $110 million in U.S. dollars ($152 million in Canadian dollars) was made. As a result, the $700 million in U.S. dollars ($972 million in Canadian dollars) term loan facility is fully drawn. The term loans are repayable in multiple periodic installments between July 2026 until maturity of the credit facility in April 2029. The loan advances have been hedged for foreign currency fluctuations.



(1)Available liquidity is a non-GAAP financial measure. Refer to section 8.1, Non-GAAP financial measures in this MD&A for more information on this measure.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 45

5 Quarterly financial information
BCE’s Q2 2026 Financial Statements were prepared in accordance with IFRS® Accounting Standards, as issued by the International Accounting Standards Board (IASB), under International Accounting Standard (IAS) 34, Interim Financial Reporting and were approved by the BCE Board on August 5, 2026.
The following table, which was also prepared in accordance with IFRS Accounting Standards, shows selected consolidated financial data of BCE for the eight most recent completed quarters.
202620252024
Q2Q1Q4Q3Q2Q1Q4Q3
Operating revenues
Service5,491 5,350 5,439 5,329 5,267 5,172 5,287 5,286 
Product685 818 965 720 818 758 1,135 685 
Total operating revenues6,176 6,168 6,404 6,049 6,085 5,930 6,422 5,971 
Adjusted EBITDA2,702 2,631 2,664 2,762 2,674 2,558 2,605 2,722 
Severance, acquisition and other (costs) income(50)6 (147)(82)(41)(247)(154)(49)
Depreciation(985)(983)(1,002)(969)(949)(941)(933)(934)
Amortization(391)(373)(368)(340)(338)(331)(317)(325)
Impairment of assets(6)(5)(40)(970)(8)(9)(4)(2,113)
Net (losses) gains on investments(2)(1)52 5,175 (8)(2)(1)66 
Net earnings (loss)629 667 632 4,555 644 683 505 (1,191)
Net earnings (loss) attributable to common shareholders 558 616 594 4,502 579 630 461 (1,237)
EPS - basic and diluted0.60 0.66 0.64 4.84 0.63 0.68 0.51 (1.36)
Weighted average number of common shares outstanding – basic (millions)932.5 932.5 932.5 932.5 930.9 920.3 912.3 912.3 

46 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

6 Regulatory environment
The following is an update to the regulatory initiatives and proceedings described in the BCE 2025 Annual MD&A under section 3.3, Principal business risks and section 8, Regulatory environment, as updated in the BCE 2026 First Quarter MD&A.

6.1 Canadian regulatory environment
Telecommunications Act
Review of mobile wireless services
In Q3 2023, we began providing mobile virtual network operator (MVNO) access service on Bell Mobility’s network in certain regions. On July 13, 2023, the CRTC accepted a request from Québecor Media Inc. to initiate Final Offer Arbitration in respect of rates for MVNO access service from Bell Mobility. On October 10, 2023, the CRTC selected the rate proposed by Bell Mobility. On August 29, 2024, the CRTC denied a Part 1 application from Québecor Media Inc. regarding the start date for the MVNO access service from Bell Mobility and set September 12, 2024 as the start date for Bell Mobility’s MVNO access service, directing the parties to enter into an MVNO access agreement by such date. Québecor Media Inc. is now receiving MVNO access from Bell Mobility under this agreement.
On November 27, 2024, Québecor Media Inc. asked the CRTC to review and vary its previous decision and to order Bell Mobility to reimburse them for the difference between the roaming fees Québecor Media Inc. paid from October 10, 2023 to September 12, 2024, and the amount Québecor Media Inc. would have paid if the MVNO access rate had been used during this time. The CRTC denied the application on May 11, 2026.
Bill C-8, An Act Respecting Cyber Security
On June 15, 2026, Royal Assent was given to Bill C-8, An Act respecting cyber security, amending the Telecommunications Act and making consequential amendments to other Acts (Bill C-8). Bill C-8 includes changes to the Telecommunications Act that enable the federal government to take action to promote the security of the Canadian telecommunications system, which could include measures with respect to high-risk suppliers, such as Huawei and ZTE. Bill C-8 also gives the federal cabinet and the Innovation, Science and Economic Development Canada (ISED) Minister additional order-making powers and establishes greater supply chain scrutiny, incidence reporting and response, annual reviews and an enforcement regime under which the Minister responsible for ISED could impose administrative monetary penalties, among other actions. Part 2 of Bill C-8 enacts the Critical Cyber Systems Protection Act, which establishes a regulatory framework requiring designated operators in the finance, telecommunications, energy and transportation sectors to protect their critical cyber systems. It is unclear at this time what impact the legislative changes could have on our business and financial results.
Review of the wholesale high-speed access service framework
On April 24, 2026, in Telecom Order CRTC 2026-77, the CRTC established final rates for most rate elements of aggregated wholesale HSA over FTTP services of Bell Canada, Telus Communications Inc. and Saskatchewan Telecommunications. Three separate applications to review and vary these rates have been filed with the CRTC by independent resellers.
Broadcasting Act
Broadcasting Notice of Consultation CRTC 2024-288
On November 15, 2024, the CRTC issued Broadcasting Notice of Consultation CRTC 2024‑288, The Path Forward – Defining “Canadian Program” and supporting the creation and distribution of Canadian programming in the audio-visual sector. This consultation will modernize the definition of Canadian content and will also explore the types of expenditures that traditional broadcasting undertakings and online undertakings should make towards this content. On November 18, 2025, the CRTC announced a revised definition of Canadian content, raising the required number of creative positions to be held by Canadians and implementing a graduated threshold for Canadian copyright ownership. In-house productions by Canadian broadcasters continue to qualify as Canadian content and remain exempt from the CRTC’s formal certification process. In addition, the CRTC determined that foreign streaming services must publicly release their Canadian broadcasting revenues and spending on Canadian content, which Canadian broadcasters currently do. A number of parties sought leave to appeal the CRTC’s decision. On March 27, 2026, the Federal Court of Appeal dismissed these appeals as being premature stating that the CRTC had only issued a general policy statement and not a final decision. It is possible that these parties will seek leave to appeal again once the CRTC issues binding decisions. The outcome and timing of these proceedings is unknown. Therefore, the impact that these regulatory changes could have on our business and financial results is unclear at this time.
On May 21, 2026, the CRTC published a second "Path Forward" decision regarding Canadian content as part of its implementation of the Online Streaming Act, which focuses on Canadian Programming Expenditures (CPE). CPE requirements for Canadian broadcasting ownership groups will be reduced to a uniform 25% of revenue, down from 30–45%. Revenues generated by our sports and streaming services (Crave) are now included in the revenue base, with the associated CPE spend made by these services included in our group requirement. Foreign streamers will now have to contribute 15% (including the initial 5% base contribution) of their Canadian revenue to Canadian programming. Broadcasting ownership groups, including
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 47

foreign streamers, with more than $100 million in Canadian revenues will be required to allocate 30% of their CPE to “enhanced partnerships” with Canadian independent producers (foreign streamers can also meet this requirement by partnering with a Canadian broadcaster). Those requirements will be imposed and finalized through tailored conditions as part of licence renewal.
On May 21, 2026, the CRTC issued a third "Path Forward" decision about discoverability of Canadian and Indigenous content and services, and support for services of exceptional importance. Broadcasting ownership groups, including foreign streamers, with more than $100 million in Canadian revenues (excluding the Canadian Broadcasting Corporation) will be required to contribute 1.55% of their Canadian revenue to a new services of exceptional importance fund (SEIF) that supports “must carry” 9.1(1)(h) services such as CPAC, OMNI and APTN. Contributions to the SEIF will count toward CPE requirements. Once implemented, the SEIF will replace the mandated wholesale fees currently payable by Bell TV to 9.1(1)(h) services. SEIF is to be calculated on the revenue base of both Bell TV and Bell Media.
As Bell Media already exceeded its CPE obligations, there is no material impact resulting from these decisions.
On June 3, 2026, the federal government announced its intention to provide $600 million annually in financial support to Canada’s audio and audio-visual sectors. In addition, they will direct the CRTC to review its recent decisions described above to regulate online streamers and Canadian broadcasters and will release policy directions that will focus on maintaining affordability, preserving consumer choice and ensuring regulatory flexibility for both Canadian broadcasters and foreign online streaming services. At this time, the full impact of this announcement on the recent CRTC decisions is unknown. Therefore, the impact that any regulatory changes could have on our business and financial results is unclear at this time.
Radiocommunication Act
Consultation on 26, 28 and 38 Gigahertz millimetre wave spectrum licensing framework
On June 6, 2022, ISED initiated a consultation seeking input regarding a policy and licensing framework to govern the auction and use of spectrum licences in the 26, 28 and 38 Gigahertz (GHz) millimetre wave (mmWave) spectrum bands. The consultation paper seeks comments on the use of a spectrum set-aside for certain auction bidders, or a spectrum cap across the 26, 28 and 38 GHz spectrum bands. ISED proposes that the auctioned licences will have a 10-year term and that there will be limits on the extent of transferability of licences for the first five years of the licence term. In addition, ISED proposes that licensees will be required to deploy a certain number of sites in each licence area at five and nine and a half years following licence issuance. The consultation paper also seeks comments on the transition process for existing 38 GHz licensees from fixed to flexible use (i.e., mobile or fixed use), as well as the limitations on the use of 38 GHz spectrum by satellite earth stations.
On March 6, 2025, ISED released an Addendum to the Non-Competitive Local Licensing Framework to include Spectrum in the 27.5-28.35 GHz Band which states that ISED will make available 850 MHz of spectrum in the 28 GHz spectrum band for flexible use operations through a non-competitive local licensing process. Of the 850 MHz of spectrum available, 450 MHz of spectrum will be reserved for use by small operators, including small commercial mobile service providers, non-traditional users and wireless Internet service providers. In addition, on July 9, 2026, ISED released an Addendum to the Non-Competitive Local Licensing Framework to include Spectrum in the 24.25-25.1 GHz Band which states that ISED will make available 850 MHz of spectrum in the 24.25-25.1 GHz spectrum band for flexible use operations through a non-competitive local licensing process. Of the 850 MHz of spectrum available, 450 MHz of spectrum will be reserved for use by small operators including small commercial mobile service providers, non-traditional users and wireless Internet service providers. Moreover, ISED will implement a spectrum limit of 400 MHz per licensee within any licensed area. It is unclear what impact the results of this decision could have on our business and financial results.
On May 14, 2026, ISED released its decision on the policy and licensing framework for spectrum in the 26 GHz and 38 GHz spectrum bands. ISED will use a clock auction format similar to the 3800 MHz spectrum auction to licence 24 blocks of 100 MHz in both the 26 GHz and 38 GHz spectrum bands for a total of 4800 MHz of mmWave spectrum in Tier 5 service areas. ISED will implement a cross-band spectrum cap of 1200 MHz across the 26 GHz and 38 GHz spectrum bands which will remain in place for a period of five years starting from the initial licence issuance date. The auctioned licences will have a 10-year term and licences will not be transferable for the first five years of the licence term if the transfer results in exceeding the cross-band spectrum cap. In addition, licensees will be required to meet site deployment requirements which vary depending on the licence area for nine and a half years following licence issuance. Existing eligible fixed Tier 3 licensees in the 26 GHz and 38 GHz bands can apply to transition to flexible use licences up to six months prior to the mmWave auction. ISED will place a moratorium on transfers for all fixed service 26 GHz and 38 GHz licences beginning six months prior to the auction, which will remain in place until new flexible use licences are issued following the auction. The mmWave auction is scheduled to begin October 19, 2027. It is unclear what impact the results of this decision could have on our business and financial results at this time.

48 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

7 Accounting policies
BCE’s Q2 2026 Financial Statements were prepared in accordance with IFRS Accounting Standards, as issued by the IASB, under IAS 34 - Interim Financial Reporting and were approved by the BCE Board on August 5, 2026. These financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Material accounting policies in BCE’s consolidated financial statements for the year ended December 31, 2025, except as described in Note 3, Adoption of amended accounting standards. BCE's Q2 2026 Financial Statements do not include all of the notes required in the annual financial statements.
Adoption of amended accounting standards
As required, on January 1, 2026, we adopted Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 issued by the IASB. Under the amendments, financial liabilities are derecognized on the settlement date when they are extinguished. Financial liabilities settled in cash using an electronic payment system may be derecognized prior to the settlement date when the required conditions are met. Similarly, financial assets are derecognized when the contractual rights to the cash flows expire or the asset is transferred.
The table below shows the initial impact of adopting these amendments.
December 31, 2025 as reportedImpact of Amendments to IFRS 9 and IFRS 7January 1, 2026,
upon adoption of Amendments to IFRS 9 and IFRS 7
Statements of financial position:
Cash314 107 421 
Trade and other receivables4,474 2 4,476 
Trade payables and other liabilities4,392 109 4,501 
In accordance with the transitional provisions of the amendments, comparative periods have not been restated. The remaining amendments to IFRS 9 and IFRS 7 did not have a significant impact on our financial statements.
Future changes to accounting standards
The following accounting standard issued by the IASB has not yet been adopted by BCE.
StandardDescriptionImpactEffective date
IFRS 18 – Presentation and Disclosure in Financial Statements
Sets out requirements and guidance on presentation and disclosure in financial statements, including:
•presentation in the income statements of income and expenses within defined categories - operating, investing, financing, income taxes and discontinued operations
•presentation in the income statements of new defined subtotals - operating profit and profit before financing and income taxes
•disclosure of explanations of management-defined performance measures that are related to the income statements
•enhanced guidance on aggregation and disaggregation of information and whether to provide information in the financial statements or in the notes
•disclosure of specified expenses by nature
IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many of the requirements from IAS 1 unchanged.
We are currently assessing the impact of this standard.Annual reporting periods beginning on or after January 1, 2027, applied retrospectively. Early application is permitted.
IFRS 20 – Regulatory Assets and Regulatory Liabilities
Sets out requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses.
Under IFRS 20, regulatory assets and liabilities, with corresponding amounts of regulatory income and expenses, are recognized when the total allowed compensation for regulatory goods or services supplied in one reporting period is included in determining the regulated rates charged to customers in a different period.
IFRS 20 does not replace the requirements of IFRS 15 - Revenue from Contracts with Customers or other IFRS accounting standards.
We are currently assessing the impact of this standard.Annual reporting periods beginning on or after January 1, 2029, applied retrospectively or using a modified retrospective approach. Early application is permitted.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 49

8 Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)
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 GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE’s performance.
National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that apply to the following specified financial measures:
•Non-GAAP financial measures
•Non-GAAP ratios
•Total of segments measures
•Capital management measures
•Supplementary financial measures
This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this MD&A if the supplementary financial measures’ labelling is not sufficiently descriptive.
8.1 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 is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE’s consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.
Below are descriptions of the non-GAAP financial measures that we use to explain our results as well as reconciliations to the most directly comparable financial measures under IFRS Accounting Standards.
Adjusted net earnings
The term adjusted net earnings does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define adjusted net earnings as net earnings (loss) attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI.
We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss) attributable to common shareholders.
50 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.
Q2 2026Q2 2025YTD 2026YTD 2025
Net earnings attributable to common shareholders558 579 1,174 1,209 
Reconciling items:
    Severance, acquisition and other costs 50 41 44 288 
    Net mark-to-market losses on derivatives used to economically
hedge equity settled share-based compensation plans		62 43 29 42 
    Net losses on investments2 8 3 10 
    Net early debt redemption gains(89)(91)(89)(357)
    Impairment of assets 6 8 11 17 
    Income taxes for the above reconciling items15 4 21 16 
Adjusted net earnings604 592 1,193 1,225 
Available liquidity
The term available liquidity does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define available liquidity as cash, cash equivalents, short-term investments and amounts available under our securitized receivables program and our committed bank credit facilities, excluding credit facilities that are available exclusively for a pre-determined purpose.
We consider available liquidity to be an important indicator of the financial strength and performance of our businesses because it shows the funds available to meet our cash requirements, including for, but not limited to, capital expenditures, post-employment benefit plans funding, dividend payments, the payment of contractual obligations, maturing debt, ongoing operations, the acquisition of spectrum, and other cash requirements. We believe that certain investors and analysts use available liquidity to evaluate the financial strength and performance of our businesses. The most directly comparable financial measure under IFRS Accounting Standards is cash.
The following table is a reconciliation of cash to available liquidity on a consolidated basis.
June 30, 2026December 31, 2025
Cash477 314 
Cash equivalents2 6 
Amounts available under our securitized receivables program (1)
700 700 
Amounts available under our committed bank credit facilities (2)
3,400 1,450 
Available liquidity4,579 2,470 
(1)At June 30, 2026 and December 31, 2025, $700 million was available under our securitized receivables program, under which we borrowed $1,128 million in U.S. dollars ($1,603 million in Canadian dollars) and $1,163 million in U.S. dollars ($1,594 million in Canadian dollars) as at June 30, 2026 and December 31, 2025, respectively. Loans secured by receivables are included in Debt due within one year in our consolidated financial statements.
(2)At June 30, 2026 and December 31, 2025, respectively, $3,400 million and $1,450 million were available under our committed bank credit facilities, given outstanding commercial paper of $422 million in U.S. dollars ($600 million in Canadian dollars) and $1,861 million in U.S. dollars ($2,550 million in Canadian dollars) as at June 30, 2026 and December 31, 2025, respectively. Commercial paper outstanding is included in Debt due within one year in our consolidated financial statements.
Free cash flow, free cash flow after payment of lease liabilities and excess free cash flow
The terms free cash flow, free cash flow after payment of lease liabilities and excess free cash flow do not have any standardized meaning under IFRS Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
In Q1 2026, we updated our definitions of free cash flow, free cash flow after payment of lease liabilities and excess free cash flow to exclude income taxes paid on significant divestitures included within cash flows from operating activities. This change does not impact the amounts for free cash flow, free cash flow after payment of lease liabilities and excess free cash flow previously presented. We exclude this item as it could affect the comparability of our financial results and potentially distort the analysis of trends in business performance. Excluding this item does not imply it is non-recurring.
We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 51

cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
We define free cash flow after payment of lease liabilities as cash flows from operating activities, excluding cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less principal payment of lease liabilities, capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
We define excess free cash flow as free cash flow less dividends paid on common shares.
We consider free cash flow, free cash flow after payment of lease liabilities and excess free cash flow to be important indicators of the financial strength and performance of our businesses. Free cash flow and free cash flow after payment of lease liabilities show how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. Excess free cash flow shows how much cash is available to repay debt and reinvest in our company, after the payment of dividends on common shares. We believe that certain investors and analysts use free cash flow, free cash flow after payment of lease liabilities and excess free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable financial measure under IFRS Accounting Standards is cash flows from operating activities.
The following tables provide reconciliations of cash flows from operating activities to free cash flow, free cash flow after payment of lease liabilities and excess free cash flow on a consolidated basis.
Q2 2026Q2 2025YTD 2026YTD 2025
Cash flows from operating activities2,162 1,947 3,311 3,518 
Capital expenditures(1,080)(763)(1,921)(1,492)
Cash dividends paid on preferred shares(36)(38)(72)(77)
Cash dividends paid by subsidiaries to NCI(12)— (24)(13)
Income taxes paid on significant divestitures— — 542— 
Acquisition and other costs paid86 1014 
Free cash flow1,042 1,152 1,846 1,950 
Principal payment of lease liabilities(258)(278)(499)(582)
Free cash flow after payment of lease liabilities784 874 1,347 1,368 
Q2 2026Q2 2025YTD 2026YTD 2025
Cash flows from operating activities2,162 1,947 3,311 3,518 
Capital expenditures(1,080)(763)(1,921)(1,492)
Cash dividends paid on preferred shares(36)(38)(72)(77)
Cash dividends paid by subsidiaries to NCI(12)— (24)(13)
Income taxes paid on significant divestitures— — 542— 
Acquisition and other costs paid86 1014 
Free cash flow1,042 1,152 1,846 1,950 
Dividends paid on common shares(408)(608)(816)(1,210)
Excess free cash flow634 544 1,030 740 
Net debt
The term net debt does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define net debt as debt due within one year plus long-term debt and 50% of outstanding preferred shares, less 50% of junior subordinated debt included within long-term debt, and less cash, cash equivalents and short-term investments, as shown in BCE’s statements of financial position.
We, and certain investors and analysts, consider net debt to be an important indicator of the company’s financial leverage.
52 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Net debt is calculated using several asset and liability categories from the statements of financial position. The most directly comparable financial measure under IFRS Accounting Standards is long-term debt. The following table is a reconciliation of long-term debt to net debt on a consolidated basis.
June 30, 2026December 31, 2025
Long-term debt37,522 34,904 
Less: 50% of junior subordinated debt(2,946)(2,149)
Debt due within one year4,254 6,155 
50% of preferred shares1,608 1,644 
Cash(477)(314)
Cash equivalents(2)(6)
Net debt39,959 40,234 
8.2 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
The term adjusted EPS does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, see section 8.1, Non-GAAP financial measures.
We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
Dividend payout ratio and dividend payout ratio after payment of lease liabilities
The terms dividend payout ratio and dividend payout ratio after payment of lease liabilities do not have any standardized meaning under IFRS Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
We define dividend payout ratio as dividends paid on common shares divided by free cash flow. We define dividend payout ratio after payment of lease liabilities as dividends paid on common shares divided by free cash flow after payment of lease liabilities. Free cash flow and free cash flow after payment of lease liabilities are non-GAAP financial measures. For further details on free cash flow and free cash flow after payment of lease liabilities, see section 8.1, Non-GAAP financial measures.
We consider dividend payout ratio and dividend payout ratio after payment of lease liabilities to be important indicators of the financial strength and performance of our businesses because they show the sustainability of the company’s dividend payments.
8.3 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 adjusted EBITDA
We define adjusted EBITDA as operating revenues less operating costs.
We define Bell CTS adjusted EBITDA as BCE adjusted EBITDA less Bell Media adjusted EBITDA.


BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 53

The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss). The following tables provide reconciliations of net earnings (loss) to BCE adjusted EBITDA and Bell CTS adjusted EBITDA.
YTD 2026Q2 2026Q1 2026
Net earnings1,296 629 667 
Severance, acquisition and other costs (income)44 50 (6)
Depreciation1,968 985 983 
Amortization764 391 373 
Finance costs
Interest expense913 469 444 
Net return on post-employment benefit plans(73)(36)(37)
Impairment of assets11 6 5 
Net losses on investments3 2 1 
Other income(96)(58)(38)
Income taxes503 264 239 
BCE adjusted EBITDA5,333 2,702 2,631 
Less: Bell Media adjusted EBITDA(399)(244)(155)
Bell CTS adjusted EBITDA4,934 2,458 2,476 
Q4 2025Q3 2025YTD 2025Q2 2025Q1 2025
Net earnings632 4,555 1,327 644 683 
Severance, acquisition and other costs147 82 288 41 247 
Depreciation1,002 969 1,890 949 941 
Amortization368 340 669 338 331 
Finance costs
Interest expense453 457 865 442 423 
Net return on post-employment benefit plans(25)(26)(51)(26)(25)
Impairment of assets40 970 17 8 9 
Net (gains) losses on investments(52)(5,175)10 8 2 
Other (income) expense(102)95 (280)30 (310)
Income taxes201 495 497 240 257 
BCE adjusted EBITDA2,664 2,762 5,232 2,674 2,558 
Less: Bell Media adjusted EBITDA(151)(237)(394)(235)(159)
Bell CTS adjusted EBITDA2,513 2,525 4,838 2,439 2,399 
Q4 2024Q3 2024
Net earnings (loss)505 (1,191)
Severance, acquisition and other costs154 49 
Depreciation933 934 
Amortization317 325 
Finance costs
Interest expense431 440 
Net return on post-employment benefit plans(17)(16)
Impairment of assets4 2,113 
Net losses (gains) on investments1 (66)
Other expense102 129 
Income taxes175 5 
BCE adjusted EBITDA2,605 2,722 
Less: Bell Media adjusted EBITDA(169)(254)
Bell CTS adjusted EBITDA2,436 2,468 
54 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

Adjusted EBIT and Bell CTS adjusted EBIT
We define adjusted EBIT as operating revenue less operating costs, severance, acquisition and other costs, depreciation and amortization and impairment of assets.
We define Bell CTS adjusted EBIT as BCE adjusted EBIT less Bell Media adjusted EBIT.
The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss). The following table provides a reconciliation of net earnings (loss) to BCE adjusted EBIT and Bell CTS adjusted EBIT.
YTD 2026Q2 2026Q1 2026Q4 2025Q3 2025YTD 2025Q2 2025Q1 2025Q4 2024Q3 2024
Net earnings (loss)1,296 629 667 632 4,555 1,327 644 683 505 (1,191)
Reconciling items:
Finance costs
Interest expense913 469 444 453 457 865 442 423 431 440 
Net return on post-employment benefit plans(73)(36)(37)(25)(26)(51)(26)(25)(17)(16)
Net losses (gains) on investments3 2 1 (52)(5,175)10 8 2 1 (66)
Other (income) expense(96)(58)(38)(102)95 (280)30 (310)102 129 
Income taxes503 264 239 201 495 497 240 257 175 5 
BCE Adjusted EBIT2,546 1,270 1,276 1,107 401 2,368 1,338 1,030 1,197 (699)
Less: Bell Media adjusted EBIT(275)(183)(92)(91)803 (258)(168)(90)(109)1,918 
Bell CTS adjusted EBIT2,271 1,087 1,184 1,016 1,204 2,110 1,170 940 1,088 1,219 
8.4 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 financial statements.
The financial reporting framework used to prepare the financial statements requires disclosure that helps readers assess the company’s capital management objectives, policies, and processes, as set out in IFRS Accounting Standards in IAS 1 – Presentation of Financial Statements. BCE has its own methods for managing capital and liquidity, and IFRS Accounting Standards do not prescribe any particular calculation method.
Net debt leverage ratio
The net debt leverage ratio represents net debt divided by adjusted EBITDA. Net debt used in the calculation of the net debt leverage ratio is a non-GAAP financial measure. For further details on net debt, see section 8.1, Non-GAAP financial measures. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.
We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage.
8.5 Supplementary financial measures
A supplementary financial measure is a financial measure that is not reported in BCE’s consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.
An explanation of such measures is provided where they are first referred to in this MD&A if the supplementary financial measures’ labelling is not sufficiently descriptive.
BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 55

8.6 KPIs
In addition to the non-GAAP financial measures and other financial measures described previously, we use the following KPIs to measure the success of our strategic priorities. These KPIs are not accounting measures and may not be comparable to similar measures presented by other issuers.
KPIDefinition
Adjusted EBITDA marginAdjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.
Mobile phone blended ARPUARPU is defined as Bell CTS Canada wireless external services revenues divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month.
Capital intensityCapital intensity is defined as capital expenditures divided by operating revenues.
ChurnMobile phone churn is the rate at which existing mobile phone subscribers cancel their services. It is a measure of our ability to retain our customers. Mobile phone churn is calculated by dividing the number of mobile phone deactivations during a given period by the average number of mobile phone subscribers in the base for the specified period and is expressed as a percentage per month.
Subscriber unit
Mobile phone subscriber unit is comprised of a recurring revenue generating portable unit (e.g. smartphones and feature phones) on an active service plan, that has access to our wireless networks and includes voice, text and/or data connectivity. We report mobile phone subscriber units in two categories: postpaid and prepaid. Prepaid mobile phone subscriber units are considered active for a period of 90 days following the expiry of the subscriber’s prepaid balance.
Mobile connected device subscriber unit is comprised of a recurring revenue generating portable unit (e.g. tablets, wearables, mobile Internet devices and IoT) on an active service plan, that has access to our wireless networks and is intended for limited or no cellular voice capability.
A wireline subscriber unit consists of an active revenue-generating unit with access to standalone services, including Internet, retail video, and/or retail residential NAS. A wireline subscriber is included in our subscriber base once a billing relationship has been established following the installation and operation of the service at the customer premise and the customer’s purchase of a subscription.
•Internet subscribers include both retail and wholesale subscribers and are primarily represented by a dwelling unit or a business location. Customers are classified as FTTH subscribers when the fibre optic cable is terminated at the customer’s home or apartment, and the Internet service is delivered over the fibre network.
•Retail video subscribers consist of IPTV subscribers which are primarily represented by a dwelling unit or a business location and also include bundled streaming service subscribers. To be classified as a bundled streaming service subscriber, a customer must subscribe to a package that includes at least one third-party streaming service and one streaming service offered by BCE (comprised of duos, trios and quad packages including Crave, TSN, Netflix and Disney+) where BCE has a direct customer relationship.
•Retail residential NAS subscribers are based on a line count and are represented by a unique telephone number



56 BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT

9 Controls and procedures
Disclosure controls and procedures and internal control over financial reporting
In accordance with the provisions of National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings, the Chief Executive Officer and the Chief Financial Officer of BCE Inc. have limited the scope of their design of our disclosure controls and procedures and internal control over financial reporting to exclude the controls, policies and procedures of Ziply Fiber, which we acquired on August 1, 2025. The contribution of the acquired Ziply Fiber operations to our consolidated financial statements for the six months ended June 30, 2026 was 4% of consolidated revenues and (1%) of consolidated net earnings. Additionally, at June 30, 2026, the current assets and current liabilities of the acquired Ziply Fiber operations represented approximately 2% of consolidated current assets and 3% of consolidated current liabilities, respectively, and the non-current assets and non-current liabilities of the acquired Ziply Fiber operations represented approximately 12% of consolidated non-current assets and 1% of consolidated non-current liabilities, respectively. The design of the disclosure controls and procedures and internal control over financial reporting of the acquired Ziply Fiber operations will be completed for the third quarter of 2026.
Changes in internal control over financial reporting
No changes were made in our internal control over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.










BCE Inc.     2026 SECOND QUARTER SHAREHOLDER REPORT 57
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Exhibit 99.2
Consolidated financial statements
Table of contents
Consolidated income statements
59
Consolidated statements of comprehensive income
60
Consolidated statements of financial position
61
Consolidated statements of changes in equity
62
Consolidated statements of cash flows
63
Notes to consolidated financial statements
64
Note 1     Corporate information
64
Note 2     Basis of presentation and material accounting policies
64
Note 3     Adoption of amended accounting standards
65
Note 4     Segmented information
66
Note 5     Business acquisition and disposition
69
Note 6     Operating costs
70
Note 7     Severance, acquisition and other costs
70
Note 8     Other income (expense)
71
Note 9     Earnings per share
71
Note 10     Investments in associates and joint ventures
72
Note 11     Debt
72
Note 12     Post-employment benefit plans
74
Note 13     Financial assets and liabilities
75
Note 14     Share capital
77
Note 15     Share-based payments
78

























58 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Consolidated income statements
Three monthsSix months
For the period ended June 30
(in millions of Canadian dollars, except share amounts) (unaudited)
Note2026202520262025
Operating revenues46,176 6,085 12,344 12,015 
Operating costs4,6(3,474)(3,411)(7,011)(6,783)
Severance, acquisition and other costs7(50)(41)(44)(288)
Depreciation(985)(949)(1,968)(1,890)
Amortization(391)(338)(764)(669)
Finance costs
Interest expense(469)(442)(913)(865)
Net return on post-employment benefit plans1236 26 73 51 
Impairment of assets(6)(8)(11)(17)
Net losses on investments (1)
(2)(8)(3)(10)
Other income (expense) (1)
858 (30)96 280 
Income taxes(264)(240)(503)(497)
Net earnings629 644 1,296 1,327 
Net earnings attributable to:
Common shareholders 558 579 1,174 1,209 
Preferred shareholders39 40 76 81 
Non-controlling interest32 25 46 37 
Net earnings629 644 1,296 1,327 
Net earnings per common share - basic and diluted90.60 0.63 1.26 1.31 
Weighted average number of common shares outstanding
- basic (millions)		9932.5 930.9 932.5 925.6 
(1)We have presented amounts from the previous period to make them consistent with the presentation of the current period.

BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 59


Consolidated statements of comprehensive income
Three monthsSix months
For the period ended June 30
(in millions of Canadian dollars) (unaudited)
Note2026202520262025
Net earnings629 644 1,296 1,327 
Other comprehensive income, net of income taxes
Items that will be subsequently reclassified to net earnings
Net change in value of derivatives designated as cash flow hedges, net of income taxes of $53 million and ($70) million for the three months ended June 30, 2026 and 2025, respectively, and $56 million and ($150) million for the six months ended June 30, 2026 and 2025, respectively
(144)193 (153)410 
Gain on cumulative translation adjustment148— 272— 
Items that will not be reclassified to net earnings
Actuarial gains on post-employment benefit plans, net of income taxes of ($118) million and ($30) million for the three months ended June 30, 2026 and 2025, respectively, and ($124) million and ($56) million for the six months ended June 30, 2026 and 2025, respectively (1)
12323 78 338 151 
Net change in value of publicly-traded and privately-held investments, net of income taxes of ($6) million and ($5) million for the three months ended June 30, 2026 and 2025, respectively, and ($8) million and ($5) million for the six months ended June 30, 2026 and 2025, respectively
41 32 57 34 
Net change in value of derivatives designated as cash flow hedges, net of income taxes of ($4) million and $10 million for the three months ended June 30, 2026 and 2025, respectively, and ($9) million and $9 million for the six months ended June 30, 2026 and 2025, respectively
12 (29)24 (25)
Other comprehensive income380 274 538 570 
Total comprehensive income1,009 918 1,834 1,897 
Total comprehensive income attributable to:
   Common shareholders937 854 1,710 1,782 
   Preferred shareholders39 40 76 81 
Non-controlling interest33 24 48 34 
Total comprehensive income1,009 918 1,834 1,897 
(1)The discount rate used to value our post-employment benefit obligations at June 30, 2026 was 4.9% compared to 5.0% at March 31, 2026 and 4.9% at December 31, 2025. The discount rate used to value our post-employment benefit obligations at June 30, 2025 was 4.8% compared to 4.7% at March 31, 2025 and December 31, 2024.

60 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Consolidated statements of financial position
(in millions of Canadian dollars) (unaudited)NoteJune 30, 2026December 31, 2025
ASSETS
Current assets
Cash 477 314 
Cash equivalents2 6 
Trade and other receivables4,173 4,474 
Inventory449 389 
Contract assets546 575 
Contract costs902 849 
Prepaid expenses491 379 
Other current assets504 414 
Assets held for sale— 7 
Total current assets7,544 7,407 
Non-current assets
Contract assets241 272 
Contract costs912 959 
Property, plant and equipment32,973 33,541 
Intangible assets17,693 17,234 
Deferred tax assets172 178 
Investments in associates and joint ventures101,509 396 
Post-employment benefit assets124,744 4,310 
Other non-current assets101,934 2,637 
Goodwill13,320 13,231 
Total non-current assets73,498 72,758 
Total assets81,042 80,165 
LIABILITIES
Current liabilities
Trade payables and other liabilities 4,167 4,392 
Contract liabilities837 872 
Interest payable451 435 
Dividends payable427 425 
Current tax liabilities160 567 
Debt due within one year11 4,254 6,155 
Liabilities held for sale— 10 
Total current liabilities10,296 12,856 
Non-current liabilities
Contract liabilities452 374 
Long-term debt11 37,522 34,904 
Deferred tax liabilities6,320 6,105 
Post-employment benefit obligations121,115 1,151 
Other non-current liabilities1,159 1,465 
Total non-current liabilities46,568 43,999 
Total liabilities56,864 56,855 
EQUITY
Equity attributable to BCE shareholders
Preferred shares143,216 3,288 
Common shares1421,493 21,493 
Contributed surplus141,308 1,308 
Accumulated other comprehensive (loss) income10(55)573 
Deficit(2,098)(3,642)
Total equity attributable to BCE shareholders23,864 23,020 
Non-controlling interest314 290 
Total equity24,178 23,310 
Total liabilities and equity81,042 80,165 

BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 61


Consolidated statements of changes in equity
Attributable to BCE shareholders
Accumulated other comprehensive income (loss)
For the period ended
June 30, 2026
(in millions of Canadian dollars)
(unaudited)
NotePreferred sharesCommon sharesContri-buted surplusPublicly-traded and privately-held invest-
ments		Derivatives designated as cash-flow hedgesCumulative translation adjustmentDeficitTotalNon-controlling interestTotal equity
Balance at
    December 31, 2025		3,288 21,493 1,308 911 (301)(37)(3,642)23,020 290 23,310 
Net earnings— — — — — — 1,250 1,250 46 1,296 
Other comprehensive income
     (loss)		— — — 57 (131)272 338 536 2 538 
Total comprehensive income
     (loss)		— — — 57 (131)272 1,588 1,786 48 1,834 
Other share-based
     compensation 		— — (10)— — — 25 15 — 15 
Repurchase of preferred
    shares		14 (72)— 10 — — — — (62)— (62)
Dividends declared on BCE
    common and preferred
    shares		— — — — — — (892)(892)— (892)
Dividends declared by
    subsidiaries to non-
    controlling interest		— — — — — — — — (24)(24)
Settlement of cash flow
    hedges transferred to the
    cost basis of hedged items		— — — — (3)— — (3)— (3)
Reclassification of Group CH
    Limited Partnership		10 — — — (823)— — 823 — — — 
Balance at June 30, 20263,216 21,493 1,308 145 (435)235 (2,098)23,864 314 24,178 

Attributable to BCE shareholders
Accumulated other comprehensive (loss) income
For the period ended
June 30, 2025
(in millions of Canadian dollars)
(unaudited)
Preferred sharesCommon sharesContri-buted surplus
Publicly-traded and privately-held
investments (1)
Derivatives designated as cash-flow hedges (1)
DeficitTotalNon-controlling interestTotal equity
Balance at December 31, 20243,533 20,860 1,278 658 (817)(8,441)17,071 289 17,360 
Net earnings— — — — — 1,290 1,290 37 1,327 
Other comprehensive income— — — 34 388 151 573 (3)570 
Total comprehensive income— — — 34 388 1,441 1,863 34 1,897 
Common shares issued under
     dividend reinvestment plan		— 633 — — — — 633 — 633 
Other share-based compensation — — (16)— — 29 13 — 13 
Repurchase of preferred shares(109)— 33 — — — (76)— (76)
Dividends declared on BCE common
     and preferred shares		— — — — — (1,414)(1,414)— (1,414)
Dividends declared by subsidiaries to
     non-controlling interest 		— — — — — — — (13)(13)
Settlement of cash flow hedges
    transferred to the cost basis
    of hedged items		— — — — (23)— (23)— (23)
Balance at June 30, 20253,424 21,493 1,295 692 (452)(8,385)18,067 310 18,377 
(1)We have presented amounts from the previous period to make them consistent with the presentation for the current period.

62 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Consolidated statements of cash flows
Three monthsSix months
For the period ended June 30
(in millions of Canadian dollars) (unaudited)
Note 2026 20252026 2025
Cash flows from operating activities
Net earnings629 644 1,296 1,327 
Adjustments to reconcile net earnings to cash flows from operating
     activities
Severance, acquisition and other costs750 41 44 288 
Depreciation and amortization1,376 1,287 2,732 2,559 
Post-employment benefit plans cost1210 19 27 48 
Net interest expense454 427 884 824 
Impairment of assets6 8 11 17 
Net losses on investments2 8 3 10 
Net early debt redemption gains (1)
8(89)(91)(89)(357)
Income taxes264 240 503 497 
Contributions to post-employment benefit plans(9)(12)(27)(30)
Payments under other post-employment benefit plans (18)(15)(32)(29)
Severance and other costs paid(60)(198)(146)(279)
Interest paid(330)(308)(954)(869)
Income taxes paid (net of refunds)(16)(50)(563)(124)
Acquisition and other costs paid(8)(6)(10)(14)
Net change in operating assets and liabilities (1)
(99)(47)(368)(350)
Cash flows from operating activities2,162 1,947 3,311 3,518 
Cash flows used in investing activities
Capital expenditures (1,080)(763)(1,921)(1,492)
Decrease in short-term investments— — — 400 
Business acquisitions(17)(24)(24)(23)
Business dispositions— 36 1 38 
Increase in investments (1)
(26)(9)(74)(17)
Other investing activities (1)
(4)10 (13)5 
Cash flows used in investing activities(1,127)(750)(2,031)(1,089)
Cash flows used in financing activities
(Decrease) increase in notes payable(1,149)405 (1,971)(726)
Issue of long-term debt112,647 318 5,036 4,755 
Repayment of long-term debt11(2,812)(1,725)(3,110)(5,981)
Purchase of shares for settlement of share-based payments(33)(32)(95)(96)
Repurchase of preferred shares14(30)(39)(62)(76)
Cash dividends paid on common shares(408)(608)(816)(1,210)
Cash dividends paid on preferred shares(36)(38)(72)(77)
Cash dividends paid by subsidiaries to non-controlling interest(12)— (24)(13)
Other financing activities(101)(20)(116)(67)
Cash flows used in financing activities(1,934)(1,739)(1,230)(3,491)
Effect of currency exchange rate changes on cash and cash
     equivalents		2 — 2 — 
Net (decrease) increase in cash(890)(542)56 (1,065)
Cash at beginning of period1,367 1,049 314 1,572 
Initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 20262,3— — 107 — 
Cash at end of period477 507 477 507 
Net (decrease) increase in cash equivalents(7)— (4)3 
Cash equivalents at beginning of period9 3 6 — 
Cash equivalents at end of period2 3 2 3 
(1)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 63


Notes to consolidated financial statements
These consolidated interim financial statements (financial statements) should be read in conjunction with BCE’s 2025 annual consolidated financial statements, approved by BCE’s board of directors on March 5, 2026.
These notes are unaudited.
We, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates.
Note 1     Corporate information
BCE is incorporated and domiciled in Canada. BCE’s head office is located at 1, Carrefour Alexander-Graham-Bell, Verdun, Québec, Canada. BCE is a communications company providing products and services in Canada and in the Pacific Northwest of the United States (U.S.). Bell Communication and Technology Services (Bell CTS) includes our Bell CTS Canada segment which provides wireless, wireline, Internet, streaming services, and television (TV) services to residential, business, government and wholesale customers in Canada and our Bell CTS U.S. segment which provides wireline, Internet and TV services to residential, business and wholesale customers in the Pacific Northwest of the U.S. Our Bell Media segment holds a portfolio of assets providing premium video, audio, out-of-home advertising, and digital media services to customers nationally across Canada.
Note 2     Basis of presentation and material accounting policies
These financial statements were prepared in accordance with IFRS® Accounting Standards, as issued by the International Accounting Standards Board (IASB), under International Accounting Standard (IAS) 34 - Interim Financial Reporting and were approved by BCE’s board of directors on August 5, 2026. These financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Material accounting policies in our consolidated financial statements for the year ended December 31, 2025, except as described in Note 3, Adoption of amended accounting standards.
These financial statements do not include all of the notes required in annual financial statements.
All amounts are in millions of Canadian dollars, except where noted.














64 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Future changes to accounting standards
The following accounting standard issued by the IASB has not yet been adopted by BCE.
StandardDescriptionImpactEffective date
IFRS 18 – Presentation and Disclosure in Financial Statements
Sets out requirements and guidance on presentation and disclosure in financial statements, including:
•presentation in the consolidated income statements (income statements) of income and expenses within defined categories - operating, investing, financing, income taxes and discontinued operations
•presentation in the income statements of new defined subtotals - operating profit and profit before financing and income taxes
•disclosure of explanations of management-defined performance measures that are related to the income statements
•enhanced guidance on aggregation and disaggregation of information and whether to provide information in the financial statements or in the notes
•disclosure of specified expenses by nature
IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many of the requirements from IAS 1 unchanged.
We are currently assessing the impact of this standard.Annual reporting periods beginning on or after January 1, 2027, applied retrospectively. Early application is permitted.
IFRS 20 – Regulatory Assets and Regulatory Liabilities
Sets out requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses.
Under IFRS 20, regulatory assets and liabilities, with corresponding amounts of regulatory income and expenses, are recognized when the total allowed compensation for regulatory goods or services supplied in one reporting period is included in determining the regulated rates charged to customers in a different period.
IFRS 20 does not replace the requirements of IFRS 15 - Revenue from Contracts with Customers or other IFRS accounting standards.
We are currently assessing the impact of this standard.Annual reporting periods beginning on or after January 1, 2029, applied retrospectively or using a modified retrospective approach. Early application is permitted.
Note 3     Adoption of amended accounting standards
As required, on January 1, 2026, we adopted Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 issued by the IASB. Under the amendments, financial liabilities are derecognized on the settlement date when they are extinguished. Financial liabilities settled in cash using an electronic payment system may be derecognized prior to the settlement date when the required conditions are met. Similarly, financial assets are derecognized when the contractual rights to the cash flows expire or the asset is transferred.
The table below shows the initial impact of adopting these amendments.
December 31, 2025 as reportedImpact of Amendments to IFRS 9 and IFRS 7January 1, 2026,
upon adoption of Amendments to IFRS 9 and IFRS 7
Consolidated statements of financial position:
Cash314 107 421 
Trade and other receivables4,474 2 4,476 
Trade payables and other liabilities4,392 109 4,501 
In accordance with the transitional provisions of the amendments, comparative periods have not been restated. The remaining amendments to IFRS 9 and IFRS 7 did not have a significant impact on our financial statements.





BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 65


Note 4     Segmented information
Our results are reported in three segments: Bell CTS Canada, Bell CTS U.S. and Bell Media. On August 1, 2025, Bell Canada acquired Northwest Fiber Holdco, LLC (doing business as Ziply Fiber (Ziply Fiber)), the leading fibre Internet provider in the Pacific Northwest of the U.S. The results from the acquired Ziply Fiber operations are included in the Bell CTS U.S. segment from the date of acquisition. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.
The following tables present financial information by segment for the three month periods ended June 30, 2026 and 2025.
For the three month period ended June 30, 2026Note
Bell CTS
Canada (1)
Bell CTS
U.S. (2)
Bell
CTS		Bell
Media		Inter-segment
eliminations		BCE
Operating revenues
     External service revenues4,430 234 4,664 827 — 5,491 
     Inter-segment service revenues7 — 7 91 (98)— 
Operating service revenues4,437 234 4,671 918 (98)5,491 
External/operating product revenues685 — 685 — — 685 
    Total external revenues5,115 234 5,349 827 — 6,176 
    Total inter-segment revenues7 — 7 91 (98)— 
Total operating revenues (3)
5,122 234 5,356 918 (98)6,176 
Operating costs6(2,759)(139)(2,898)(674)98 (3,474)
Adjusted EBITDA (4)
2,363 95 2,458 244 — 2,702 
Severance, acquisition and other costs7(43)(6)(49)(1)— (50)
Depreciation and amortization(1,215)(101)(1,316)(60)— (1,376)
Impairment of assets(6)— (6)— — (6)
Adjusted EBIT1,099 (12)1,087 183 — 1,270 
Finance costs
   Interest expense(469)
   Net return on post-employment benefit plans1236 
Net loss on investments(2)
Other income858 
Income taxes(264)
Net earnings629 
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber exclusively.
(3)Revenues from Bell CTS Canada and Bell Media are substantially generated in Canada and revenues from Bell CTS U.S. are generated in the U.S.
(4)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
66 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


For the three month period ended June 30, 2025NoteBell
CTS		Bell
Media		Inter-segment
eliminations		BCE
Operating revenues
External service revenues4,509 758 — 5,267 
Inter-segment service revenues7 85 (92)— 
Operating service revenues4,516 843 (92)5,267 
External/operating product revenues818 — — 818 
Total external revenues5,327 758 — 6,085 
Total inter-segment revenues7 85 (92)— 
Total operating revenues (1)
5,334 843 (92)6,085 
Operating costs6(2,895)(608)92 (3,411)
Adjusted EBITDA (2)
2,439 235 — 2,674 
Severance, acquisition and other costs (3)
7(37)(4)— (41)
Depreciation and amortization (3)
(1,224)(63)— (1,287)
Impairment of assets (3)
(8)— — (8)
Adjusted EBIT1,170 168 — 1,338 
Finance costs
Interest expense(442)
Net return on post-employment benefit plans1226 
Net losses on investments (3)
(8)
Other expense (3)
8(30)
Income taxes(240)
Net earnings644 
(1)In Q2 2025, we had two segments, Bell CTS and Bell Media, and their revenues were substantially generated in Canada.
(2)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
(3)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
The following tables present financial information by segment for the six month periods ended June 30, 2026 and 2025.
For the six month period ended June 30, 2026Note
Bell CTS
Canada (1)
Bell CTS
U.S. (2)
Bell
CTS		Bell
Media		Inter-segment
eliminations		BCE
Operating revenues
     External service revenues8,857 468 9,325 1,516 — 10,841 
     Inter-segment service revenues13 — 13 180 (193)— 
Operating service revenues8,870 468 9,338 1,696 (193)10,841 
External/operating product revenues1,503 — 1,503 — — 1,503 
    Total external revenues10,360 468 10,828 1,516 — 12,344 
    Total inter-segment revenues13 — 13 180 (193)— 
Total operating revenues (3)
10,373 468 10,841 1,696 (193)12,344 
Operating costs6(5,636)(271)(5,907)(1,297)193 (7,011)
Adjusted EBITDA (4)
4,737 197 4,934 399 — 5,333 
Severance, acquisition and other costs7(27)(11)(38)(6)— (44)
Depreciation and amortization(2,416)(198)(2,614)(118)— (2,732)
Impairment of assets(11)— (11)— — (11)
Adjusted EBIT2,283 (12)2,271 275 — 2,546 
Finance costs
   Interest expense(913)
   Net return on post-employment benefit plans1273 
Net loss on investments(3)
Other income896 
Income taxes(503)
Net earnings1,296 
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber exclusively.
(3)Revenues from Bell CTS Canada and Bell Media are substantially generated in Canada and revenues from Bell CTS U.S. are generated in the U.S.
(4)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 67


For the six month period ended June 30, 2025NoteBell
CTS		Bell
Media		Inter-segment
eliminations		BCE
Operating revenues
External service revenues8,990 1,449 — 10,439 
Inter-segment service revenues14 169 (183)— 
Operating service revenues9,004 1,618 (183)10,439 
External/operating product revenues1,576 — — 1,576 
Total external revenues10,566 1,449 — 12,015 
Total inter-segment revenues14 169 (183)— 
Total operating revenues (1)
10,580 1,618 (183)12,015 
Operating costs6(5,742)(1,224)183 (6,783)
Adjusted EBITDA (2)
4,838 394 — 5,232 
Severance, acquisition and other costs (3)
7(273)(15)— (288)
Depreciation and amortization (3)
(2,438)(121)— (2,559)
Impairment of assets (3)
(17)— — (17)
Adjusted EBIT2,110 258 — 2,368 
Finance costs
Interest expense(865)
Net return on post-employment benefit plans1251 
Net losses on investments (3)
(10)
Other income (3)
8280 
Income taxes(497)
Net earnings1,327 
(1)For the six month period ended June 30, 2025, we had two segments, Bell CTS and Bell Media, and their revenues were substantially generated in Canada.
(2)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
(3)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
Revenues by services and products
The following table presents our revenues disaggregated by type of services and products by segment.
Three monthsSix months
For the period ended June 30
2026202520262025
Services (1)
Wireless voice and data1,725 1,768 3,453 3,517 
Wireline data (2) (3)
2,222 2,025 4,427 4,039 
Wireline voice (4)
622 624 1,258 1,253 
Media (5)
849 773 1,561 1,474 
Other wireline services (6)
73 77 142 156 
Total services5,491 5,267 10,841 10,439 
Products (7)
Wireless555 594 1,140 1,218 
Wireline (8)
130 224 363 358 
Total products685 818 1,503 1,576 
Total operating revenues6,176 6,085 12,344 12,015 
(1)Our service revenues are generally recognized over time.
(2)Includes Internet protocol television revenues.
(3)Wireline data for the three and six month periods ended June 30, 2026 include $197 million and $392 million of revenues from Bell CTS U.S., respectively.
(4)Wireline voice for the three and six month periods ended June 30, 2026 include $34 million and $70 million of revenues from Bell CTS U.S., respectively.
(5)Includes streaming revenues.
(6)Other wireline services for the three and six month periods ended June 30, 2026 include $3 million and $6 million of revenues from Bell CTS U.S., respectively.
(7)Our product revenues are generally recognized at a point in time.
(8)Included in the three and six month periods ended June 30, 2026 and June 30, 2025 are revenues from finance leases related to our artificial intelligence (AI) facilities.
68 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Note 5     Business acquisition and disposition
Acquisition of Ziply Fiber
On August 1, 2025, Bell Canada completed the acquisition of Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the U.S., for cash consideration of $3.64 billion in U.S. dollars ($5.01 billion in Canadian dollars). This transaction is expected to enhance Bell Canada's growth profile and strategic position by giving it a foothold in the large, underpenetrated U.S. fibre market, while increasing its scale, diversifying its operating footprint and unlocking significant growth opportunities. The results of Ziply Fiber are included in our Bell CTS U.S. segment. Ziply Fiber acquisition costs amount to $81 million.
The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities and reflects final adjustments to provisional estimates presented in BCE's 2025 consolidated financial statements, primarily for property, plant and equipment and deferred tax liabilities.
Total
Cash consideration paid (1)
5,013 
Deemed settlement of loan (2)
103
Total cost to be allocated5,116 
Trade and other receivables96 
Prepaid expenses44 
Property, plant and equipment (3)
3,911 
Finite-life intangible assets (4)
888 
Indefinite-life intangible assets263 
Post-employment benefit assets20 
Trade payables and other liabilities (225)
Contract liabilities(44)
Debt due within one year(3)
Long-term debt(2,754)
Deferred tax liabilities(194)
Post-employment benefit obligations(43)
Other non-current liabilities(4)
1,955 
Cash and cash equivalents166 
Fair value of net assets acquired2,121 
Goodwill (5)
2,995 
(1)Reflects a net gain of $7 million from the settlement of foreign exchange forwards and cash designated to hedge the Ziply Fiber acquisition cost in 2025.
(2)On June 25, 2025, Bell Canada entered into an agreement to loan Ziply Fiber up to $150 million in U.S. dollars. On July 30, 2025, a first loan draw of $75 million in U.S. dollars ($103 million in Canadian dollars) was made by Ziply Fiber.
(3)Consists of network infrastructure and equipment of $2,939 million, land and buildings of $537 million and assets under construction of $435 million.
(4)Consists mainly of customer relationships.
(5)Goodwill arises principally from expected synergies and future growth, of which approximately $1,154 million in U.S. dollars ($1,592 million in Canadian dollars) is deductible for tax purposes. Goodwill was allocated to our Bell CTS U.S. group of cash-generating units.
Proposed disposition of land mobile radio networks services business
On March 26, 2026, Bell Mobility Inc. entered into an agreement to sell its land mobile radio networks services business to Motorola Solutions Canada Networks Inc., a subsidiary of Motorola Solutions, for $675 million, subject to customary adjustments and a deferred net working capital settlement. The transaction is expected to close in the fourth quarter of 2026 subject to receipt of regulatory and third-party approvals and satisfaction of other closing conditions and, as such, there can be no assurance that the transaction will ultimately be consummated. The results of the land mobile radio networks services business are included in our Bell CTS Canada segment.


BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 69


Note 6     Operating costs
Three monthsSix months
For the period ended June 30Note2026202520262025
Labour costs
Wages, salaries and related taxes and benefits(1,029)(989)(2,047)(1,971)
Post-employment benefit plans service cost (net of capitalized
    amounts)		12(46)(45)(100)(99)
Other labour costs (1)
(202)(224)(406)(447)
Less:
Capitalized labour279 266 551 525 
Total labour costs(998)(992)(2,002)(1,992)
Cost of revenues (2)
(1,894)(1,912)(3,849)(3,802)
Other operating costs (3)
(582)(507)(1,160)(989)
Total operating costs(3,474)(3,411)(7,011)(6,783)
(1)Other labour costs include contractor and outsourcing costs.
(2)Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.
(3)Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, information technology costs, professional service fees and rent.
Note 7     Severance, acquisition and other costs
Three monthsSix months
For the period ended June 302026202520262025
Severance (46)(14)(48)(245)
Acquisition and other(4)(27)4 (43)
Total severance, acquisition and other costs(50)(41)(44)(288)
Severance costs
Severance costs consist of charges related to employee terminations.
Acquisition and other costs
Acquisition and other costs consist of transaction costs, such as legal and financial advisory fees, related to completed or potential acquisitions, employee severance costs related to the purchase of a business, the costs to integrate acquired companies into our operations, costs relating to litigation and regulatory decisions, when they are significant, and other costs.








70 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Note 8     Other income (expense)
Three monthsSix months
For the period ended June 30Note 2026202520262025
Net early debt redemption gains11 89 91 89 357 
Interest income15 15 29 41 
Equity gains (losses) from investments in associates and joint ventures10 
Operations7 (1)10 (1)
Net mark-to-market losses on derivatives used to economically hedge
   equity settled share-based compensation plans		(62)(43)(29)(42)
Losses on retirements and disposals of property, plant and equipment and
    intangible assets		(1)(7)(12)(10)
Other (1)
10 (85)9 (65)
Total other income (expense)58 (30)96 280 
(1)Includes foreign exchange (losses) gains on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies in 2025.
Note 9     Earnings per share
The following table shows the components used in the calculation of basic and diluted net earnings per common share for earnings attributable to common shareholders.
Three monthsSix months
For the period ended June 302026202520262025
Net earnings attributable to common shareholders - basic558 579 1,174 1,209 
Dividends declared per common share (in dollars)0.43750.43750.87501.4350
Weighted average number of common shares outstanding (in millions)
Weighted average number of common shares outstanding - basic932.5 930.9 932.5 925.6 
Assumed exercise of stock options (1)
— — — — 
Weighted average number of common shares outstanding - diluted (in millions)932.5 930.9 932.5 925.6 
(1)The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the exercise price is higher than the average market value of a BCE common share. The number of excluded options was 8,762,229 for the second quarter of 2026 and for the first half of 2026, compared to 5,503,174 for the second quarter of 2025 and for the first half of 2025.











BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 71


Note 10     Investments in associates and joint ventures
In Q1 2026, as a result of the disposition of our minority stake in Maple Leaf Sports and Entertainment Ltd. in 2025, the National Hockey League reinstated our governance rights with respect to our 20.2% ownership interest in Group CH Limited Partnership (Montréal Canadiens). Accordingly, as of Q1 2026, we account for our investment in the Montréal Canadiens using the equity method. Our investment of $965 million was reclassified from publicly-traded and privately-held investments included in Other non-current assets to Investments in associates and joint ventures and $823 million was reclassified from Accumulated other comprehensive (loss) income to Deficit in the consolidated statements of financial position (statements of financial position).
The following tables provide summarized financial information with respect to BCE’s associates and joint ventures.
Statements of financial position
June 30, 2026December 31, 2025
Current assets813 647 
Non-current assets6,232 826 
Current liabilities(740)(595)
Non-current liabilities(438)(135)
Total net assets5,867 743 
BCE's share of net assets1,509 396 
Income statements
Three monthsSix months
For the period ended June 30Note2026202520262025
Revenues488 392 981 771 
Expenses(459)(397)(941)(774)
Total net earnings (loss)29 (5)40 (3)
BCE’s share of net earnings (loss)8 7 (1)10 (1)
Note 11     Debt
On June 5, 2026, Bell Canada issued, under its 2016 trust indenture, 5.450% Series US-11 Notes, with a principal amount of $650 million in U.S. dollars ($899 million in Canadian dollars), which mature on November 15, 2036. The Series US-11 Notes have been hedged for foreign currency fluctuations through cross currency interest rate swaps. See Note 13, Financial assets and liabilities, for additional details.
On June 5, 2026, Bell Canada repurchased, pursuant to tender offers:
•a principal amount of $353 million in U.S. dollars ($491 million in Canadian dollars) of its 4.464% Series US-1 Notes, that had an outstanding principal amount of $1,150 million in U.S. dollars ($1,601 million in Canadian dollars), which mature on April 1, 2048
•a principal amount of $98 million in U.S. dollars ($136 million in Canadian dollars) of its 4.300% Series US-2 Notes, that had an outstanding principal amount of $426 million in U.S. dollars ($593 million in Canadian dollars), which mature on July 29, 2049
•a principal amount of $109 million in U.S. dollars ($152 million in Canadian dollars) of its 3.650% Series US-4 Notes, that had an outstanding principal amount of $421 million in U.S. dollars ($587 million in Canadian dollars), which mature on March 17, 2051
•a principal amount of $91 million in U.S. dollars ($127 million in Canadian dollars) of its 2.150% Series US-5 Notes, that had an outstanding principal amount of $417 million in U.S. dollars ($581 million in Canadian dollars), which mature on February 15, 2032
•a principal amount of $84 million in U.S. dollars ($117 million in Canadian dollars) of its 3.200% Series US-6 Notes, that had an outstanding principal amount of $459 million in U.S. dollars ($639 million in Canadian dollars), which mature on February 15, 2052
•a principal amount of $143 million in U.S. dollars ($199 million in Canadian dollars) of its 3.650% Series US-7 Notes, that had an outstanding principal amount of $533 million in U.S. dollars ($742 million in Canadian dollars), which mature on August 15, 2052
72 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars).
In addition, on the same date, Bell Canada repurchased, pursuant to tender offers:
•a principal amount of $60 million of its 6.55% Series M-3 medium-term notes (MTN) debentures, that had an outstanding principal amount of $200 million, which mature on May 1, 2029
•a principal amount of $301 million of its 4.35% Series M-39 MTN debentures, that had an outstanding principal amount of $395 million, which mature on December 18, 2045
•a principal amount of $367 million of its 4.45% Series M-45 MTN debentures, that had an outstanding principal amount of $400 million, which mature on February 27, 2047
•a principal amount of $345 million of its 2.50% Series M-52 MTN debentures, that had an outstanding principal amount of $1,000 million, which mature on May 14, 2030
•a principal amount of $380 million of its 5.15% Series M-60 MTN debentures, that had an outstanding principal amount of $600 million, which mature on November 14, 2028
for an aggregate cash purchase price of $1,422 million.
As a result of these cash tender offers, in Q2 2026, we recognized early debt redemption gains of $89 million, which were recorded in Other income (expense) in the income statements, primarily due to the fair value discount, offset by losses on terminated cross currency interest rate swaps and recognition of unamortized debt issue costs related to these debt securities.
On June 3, 2026, Bell Canada issued, under its 1997 trust indenture, 4.70% Series M-69 MTN debentures, with a principal amount of $900 million, which mature on November 15, 2036. Additionally, on the same date, Bell Canada issued, under its 1997 trust indenture, 5.30% Series M-70 MTN debentures, with a principal amount of $700 million, which mature on June 3, 2056.
On March 30, 2026, Bell Canada issued, under its 1997 trust indenture, 4.40% Series M-68 MTN debentures, with a principal amount of $750 million, which mature on March 30, 2033.
On February 12, 2026, Bell Canada issued, under its Canadian subordinated trust indenture dated as of March 27, 2025 as supplemented and amended from time to time (2025 Canadian Subordinated Indenture), Fixed-to-Fixed Rate Junior Subordinated Notes, Series D (Series D Notes), with a principal amount of $750 million, which initially bear interest at an annual rate of 5.375% and reset every five years starting on May 12, 2031 at an annual rate equal to the five-year Government of Canada yield plus a spread of 2.388%, provided that the interest rate during any five-year interest period will not reset below 5.375%, which mature on May 12, 2056. Additionally, on the same date, Bell Canada issued, under its 2025 Canadian Subordinated Indenture, Fixed-to-Fixed Rate Junior Subordinated Notes, Series E (Series E Notes), with a principal amount of $750 million, which initially bear interest at an annual rate of 5.875% and reset every five years starting on May 12, 2036 at an annual rate equal to the five-year Government of Canada yield plus a spread of 2.440%, provided that the interest rate during any five-year interest period will not reset below 5.875%, which mature on May 12, 2056. Bell Canada may redeem either of the Series D Notes or Series E Notes, in whole or in part, at a redemption price equal to 100% of the principal amount commencing on the applicable first reset dates.
The Series M-68, M-69, M-70 MTN debentures, the Series US-11 Notes and the Series D Notes and Series E Notes are fully and unconditionally guaranteed by BCE.
Credit facilities
On January 28, 2026, a fourth loan advance of $102 million in U.S. dollars ($139 million in Canadian dollars) was made under the unsecured committed term loan agreement of $700 million in U.S. dollars ($972 million in Canadian dollars) that Bell Canada entered into on April 14, 2025, to finance certain purchase obligations. On April 13, 2026, a fifth loan advance of $110 million in U.S. dollars ($152 million in Canadian dollars) was made. As a result, the $700 million in U.S. dollars ($972 million in Canadian dollars) term loan facility is fully drawn. The term loans are repayable in multiple periodic installments between July 2026 until maturity of the credit facility in April 2029. The loan advances have been hedged for foreign currency fluctuations.
Principal lease payments
Total principal payment on lease liabilities included in Repayment of long-term debt in the consolidated statements of cash flows was $258 million and $278 million for the three months ended June 30, 2026 and 2025, respectively, and $499 million and $582 million for the six months ended June 30, 2026 and 2025, respectively.



BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 73


Note 12     Post-employment benefit plans
Post-employment benefit plans cost
We provide pension and other benefits for most of our employees. These include defined benefit (DB) pension plans, defined contribution (DC) pension plans and other post-employment benefits (OPEBs).
Components of post-employment benefit plans service cost
Three monthsSix months
For the period ended June 302026202520262025
DB pension(27)(31)(55)(61)
DC pension (31)(30)(71)(70)
OPEBs(1)(1)(1)(1)
Less:
Capitalized benefit plans cost13 17 27 33 
Total post-employment benefit plans service cost(46)(45)(100)(99)
Components of post-employment benefit plans financing income
Three monthsSix months
For the period ended June 302026202520262025
DB pension 43 33 88 66 
OPEBs(7)(7)(15)(15)
Total net return on post-employment benefit plans36 26 73 51 















74 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


Note 13     Financial assets and liabilities
Fair value
The following table provides the fair value details of certain financial instruments measured at amortized cost in the statements of financial position.
  June 30, 2026December 31, 2025
ClassificationFair value methodologyCarrying valueFair valueCarrying value Fair value
Debt securities and other debt Debt due within
one year and
long-term debt		Quoted market
price of debt		33,581 33,837 31,236 31,286 
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
  ClassificationCarrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
June 30, 2026       
Publicly-traded and
privately-held investments (3) (4)
Other non-current assets352 184 — 168 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(268)— (268)— 
InvestmentsOther non-current assets 247 — 247 — 
December 31, 2025
Publicly-traded and
privately-held investments (3)
Other non-current assets1,198 105 — 1,093 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(513)— (513)— 
InvestmentsOther non-current assets246 — 246 — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the consolidated statements of comprehensive income and are reclassified from Accumulated other comprehensive (loss) income to the Deficit in the statements of financial position when realized.
(4)In Q1 2026, our investment in the Montréal Canadiens was reclassified to Investments in associates and joint ventures in the statements of financial position. See Note 10, Investments in associates and joint ventures, for additional details.
Market risk
Currency exposures
In 2026, following the repurchase of a portion of certain U.S. dollar debt prior to maturity, we proportionately terminated the corresponding cross currency interest rate swaps used to hedge the U.S. currency exposure of this debt. Specifically, we terminated cross currency interest rate swaps with a notional amount of $353 million in U.S. dollars ($464 million in Canadian dollars) relating to our Series US-1 Notes, $98 million in U.S. dollars ($132 million in Canadian dollars) relating to our Series US-2 Notes, $109 million in U.S. dollars ($139 million in Canadian dollars) relating to our Series US-4 Notes, $91 million in U.S. dollars ($114 million in Canadian dollars) relating to our Series US-5 Notes, $84 million in U.S. dollars ($106 million in Canadian dollars) relating to our Series US-6 Notes and $143 million in U.S. dollars ($182 million in Canadian dollars) relating to our Series US-7 Notes. The fair value of the cross currency interest rate swaps at the date of termination was a net liability of $82 million.
In 2026, we entered into cross currency interest rate swaps with a notional amount of $650 million in U.S. dollars ($899 million in Canadian dollars) to hedge the U.S. currency exposure of our Series US-11 Notes maturing in 2036. The fair
BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 75


value of the cross currency interest rate swaps at June 30, 2026 was a net asset of $6 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
In 2026, we entered into amortizing cross currency interest rate swaps with a notional amount of $213 million in U.S. dollars ($292 million in Canadian dollars) to hedge the U.S. currency exposure of other debt maturing in 2029. The fair value of the amortizing cross currency interest rate swaps at June 30, 2026 was a net asset of $9 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
See Note 11, Debt, for additional details.
The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2026.
Type of hedgeBuy
currency		Amount to receiveSell
currency		Amount
to pay		MaturityHedged item
Cash flow (1)
USD1,132 CAD1,604 2026Loans
Cash flowUSD425 CAD589 2026Commercial paper
Cash flowUSD442 CAD587 2026Anticipated purchases
Cash flowPHP4,752 CAD110 2026Anticipated purchases
Cash flowUSD440 CAD589 2027Anticipated purchases
Cash flowUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD60 CAD79 2026Anticipated purchases
Economic - options (2)
USD10 CAD13 2026Anticipated purchases
Economic - call optionsCAD261 USD180 2026Anticipated purchases
Economic - put options USD80 CAD105 2026Anticipated purchases
Economic - put optionsCAD67 USD50 2026Anticipated purchases
Economic - call optionsUSD75 CAD99 2027Anticipated purchases
Economic - put optionsUSD60 CAD79 2027Anticipated purchases
Economic - options (2)
USD44 CAD59 2027Anticipated purchases
Economic - call optionsCAD360 USD240 2028Anticipated purchases
Economic - put optionsUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD— CAD7 2028Anticipated purchases
(1)Forward contracts to hedge loans secured by receivables under our securitization program.
(2)Foreign currency options with a leverage provision and a profit cap limitation.
A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a loss of $42 million (gain of $3 million) recognized in net earnings at June 30, 2026 and a gain of $16 million (gain of $13 million) recognized in Other comprehensive income at June 30, 2026, with all other variables held constant.
Interest rate exposures
In 2026, following the repurchase of a portion of our Series M-45 MTN debentures prior to maturity, we terminated the corresponding interest rate swaps with a notional amount of $200 million used to hedge the fair value of these debentures and interest rate swaps with a notional amount of $200 million to hedge the interest cost of these debentures. The fair value of the interest rate swaps at the date of termination was a net liability of $8 million, of which $5 million and $3 million is reflected in the initial fair value of the interest rate swaps relating to our Series EO Notes and Series M-45 MTN debentures, respectively.
In 2026, we entered into interest rate swaps to hedge the fair value and interest cost of debt instruments as follows:
DebtFair value hedgeHedge of interest cost
SeriesMaturityNotional amountMaturityNotional amountMaturity
E Notes2056750 2036750 2031
EH Notes2041400 2041400 2031
EO Notes2053150 2046150 2031-2032
EU Notes2054150 2046150 2032
M-45 MTN debentures204733 204733 2028
M-61 MTN debentures2053400 2046400 2031
M-68 MTN debentures2033750 2029— — 
M-70 MTN debentures2056700 2046700 2031
76 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT


The fair value of these interest rate swaps at June 30, 2026 was a net liability of $1 million recognized in Other current assets, Other non-current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position and reflects an initial liability of $8 million, as described above.
See Note 11, Debt, for additional details.
A 1% increase (decrease) in interest rates would result in a loss of $24 million (gain of $12 million) recognized in net earnings and a gain of $87 million (loss of $83 million) recognized in Other comprehensive income for the six months ended June 30, 2026, with all other variables held constant.
Equity price exposures
We use equity forward contracts on BCE’s common shares to hedge economically the cash flow exposure related to the settlement of equity settled share-based compensation plans. The fair value of our equity forward contracts at June 30, 2026 and December 31, 2025 was a net liability of $219 million and $187 million, respectively, recognized in Other current assets, Trade payables and other liabilities, and Other non-current liabilities in the statements of financial position. A loss of $62 million and $29 million for the three and six months ended June 30, 2026, respectively, and a loss of $43 million and $42 million for the three and six months ended June 30, 2025, respectively, relating to the equity forward contracts is recognized in Other income (expense) in the income statements.
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $15 million recognized in net earnings at June 30, 2026, with all other variables held constant.
Note 14     Share capital
Normal course issuer bid for BCE First Preferred Shares
For the three and six months ended June 30, 2026, BCE repurchased and canceled 1,369,920 and 2,886,461 First Preferred Shares with a stated capital of $34 million and $72 million for a total cost of $30 million and $62 million, respectively. The remaining $4 million and $10 million were recorded to contributed surplus for the three and six months ended June 30, 2026, respectively.
Conversion and dividend rate reset of BCE First Preferred Shares
On March 31, 2026, all of BCE's floating-rate Cumulative Redeemable First Preferred Shares, Series AN, were converted, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM (Series AM Preferred Shares).
The annual fixed dividend rate on BCE's Series AM Preferred Shares was reset for the next five years, effective March 31, 2026, at 4.837%.
On May 1, 2026, 121,070 of BCE's 8,032,285 fixed-rate Cumulative Redeemable First Preferred Shares, Series AG (Series AG Preferred Shares), were converted, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AH (Series AH Preferred Shares). In addition, on the same date, 1,464,469 of BCE's 4,175,513 Series AH Preferred Shares were converted, on a one-for-one basis, into Series AG Preferred Shares.
The annual fixed dividend rate on BCE's Series AG Preferred Shares was reset for the next five years, effective May 1, 2026, at 5.30%. The Series AH Preferred Shares will continue to pay a monthly cash dividend.
Subsequent to quarter end, on August 4, 2026, all of BCE's floating-rate Cumulative Redeemable First Preferred Shares, Series AJ, were converted, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AI (Series AI Preferred Shares).
The annual fixed dividend rate on BCE's Series AI Preferred Shares was reset for the next five years, effective August 4, 2026, at 5.10%.
Dividends are paid as and when declared by the board of directors of BCE.





BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT 77


Note 15     Share-based payments
The following share-based payment amounts are included in the income statements as operating costs.
Three monthsSix months
For the period ended June 30
2026202520262025
Restricted share units (RSUs) and performance share units (PSUs)(11)(9)(37)(38)
Stock options, employee savings plan and deferred share units(8)(7)(23)(15)
Total share-based payments(19)(16)(60)(53)
The following tables summarize the change in outstanding RSUs/PSUs and stock options for the period ended June 30, 2026.
RSUs/PSUs
Number of
RSUs/PSUs
Outstanding, January 1, 20264,968,853 
Granted1,714,702 
Dividends credited 136,451 
Settled(1,271,096)
Forfeited (164,728)
Outstanding, June 30, 2026
5,384,182 
Stock options
Number of optionsWeighted average exercise price ($)
Outstanding, January 1, 20265,503,174 62 
Granted3,341,630 36 
Forfeited or expired(82,575)63 
Outstanding, June 30, 2026
8,762,229 52 
Exercisable, June 30, 2026
5,420,599 62 
Assumptions used in stock option pricing model
The fair value of options granted was determined using a binomial option pricing model that takes into account factors specific to the stock options granted. The following table shows the principal assumptions used in the valuation.
2026
Fair value per option granted$3.96 
Share price$36 
Exercise price$36 
Expected dividend yield5%
Expected volatility17%
Risk-free interest rate3%
Expected life (years)6 
Expected dividend yield is consistent with BCE’s dividend strategy. Expected volatility is based on the historical volatility of BCE’s share price. The risk-free rate used is equal to the yield available on Government of Canada bonds at the date of grant with a term equal to the expected life of the options. Stock options granted in 2026 vest over four years.


78 BCE Inc. 2026 SECOND QUARTER SHAREHOLDER REPORT
Exhibit 99.3


image_0.jpg

Form 52-109F2 – Certification of Interim Filings - Full Certificate
I, Mirko Bibic, President and Chief Executive Officer of BCE Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of BCE Inc. (the “issuer”) for the interim period ended June 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.


5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 Limitation on scope of design: The issuer has disclosed in its interim MD&A
A.the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and
B.summary financial information about the business that the issuer acquired that has been consolidated in the issuer’s financial statements.

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: August 6, 2026


(signed) Mirko Bibic
Mirko Bibic
President and Chief Executive Officer






















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Form 52-109F2 – Certification of Interim Filings - Full Certificate
I, Curtis Millen, Executive Vice-President and Chief Financial Officer of BCE Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of BCE Inc. (the “issuer”) for the interim period ended June 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.



5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 Limitation on scope of design: The issuer has disclosed in its interim MD&A
A.the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and
B.summary financial information about the business that the issuer acquired that has been consolidated in the issuer’s financial statements.

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: August 6, 2026


(signed) Curtis Millen
Curtis Millen
Executive Vice-President and Chief Financial Officer


Exhibit 99.4
image_0a.jpg                        image_1.jpg
This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled “Caution Regarding Forward-Looking Statements” later in this news release. The information contained in this news release is unaudited.
                                     
BCE reports second quarter 2026 results

•1.5% consolidated revenue growth delivered 1.0% higher adjusted EBITDA1
•Net earnings of $629 million, down 2.3%, with net earnings attributable to common shareholders of $558 million, down 3.6%, or $0.60 per common share; adjusted net earnings1 of $604 million yielded adjusted EPS1 of $0.65, up 3.2%
•Cash flows from operating activities up 11.0% to $2,162 million; free cash flow1 decreased to $1,042 million on higher capital expenditures to support the build-out of Bell AI Fabric data centres in Canada and Ziply Fiber’s fibre-to-the-premise (FTTP) network in the U.S.
•54,883 residential fibre-to-the-home (FTTH) Internet net subscriber2 activations, including Ziply Fiber, up 14.5%, contributing to 14.2% Internet revenue growth
•41,594 postpaid mobile phone net subscriber2 activations; postpaid churn down 4 basis points to 1.02%2 — lowest quarterly level in three years
•AI-powered solutions3: Strong demand for Ateko and Bell Cyber with combined revenues up 29%
•Bell Media revenue up 8.9% on strong FIFA World Cup 2026TM and Crave performance, with adjusted EBITDA up 3.8%
•Crave subscriptions up 23% to 5.07 million, driven by strong direct-to-consumer streaming growth
•Strong contribution from acquisition of Ziply Fiber on August 1, 2025

MONTRÉAL, August 6, 2026 – BCE Inc. (TSX, NYSE: BCE) today reported results for the second quarter (Q2) of 2026.

“Bell’s Q2 results show solid execution against the strategy we laid out at Investor Day,” said Mirko Bibic, President and CEO, BCE and Bell Canada.
“Fibre continues to drive growth with nearly 55,000 FTTH Internet subscriber additions, contributing to 14.2% Internet revenue growth. Our wireless postpaid churn improved four basis points year over year to 1.02% - our lowest quarterly level in three years, reflecting our continued focus on customer experience and retention. We also delivered more than 41,000 postpaid mobile phone net activations, with significant net adds on the main Bell brand.
We advanced our work on Bell AI Fabric including important construction milestones in Saskatchewan and progress on the Merritt, B.C. expansion. Combined revenue for Ateko and Bell Cyber remained strong in Q2, up 29% year over year, demonstrating clear momentum in AI-powered enterprise solutions.
Our digital strategy at Bell Media continues to pay off. Crave subscribers grew 23% year over year to nearly 5.1 million, supported by 49% growth in direct-to-consumer streaming subscribers. Our investment in Canadian storytelling and building cultural sovereignty will continue to help drive future Crave growth. Providing Canadians with the cultural moments that matter is a key tenet of our Bell Media strategy and the FIFA World Cup 2026TM reached 30.5 million Canadians across TSN, RDS, CTV, Noovo and Crave.
1/20


Overall, Q2 shows continued execution against our roadmap. We are focused on the operating drivers that support long-term revenue, adjusted EBITDA and free cash flow growth, in accordance with the roadmap outlined at our October 14, 2025 Investor Day.”
________________

1 Adjusted EBITDA is a total of segments measure, adjusted net earnings and free cash flow are non-GAAP financial measures, and adjusted EPS is a non-GAAP ratio. Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on these measures.
2 Refer to the Key Performance Indicators (KPIs) section in this news release for more information on churn and subscriber (or customer) units.
3 Al-powered solutions revenue is comprised of revenue from Ateko, Bell Cyber, and Bell Al Fabric.

KEY BUSINESS DEVELOPMENTS

Put the customer first 
•Bell introduced a new suite of always-on Internet solutions, including Wireless Internet Backup and Power Backup, designed to automatically shift Internet traffic to Bell's mobile network in the event of an outage. Built on Bell's all-fibre network, these solutions keep customers online and Wi-Fi running seamlessly during unexpected service disruptions or local power failures. 
•Bell was recognized as Canada's most valuable telecom brand this year in the Brand Finance Telecoms 150 and Global 500 rankings4, reflecting its leadership in delivering world-class connectivity, next-generation AI-powered solutions, and a continued commitment to a customer-first experience. 

Deliver the best fibre and wireless networks 
•Bell activated its most advanced mobile network to date to support the FIFA World Cup 2026TM to deliver faster speeds, expanded capacity, and greater reliability for major matches and fan experiences in Toronto and Vancouver, providing peak theoretical speeds of up to 4.3 Gbps. 
•Bell received multiple recognitions in June 2026 for strong network performance, including being named as having Canada's Most Reliable Internet, Most Consistent Internet Quality, and Fastest Internet Upload Speeds by Opensignal5. These accolades reflect Bell's sustained investment in its fibre network to deliver a high-performing experience Canadians can count on. 

Lead in enterprise with AI-powered solutions 
•Bell announced a major infrastructure partnership bringing together Bell AI Fabric’s data centres and connectivity, Cohere’s enterprise AI solutions, and BUZZ HPC’s AI-native cloud built on Canadian-manufactured Hypertec hardware. The collaboration reinforces Canada's digital sovereignty and enables the deployment of advanced AI capabilities on domestic infrastructure. 
•Bell announced a collaboration with Celestica Inc. to advance the development of a Canadian sovereign AI infrastructure stack. The partnership will enable technology that can support sensitive workloads for governments and regulated industries, including manufacturing. 

Build a digital media and content powerhouse 
•Bell Media hosted comprehensive, exclusive Canadian coverage of the FIFA World Cup 2026™ across TSN, RDS, CTV, Noovo, and Crave, delivering all 104 matches and setting viewership records throughout the tournament.  
•Bell Media landed rights agreements for broadcast and streaming with three major sports leagues – extending its relationship with the Ottawa Senators, solidifying its partnership with the CFL and the Grey Cup, plus clinching a historic deal to broadcast
2/20


and stream WNBA games in Canada, and be the Official Media Partner of the Toronto Tempo.

Promote Canadian culture and community  
•Bell launched Bell GPCanada, the official promoter of the Formula 1 Grand Prix du Canada, underscoring its commitment to growing this acclaimed event by delivering a world-class fan experience and fostering lasting economic and community impact for Montréal and Canada. 
•Bell Media announced its 2026/27 content slate, underscoring a continued focus on investment in Canadian storytelling, adding to a list of original content which includes Heated Rivalry, Empathie, and Shoresy, along with upcoming programming such as Big Brother Canada, The Littlest Hobo, and French titles Détective Numéro Un, and Mustang.
_______________

4 Brand Finance, an independent brand valuation consultancy, compiles the rankings annually based on financial performance and consumer research metrics including familiarity, reputation, likeability, engagement and recommendation.
5 Opensignal Awards based on independent analysis of fixed broadband measurements recorded during the period February 1 – May 1, 2026.

BCE RESULTS

Financial Highlights

($ millions except per share amounts) (unaudited)
Q2 2026
Q2 2025
% change
 BCE



Operating revenues
6,176
6,085
1.5%
Net earnings
629
644
(2.3%)
Net earnings attributable to common shareholders
558
579
(3.6%)
Adjusted net earnings
604
592
2.0%
Adjusted EBITDA
2,702
2,674
1.0%
Net earnings per common share (EPS)
0.60
0.63
(4.8%)
Adjusted EPS
0.65
0.63
3.2%
Cash flows from operating activities
2,162
1,947
11.0%
Capital expenditures
(1,080)
(763)
(41.5%)
Free cash flow
1,042
1,152
(9.5%)

BCE operating revenues were $6,176 million in Q2 2026, up 1.5% compared to Q2 2025. This was the result of 4.3% higher service revenue of $5,491 million, partially offset by a 16.3% decline in product revenue to $685 million.
•The increase in service revenue reflects the contribution of Bell Communication and Technology Services (Bell CTS) U.S., which includes the results from Ziply Fiber’s operations, and growth at Bell Media, partly offset by a year-over-year decline at Bell CTS Canada.

Net earnings in Q2 decreased 2.3% to $629 million and net earnings attributable to common shareholders totalled $558 million, or $0.60 per share, down 3.6% and 4.8%, respectively.
•The year-over-year declines were mainly due to higher depreciation and amortization, higher interest expense and higher income taxes, partly offset by higher other income and higher adjusted EBITDA.

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Adjusted net earnings were up 2.0% in Q2 to $604 million, delivering a 3.2% increase in adjusted EPS to $0.65.

Adjusted EBITDA grew 1.0% in Q2 to $2,702 million, reflecting the contribution of Bell CTS U.S. and a 3.8% increase at Bell Media, partly offset by a 3.1% decrease at Bell CTS Canada.
•Higher operating revenue was moderated by a 1.8% increase in operating expenses, reflecting the inclusion of Ziply Fiber’s operating expenses following the acquisition and higher content costs at Bell Media, partly offset by ongoing cost containment and operating efficiencies across the organization.
•As a result, adjusted EBITDA margin6 was 43.8%, essentially stable year over year, compared to 43.9% in Q2 2025.

BCE capital expenditures in Q2 were $1,080 million, up 41.5% from $763 million last year, corresponding to a capital intensity7 of 17.5%, compared to 12.5% in Q2 2025.
•The year-over-year increase reflected greater capital investments to support the build-out of Bell AI Fabric data centres in Canada, as well as the inclusion of $163 million in capital investments in the U.S. to support the continued expansion of Ziply Fiber’s FTTP network.

BCE cash flows from operating activities in Q2 were $2,162 million, up 11.0% from $1,947 million in Q2 2025.
•The year-over-year increase reflected lower severance and other costs paid, lower income taxes paid and higher adjusted EBITDA, partly offset by higher interest paid.

Free cash flow was $1,042 million, down 9.5% from $1,152 million in Q2 2025, mainly due to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding cash from income taxes paid on significant divestitures and acquisition and other costs paid.
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6 Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on adjusted EBITDA margin.
7 Capital intensity is defined as capital expenditures divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on capital intensity.

OPERATING RESULTS BY SEGMENT

Bell CTS

On August 1, 2025, BCE completed its acquisition of Ziply Fiber and created the Bell CTS U.S. segment. The results of BCE’s Canadian wireless and wireline operations are reported under Bell CTS Canada.

Bell CTS operating revenues increased 0.4% to $5,356 million in Q2 2026 compared to Q2 2025, driven by higher service revenue, partly offset by lower product revenue. The increase in service revenue reflects the contribution from Bell CTS U.S., partly offset by a year-over-year decline at Bell CTS Canada.

Bell CTS adjusted EBITDA8 grew 0.8% in Q2 to $2,458 million, reflecting the contribution from Bell CTS U.S., partly offset by a year-over-year decline at Bell CTS Canada.


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Bell CTS margin increased 0.2 percentage points to 45.9% from 45.7% in Q2 2025. The margin improvement reflected the flow-through of higher service revenue and a lower proportion of lower-margin product sales.

Bell CTS added 54,883 net residential FTTH Internet subscribers2,9 in Q2 2026, inclusive of the contribution from Bell CTS U.S., representing a 14.5% increase from 47,920 in Q2 2025.

Total high-speed Internet net subscriber2 activations totalled 17,733 in Q2 2026, compared to 4,612 in Q2 2025. This includes the contribution from Bell CTS U.S. as well as net losses in copper service areas.

Bell CTS high-speed Internet subscribers2,9,10,11,12 totalled 4,911,422 at the end of Q2 2026, up 7.3% compared to Q2 2025. The increase reflects the contribution from Bell CTS U.S., partly offset by a modest year-over-year decline at Bell CTS Canada. Included in the total were 3,626,608 residential FTTH Internet subscribers, up 14.7% compared to Q2 2025.

Bell CTS video net subscriber2 activations totalled 8,494 in Q2 2026, compared to a net loss of 15,851 in Q2 2025. The improvement was driven by a year-over-year increase at Bell CTS Canada, partly offset by a modest net loss at Bell CTS U.S.

At the end of Q2 2026, Bell CTS served 2,164,083 video subscribers2,12,13, a 3.1% increase over Q2 2025, reflecting year-over-year growth at Bell CTS Canada as well as the contribution from Bell CTS U.S.

Bell CTS retail residential NAS net losses2 improved by 7.1% to 41,541 in Q2 2026, reflecting fewer net losses at Bell CTS Canada compared to Q2 2025, partly offset by the contribution of net losses at Bell CTS U.S.

Bell CTS’ retail residential NAS customer base2,11,12 totalled 1,634,888 at the end of Q2 2026, representing a 5.4% decline compared to Q2 2025. The decrease reflects a decline at Bell CTS Canada, partly offset by the contribution from Bell CTS U.S.
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8 Bell CTS adjusted EBITDA is a total of segments measure. Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on this measure.
9 Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
10 At the beginning of Q1 2026, Bell CTS Canada removed 181,086 Virgin Plus Internet subscribers (including 124,956 FTTH subscribers) from the respective subscriber bases as we stopped selling new plans for this service in Ontario as of January 14, 2026.
11 In Q4 2025, after a comprehensive review of Ziply Fiber subscriber accounts following our acquisition on August 1, 2025, we reduced our high-speed Internet and retail residential NAS subscriber bases, by 13,029 (including 10,955 FTTH subscribers) and 1,106 customers, respectively, to align with Bell methodology for customer deactivations.
12 In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. high-speed Internet (including wholesale), video and retail residential NAS lines subscriber bases increased by 442,861 (including 358,615 FTTH subscribers), 6,089 and 84,440 subscribers, respectively.
13 At the beginning of Q1 2026, Bell CTS Canada removed 21,886 Virgin Plus IPTV subscribers from the subscriber base as we stopped selling new plans for this service in Ontario as of January 14, 2026.

Bell CTS Canada

Bell CTS Canada operating revenue decreased 4.0% to $5,122 million in Q2 2026 compared to Q2 2025, due to both lower product and service revenues.

Bell CTS Canada product revenue decreased 16.3% in Q2 to $685 million, reflecting the non-recurrence of revenues recognized in Q2 2025 from the delivery of our first Bell AI Fabric data centre in Kamloops, B.C., as well as lower wireless device sales to consumers resulting from
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fewer contracted activations due to a greater mix of bring-your-own-device (BYOD) activations and fewer upgrades.

Bell CTS Canada service revenue was down 1.7% in Q2 to $4,437 million, reflecting:
•the non-recurrence of revenues generated in Q2 2025 from the G7 Leaders’ Summit and Canadian federal election;
•ongoing declines in legacy voice, data and TV services;
•the sale of our home security and monitored alarm assets in Q4 2025;
•an unfavourable retroactive adjustment for the period March 2023 to June 2026 from the CRTC decision which finalized wholesale rates for some high-speed Internet access services on our network;
•lower wireless connection fees related to the recent CRTC ruling prohibiting certain customer fees.

These factors were partly offset by:
•continued growth in our postpaid mobile phone, mobile connected device and FTTP Internet subscriber bases;
•increased sales of AI-powered solutions driven by growth at Ateko, Bell Cyber and Bell AI Fabric.

Bell CTS Canada adjusted EBITDA decreased 3.1% in Q2 to $2,363 million, reflecting the flow-through of lower year-over-year revenue. However, margin increased to 46.1% from 45.7% in Q2 2025, driven by a 4.7% reduction in operating costs and a lower proportion of lower-margin product sales in our revenue mix. The reduction in operating costs reflects:
•the non-recurrence of costs incurred in Q2 2025 associated with the delivery of our first Bell AI Fabric data centre in Kamloops, B.C. and the G7 Leaders’ Summit;
•lower cost of goods sold from decreased sales of wireless devices;
•cost reduction initiatives.

Postpaid mobile phone net subscriber2 activations totalled 41,594 in Q2 2026, down 6.6% from 44,547 in Q2 2025. The decrease reflected 6.6% lower gross subscriber activations, due to a less active market resulting from reduced promotional offer intensity, which drove fewer contracted sales, as well as limited population growth in Canada.
•This was partly offset by a lower mobile phone postpaid customer churn rate, which improved 4 basis points to 1.02%, reflecting lower market activity and our continued focus on customer service and retention.

Prepaid mobile phone net subscriber activations14 totalled 16,033 in Q2 2026, compared to 49,932 in Q2 2025. The year-over-year decline reflected an 8.4% decrease in gross activations due to limited population growth in Canada and a decline in international students, greater migrations to postpaid service, as well as higher mobile phone prepaid customer churn, which increased to 5.63% from 5.06% in Q2 last year.

Bell mobile phone customer base2,14,15 totalled 10,380,265 at the end of Q2 2026, essentially stable year over year. The total was comprised of 9,609,020 postpaid subscribers, up 0.5%, and 771,245 prepaid subscribers, down 5.6% year over year.

Mobile phone blended ARPU16 was down 2.3% to $56.30 in Q2 2026 from $57.61 in Q2 2025, reflecting:
•the non-recurrence of revenues generated in Q2 2025 from the G7 Leaders’ Summit;

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•lower connection fees related to the recent CRTC ruling prohibiting certain customer fees.

Mobile connected device2 net activations decreased 53.2% in Q2 2026, compared to the same period last year, mainly due to higher business Internet of Things (IoT) deactivations driven largely by one customer.

At the end of Q2 2026, mobile connected device subscribers2,14,15 totalled 3,393,596, an increase of 6.8% over last year.

Bell CTS Canada residential FTTH Internet net subscriber2 activations totalled 45,271 in Q2 2026, compared to 47,920 in Q2 2025. Despite continued strong demand for Bell’s fibre services and bundled offerings with mobile service, the year-over-year decrease reflects:
•a lower level of new fibre footprint expansion compared to last year;
•slower market growth due to limited population growth;
•promotional activity by competitors.

Bell CTS Canada high-speed Internet net subscriber2 activations, including net losses in copper service areas, totalled 11,601 in Q2 2026, compared to 4,612 in Q2 2025.

Bell CTS Canada video net subscriber2 activations totalled 8,741 in Q2 2026, compared to a net loss of 15,851 in Q2 2025.

Bell CTS Canada retail residential NAS2 net subscriber losses improved by 14.5% to 38,227 in Q2 2026, due to fewer customer deactivations.
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14 Effective January 1, 2026, Bell CTS Canada removed 134,000 mobile phone subscribers (31,000 postpaid and 103,000 prepaid) and 92,884 mobile connected device subscribers from the respective subscriber bases as a result of our decision to decommission our third-generation high-speed packet access (3G/HSPA) network in Manitoba as of December 31, 2025 and nationally as of March 31, 2027.
15 In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.
16 ARPU is defined as Bell CTS Canada wireless external services revenues, divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on blended ARPU.

Bell CTS U.S.

Bell CTS U.S. operating revenues were $234 million in Q2 2026, reflecting:
•Internet revenues generated from residential, business and wholesale broadband Internet services primarily delivered over Ziply Fiber's fibre network, which benefitted in the quarter from the continued expansion of its FTTP footprint;
•IP broadband revenues derived from the sale of commercial ethernet, dedicated Internet/non-switched access, and other data transport networking options.

Bell CTS U.S. adjusted EBITDA was $95 million in Q2 2026, corresponding to a margin of 40.6%. Operating costs were $139 million.

Bell CTS U.S. residential FTTH Internet net subscriber2 activations totalled 9,612 in Q2 2026, benefiting from continued fibre footprint expansion and strong fibre penetration at Ziply Fiber.

Bell CTS U.S. retail residential NAS net subscriber2 losses were 3,314 in Q2 2026, reflecting ongoing substitution to wireless and Internet-based technologies.
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Bell Media

Bell Media operating revenue increased 8.9% year over year to $918 million, driven by both higher advertising and subscriber revenues. Formula 1 Canadian Grand Prix growth and higher program sales via the acquisition of Sphere Abacus also contributed to higher total media revenue this quarter.

Advertising revenue was up 5.3% in Q2 2026, due to strong advertiser demand for the FIFA World Cup 2026TM including higher digital video advertising revenue. Growth in advertising revenue in Q2 2026 was moderated by continued softness in traditional advertising demand, lower audio advertising revenue following the divestiture of 45 radio stations in 2025, and non-recurrence of advertising revenues related to the 2025 Federal Election.

Subscriber revenue increased 6.7% in Q2 2026, on continued Crave and sports direct-to-consumer streaming subscriber growth, which benefitted from Canadian original content and the FIFA World Cup 2026TM.

Total digital revenues17 grew 5.8% year over year, driven by continued Crave and sports direct-to-consumer streaming subscriber growth and higher digital video advertising revenue, reflecting increased adoption of ad-supported subscription tiers on Crave, highlighting Bell Media’s ongoing shift to digital advertising platforms.

Total Crave subscriptions increased 23% year over year to 5.07 million at the end of Q2 2026, driven by a 49% increase in Crave direct-to-consumer streaming subscribers.

Bell Media adjusted EBITDA was up 3.8% to $244 million in Q2 2026 on the flow-through of higher operating revenue. However, margin declined to 26.6% from 27.9% in Q2 2025, reflecting a 10.9% increase in operating costs associated with the FIFA World Cup 2026TM and F1 Canadian Grand Prix, contractual rights increases for premium content and the inclusion of Sphere Abacus operating expenses following its acquisition. These factors were partly offset by lower labour costs and other operating efficiencies.
__________________
17 Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, ad-supported subscription tiers on Crave, connected TV apps, and out-of-home (OOH) digital assets/platforms, as well as advertising procured through Bell digital buying platforms and subscription revenue from direct-to-consumer services and video-on-demand services.

COMMON SHARE DIVIDEND
BCE’s Board of Directors has declared a quarterly dividend of $0.4375 per common share, payable on October 15, 2026 to shareholders of record at the close of business on September 15, 2026.

OUTLOOK FOR 2026
BCE confirmed its financial guidance targets for 2026, as provided on February 5, 2026, and as updated on March 16, 2026 to incorporate the expected financial impact of Bell AI Fabric’s 300 MW data centre in Saskatchewan, as per the table below.


2025 Results
2026 Guidance (February 5, 2026)
2026 Guidance
(March 16, 2026)
Revenue growth
0.2%
1% to 5%
1% to 5%
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Adjusted EBITDA growth
0.7%
0% to 4%
0% to 4%
Capital intensity
15.1%
<15%
~20%
Adjusted EPS growth
(7.9%)
(11%) to (5%)
(11%) to (5%)
Free cash flow growth
10.0%
4% to 10%
$3,300 to $3,500
(34%) to (28%)
$2,100 to $2,300
Annualized common dividend per share
$1.75
$1.75
$1.75

For 2026, we expect:
•improvements in wireless pricing, growth in AI-powered enterprise solutions, the incremental financial contribution of Ziply Fiber, media revenue growth, and cost efficiencies to support higher revenue and adjusted EBITDA;
•capital expenditures to increase by $1.3B over 2025 due to the construction of the Saskatchewan AI data centre, resulting in a higher capital intensity ratio;
•higher depreciation and amortization expense, increased interest expense and lower tax adjustments to result in lower adjusted EPS;
•lower free cash flow due to higher capital expenditures related to the construction of the Saskatchewan AI data centre.


Please see the section entitled “Caution Regarding Forward-Looking Statements” later in this news release for a description of the principal assumptions on which BCE’s 2026 financial guidance targets are based, as well as the principal related risk factors.
_______________________


CALL WITH FINANCIAL ANALYSTS

BCE will hold a conference call with the financial community to discuss Q2 2026 results on Thursday, August 6 at 8:00 am eastern. Media are welcome to participate on a listen-only basis. To participate, please dial toll-free 1-800-990-2777 or 416-855-9085. You will be asked to enter Conference ID 63768#. A replay will be available until midnight on September 6, 2026 by dialing 1-888-660-6264 or 289-819-1325 and entering passcode 63768#. A live audio webcast of the conference call will be available on BCE's website at BCE Q2-2026 conference call.

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 GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE's performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that apply to the following specified financial measures:

•Non-GAAP financial measures;



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•Non-GAAP ratios;
•Total of segments measures;
•Capital management measures; and
•Supplementary financial measures.

This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this news release to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures' labelling is not sufficiently descriptive.

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 is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE's consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our ongoing operating results and provide readers with an understanding of management's perspective on and analysis of our performance.

Below are descriptions of the non-GAAP financial measures that we use in this news release to explain our results as well as reconciliations to the most directly comparable financial measures under IFRS Accounting Standards.

Adjusted net earnings – Adjusted net earnings is a non-GAAP financial measure and it does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define adjusted net earnings as net earnings (loss) attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI.

We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss) attributable to common shareholders.

The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.
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($ millions)
Q2 2026Q2 2025
Net earnings attributable to common shareholders558 579 
Reconciling items:
    Severance, acquisition and other costs
    Net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans
    Net losses on investments
   Net early debt redemption gains
    Impairment of assets
    Income taxes for above reconciling items

50

62
2
(89)
6
15

41

43
8
(91)
8
4
Adjusted net earnings604 592 

Free cash flow and free cash flow after payment of lease liabilities – Free cash flow and free cash flow after payment of lease liabilities are non-GAAP financial measures and they do not have any standardized meaning under IFRS Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.

In Q1 2026, we updated our definitions of free cash flow and free cash flow after payment of lease liabilities to exclude income taxes paid on significant divestitures included within cash flows from operating activities. This change does not impact the amounts for free cash flow and free cash flow after payment of lease liabilities previously presented. We exclude this item as it could affect the comparability of our financial results and potentially distort the analysis of trends in business performance. Excluding this item does not imply it is non-recurring.

We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

We define free cash flow after payment of lease liabilities as cash flows from operating activities, excluding cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less principal payment of lease liabilities, capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, income taxes paid on significant divestitures, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

We consider free cash flow and free cash flow after payment of lease liabilities to be important indicators of the financial strength and performance of our businesses. Free cash flow and free cash flow after payment of lease liabilities show how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow and free cash flow after payment of lease liabilities to value a
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business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable financial measure under IFRS Accounting Standards is cash flows from operating activities.

The following table is a reconciliation of cash flows from operating activities to free cash flow and free cash flow after payment of lease liabilities on a consolidated basis.

($ millions)
Q2 2026Q2 2025
Cash flows from operating activities2,162 1,947 
Capital expenditures
(1,080)(763)
Cash dividends paid on preferred shares(36)(38)
Cash dividends paid by subsidiaries to NCI(12)- 
Income taxes paid on significant divestitures- - 
Acquisition and other costs paid8 6 
Free cash flow 1,042 1,152 
Principal payment of lease liabilities(258)(278)
Free cash flow after payment of lease liabilities784 874 

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.

Below is a description of the non-GAAP ratio that we use in this news release to explain our results.

Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, refer to Non-GAAP Financial Measures above.

We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, net early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

Total of Segments Measures

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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.

Below is a description of the total of segments measures that we use in this news release to explain our results as well as a reconciliation to the most directly comparable financial measure under IFRS Accounting Standards.

Adjusted EBITDA and Bell CTS adjusted EBITDA – Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE's consolidated income statements.

We define Bell CTS adjusted EBITDA as BCE adjusted EBITDA less Bell Media adjusted EBITDA.

The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss).

The following table is a reconciliation of net earnings (loss) to BCE adjusted EBITDA and Bell CTS adjusted EBITDA.

($ millions)

Q2 2026
Q2 2025
Net earnings
Severance, acquisition and other costs
Depreciation
Amortization
Finance costs
    Interest expense
    Net return on post-employment benefit plans
Impairment of assets
Net losses on investments
Other income (expense)
629
50
985
391

469
(36)
6
2
(58)
644
41
949
338

442
(26)
8
8
30
Income taxes
264
240
BCE adjusted EBITDA
2,702
2,674
Less: Bell Media adjusted EBITDA
(244)
(235)
Bell CTS adjusted EBITDA
2,458
2,439

Supplementary Financial Measures

A supplementary financial measure is a financial measure that is not reported in BCE's consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.

An explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures' labelling is not sufficiently descriptive.

KEY PERFORMANCE INDICATORS (KPIs)

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We use mobile phone blended ARPU, capital intensity, adjusted EBITDA margin, churn and subscriber (or customer or NAS) units to measure the success of our strategic imperatives. These key performance indicators are not accounting measures and may not be comparable to similar measures presented by other issuers.

About BCE
BCE is Canada's largest communications company18, 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.
_______________________

18 Based on total revenue and total combined customer connections.

Media inquiries
Ellen Murphy
media@bell.ca

Investor inquiries
Krishna Somers
krishna.somers@bell.ca



CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to: the expected contribution of investments in Canadian content to future Crave growth; BCE’s focus on key growth drivers for the remainder of 2026; the expected benefits of always-on Internet solutions; the expected benefits of Bell’s partnership with Celestica Inc. and its collaboration with Cohere, Hypertec and BUZZ HPC; Bell Media’s commitment to investing in Canadian storytelling; Bell’s commitments regarding the Formula 1 Grand Prix du Canada; BCE’s 2026 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annualized common dividend per share) and our expectations regarding 2026 business and operating conditions underscoring such guidance; BCE’s business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target, commitment and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws and of the United States (U.S.) Private Securities Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our

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expectations as of August 6, 2026 and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after August 6, 2026. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements are presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our expected financial results, as well as our objectives, strategic priorities and business outlook, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

Material Assumptions
A number of economic, market, operational and financial assumptions were made by BCE in preparing its forward-looking statements contained in this news release, including, but not limited to the following:

Canadian Economic Assumptions
The economic outlook remains highly dependent on the evolution of Canada’s trade relationship with the U.S. and the duration and severity of the war in the Middle East, as well as how the Canadian economy responds to these developments. We have assumed:
•Modest economic growth, given the Bank of Canada’s most recent estimated growth in Canadian gross domestic product (GDP) of 0.7% in 2026, representing a decrease from the earlier estimate of 1.2%, reflecting a weaker‑than‑expected start to the year
•Continued subdued population growth
•Modest growth in consumer spending
•Cautious business investment outside the oil and gas sector, reflecting ongoing trade‑related uncertainty
•Easing consumer price index (CPI) inflation, due to a decline in gasoline prices
•Continued labour market softness
•Interest rates expected to remain at or near current levels, although the outlook is subject to uncertainty depending on the evolution of inflation
•Canadian dollar expected to remain near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices

U.S. Economic Assumptions
•Slowdown in consumer spending, offset by business investment
•Ongoing uncertainty surrounding trade policy
•Stable CPI inflation
•Moderate to steady GDP growth
•Stable rate of unemployment

Canadian Market Assumptions

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•A moderated level of wireless competition and sustained level of wireline competition in consumer markets
•Higher, but slowing, wireless industry penetration
•A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative over-the-top (OTT) competitors
•The advertising market is shifting towards digital platforms and most legacy Canadian television (TV) and radio platforms are expecting impacts from flat to declining audiences
•Increasing competition from the continued rollout of subscription video on demand streaming services together with further scaling of OTT aggregators is expected to result in further declines in broadcasting distribution undertaking (BDU) subscribers

U.S. Market Assumptions
•A higher level of wireline pricing competition in consumer, business and wholesale markets
•Increased demand for colocation and datacenter connectivity services
•A shrinking traditional voice services market as customers migrate to wireless or voice over Internet protocol offerings

Assumptions Applicable to our Bell CTS Canada Segment
•Stabilizing wireless market share of net additions as we manage increased competitive intensity and promotional activity across all regions and market segments
•Ongoing expansion and deployment of Fifth Generation (5G) and 5G+ wireless networks, offering competitive coverage and quality
•Continued diversification of our distribution strategy with a focus on expanding direct-to-consumer (DTC) and online transactions
•Slightly declining mobile phone blended ARPU due to competitive pricing pressure
•Continuing business customer adoption of advanced 5G, 5G+ and IoT solutions
•Continued scaling of technology services from recent acquisitions made in the enterprise market through leveraging our sales channels with the acquired businesses’ technical expertise
•Continued growth in residential fibre Internet subscribers
•Increasing wireless and Internet-based technological substitution
•Continued focus on the consumer household and bundled service offers for mobility, Internet and content services
•Continued large business customer migration to Internet protocol (IP)-based systems
•Ongoing competitive repricing pressures in our business and wholesale markets
•Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services, which, in many cases, are also sold as a service by Bell Business Markets to ensure continuity of customer relationships and adjacent revenue growth opportunities
•Increasing customer adoption of OTT services resulting in downsizing of TV packages and fewer consumers purchasing BDU subscriptions services
•Realization of cost savings related to operating efficiencies enabled by our direct fibre footprint, changes in consumer behaviour and product innovation, digital and AI adoption, product and service enhancements, expanding self-serve capabilities, new call centre and digital investments, other improvements to the customer service experience, management workforce reductions including attrition and retirements, and lower contracted rates from our suppliers

Assumptions Applicable to our Bell CTS U.S. Segment

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•Continued growth in retail Internet customers with continued deployment of direct fibre to incremental homes and businesses both within our existing footprint and in new markets
•Increasing retail Internet ARPU through continued migration of customers to higher speed tiers and rate increases
•Ongoing competitive repricing pressures in our business and wholesale markets
•Realization of cost savings related to operational efficiencies enabled by our direct fibre footprint, digital and AI adoption, expanding self service capabilities, and other improvements to the customer service experience

Assumptions Applicable to our Bell Media Segment
•Overall digital revenue expected to reflect scaling of Connected TV, DTC advertising and subscriber growth, as well as digital growth in our out of home business contributing towards the advancement of our digital-first media strategy
•Leveraging of first-party data to improve targeting, advertisement delivery including personalized viewing experience and attribution
•Strategically managing escalating content acquisition and production costs to secure high-quality, differentiated programming across all screens and platforms
•Continued scaling of Crave, TSN, and RDS through expanded distribution, partnerships, content offerings and user experience improvements
•Global content distribution growth through majority ownership of Sphere Abacus
•Continued support in original French content with a focus on digital platforms such as Crave, Noovo.ca and iHeartRadio Canada, to better serve our French-language customers through a personalized digital experience
•No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our media business

Financial Assumptions Concerning BCE
•An estimated post-employment benefit plans service cost of approximately $195 million
•An estimated net return on post-employment benefit plans of approximately $145 million
•Depreciation and amortization expense of approximately $5,450 million to $5,500 million
•Interest expense of approximately $1,850 million to $1,900 million
•Interest paid of approximately $1,925 million to $1,975 million
•An average effective tax rate of approximately 26%
•Non-controlling interest of approximately $70 million
•Contributions to post-employment benefit plans of approximately $35 million
•Payments under other post-employment benefit plans of approximately $60 million
•Income taxes paid (net of refunds) excluding on significant divestitures of approximately $650 million to $750 million
•Weighted average number of BCE common shares outstanding of approximately 933 million
•An annualized common share dividend of $1.75 per share

Assumptions underlying expected continuing contribution holiday in 2026 in the majority of our pension plans
•At the relevant time, our defined benefit (DB) pension plans will remain in funded positions with going concern surpluses and maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken for applicable DB and defined contribution components


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•No significant declines in our DB pension plans’ financial position due to declines in investment returns or interest rates
•No material experience losses from other events such as through litigation or changes in laws, regulations or actuarial standards

The foregoing assumptions, although considered reasonable by BCE on August 6, 2026, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.

Material Risks
Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in, or implied by, our forward-looking statements, including our 2026 guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2026 guidance targets, essentially depends on our business performance, which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to: the negative effect of adverse economic conditions, including the continuation or escalation of trade wars, recessions, U.S. tariffs and the unpredictability of future trade arrangements, inflation, the value of the Canadian dollar, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility, and the resulting negative impact on customer spending, the resulting demand for our products and services, our customers’ financial condition, and the cost and amount of funding available in the capital markets; the negative effect of adverse conditions associated with geopolitical events, including financial and capital market volatility, broader geopolitical instability and armed conflicts, higher energy prices, inflationary pressures limiting consumer and business spending and increasing our operating costs, disruptions in our supply chains, and increased information security threats; the intensity of competitive activity in Canada and the U.S. and the failure to effectively respond to evolving competitive dynamics; the level of technological advancements and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of cloud-based, OTT and other alternative solutions; advertising market pressures from economic conditions, fragmentation and non-traditional/global digital services; rising content costs and challenges in our ability to acquire or develop key content; high Canadian Internet and smartphone penetration; regulatory initiatives, proceedings and decisions, government consultations and government positions that negatively affect us and influence our business in Canada including, without limitation, concerning mandatory access to networks, spectrum auctions, the imposition of consumer-related codes of conduct, approval of acquisitions, broadcast and spectrum licensing, foreign ownership requirements, privacy and cybersecurity obligations, online streaming and digital services regulations, control of copyright piracy, and regulatory frameworks governing AI; the inability to implement enhanced compliance frameworks and to comply with legal and regulatory obligations, including the failure to monitor and comply with the U.S. legal and regulatory requirements to which Ziply Fiber is subject, which may reduce the amount of subsidies or revenues it receives, increase its compliance burdens or constrain its ability to compete; unfavourable resolution of legal proceedings; the inability to protect our assets and data from events such as information security attacks, unauthorized access or entry, fire, natural disasters, extreme weather events linked to climate change, power loss, building cooling loss, acts of war or terrorism, geopolitical conflict, sabotage, vandalism, actions of neighbours, and other events; the failure to implement effective security, data and responsible AI governance frameworks; the inability to drive a positive customer experience; the failure to evolve and transform our networks, systems and operations using next-generation technologies while
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lowering our cost structure, including the failure to meet customer expectations of product and service experience; the use of AI technologies in our business solutions and operations, and by our customers, business partners, and third-party vendors; the risk that we may need to incur significant capital expenditures to provide additional capacity and reduce network congestion; service interruptions or outages due to network failures or slowdowns; the complexity of our operations and information technology (IT) systems and the failure to implement, maintain or manage highly effective processes and IT systems; events affecting the functionality of, and our ability to protect, test, maintain, replace and upgrade our networks, IT systems, equipment and other facilities; the failure by other telecommunications carriers on which we rely to provide services, to complete planned and sufficient testing, maintenance, replacement or upgrade of their networks, equipment and other facilities, which could disrupt our operations including through network or other infrastructure failures; in-orbit and other operational risks to which the satellites used to provide our satellite TV services are subject; the failure to successfully expand Ziply Fiber’s fibre network; the inability of Ziply Fiber’s current and future initiatives or programs to generate the level of returns, or to occur on the timeline, we anticipate; there can be no assurance that the potential benefits expected to result from the formation of Network FiberCo LLC will be realized; the failure to successfully integrate Ziply Fiber as a subsidiary of BCE, and to generate the anticipated benefits from the acquisition of Ziply Fiber; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether our dividend payout policy will be maintained or achieved, or that the dividend on common shares will be maintained or dividends on any of BCE’s outstanding shares will be declared by BCE’s board of directors (the Board); the failure to reduce costs and adequately assess investment priorities, as well as unexpected increases in costs; the inability to manage various credit, liquidity and market risks; the failure to accurately anticipate fluctuations in the exchange rate between the Canadian dollar and U.S. dollar and our inability to successfully implement currency hedging strategies; the failure to evolve practices to effectively monitor and control fraudulent activities; new or higher taxes due to new tax laws, treaties, regulations, or rules thereunder in Canada, the U.S., or other relevant jurisdictions, or changes thereto, or changes in their interpretation or enforcement by tax authorities, and the inability to predict the outcome of government audits; the impact on our financial statements and estimates from a number of factors; pension obligation volatility and increased contributions to post-employment benefit plans; the expected timing and completion of the proposed disposition of Northwestel Inc. are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, the purchaser securing financing, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated, or that the potential benefits expected to result from the proposed disposition will be realized; the failure to attract, develop and retain a talented team capable of furthering our business strategy and operational transformation; the potential deterioration in employee morale and engagement resulting from staff reductions, cost reductions or reorganizations, and the de-prioritization of transformation initiatives due to staff reductions, cost reductions or reorganizations; the failure to adequately manage health and safety concerns; labour disruptions and shortages; reputational risks and the inability to meaningfully integrate sustainability considerations into our business strategy, operations and governance; the adverse impact of various internal and external factors on our ability to achieve our sustainability targets including, without limitation, those related to greenhouse gas reduction and supplier engagement; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; the failure to develop and implement sufficient corporate governance practices; the inability to adequately manage social issues; health risks, including pandemics, epidemics and other health concerns, such as radio frequency emissions from wireless communications devices and equipment; our
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dependence on third-party suppliers, outsourcers and consultants to provide an uninterrupted supply of the products and services we need and comply with various obligations; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data and AI governance, privacy and responsible procurement; the quality of our products and services and the extent to which they may be subject to defects or fail to comply with applicable government regulations and standards; and the expected timing and completion of the proposed disposition of Bell Mobility Inc.’s land mobile radio networks services business are subject to closing conditions, termination rights and other risks and uncertainties including, without limitation, relevant regulatory and third-party approvals, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. We encourage investors to also read BCE’s 2025 Annual MD&A dated March 5, 2026, BCE’s 2026 First and Second Quarter MD&As dated May 6, 2026 and August 5, 2026, respectively, for additional information with respect to certain of these and other assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available at sedarplus.ca) and with the U.S. Securities and Exchange Commission (available at SEC.gov). These documents are also available at BCE.ca.


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Exhibit 99.5
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 CONTINUOUS DISCLOSURE OBLIGATIONS

To:
Alberta Securities Commission
British Columbia Securities Commission
Manitoba Securities Commission
Financial and Consumer Services Commission, New Brunswick
Office of the Superintendent of Securities Services, Newfoundland and Labrador
Nova Scotia Securities Commission
Ontario Securities Commission
Department of Justice and Public Safety, Financial and Consumer Services Division, Prince Edward Island
Autorité des marchés financiers
Financial and Consumer Affairs Authority of Saskatchewan
Toronto Stock Exchange

Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE Inc. pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102.


The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at www.sedarplus.ca.


Attached to this notice and forming part thereof is the consolidating summary financial information for BCE Inc. as required by Section 13.4 of NI 51-102.

Dated: August 6, 2026
                                                                                                                                    BELL CANADA
By:
(signed) Thierry Chaumont
Name:
Thierry Chaumont
Title:SVP Controller, Tax, Pension & Benefits







image.jpg



BELL CANADA

UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION (1)
For the periods ended June 30, 2026 and 2025
(in millions of Canadian dollars)

BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary financial information is provided by Bell Canada in compliance with the requirements of section 13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption for certain credit support issuers. The tables below contain selected summary financial information for (i) BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated basis, (iii) BCE Inc.’s subsidiaries, other than Bell Canada, on a combined basis, (iv) consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information for BCE Inc. and Bell Canada and all other subsidiaries is intended to provide investors with meaningful and comparable financial information about BCE Inc. and its subsidiaries. This summary financial information should be read in conjunction with BCE Inc.’s audited consolidated financial statements for the year ended December 31, 2025 and the unaudited consolidated interim financial report for the six months ended June 30, 2026.

For the periods ended June 30:

BCE INC.
("CREDIT SUPPORTER") (2)
  BELL CANADA CONSOLIDATED
(“CREDIT SUPPORT ISSUER”)
   SUBSIDIARIES OF BCE INC.
OTHER THAN BELL CANADA (3)
CONSOLIDATING ADJUSTMENTS (4)
BCE INC.
CONSOLIDATED
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Three months
Three months
Six months
Six months
Three months
Three months
Six months
Six months
Three months
Three months
Six months
Six months
Three months
Three months
Six months
Six months
Three months
Three months
Six months
Six months
Operating revenues
—
—
—
—
6,176
6,085
12,344
12,015
—
—
—
—
—
—
—
—
6,176
6,085
12,344
12,015
Net earnings from continuing operations attributable to owners
597
619
1,250
1,290
600
626
1,250
1,302
24
24
49
60
(624)
(650)
(1,299)
(1,362)
597
619
1,250
1,290
Net earnings attributable to owners
597
619
1,250
1,290
600
626
1,250
1,302
24
24
49
60
(624)
(650)
(1,299)
(1,362)
597
619
1,250
1,290

As at June 30, 2026 and December 31, 2025, respectively:

BCE INC.
("CREDIT SUPPORTER") (2)
  BELL CANADA CONSOLIDATED (“CREDIT SUPPORT ISSUER”)
   SUBSIDIARIES OF BCE INC.
OTHER THAN BELL CANADA (3)
CONSOLIDATING ADJUSTMENTS (4)
BCE INC.
CONSOLIDATED
June 30,
2026
Dec. 31,
2025
June 30,
2026
Dec. 31,
2025
June 30,
2026
Dec. 31,
2025
June 30,
2026
Dec. 31,
2025
June 30,
2026
Dec. 31,
2025
Total Current Assets
538
1,156
7,543
7,451
304
255
(841)
(1,455)
7,544
7,407
Total Non-current Assets
23,999
22,970
66,679
65,939
21
21
(17,201)
(16,172)
73,498
72,758
Total Current Liabilities
530
965
10,525
13,265
82
81
(841)
(1,455)
10,296
12,856
Total Non-current Liabilities
144
141
45,873
43,303
—
—
551
555
46,568
43,999
(1) The summary financial information is prepared in accordance with IFRS® Accounting Standards and is in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises..
(2) This column accounts for investments in all subsidiaries of BCE Inc. under the equity method.
(3) This column accounts for investments in all subsidiaries of BCE Inc. (other than Bell Canada) on a consolidated basis.
(4) This column includes the necessary amounts to eliminate the intercompany balances between BCE Inc., Bell Canada and other subsidiaries and other adjustments to arrive at the information for BCE Inc. on a consolidated basis.

Exhibit 99.6


BCE Inc.

EXHIBIT TO 2026 SECOND QUARTER FINANCIAL STATEMENTS

EARNINGS COVERAGE


The following consolidated financial ratios are calculated for the twelve months ended June 30, 2026, give effect to the issuance and redemption of all long-term debt since July 1, 2025 as if these transactions occurred on July 1, 2025, and are based on unaudited financial information of BCE Inc.

June 30, 2026
Earnings coverage of interest on debt requirements based on net earnings attributable to owners of BCE Inc. before interest expense and income tax:    
4.7 times
Earnings coverage of interest on debt requirements based on net earnings attributable to owners of BCE Inc. before interest expense, income tax and non-controlling interest:4.7 times




Source: View Original Filing on SEC EDGAR

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