BCE's Bell Canada to sell 49.9% stake in TowerCo
BCE Inc. reported Q3 2026 operating revenues of $6.182 billion, up 2.2% year over year, and net earnings of $701 million, down 84.6%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
BCE Inc. reported Q3 2026 operating revenues of $6.182 billion, up 2.2% year over year, and net earnings of $701 million, down 84.6%. The prior-year quarter included a $5.2 billion gain on the sale of its minority stake in Maple Leaf Sports & Entertainment. Adjusted net earnings fell 5.2% to $695 million; operating cash flow rose 15.9% to $2.218 billion, while free cash flow fell 14.9% to $854 million.
Bell Canada agreed to sell La Caisse a 49.9% interest in newly formed TowerCo for $2.45 billion, subject to customary adjustments. Bell retains 50.1% control; closing is expected in the first quarter of 2027 after regulatory approvals and other customary conditions. TowerCo will own Bell’s passive wireless infrastructure, while Bell retains its spectrum and active network equipment.
At Sherwood, the first data hall at the 300 MW facility is expected online in the first half of 2027. A non-binding MOU covers up to 900 MW of additional capacity, which would create a path to 1.2 GW in Saskatchewan. Total facility capital expenditures are expected to exceed $1.7 billion. Bell Mobility’s $675 million land mobile radio business sale is now expected to close in the first half of 2027, subject to approvals and other conditions.
1 point · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointOperating cash flow rose 15.9% to $2.218 billion in Q3.
Negative
- Moderate pointNet earnings fell 84.6% to $701 million; the prior-year quarter included a $5.2 billion MLSE sale gain.
- Moderate pointAdjusted net earnings declined 5.2% to $695 million in Q3.
- Moderate pointFree cash flow fell 14.9% to $854 million in Q3.
Filing Explained
Ziply Fiber completed one U.S. fibre acquisition on September 1 and agreed with Network FiberCo on October 20 to buy another, with closing expected in Q1 2027 subject to approvals; BCE expects to contribute about
Key Figures
Q3 operating revenues: $6.182 billion
Q3 net earnings: $701 million
Q3 adjusted net earnings: $695 million
+5 more
8 metrics
Q3 operating revenues
$6.182 billion
Q3 2026; up 2.2% year over year
Q3 net earnings
$701 million
Q3 2026; down 84.6% year over year
Q3 adjusted net earnings
$695 million
Q3 2026; down 5.2% year over year
Q3 cash flows from operating activities
$2.218 billion
Q3 2026; up 15.9% year over year
Q3 free cash flow
$854 million
Q3 2026; down 14.9% year over year
TowerCo purchase price
$2.45 billion
Price for La Caisse’s 49.9% interest; subject to customary adjustments
TowerCo interest for La Caisse
49.9%
Interest under Bell Canada’s agreement with La Caisse
Sherwood facility planned capital expenditures
Exceed $1.7 billion
Expected total capital expenditures at the facility over time
Key Terms
Adjusted EBITDA, Adjusted net earnings, Free cash flow, fibre-to-the-home (FTTH)
4 terms
Adjusted EBITDA financial
"BCE adjusted EBITDA increased by 0.9% in Q3 2026"
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.
Adjusted net earnings financial
"adjusted net earnings, which excludes the impact of severance"
Adjusted net earnings are a company’s reported profit after removing one-time, unusual or non-cash items (like asset write-downs, restructuring costs or large legal settlements) so investors can see the recurring core profit. Think of it like looking at a household’s monthly budget after excluding a rare emergency expense; it helps investors judge ongoing business health and compare performance across periods without distortion from isolated events.
Free cash flow financial
"Free cash flow in the third quarter of 2026 decreased"
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"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BCE’s Q3 2026 revenues and earnings?
BCE reported operating revenues of $6.182 billion, net earnings of $701 million, adjusted net earnings of $695 million, and adjusted EBITDA of $2.786 billion for Q3 2026. Compared with Q3 2025, revenues rose 2.2%, while net earnings fell 84.6% and adjusted net earnings fell 5.2%.
What is the BCE TowerCo agreement with La Caisse?
Bell Canada agreed to sell La Caisse a 49.9% interest in newly formed TowerCo for $2.45 billion, subject to customary adjustments. Bell will retain 50.1% control, and TowerCo’s results will be consolidated into Bell’s financial statements. Closing is expected in the first quarter of 2027, following regulatory approvals and other customary closing conditions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
November 5, 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 September 30, 2026 furnished with this Form 6-K as Exhibit 99.1, the BCE Inc. unaudited consolidated interim financial statements for the quarter ended September 30, 2026 furnished with this Form 6-K as Exhibit 99.2, the Bell Canada Unaudited Selected Summary Financial Information for the quarter ended September 30, 2026 furnished with this Form 6-K as Exhibit 99.5, and the Exhibit to 2026 Third 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: November 5, 2026 | By: | /s/ Curtis Millen | ||||||||||||||||||
| Name: Curtis Millen | ||||||||||||||||||||
| Title: Executive Vice-President and Chief Financial Officer | ||||||||||||||||||||
EXHIBIT INDEX
| Exhibit | ||||||||
| 99.1 | BCE Inc. 2026 Third Quarter Management’s Discussion and Analysis | |||||||
| 99.2 | BCE Inc. 2026 Third Quarter Financial Statements | |||||||
| 99.3 | CEO/CFO Certifications | |||||||
| 99.4 | News Release | |||||||
| 99.5 | Bell Canada Unaudited Selected Summary Financial Information | |||||||
| 99.6 | Exhibit to 2026 Third 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 Impairment of assets | 19 | ||||
2.11 Gains on investments | 19 | ||||
2.12 Other (expense) income | 19 | ||||
2.13 Income taxes | 20 | ||||
2.14 Net earnings attributable to common shareholders and EPS | 20 | ||||
3 Business segment analysis | 21 | ||||
3.1 Bell CTS | 21 | ||||
3.2 Bell Media | 33 | ||||
4 Financial and capital management | 37 | ||||
4.1 Net debt | 37 | ||||
4.2 Outstanding share data | 38 | ||||
4.3 Cash flows | 39 | ||||
4.4 Post-employment benefit plans | 43 | ||||
4.5 Financial risk management | 44 | ||||
4.6 Credit ratings | 46 | ||||
4.7 Liquidity | 47 | ||||
4.8 Litigation | 47 | ||||
5 Quarterly financial information | 48 | ||||
6 Regulatory environment | 49 | ||||
6.1 Canadian regulatory environment | 49 | ||||
7 Business risks | 50 | ||||
8 Accounting policies | 51 | ||||
9 Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) | 52 | ||||
9.1 Non-GAAP financial measures | 52 | ||||
9.2 Non-GAAP ratios | 55 | ||||
9.3 Total of segments measures | 56 | ||||
9.4 Capital management measures | 57 | ||||
9.5 Supplementary financial measures | 57 | ||||
9.6 KPIs | 58 | ||||
10 Controls and procedures | 59 | ||||
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 3
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 9, 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 third quarter of 2026 (Q3 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) and BCE's MD&A for the second quarter of 2026 dated August 5, 2026 (BCE 2026 Second Quarter MD&A). In preparing this MD&A, we have taken into account information available to us up to November 4, 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 (BCE 2025 AIF) and recent financial reports, including the BCE 2025 Annual MD&A, the BCE 2026 First Quarter MD&A and the BCE 2026 Second 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 on BCE’s website or in any other site referred to on 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 (Q3) and nine months (YTD) ended September 30, 2026 and 2025.
This MD&A and, in particular, but without limitation, section 3.1, Bell CTS 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 artificial intelligence (AI) data centre facility in the Rural Municipality of Sherwood, Saskatchewan, including the timing for operation of the facility; the proposed expansion of Bell AI Fabric in Saskatchewan, including the expected benefits and impacts of such expansion; project spending for the facility in the fourth quarter of 2026; expected capital expenditures for the facility; Bell's expectations that it will provide updates regarding Bell AI Fabric and the facility as development progresses; the proposed transaction with La Caisse, including the benefits and opportunities expected to result from the proposed transaction; Bell’s relationship with and control over TowerCo; the expected timing of the closing of the proposed transaction with La Caisse; the acquisition of a United States (U.S.) fibre business by Ziply Fiber and Network FiberCo, including the expected timing and completion of the acquisition; BCE's expected cash contribution to the aggregate purchase price for acquisitions of U.S. fibre businesses by Ziply Fiber; a potential restructured transaction involving Northwestel Inc. (Northwestel); the proposed disposition of our land mobile radio networks services business to Motorola Solutions Canada Networks Inc., including the expected timing and completion of the disposition; 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 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 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 November 4, 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
4 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
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 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 November 4, 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 any transaction involving Northwestel are subject to risks and uncertainties, including, without limitation, the parties' ability to agree on an alternative transaction structure, which may affect its completion, terms or timing and, as such, there can be no assurance that a transaction will
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 5
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 transaction 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 (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 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; the expected timing and completion of the proposed transaction with La Caisse are subject to closing conditions, termination rights and other risks and uncertainties, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed transaction 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 transaction will be realized; risks relating to the development, construction and operation of data centres; data centre customer concentration and counterparty credit; demand for data centre capacity and competition; and AI and data centre regulatory, environmental and permitting matters.
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. In addition, please see section 4.8, Litigation in this MD&A for an update to the legal proceedings described in the BCE 2025 AIF, which section 4.8 is incorporated by reference in this cautionary statement. Please also see section 6, Regulatory environment in the BCE 2026 First Quarter MD&A, in the BCE 2026 Second 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. Please also see section 7, Business risks in this MD&A for a description of the risk factors relating to our Bell AI Fabric data centre business, which section 7 is 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 the BCE 2026 Second Quarter MD&A, as well as in section 4.8, Litigation and in section 6, Regulatory environment 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 November 4, 2026. Moreover, except as otherwise indicated by us, our guidance and outlook, including with respect to capital expenditures, capital intensity and free cash flow, do not reflect the impact of any AI data centre project, other than those currently under development or construction and supported by binding tenant commitments. 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 THIRD QUARTER SHAREHOLDER REPORT
1 Overview
BCE Q3 2026 selected quarterly information
| Operating revenues | Net earnings | Adjusted EBITDA (1) | |||||||||||||||
| $6,182 | $701 | $2,786 | |||||||||||||||
| million | million | million | |||||||||||||||
+2.2% vs. Q3 2025 | (84.6%) vs. Q3 2025 | +0.9% vs. Q3 2025 | |||||||||||||||
| Net earnings attributable to common shareholders | Adjusted net earnings (1) | Cash flows from operating activities | Free cash flow (1) | ||||||||||||||
| $630 | $695 | $2,218 | $854 | ||||||||||||||
| million | million | million | million | ||||||||||||||
(86.0%) vs. Q3 2025 | (5.2%) vs. Q3 2025 | +15.9% vs. Q3 2025 | (14.9%) vs. Q3 2025 | ||||||||||||||
BCE customer connections (6) | ||
Total mobile phones | Bell Communication and Technology Services (Bell CTS) high-speed Internet (2) (3) (5) | Bell CTS residential fibre-to-the-home (FTTH) Internet (2) (3) (5) | ||||||
| +0.3% | (2.1%) | +2.8% | ||||||
10.4 million subscribers at September 30, 2026 | 4.9 million subscribers at September 30, 2026 | 3.7 million subscribers at September 30, 2026 | ||||||
Bell CTS video (4) | Bell CTS retail residential network access services (NAS) lines | ||||
| +2.6% | (10.2%) | ||||
2.2 million subscribers at September 30, 2026 | 1.6 million subscribers at September 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 9.3, Total of segments measures and section 9.1, Non-GAAP financial measures in this MD&A for more information on these measures.
(2)In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
(3)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.
(4)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.
(5)Residential FTTH Internet subscribers are included within high-speed Internet subscribers.
(6)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 THIRD QUARTER SHAREHOLDER REPORT 7
BCE consolidated income statements - selected information
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Service | 5,412 | 5,329 | 83 | 1.6 | % | 16,253 | 15,768 | 485 | 3.1 | % | ||||||||||||||||
| Product | 770 | 720 | 50 | 6.9 | % | 2,273 | 2,296 | (23) | (1.0 | %) | ||||||||||||||||
| Total operating revenues | 6,182 | 6,049 | 133 | 2.2 | % | 18,526 | 18,064 | 462 | 2.6 | % | ||||||||||||||||
| Operating costs | (3,396) | (3,287) | (109) | (3.3 | %) | (10,407) | (10,070) | (337) | (3.3 | %) | ||||||||||||||||
| Adjusted EBITDA | 2,786 | 2,762 | 24 | 0.9 | % | 8,119 | 7,994 | 125 | 1.6 | % | ||||||||||||||||
Adjusted EBITDA margin (1) | 45.1 | % | 45.7 | % | (0.6) pts | 43.8 | % | 44.3 | % | (0.5) pts | ||||||||||||||||
| Net earnings attributable to: | ||||||||||||||||||||||||||
| Common shareholders | 630 | 4,502 | (3,872) | (86.0 | %) | 1,804 | 5,711 | (3,907) | (68.4 | %) | ||||||||||||||||
| Preferred shareholders | 40 | 38 | 2 | 5.3 | % | 116 | 119 | (3) | (2.5 | %) | ||||||||||||||||
| Non-controlling interest (NCI) | 31 | 15 | 16 | n.m. | 77 | 52 | 25 | 48.1 | % | |||||||||||||||||
| Net earnings | 701 | 4,555 | (3,854) | (84.6 | %) | 1,997 | 5,882 | (3,885) | (66.0 | %) | ||||||||||||||||
| Adjusted net earnings | 695 | 733 | (38) | (5.2 | %) | 1,888 | 1,958 | (70) | (3.6 | %) | ||||||||||||||||
| Net earnings per common share (EPS) | 0.67 | 4.84 | (4.17) | (86.2 | %) | 1.93 | 6.15 | (4.22) | (68.6 | %) | ||||||||||||||||
Adjusted EPS (2) | 0.74 | 0.79 | (0.05) | (6.3 | %) | 2.02 | 2.11 | (0.09) | (4.3 | %) | ||||||||||||||||
n.m.: not meaningful
(1)Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to section 9.6, KPIs in this MD&A for more information on this measure.
(2)Adjusted EPS is a non-GAAP ratio. Refer to section 9.2, Non-GAAP ratios in this MD&A for more information on this measure.
BCE consolidated statements of cash flows – selected information
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Cash flows from operating activities | 2,218 | 1,914 | 304 | 15.9 | % | 5,529 | 5,432 | 97 | 1.8 | % | ||||||||||||||||
| Capital expenditures | (1,330) | (891) | (439) | (49.3 | %) | (3,251) | (2,383) | (868) | (36.4 | %) | ||||||||||||||||
| Free cash flow | 854 | 1,003 | (149) | (14.9 | %) | 2,700 | 2,953 | (253) | (8.6 | %) | ||||||||||||||||
Q3 2026 financial highlights
BCE operating revenues grew by 2.2% in Q3 2026, compared to the same period last year, driven by both higher service and product revenues of 1.6% and 6.9%, respectively. The growth in service revenues was attributable to our Bell CTS U.S. segment, as a result of the acquisition of Ziply Fiber on August 1, 2025, which included Ziply Fiber's results for a full quarter compared to only two months in Q3 2025, along with higher Bell Media revenues, led by the success of the broadcast of the 2026 Fédération Internationale de Football Association (FIFA) World Cup coupled with increased direct-to-consumer (DTC) streaming revenues, as well as reflecting the continued growth from our AI-powered solutions business (1) in Bell CTS Canada. The year-over-year increase in service revenues was moderated by continued erosion in legacy voice, data and TV services and ongoing lower demand for traditional advertising. Although wireless service revenues declined year over year, pricing on base rate plans in the market was much more disciplined. The growth in product revenues was driven by greater wireline equipment sales to large business customers, partly offset by reduced wireless product revenues mainly from lower device sales to consumers.
Net earnings of $701 million and net earnings attributable to common shareholders of $630 million in the third quarter of 2026 decreased by $3,854 million and $3,872 million, respectively, compared to the same period last year, mainly due to lower gains on investments resulting from the sale of our minority stake in Maple Leaf Sports & Entertainment Ltd. (MLSE) in 2025, partly offset by lower impairment of assets, lower income taxes and lower other expense.
BCE adjusted EBITDA increased by 0.9% in Q3 2026, compared to the same period last year, driven by our Bell CTS U.S. segment, mainly due to the acquisition of Ziply Fiber on August 1, 2025, which included Ziply Fiber's results for a full quarter compared to only two months in Q3 2025, and reflected 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 was driven by higher operating revenues, partly offset by greater operating expenses. This resulted in an adjusted EBITDA margin of 45.1% in Q3 2026, down 0.6 pts over Q3 2025, primarily due to higher operating expenses, reflecting the inclusion of the operating costs of Ziply Fiber as a result of the acquisition and an increased proportion of low margin product sales in our total revenue base, partly offset by ongoing cost containment and operating efficiencies achieved across the company.
BCE’s EPS of $0.67 in Q3 2026 decreased by $4.17 compared to the same period last year.
(1)AI-powered solutions revenues is comprised of revenues from Ateko, Bell Cyber, and Bell AI Fabric.
8 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
In the third 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 gains (losses) on investments, net early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $695 million, or $0.74 per common share, compared to $733 million, or $0.79 per common share, for the same period last year.
Cash flows from operating activities in the third quarter of 2026 increased by $304 million, compared to the same period last year, mainly due to higher working capital, lower income taxes paid, lower interest paid and lower severance, acquisition and other costs paid.
Free cash flow in the third quarter of 2026 decreased by $149 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.
This section contains forward-looking statements, including relating to Bell’s AI data centre facility in the Rural Municipality of Sherwood, Saskatchewan, including the timing for operation of the facility; the proposed expansion of Bell AI Fabric in Saskatchewan, including the expected benefits and impacts of such expansion; project spending for the facility in the fourth quarter of 2026; expected capital expenditures for the facility; Bell's expectation that it will provide updates regarding Bell AI Fabric and the facility as development progresses; the proposed transaction with La Caisse, including the benefits and opportunities expected to result from the proposed transaction; Bell’s relationship with and control over TowerCo; the expected timing of the closing of the proposed transaction with La Caisse; and the proposed disposition of our land mobile radio networks services business to Motorola Solutions Canada Networks Inc., including the expected timing and completion of the disposition. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Agreement with La Caisse for a 49.9% equity interest in Bell's wireless tower infrastructure company
On October 27, 2026, Bell Canada entered into a definitive agreement with global investment group La Caisse, under which La Caisse will acquire a 49.9% stake in a newly formed wireless tower infrastructure company, TowerCo, for a purchase price of $2.45 billion, subject to customary adjustments. TowerCo will own and operate Bell's portfolio of passive wireless infrastructure assets, comprising more than 5,000 sites across Canada.
Bell will retain a 50.1% controlling equity interest in TowerCo, and TowerCo's financial results will be consolidated into Bell’s consolidated financial statements. TowerCo is expected to have no financial debt at closing. TowerCo will lease capacity on the transferred towers to Bell, and Bell will maintain access to existing sites through long-term agreements. TowerCo will develop new sites for Bell as needed. Bell will retain full ownership and control of its spectrum, all active network equipment and owned land.
The transaction is expected to close in the first quarter of 2027, following receipt of regulatory approvals and satisfaction of other customary closing conditions.
Bell AI Fabric Saskatchewan data centre and memorandum of understanding for potential expansion
On March 16, 2026, Bell announced a partnership with the Government of Saskatchewan to develop a 300 megawatt (MW) AI data centre in the Rural Municipality of Sherwood, Saskatchewan. On October 1, 2026, Bell and the Government of Saskatchewan marked construction milestones at the site, with all four buildings in the first phase under construction. We continue to expect the first data hall to come online in the first half of 2027.
On September 14, 2026, Bell Canada and the Government of Saskatchewan announced a non-binding memorandum of understanding (MOU) to expand Bell AI Fabric in Saskatchewan through the development of up to 900 MW of additional capacity at the Sherwood facility which, together with the previously announced 300 MW, would create a path to 1.2 gigawatts (GW) of capacity in the province.
As at September 30, 2026, capital expenditures and associated cash outflows for the Sherwood facility were approximately $475 million, mainly related to the purchase of equipment, building construction and labour. Project spending is expected to increase in the fourth quarter of 2026 as construction continues and orders of long-lead-time components progress.
We previously expected the construction of the originally announced 300 MW of capacity to require approximately $1.7 billion of incremental capital expenditures. With the anticipated expansion of the Sherwood facility from 300 MW to up to 1.2 GW, we now expect total capital expenditures at the facility over time to exceed $1.7 billion. We expect to provide further updates on Bell AI Fabric, including the Sherwood facility, as development progresses.
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. We previously expected the transaction to close in the fourth
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 9
quarter of 2026 but now expect it to close in the first half of 2027. The transaction remains subject to the receipt of 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.
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, in the BCE 2026 Second 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 1.0% in 2026, representing an increase from the earlier estimate of 0.7%
•Continued subdued population growth
•Moderate growth in consumer spending, supported by household income growth, but tempered by higher energy prices and trade-related uncertainty
•Improving business investment, supported by investment in machinery and equipment, including AI, and government incentives, partly offset by trade-related uncertainty
•Elevated consumer price index (CPI) inflation, reflecting higher energy prices and increasing cost pressures from imported goods
•Continued labour market softness
•Interest rates expected to remain subject to uncertainty, reflecting elevated inflation and tighter financial conditions
•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 THIRD QUARTER SHAREHOLDER REPORT
2 Consolidated financial analysis
This section provides detailed information and analysis about BCE’s performance in Q3 and YTD 2026 compared with Q3 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.
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Service | 5,412 | 5,329 | 83 | 1.6 | % | 16,253 | 15,768 | 485 | 3.1 | % | ||||||||||||||||
| Product | 770 | 720 | 50 | 6.9 | % | 2,273 | 2,296 | (23) | (1.0 | %) | ||||||||||||||||
| Total operating revenues | 6,182 | 6,049 | 133 | 2.2 | % | 18,526 | 18,064 | 462 | 2.6 | % | ||||||||||||||||
| Operating costs | (3,396) | (3,287) | (109) | (3.3 | %) | (10,407) | (10,070) | (337) | (3.3 | %) | ||||||||||||||||
| Adjusted EBITDA | 2,786 | 2,762 | 24 | 0.9 | % | 8,119 | 7,994 | 125 | 1.6 | % | ||||||||||||||||
| Adjusted EBITDA margin | 45.1 | % | 45.7 | % | (0.6) pts | 43.8 | % | 44.3 | % | (0.5) pts | ||||||||||||||||
| Severance, acquisition and other costs | (46) | (82) | 36 | 43.9 | % | (90) | (370) | 280 | 75.7 | % | ||||||||||||||||
| Depreciation | (961) | (969) | 8 | 0.8 | % | (2,929) | (2,859) | (70) | (2.4 | %) | ||||||||||||||||
| Amortization | (385) | (340) | (45) | (13.2 | %) | (1,149) | (1,009) | (140) | (13.9 | %) | ||||||||||||||||
| Finance costs | ||||||||||||||||||||||||||
| Interest expense | (465) | (457) | (8) | (1.8 | %) | (1,378) | (1,322) | (56) | (4.2 | %) | ||||||||||||||||
| Net return on post-employment benefit plans | 37 | 26 | 11 | 42.3 | % | 110 | 77 | 33 | 42.9 | % | ||||||||||||||||
| Impairment of assets | (2) | (970) | 968 | 99.8 | % | (13) | (987) | 974 | 98.7 | % | ||||||||||||||||
| Net gains (losses) on investments | 2 | 5,175 | (5,173) | (100.0 | %) | (1) | 5,165 | (5,166) | n.m. | |||||||||||||||||
| Other (expense) income | (11) | (95) | 84 | 88.4 | % | 85 | 185 | (100) | (54.1 | %) | ||||||||||||||||
| Income taxes | (254) | (495) | 241 | 48.7 | % | (757) | (992) | 235 | 23.7 | % | ||||||||||||||||
| Net earnings | 701 | 4,555 | (3,854) | (84.6 | %) | 1,997 | 5,882 | (3,885) | (66.0 | %) | ||||||||||||||||
| Net earnings attributable to: | ||||||||||||||||||||||||||
| Common shareholders | 630 | 4,502 | (3,872) | (86.0 | %) | 1,804 | 5,711 | (3,907) | (68.4 | %) | ||||||||||||||||
| Preferred shareholders | 40 | 38 | 2 | 5.3 | % | 116 | 119 | (3) | (2.5 | %) | ||||||||||||||||
| NCI | 31 | 15 | 16 | n.m. | 77 | 52 | 25 | 48.1 | % | |||||||||||||||||
| Net earnings | 701 | 4,555 | (3,854) | (84.6 | %) | 1,997 | 5,882 | (3,885) | (66.0 | %) | ||||||||||||||||
| Adjusted net earnings | 695 | 733 | (38) | (5.2 | %) | 1,888 | 1,958 | (70) | (3.6 | %) | ||||||||||||||||
| EPS | 0.67 | 4.84 | (4.17) | (86.2 | %) | 1.93 | 6.15 | (4.22) | (68.6 | %) | ||||||||||||||||
| Adjusted EPS | 0.74 | 0.79 | (0.05) | (6.3 | %) | 2.02 | 2.11 | (0.09) | (4.3 | %) | ||||||||||||||||
n.m.: not meaningful
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 11
2.2 Customer connections
Total BCE net activations
| Q3 2026 | Q3 2025 | % change | YTD 2026 | YTD 2025 | % change | |||||||||||||||
| Mobile phone net subscriber activations | 53,689 | 68,018 | (21.1 | %) | 116,370 | 161,901 | (28.1 | %) | ||||||||||||
| Postpaid | 24,110 | 11,511 | n.m. | 82,651 | 46,460 | 77.9 | % | |||||||||||||
| Prepaid | 29,579 | 56,507 | (47.7 | %) | 33,719 | 115,441 | (70.8 | %) | ||||||||||||
| Mobile connected device net subscriber activations | 41,840 | 83,505 | (49.9 | %) | 168,755 | 216,991 | (22.2 | %) | ||||||||||||
Bell CTS high-speed Internet net subscriber activations (1) | 27,186 | 29,083 | (6.5 | %) | 62,701 | 37,439 | 67.5 | % | ||||||||||||
| Bell CTS Canada | 23,436 | 24,431 | (4.1 | %) | 48,956 | 32,787 | 49.3 | % | ||||||||||||
| Bell CTS U.S. | 3,750 | 4,652 | (19.4 | %) | 13,745 | 4,652 | n.m. | |||||||||||||
Bell CTS video net subscriber (losses) activations (1) | (5,514) | (1,666) | n.m. | 12,868 | (33,488) | n.m. | ||||||||||||||
| Bell CTS Canada | (5,328) | (1,609) | n.m. | 13,516 | (33,431) | n.m. | ||||||||||||||
| Bell CTS U.S. | (186) | (57) | n.m. | (648) | (57) | n.m. | ||||||||||||||
| Bell CTS retail residential NAS lines net losses | (48,659) | (45,990) | (5.8 | %) | (135,949) | (138,120) | 1.6 | % | ||||||||||||
| Bell CTS Canada | (45,604) | (42,866) | (6.4 | %) | (125,959) | (134,996) | 6.7 | % | ||||||||||||
| Bell CTS U.S. | (3,055) | (3,124) | 2.2 | % | (9,990) | (3,124) | n.m. | |||||||||||||
| Total services net activations | 68,542 | 132,950 | (48.4 | %) | 224,745 | 244,723 | (8.2 | %) | ||||||||||||
(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
| Q3 2026 | Q3 2025 | % change | |||||||||
Mobile phone subscribers (3) (7) | 10,433,954 | 10,398,934 | 0.3 | % | |||||||
Postpaid (3) (7) | 9,633,130 | 9,525,355 | 1.1 | % | |||||||
Prepaid (3) | 800,824 | 873,579 | (8.3 | %) | |||||||
Mobile connected device subscribers (3) (7) | 3,435,436 | 3,252,554 | 5.6 | % | |||||||
Bell CTS high-speed Internet subscribers (1) (2) (4) (6) (8) | 4,942,447 | 5,049,650 | (2.1 | %) | |||||||
Bell CTS Canada (4) | 4,489,333 | 4,602,137 | (2.5 | %) | |||||||
Bell CTS U.S. (1) (6) (8) | 453,114 | 447,513 | 1.3 | % | |||||||
Bell CTS video subscribers (2) (5) (8) | 2,158,569 | 2,103,713 | 2.6 | % | |||||||
Bell CTS Canada (5) | 2,153,378 | 2,097,681 | 2.7 | % | |||||||
Bell CTS U.S. (8) | 5,191 | 6,032 | (13.9 | %) | |||||||
Bell CTS retail residential NAS lines (6) (8) | 1,586,229 | 1,766,361 | (10.2 | %) | |||||||
| Bell CTS Canada | 1,520,348 | 1,685,045 | (9.8 | %) | |||||||
Bell CTS U.S. (6) (8) | 65,881 | 81,316 | (19.0 | %) | |||||||
| Total services subscribers | 22,556,635 | 22,571,212 | (0.1 | %) | |||||||
(1)In Q3 2026, our high-speed Internet subscriber base increased by 3,839 subscribers as a result of a small acquisition made by Ziply Fiber in the quarter.
(2)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(3)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.
(4)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.
(5)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.
(6)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.
(7)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.
(8)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 THIRD QUARTER SHAREHOLDER REPORT
BCE total services net subscriber activations of 68,542 in Q3 2026 decreased by 48.4% compared to Q3 2025 and consisted of:
•53,689 mobile phone net subscriber activations and 41,840 mobile connected device net subscriber activations
•27,186 Bell CTS high-speed Internet net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 23,436
•Bell CTS U.S. net subscriber activations of 3,750
•5,514 Bell CTS video net subscriber losses, composed of:
•Bell CTS Canada net subscriber losses of 5,328
•Bell CTS U.S. net subscriber losses of 186
•48,659 Bell CTS retail residential NAS lines net losses, composed of:
•Bell CTS Canada net losses of 45,604
•Bell CTS U.S. net losses of 3,055
In the first nine months of the year, BCE added 224,745 total services net subscriber activations, down 8.2% compared to the first nine months of last year and consisted of:
•116,370 mobile phone net subscriber activations and 168,755 mobile connected device net subscriber activations
•62,701 Bell CTS high-speed Internet net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 48,956
•Bell CTS U.S. net subscriber activations of 13,745
•12,868 Bell CTS video net subscriber activations, composed of:
•Bell CTS Canada net subscriber activations of 13,516
•Bell CTS U.S. net subscriber losses of 648
•135,949 Bell CTS retail residential NAS lines net losses, composed of:
•Bell CTS Canada net losses of 125,959
•Bell CTS U.S. net losses of 9,990
At September 30, 2026, BCE's customer connections totalled 22,556,635, down 0.1% year over year, and consisted of:
•10,433,954 mobile phone subscribers, up 0.3% year over year, and 3,435,436 mobile connected device subscribers, up 5.6% year over year
•4,942,447 Bell CTS high-speed Internet subscribers, down 2.1% year over year, composed of:
•Bell CTS Canada subscribers of 4,489,333, down 2.5% year over year
•Bell CTS U.S. subscribers of 453,114, up 1.3% year over year
•2,158,569 Bell CTS video subscribers, up 2.6% year over year, composed of:
•Bell CTS Canada subscribers of 2,153,378, up 2.7% year over year
•Bell CTS U.S. subscribers of 5,191, down 13.9% year over year
•1,586,229 Bell CTS retail residential NAS lines, down 10.2% year over year, composed of:
•Bell CTS Canada lines of 1,520,348, down 9.8% year over year
•Bell CTS U.S. lines of 65,881, down 19.0% year over year
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 13
2.3 Operating revenues
| BCE | BCE | |||||||
| Revenues | Revenues | |||||||
| (in $ millions) | (in $ millions) | |||||||
 |  | |||||||
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Bell CTS | 5,476 | 5,408 | 68 | 1.3 | % | 16,317 | 15,988 | 329 | 2.1 | % | ||||||||||||||||
| Bell CTS Canada | 5,238 | 5,248 | (10) | (0.2 | %) | 15,611 | 15,828 | (217) | (1.4 | %) | ||||||||||||||||
| Bell CTS U.S. | 238 | 160 | 78 | 48.8 | % | 706 | 160 | 546 | n.m. | |||||||||||||||||
| Bell Media | 803 | 732 | 71 | 9.7 | % | 2,499 | 2,350 | 149 | 6.3 | % | ||||||||||||||||
| Inter-segment eliminations | (97) | (91) | (6) | (6.6 | %) | (290) | (274) | (16) | (5.8 | %) | ||||||||||||||||
| Total BCE operating revenues | 6,182 | 6,049 | 133 | 2.2 | % | 18,526 | 18,064 | 462 | 2.6 | % | ||||||||||||||||
n.m.: not meaningful
BCE
BCE operating revenues increased by 2.2% in Q3 2026 and by 2.6% in the first nine months of the year, compared to the same periods last year, reflecting service revenues of $5,412 million in Q3 2026 and $16,253 million year to date, up year over year by 1.6% and 3.1%, respectively, and product revenues of $770 million in Q3 2026 and $2,273 million in the first nine months of the year, up in the quarter by 6.9% year over year, but down year to date by 1.0%. The growth in BCE operating revenues was attributable to an increase in Bell CTS of 1.3% in the quarter and 2.1% year to date, driven by growth from Bell CTS U.S. of $78 million in Q3 2026 and $546 million year to date, mainly due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to revenues for only a two-month period in the comparable periods last year, partly offset by a decline in Bell CTS Canada of 0.2% in Q3 2026 and 1.4% year to date, while revenues in our Bell Media segment grew by 9.7% in Q3 2026 and by 6.3% year to date.
14 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
2.4 Operating costs
| BCE | BCE | ||||
| Operating cost profile | Operating cost profile | ||||
| Q3 2025 | Q3 2026 | ||||
 |  | ||||
| BCE | BCE | ||||
| Operating cost profile | Operating cost profile | ||||
| YTD 2025 | YTD 2026 | ||||
 |  | ||||
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Bell CTS | (2,946) | (2,883) | (63) | (2.2 | %) | (8,853) | (8,625) | (228) | (2.6 | %) | ||||||||||||||||
| Bell CTS Canada | (2,803) | (2,794) | (9) | (0.3 | %) | (8,439) | (8,536) | 97 | 1.1 | % | ||||||||||||||||
| Bell CTS U.S. | (143) | (89) | (54) | (60.7 | %) | (414) | (89) | (325) | n.m. | |||||||||||||||||
| Bell Media | (547) | (495) | (52) | (10.5 | %) | (1,844) | (1,719) | (125) | (7.3 | %) | ||||||||||||||||
| Inter-segment eliminations | 97 | 91 | 6 | 6.6 | % | 290 | 274 | 16 | 5.8 | % | ||||||||||||||||
| Total BCE operating costs | (3,396) | (3,287) | (109) | (3.3 | %) | (10,407) | (10,070) | (337) | (3.3 | %) | ||||||||||||||||
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 3.3% in both Q3 2026 and in the first nine months of the year, compared to the same periods in 2025, driven by higher year-over-year expenses in Bell CTS of 2.2% in the quarter and 2.6% year to date, along with greater year over year costs in Bell Media of 10.5% and 7.3%, respectively. The year-over-year increase in Bell CTS operating costs was due to increased expenses in Bell CTS U.S. of $54 million in Q3 2026 and $325 million year to date, mainly driven by the acquisition of Ziply Fiber on August 1, 2025, which contributed to expenses for only a two-month period in the comparable periods last year, along with higher expenses in Bell CTS Canada of 0.3% in the quarter. During the first nine months of 2026, the year-over-year increase in Bell CTS operating costs was moderated by lower Bell CTS Canada costs of 1.1%.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 15
2.5 Net earnings
| BCE | BCE | |||||||
| Net earnings | Net earnings | |||||||
| (in $ millions) | (in $ millions) | |||||||
 |  | |||||||
Net earnings in the third quarter of 2026 decreased by $3,854 million, compared to the same period last year, mainly due to lower gains on investments resulting from the sale of our minority stake in MLSE in 2025, partly offset by lower impairment of assets, lower income taxes and lower other expense.
Net earnings on a year-to-date basis in 2026 decreased by $3,885 million, compared to the same period last year, mainly due to lower gains on investments resulting from the sale of our minority stake in MLSE, higher depreciation and amortization as well as higher other expense, partly offset by lower impairment of assets, lower severance, acquisition and other costs, lower income taxes and higher adjusted EBITDA.
16 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
| BCE | BCE | |||||||
| Adjusted EBITDA | Adjusted EBITDA | |||||||
| (in $ millions) | (in $ millions) | |||||||
 |  | |||||||
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
Bell CTS (1) | 2,530 | 2,525 | 5 | 0.2 | % | 7,464 | 7,363 | 101 | 1.4 | % | ||||||||||||||||
| Adjusted EBITDA margin | 46.2 | % | 46.7 | % | (0.5) pts | 45.7 | % | 46.1 | % | (0.4) pts | ||||||||||||||||
| Bell CTS Canada | 2,435 | 2,454 | (19) | (0.8 | %) | 7,172 | 7,292 | (120) | (1.6 | %) | ||||||||||||||||
| Adjusted EBITDA margin | 46.5 | % | 46.8 | % | (0.3) pts | 45.9 | % | 46.1 | % | (0.2) pts | ||||||||||||||||
| Bell CTS U.S. | 95 | 71 | 24 | 33.8 | % | 292 | 71 | 221 | n.m. | |||||||||||||||||
| Adjusted EBITDA margin | 39.9 | % | 44.4 | % | (4.5) pts | 41.4 | % | 44.4 | % | (3.0) pts | ||||||||||||||||
| Bell Media | 256 | 237 | 19 | 8.0 | % | 655 | 631 | 24 | 3.8 | % | ||||||||||||||||
| Adjusted EBITDA margin | 31.9 | % | 32.4 | % | (0.5) pts | 26.2 | % | 26.9 | % | (0.7) pts | ||||||||||||||||
| Total BCE adjusted EBITDA | 2,786 | 2,762 | 24 | 0.9 | % | 8,119 | 7,994 | 125 | 1.6 | % | ||||||||||||||||
| Adjusted EBITDA margin | 45.1 | % | 45.7 | % | (0.6) pts | 43.8 | % | 44.3 | % | (0.5) pts | ||||||||||||||||
n.m.: not meaningful
(1)Bell CTS adjusted EBITDA is a total of segments measure. See section 9.3, Total of segments measures in this MD&A for more information on this measure.
BCE
BCE adjusted EBITDA increased by 0.9% in Q3 2026 and by 1.6% in the first nine months 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 our Bell Media segment, up 8.0% in Q3 2026 and 3.8% year to date, along with an increase in Bell CTS of 0.2% in Q3 2026 and 1.4% year to date, due to the contribution from our Bell CTS U.S. segment of $24 million and $221 million, respectively, mainly driven by the acquisition of Ziply Fiber on August 1, 2025, which contributed to adjusted EBITDA for only a two-month period in the comparable periods last year, partly offset by a decline in our Bell CTS Canada segment of 0.8% and 1.6%, respectively. This drove an adjusted EBITDA margin of 45.1% in Q3 2026, down 0.6 pts over Q3 2025 from higher operating expenses, including the acquisition of Ziply Fiber, along with a greater proportion of low margin product sales in our total revenue base, mitigated in part by continued cost containment and operating efficiencies across the company. In the first nine months of the year, adjusted EBITDA margin of 43.8% decreased by 0.5 pts, over the same period last year, resulting from the same factors described above, with the exception of a reduced proportion of low margin product sales in our total revenue base that moderated the margin decline.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 17
2026
Severance, acquisition and other costs of $46 million in the third quarter of 2026 and $90 million on a year-to-date basis included:
•Severance costs of $11 million in Q3 2026 and $59 million on a year-to-date basis related to employee terminations
•Acquisition and other costs of $35 million in Q3 2026 and $31 million on a year-to-date basis
2025
Severance, acquisition and other costs of $82 million in the third quarter of 2025 and $370 million on a year-to-date basis included:
•Severance costs of $5 million in Q3 2025 and $250 million on a year-to-date basis related to employee terminations
•Acquisition and other costs of $77 million in Q3 2025 and $120 million on a year-to-date basis
Depreciation
Depreciation in the third quarter of 2026 decreased by $8 million compared to the same period in 2025, mainly due to a lower asset base excluding Ziply Fiber and lower cost of removal, partly offset by the acquisition of Ziply Fiber on August 1, 2025. Depreciation on a year-to-date basis in 2026 increased by $70 million compared to the same period in 2025, mainly due to the acquisition of Ziply Fiber on August 1, 2025, partly offset by a lower asset base excluding Ziply Fiber and lower cost of removal.
Amortization
Amortization in the third quarter of 2026 and on a year-to-date basis in 2026 increased by $45 million and $140 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.
Interest expense
Interest expense in the third quarter of 2026 and on a year-to-date basis in 2026 increased by $8 million and $56 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 third quarter of 2026 and on a year-to-date basis in 2026, net return on post-employment benefit plans increased by $11 million and $33 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 THIRD QUARTER SHAREHOLDER REPORT
2025
During the third quarter of 2025, we identified indicators of impairment for our Bell Media TV services, radio markets and out-of-home (OOH) advertising business, due to a decline in legacy advertising demand and spending in the linear advertising market as we transition to digital. Accordingly, impairment testing was required for certain groups of cash-generating units (CGUs) as well as for goodwill for the Bell Media group of CGUs.
We recognized $976 million of impairment charges for English and French TV services, radio markets and our OOH advertising business within our Bell Media segment. These charges included $554 million allocated to indefinite-life intangible assets for broadcast licences, spectrum and other licences and brands, $250 million allocated to program and feature film rights, $103 million allocated to property, plant and equipment for network, infrastructure and equipment and assets under construction, $47 million allocated to software, $18 million allocated to prepaid expenses and inventory, and $4 million allocated to finite-life intangible assets mainly for trademarks.
2025
In the third quarter and on a year-to-date basis in 2025, gains on investments of $5,175 million and $5,165 million, respectively, included a $5.2 billion gain on sale of our minority stake in MLSE on July 1, 2025.
2026
Other expense of $11 million in the third quarter of 2026 included net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans, partly offset by interest income.
Other income of $85 million on a year-to-date basis in 2026 included net 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 medium-term note (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 $95 million in the third quarter of 2025 included early debt redemption costs due to the redemption by Bell Canada of the outstanding principal amounts of Ziply Fiber's Secured Fiber Network Revenue Term Notes (Term Notes) and Secured Fiber Network Revenue Funding Notes (Funding Notes).
Other income of $185 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 early debt redemption costs due to the redemption by Bell Canada of the outstanding principal amounts of Ziply Fiber's Term Notes and Funding Notes, and foreign exchange losses on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 19
The following table reconciles the amount of reported income taxes in the consolidated income statements (income statements) with income taxes calculated at a statutory income tax rate of 26.8% for the three and nine month periods ended September 30, 2026 and 2025.
| Three months | Nine months | |||||||||||||
For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | ||||||||||
| Add back income taxes | 254 | 495 | 757 | 992 | ||||||||||
| Earnings before income taxes | 955 | 5,050 | 2,754 | 6,874 | ||||||||||
| Applicable statutory tax rate | 26.8 | % | 26.8 | % | 26.8 | % | 26.8 | % | ||||||
| Income taxes computed at applicable statutory rates | (256) | (1,353) | (738) | (1,842) | ||||||||||
| Non-taxable portion of gains on investments | 1 | 840 | 2 | 839 | ||||||||||
| Uncertain tax positions | — | 19 | — | 22 | ||||||||||
| Change in estimate relating to prior periods | 6 | (1) | 5 | (1) | ||||||||||
| Non-taxable portion of equity losses | — | — | (1) | (2) | ||||||||||
| Other | (5) | — | (25) | (8) | ||||||||||
| Total income taxes | (254) | (495) | (757) | (992) | ||||||||||
| Average effective tax rate | 26.6 | % | 9.8 | % | 27.5 | % | 14.4 | % | ||||||
Income taxes in the third quarter of 2026 and on a year-to-date basis in 2026 decreased by $241 million and $235 million, respectively, compared to the same periods last year, mainly due to higher taxable income in 2025 as a result of the gain on sale of $5.2 billion that was recorded on the disposition of our minority stake in MLSE.
Net earnings attributable to common shareholders in the third quarter of 2026 of $630 million, decreased by $3,872 million, compared to the same period last year, mainly due to lower gains on investments resulting from the sale of our minority stake in MLSE in 2025, partly offset by lower impairment of assets, lower income taxes and lower other expense.
Net earnings attributable to common shareholders on a year-to-date basis in 2026 of $1,804 million, decreased by $3,907 million, compared to the same period last year, mainly due to lower gains on investments resulting from the sale of our minority stake in MLSE, higher depreciation and amortization as well as higher other expense, partly offset by lower impairment of assets, lower severance, acquisition and other costs, lower income taxes and higher adjusted EBITDA.
BCE’s EPS of $0.67 in Q3 2026 decreased by $4.17 compared to the same period last year. BCE’s EPS of $1.93 on a year-to-date basis in 2026 decreased by $4.22 compared to the same period last year.
In the third 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 gains (losses) on investments, net early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $695 million, or $0.74 per common share, compared to $733 million, or $0.79 per common share, for the same period last year. Adjusted net earnings in the first nine months of 2026 was $1,888 million, or $2.02 per common share, compared to $1,958 million, or $2.11 per common share, for the first nine months of 2025.
20 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
3 Business segment analysis
3.1 Bell CTS
This section contains forward-looking statements, including relating to a potential restructured transaction involving Northwestel; the acquisition of a U.S. fibre business by Ziply Fiber and Network FiberCo, including the expected timing and completion of the acquisition; and BCE's expected cash contribution to the aggregate purchase price for acquisitions of U.S. fibre businesses by Ziply Fiber. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Key business developments
Deployment of a cybersecurity AI model with Cohere
On September 23, 2026, Bell Canada and Cohere announced the deployment of a domain-specific cybersecurity AI model within Bell Cyber's security operations. The model, built using Cohere's technology and Bell Cyber's cybersecurity data, is running on Bell AI Fabric infrastructure in Canada and is being integrated into Bell Cyber's Autonomous Security Operations Centre.
Memorandum of understanding with Cisco to collaborate on sovereign AI infrastructure
On September 29, 2026, Bell Canada and Cisco announced a MOU to collaborate on a sovereign AI infrastructure offering in Canada. Under the MOU, Bell and Cisco will work to bring together Bell’s Canadian data centre, network and operations capabilities with Cisco’s AI, security, observability and infrastructure and monitoring management technologies.
Launch of Bell On-Demand Network
On September 9, 2026, Bell launched Bell On-Demand Network, a digital platform through which business customers can order, activate, manage and scale connectivity on a self-serve basis. Built on Bell's fibre network and powered by Cisco infrastructure, the platform's initial offering, On-Demand Internet, is available in Ontario and Québec wherever fibre has been deployed.
Proposed Disposition of Northwestel
In June 2024, Bell Canada entered into an agreement for the disposition of Northwestel to Sixty North Unity, a consortium of Indigenous communities from the Yukon, the Northwest Territories and Nunavut, for up to $1 billion, subject to adjustments. While the transaction will not proceed as previously announced, Bell Canada and Sixty North Unity continue to work together on a restructured transaction which may impact the timing, purchase price, equity interest to be divested and other economic terms.
Acquisitions of U.S. fibre businesses by Ziply Fiber
On September 1, 2026, Ziply Fiber completed an acquisition of a small U.S. fibre business. Subsequent to quarter end, on October 20, 2026, Ziply Fiber and Network FiberCo entered into an agreement to acquire another U.S. fibre business. Closing is expected in the first quarter of 2027, subject to regulatory approvals and customary closing conditions. BCE’s cash contribution to the aggregate purchase price for the two transactions is expected to be approximately $200 million in U.S. dollars ($281 million in Canadian dollars), subject to purchase price adjustments and net of Network FiberCo’s portion of the aggregate purchase price and includes BCE's portion of funding for Network FiberCo to acquire the last-mile fibre assets of the acquired businesses.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 21
Financial performance analysis
Q3 2026 performance highlights
| Bell CTS | Bell CTS | ||||||||||||||||||||||
| Revenues | Adjusted EBITDA | ||||||||||||||||||||||
| (in $ millions) | (in $ millions) | ||||||||||||||||||||||
| (% adjusted EBITDA margin) | |||||||||||||||||||||||
 |  | ||||||||||||||||||||||
| Bell CTS | Bell CTS | ||||||||||||||||||||||
| Revenues | Adjusted EBITDA | ||||||||||||||||||||||
| (in $ millions) | (in $ millions) | ||||||||||||||||||||||
| (% adjusted EBITDA margin) | |||||||||||||||||||||||
 |  | ||||||||||||||||||||||
22 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Total mobile phone subscriber growth (4) | Mobile phone postpaid net subscriber activations in Q3 2026 | Mobile phone prepaid net subscriber activations in Q3 2026 | Mobile phone postpaid churn in Q3 2026 (4) (5) | Mobile phone blended average revenue per user (ARPU) (4) (6) per month | |||||||||||||
| +0.3% | 24,110 | 29,579 | 1.06% | (1.7%) | |||||||||||||
Q3 2026 vs. Q3 2025 | vs. net activations of 11,511 in Q3 2025 | Decreased 47.7% vs. Q3 2025 | Decreased 0.07 pts vs. 1.13% in Q3 2025 | Q3 2026: $57.07 Q3 2025: $58.04 | |||||||||||||
High-speed Internet subscriber (decline) growth (1) (2) (3) (4) | Residential FTTH Internet subscriber growth (1) (2) (3) (4) | ||||||||||||||||
Q3 2026 vs. Q3 2025 | Q3 2026 vs. Q3 2025 | ||||||||||||||||
Bell CTS (1) (4) | (2.1%) | Bell CTS (1) (4) | +2.8% | ||||||||||||||
Bell CTS Canada (4) | (2.5%) | Bell CTS Canada (4) | +2.4% | ||||||||||||||
Bell CTS U.S. (1) (4) | +1.3% | Bell CTS U.S. (1) (4) | +6.4% | ||||||||||||||
High-speed Internet net subscriber activations in Q3 2026 (2) (3) | Residential FTTH Internet net subscriber activations in Q3 2026 (2) (3) | ||||||||||||||||
| Bell CTS | 27,186 | Bell CTS | 67,199 | ||||||||||||||
Decreased 6.5 % vs. Q3 2025 | Decreased 10.8% vs. Q3 2025 | ||||||||||||||||
| Bell CTS Canada | 23,436 | Bell CTS Canada | 58,643 | ||||||||||||||
Decreased 4.1 % vs. Q3 2025 | Decreased 12.2% vs. Q3 2025 | ||||||||||||||||
| Bell CTS U.S. | 3,750 | Bell CTS U.S. | 8,556 | ||||||||||||||
Decreased 19.4 % vs. Q3 2025 | Decreased 0.1 % vs. Q3 2025 | ||||||||||||||||
Video subscriber growth (decline) (2) (4) | Retail residential NAS lines decline (4) | ||||||||||||||||
Q3 2026 vs. Q3 2025 | Q3 2026 vs. Q3 2025 | ||||||||||||||||
Bell CTS (4) | +2.6% | Bell CTS (4) | (10.2%) | ||||||||||||||
Bell CTS Canada (4) | +2.7% | Bell CTS Canada | (9.8%) | ||||||||||||||
Bell CTS U.S. (4) | (13.9%) | Bell CTS U.S. (4) | (19.0%) | ||||||||||||||
Video net subscriber losses in Q3 2026 (2) | Retail residential NAS lines net losses in Q3 2026 | ||||||||||||||||
| Bell CTS | (5,514) | Bell CTS | (48,659) | ||||||||||||||
vs. net losses of (1,666) in Q3 2025 | Increased 5.8% vs. Q3 2025 | ||||||||||||||||
| Bell CTS Canada | (5,328) | Bell CTS Canada | (45,604) | ||||||||||||||
vs. net losses of (1,609) in Q3 2025 | Increased 6.4% vs. Q3 2025 | ||||||||||||||||
| Bell CTS U.S. | (186) | Bell CTS U.S. | (3,055) | ||||||||||||||
vs. net losses of (57) in Q3 2025 | Improved 2.2 % vs. Q3 2025 | ||||||||||||||||
(1)In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
(2)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(3)Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
(4)See section 2.2, Customer connections - Total BCE customer connections in this MD&A for more information on the adjustments made to these metrics.
(5)Mobile phone churn is defined as the rate at which existing mobile phone subscribers cancel their services. Refer to section 9.6, KPIs in this MD&A for more information on this measure.
(6)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 9.6, KPIs in this MD&A for more information on this measure.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 23
Revenues
Bell CTS
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Wireless | 1,781 | 1,804 | (23) | (1.3 | %) | 5,273 | 5,346 | (73) | (1.4 | %) | ||||||||||||||||
| Wireline data | 2,241 | 2,165 | 76 | 3.5 | % | 6,674 | 6,204 | 470 | 7.6 | % | ||||||||||||||||
| Wireline voice | 605 | 632 | (27) | (4.3 | %) | 1,863 | 1,885 | (22) | (1.2 | %) | ||||||||||||||||
| Other wireline services | 72 | 80 | (8) | (10.0 | %) | 214 | 236 | (22) | (9.3 | %) | ||||||||||||||||
| External service revenues | 4,699 | 4,681 | 18 | 0.4 | % | 14,024 | 13,671 | 353 | 2.6 | % | ||||||||||||||||
| Inter-segment service revenues | 7 | 7 | — | — | 20 | 21 | (1) | (4.8 | %) | |||||||||||||||||
| Operating service revenues | 4,706 | 4,688 | 18 | 0.4 | % | 14,044 | 13,692 | 352 | 2.6 | % | ||||||||||||||||
| Wireless | 603 | 610 | (7) | (1.1 | %) | 1,743 | 1,828 | (85) | (4.6 | %) | ||||||||||||||||
| Wireline | 167 | 110 | 57 | 51.8 | % | 530 | 468 | 62 | 13.2 | % | ||||||||||||||||
| External/operating product revenues | 770 | 720 | 50 | 6.9 | % | 2,273 | 2,296 | (23) | (1.0 | %) | ||||||||||||||||
| Total external revenues | 5,469 | 5,401 | 68 | 1.3 | % | 16,297 | 15,967 | 330 | 2.1 | % | ||||||||||||||||
| Total operating revenues | 5,476 | 5,408 | 68 | 1.3 | % | 16,317 | 15,988 | 329 | 2.1 | % | ||||||||||||||||
Bell CTS operating revenues increased by 1.3% in Q3 2026 and by 2.1% in the first nine months of the year, compared to the same periods in 2025, due to the contribution from Bell CTS U.S. of $78 million in Q3 2026 and $546 million year to date, attributable to the acquisition of Ziply Fiber on August 1, 2025, which contributed to revenues for only a two-month period in the comparable periods last year, partly offset by a decline in Bell CTS Canada of 0.2% in Q3 2026 and 1.4% year to date. The year-over-year increase in revenue in the quarter was driven by both higher service and product revenues, while the year-to-date growth was attributable to greater service revenues, moderated by lower product revenues.
Bell CTS Canada
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Wireless | 1,781 | 1,804 | (23) | (1.3 | %) | 5,273 | 5,346 | (73) | (1.4 | %) | ||||||||||||||||
| Wireline data | 2,043 | 2,036 | 7 | 0.3 | % | 6,084 | 6,075 | 9 | 0.1 | % | ||||||||||||||||
| Wireline voice | 568 | 603 | (35) | (5.8 | %) | 1,756 | 1,856 | (100) | (5.4 | %) | ||||||||||||||||
| Other wireline services | 69 | 78 | (9) | (11.5 | %) | 205 | 234 | (29) | (12.4 | %) | ||||||||||||||||
| External service revenues | 4,461 | 4,521 | (60) | (1.3 | %) | 13,318 | 13,511 | (193) | (1.4 | %) | ||||||||||||||||
| Inter-segment service revenues | 7 | 7 | — | — | 20 | 21 | (1) | (4.8 | %) | |||||||||||||||||
| Operating service revenues | 4,468 | 4,528 | (60) | (1.3 | %) | 13,338 | 13,532 | (194) | (1.4 | %) | ||||||||||||||||
| Wireless | 603 | 610 | (7) | (1.1 | %) | 1,743 | 1,828 | (85) | (4.6 | %) | ||||||||||||||||
| Wireline | 167 | 110 | 57 | 51.8 | % | 530 | 468 | 62 | 13.2 | % | ||||||||||||||||
| External/operating product revenues | 770 | 720 | 50 | 6.9 | % | 2,273 | 2,296 | (23) | (1.0 | %) | ||||||||||||||||
| Total external revenues | 5,231 | 5,241 | (10) | (0.2 | %) | 15,591 | 15,807 | (216) | (1.4 | %) | ||||||||||||||||
| Total operating revenues | 5,238 | 5,248 | (10) | (0.2 | %) | 15,611 | 15,828 | (217) | (1.4 | %) | ||||||||||||||||
Bell CTS Canada operating revenues decreased by 0.2% in Q3 2026, compared to Q3 2025, driven by lower service revenues, mitigated in part by higher product revenues. In the first nine months of the year, operating revenues declined by 1.4% year over year, attributable to both lower service and product revenues. The service revenues decline was driven by lower wireline voice, wireless and other wireline services revenues, partly offset by a modest increase in data revenues.
Bell CTS Canada operating service revenues declined by 1.3% in Q3 2026 and by 1.4% in the first nine months of the year, compared to the same periods in 2025.
•Wireless revenues decreased by 1.3% in Q3 2026 and by 1.4% year to date, compared to the same periods last year, driven by lower ARPU, partly offset by continued growth in our postpaid mobile phone and connected device average subscriber bases
•Wireline data revenues grew modestly by 0.3% in the quarter and by 0.1% in the first nine months of the year, compared to the same periods in 2025, mainly driven by:
•Higher revenues from our AI-powered solutions business driven by growth in Ateko, our systems integrator and managed services practice, and Bell Cyber, our cybersecurity business, including the impact of small acquisitions made in 2025 and 2026, coupled with higher traditional business solutions services revenues from greater volumes
24 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
These factors were offset by:
•Lower Internet protocol (IP) broadband and legacy data revenues
•Reduced TV revenues, mainly from the erosion of our satellite TV and IPTV subscriber bases
•Modest decline in Internet revenues due to greater residential acquisition, retention and bundle discounts, mitigated in part by growth in our residential FTTH subscriber base coupled with the flow-through of residential rate increases
Additionally, year-to-date wireline data revenues were impacted by the unfavourable retroactive impact in Q2 2026 related to 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 Q3 2026, and by 5.4% year to date, compared to the same periods last year, primarily due to continued retail residential NAS lines erosion, coupled with business voice declines, driven by technological substitution to wireless and Internet-based services, partly offset by the flow-through of residential rate increases
•Other wireline services revenues decreased by 11.5% in Q3 2026 and by 12.4% in the first nine months 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 increased by 6.9% in Q3 2026 compared to Q3 2025, while in the first nine months of the year, operating product revenues declined by 1.0% year over year.
•Wireless operating product revenues decreased by 1.1% in Q3 2026 and by 4.6% year to date, compared to the same periods last year, attributable to fewer wireless device sales to consumers driven by lower contracted activations, partly offset by higher upgrade volumes in Q3 2026, mix shift to higher value handsets and lower discounting. The year-to-date decrease in product revenues also reflected fewer device sales to the government sector.
•Wireline operating product revenues increased by 51.8% in Q3 2026 and by 13.2% in the first nine months of the year, compared to the same periods in 2025, primarily from greater equipment sales to large business customers, including timing of sales to the public sector in Q3 2026
Bell CTS U.S.
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Wireline data | 198 | 129 | 69 | 53.5 | % | 590 | 129 | 461 | n.m. | |||||||||||||||||
| Wireline voice | 37 | 29 | 8 | 27.6 | % | 107 | 29 | 78 | n.m. | |||||||||||||||||
| Other wireline services | 3 | 2 | 1 | 50.0 | % | 9 | 2 | 7 | n.m. | |||||||||||||||||
| External/operating service revenues | 238 | 160 | 78 | 48.8 | % | 706 | 160 | 546 | n.m. | |||||||||||||||||
| Total external/operating revenues | 238 | 160 | 78 | 48.8 | % | 706 | 160 | 546 | n.m. | |||||||||||||||||
n.m.: not meaningful
Bell CTS U.S. operating revenues increased by $78 million in Q3 2026 and by $546 million in the first nine months of 2026, compared to the same periods in 2025, due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to revenues for only a two-month period in the comparable periods last year, partly offset by lower year-over-year service revenue in the quarter, driven by reduced wireline voice revenues, while data revenues remained essentially stable year over year.
•Wireline data revenues grew by $69 million in the quarter and by $461 million in the first nine months of the year, compared to the same periods in 2025, mainly driven by the impact of the acquisition of Ziply Fiber on August 1, 2025, which was included in revenues for only a two-month period in the comparable periods last year, along with an essentially stable year-over-year organic performance in the quarter reflecting:
•Growth in Internet revenue from the continued expansion of Ziply Fiber’s FTTP footprint, moderated by greater competitive intensity from cable competitors
These factors were offset by:
•Lower IP broadband and legacy data revenues, reflecting ongoing legacy circuit disconnects in Ziply Fiber's wholesale market
•Reduced TV revenues, mainly from the erosion of Ziply Fiber's IPTV subscriber base
•Wireline voice revenues increased by $8 million in the quarter and by $78 million in the first nine months of the year, compared to the same periods in 2025, mainly driven by the impact of the acquisition of Ziply Fiber on August 1, 2025, which was included in revenue for only two months in the comparable periods of 2025, partly offset by a year-over-year decline in the quarter reflecting:
•Ongoing retail residential NAS lines erosion, combined with business voice declines, reflecting technological substitution to wireless and Internet-based services
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 25
Operating costs and adjusted EBITDA
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Bell CTS operating costs | (2,946) | (2,883) | (63) | (2.2 | %) | (8,853) | (8,625) | (228) | (2.6 | %) | ||||||||||||||||
| Bell CTS Canada | (2,803) | (2,794) | (9) | (0.3 | %) | (8,439) | (8,536) | 97 | 1.1 | % | ||||||||||||||||
| Bell CTS U.S. | (143) | (89) | (54) | (60.7 | %) | (414) | (89) | (325) | n.m. | |||||||||||||||||
| Bell CTS adjusted EBITDA | 2,530 | 2,525 | 5 | 0.2 | % | 7,464 | 7,363 | 101 | 1.4 | % | ||||||||||||||||
| Margin | 46.2 | % | 46.7 | % | (0.5) pts | 45.7 | % | 46.1 | % | (0.4) pts | ||||||||||||||||
| Bell CTS Canada | 2,435 | 2,454 | (19) | (0.8 | %) | 7,172 | 7,292 | (120) | (1.6 | %) | ||||||||||||||||
| Margin | 46.5 | % | 46.8 | % | (0.3) pts | 45.9 | % | 46.1 | % | (0.2) pts | ||||||||||||||||
| Bell CTS U.S. | 95 | 71 | 24 | 33.8 | % | 292 | 71 | 221 | n.m. | |||||||||||||||||
| Margin | 39.9 | % | 44.4 | % | (4.5) pts | 41.4 | % | 44.4 | % | (3.0) pts | ||||||||||||||||
n.m.: not meaningful
Bell CTS operating costs increased by 2.2% in Q3 2026 and by 2.6% in the first nine months of the year, compared to the same periods last year, due mainly to greater costs from Bell CTS U.S. of $54 million and $325 million, respectively, attributable to the acquisition of Ziply Fiber on August 1, 2025, which contributed to expenses for only a two-month period in the comparable periods last year. Additionally, Bell CTS Canada year-over-year operating costs increased by 0.3% in Q3 2026, while in the first nine months of the year, operating costs declined by 1.1%.
Bell CTS Canada operating costs increased by 0.3% in Q3 2026 compared to Q3 2025, driven by:
•Higher costs associated with the revenue growth from our AI-powered solutions business and traditional business solutions services
•Greater cost of goods sold driven by higher wireline product sales, partly offset by reduced wireless product sales
•Increased commissions expense paid to third party vendors
These factors were partly offset by:
•Cost reduction initiatives attributable to workforce reductions, savings from our customer service centres, and technology and automation-enabled operating efficiencies
During the first nine months of the year, operating costs declined 1.1% year-over-year as the factors described above were more than offset by lower year-to-date cost of goods sold associated with reduced wireless product sales and higher costs in Q2 2025 associated with the revenue from the G7 Leaders' Summit.
Bell CTS U.S. operating costs increased by $54 million in Q3 2026 and by $325 million in the first nine months of 2026, compared to the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to operating costs for only a two-month period in the comparable periods last year, along with higher year-over-year costs primarily driven by:
•Higher costs associated with transitioning from a private company to a subsidiary of a public company and other acquisition related expenses
•Greater payments to other carriers including costs related to the Network FiberCo partnership
These factors were partly offset by:
•Labour and other operating expense savings reflecting ongoing operating efficiencies, including the simplification of systems and processes
Bell CTS adjusted EBITDA increased by 0.2% in Q3 2026 and by 1.4% in the first nine months of the year, compared to the same periods in 2025, driven by the contribution from Bell CTS U.S. of $24 million and $221 million, respectively, as a result of the acquisition of Ziply Fiber on August 1, 2025, which contributed to adjusted EBITDA for only a two-month period in the comparable periods last year, partly offset by a decline in Bell CTS Canada of 0.8% and 1.6%, 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 46.2% in Q3 2026, decreased by 0.5 pts compared to Q3 2025, driven by greater operating costs, mainly attributable to the acquisition of Ziply Fiber, combined with a higher proportion of lower margin product sales in our total revenue base. In the first nine months of the year, Bell CTS adjusted EBITDA margin of 45.7% decreased by 0.4 pts compared to the same period in 2025, resulting from the same factors described above, with the exception of a reduced proportion of low margin product sales in our total revenue base that moderated the margin decline.
Bell CTS Canada adjusted EBITDA decreased by 0.8% in Q3 2026 compared to Q3 2025, due to lower operating revenues and increased operating expenses, while, in the first nine months of the year, adjusted EBITDA decreased by 1.6% year over year, due to lower operating revenues, moderated by reduced operating expenses. Adjusted EBITDA margin of 46.5% in Q3 2026 decreased by 0.3 pts over Q3 2025, driven by a greater proportion of lower margin product sales in our total revenue base along with lower service revenue flow-through, partly offset by operating expense savings from cost reduction initiatives and operating efficiencies. During the first nine months of the year, adjusted EBITDA margin of 45.9% declined by
26 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
0.2 pts compared to the same period in 2025, resulting from the same factors described above, with the exception of a reduced proportion of low margin product sales in our total revenue base that moderated the margin decline.
Bell CTS U.S. adjusted EBITDA increased by $24 million in Q3 2026 and by $221 million in the first nine months of the year, compared to the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to adjusted EBITDA for only a two-month period in the comparable periods last year, partly offset by a year-over-year decline in adjusted EBITDA due to lower service revenues and increased operating expenses. Adjusted EBITDA margin of 39.9% in Q3 2026 and 41.4% year to date, declined by 4.5 pts and 3.0 pts, respectively, compared to the same periods in 2025, driven by greater operating costs, including higher costs associated with transitioning from a private company to a subsidiary of a public company and other acquisition related expenses, coupled with the payments to Network FiberCo.
Adjusted EBIT
Bell CTS
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Adjusted EBITDA | 2,530 | 2,525 | 5 | 0.2 | % | 7,464 | 7,363 | 101 | 1.4 | % | ||||||||||||||||
| less: Severance, acquisition and other costs | (42) | (76) | 34 | 44.7 | % | (80) | (349) | 269 | 77.1 | % | ||||||||||||||||
| Depreciation and amortization | (1,290) | (1,251) | (39) | (3.1 | %) | (3,904) | (3,689) | (215) | (5.8 | %) | ||||||||||||||||
| Impairment of assets | (2) | 6 | (8) | n.m. | (13) | (11) | (2) | (18.2 | %) | |||||||||||||||||
| Adjusted EBIT | 1,196 | 1,204 | (8) | (0.7 | %) | 3,467 | 3,314 | 153 | 4.6 | % | ||||||||||||||||
n.m.: not meaningful
Bell CTS adjusted EBIT (1) in the third quarter of 2026 decreased by $8 million compared to the same period last year, due to higher depreciation and amortization mainly due to the acquisition of Ziply Fiber, partly offset by lower severance, acquisition and other costs. On a year-to-date basis in 2026, Bell CTS adjusted EBIT increased by $153 million compared to the same period last year, mainly due to lower severance, acquisition and other costs as well as higher adjusted EBITDA, partly offset by higher depreciation and amortization mainly due to the acquisition of Ziply Fiber.
Bell CTS Canada
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Adjusted EBITDA | 2,435 | 2,454 | (19) | (0.8 | %) | 7,172 | 7,292 | (120) | (1.6 | %) | ||||||||||||||||
| less: Severance, acquisition and other costs | (30) | (76) | 46 | 60.5 | % | (57) | (349) | 292 | 83.7 | % | ||||||||||||||||
| Depreciation and amortization | (1,187) | (1,208) | 21 | 1.7 | % | (3,603) | (3,646) | 43 | 1.2 | % | ||||||||||||||||
| Impairment of assets | (2) | 6 | (8) | n.m. | (13) | (11) | (2) | (18.2 | %) | |||||||||||||||||
| Adjusted EBIT | 1,216 | 1,176 | 40 | 3.4 | % | 3,499 | 3,286 | 213 | 6.5 | % | ||||||||||||||||
n.m.: not meaningful
Bell CTS Canada adjusted EBIT in the third quarter of 2026 and on a year-to-date basis in 2026 increased by $40 million and $213 million, respectively, compared to the same periods last year, mainly due to lower severance, acquisition and other costs as well as lower depreciation and amortization from a net lower asset base, partly offset by lower adjusted EBITDA.
Bell CTS U.S.
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Adjusted EBITDA | 95 | 71 | 24 | 33.8 | % | 292 | 71 | 221 | n.m. | |||||||||||||||||
| less: Severance, acquisition and other costs | (12) | — | (12) | n.m. | (23) | — | (23) | n.m. | ||||||||||||||||||
| Depreciation and amortization | (103) | (43) | (60) | n.m. | (301) | (43) | (258) | n.m. | ||||||||||||||||||
| Impairment of assets | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Adjusted EBIT | (20) | 28 | (48) | n.m. | (32) | 28 | (60) | n.m. | ||||||||||||||||||
n.m.: not meaningful
Bell CTS U.S. adjusted EBIT in the third quarter of 2026 and on a year-to-date basis in 2026 decreased by $48 million and $60 million, respectively, compared to the same periods last year, mainly due to higher depreciation and amortization as well as higher severance, acquisition and other costs, partly offset by higher adjusted EBITDA.
(1)Bell CTS adjusted EBIT is a total of segments measure. See section 9.3, Total of segments measures in this MD&A for more information on this measure.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 27
Bell CTS operating metrics
Wireless
| Q3 2026 | Q3 2025 | Change | % change | YTD 2026 | YTD 2025 | Change | % change | |||||||||||||||||||
| Mobile phones | ||||||||||||||||||||||||||
Blended ARPU ($/month) (1) | 57.07 | 58.04 | (0.97) | (1.7 | %) | 56.66 | 57.58 | (0.92) | (1.6 | %) | ||||||||||||||||
| Gross subscriber activations | 480,267 | 514,661 | (34,394) | (6.7 | %) | 1,474,399 | 1,493,843 | (19,444) | (1.3 | %) | ||||||||||||||||
| Postpaid | 296,498 | 315,607 | (19,109) | (6.1 | %) | 992,190 | 967,295 | 24,895 | 2.6 | % | ||||||||||||||||
| Prepaid | 183,769 | 199,054 | (15,285) | (7.7 | %) | 482,209 | 526,548 | (44,339) | (8.4 | %) | ||||||||||||||||
| Net subscriber activations | 53,689 | 68,018 | (14,329) | (21.1 | %) | 116,370 | 161,901 | (45,531) | (28.1 | %) | ||||||||||||||||
| Postpaid | 24,110 | 11,511 | 12,599 | n.m. | 82,651 | 46,460 | 36,191 | 77.9 | % | |||||||||||||||||
| Prepaid | 29,579 | 56,507 | (26,928) | (47.7 | %) | 33,719 | 115,441 | (81,722) | (70.8 | %) | ||||||||||||||||
Blended churn % (average per month) (1) | 1.39 | % | 1.45 | % | 0.06 pts | 1.48 | % | 1.45 | % | (0.03) pts | ||||||||||||||||
Postpaid (1) | 1.06 | % | 1.13 | % | 0.07 pts | 1.14 | % | 1.13 | % | (0.01) pts | ||||||||||||||||
Prepaid (1) | 5.32 | % | 5.10 | % | (0.22) pts | 5.64 | % | 5.30 | % | (0.34) pts | ||||||||||||||||
Subscribers (1) | 10,433,954 | 10,398,934 | 35,020 | 0.3 | % | 10,433,954 | 10,398,934 | 35,020 | 0.3 | % | ||||||||||||||||
Postpaid (1) | 9,633,130 | 9,525,355 | 107,775 | 1.1 | % | 9,633,130 | 9,525,355 | 107,775 | 1.1 | % | ||||||||||||||||
Prepaid (1) | 800,824 | 873,579 | (72,755) | (8.3 | %) | 800,824 | 873,579 | (72,755) | (8.3 | %) | ||||||||||||||||
| Mobile connected devices | ||||||||||||||||||||||||||
| Net subscriber activations | 41,840 | 83,505 | (41,665) | (49.9 | %) | 168,755 | 216,991 | (48,236) | (22.2 | %) | ||||||||||||||||
Subscribers (1) | 3,435,436 | 3,252,554 | 182,882 | 5.6 | % | 3,435,436 | 3,252,554 | 182,882 | 5.6 | % | ||||||||||||||||
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.
Mobile phone blended ARPU of $57.07 in Q3 2026 and $56.66 year to date, declined by 1.7% and 1.6%, respectively, compared to the same periods last year, attributable to:
•Lower connection fees related to the implementation of a recent CRTC ruling prohibiting certain customer fees
•Decreased overage revenues from customers subscribing to unlimited and larger capacity data plans
•The onboarding of customers from a long-term mobile services contract win in the government sector at lower ARPU
•Lower outbound roaming revenues due to increased adoption of plans that include U.S. and international roaming and decreased international travel
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 mainly in Q1 2026 and the non-recurrence of revenues related to the G7 Leaders' Summit in Q2 2025.
Mobile phone gross subscriber activations decreased by 6.7% in Q3 2026, compared to the same period last year, due to both lower postpaid and prepaid gross subscriber activations. In the first nine months of the year, mobile phone gross subscriber activations decreased by 1.3% year over year, due to lower prepaid gross subscriber activations, partly offset by higher postpaid gross subscriber activations.
•Mobile phone postpaid gross subscriber activations decreased by 6.1% in the quarter, compared to the same period last year, driven by reduced market activity stemming from less aggressive promotional offers and the unfavourable impact of limited population growth in Canada, partly offset by higher activations from our business markets mainly attributable to the onboarding of customers from a long-term mobile services contract win in the government sector. Conversely, in the first nine months of the year, postpaid gross activations increased by 2.6% year over year, mainly from greater market activity in Q1 2026 due to promotional offer intensity, which more than offset the factors above.
•Mobile phone prepaid gross subscriber activations decreased by 7.7% in Q3 2026 and by 8.4% year to date, compared to the same periods last year, due to limited population growth in Canada and fewer international students
28 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Mobile phone net subscriber activations decreased in both the quarter and year to date by 21.1% and 28.1%, respectively, compared to the same periods last year, due to lower prepaid net subscriber activations, partly offset by higher postpaid net subscriber activations.
•Mobile phone postpaid net subscriber activations increased by 12,599 in Q3 2026, compared to the same period last year, due to lower deactivations and greater migrations from prepaid, partly offset by lower gross activations. In the first nine months of the year, postpaid net subscriber activations increased by 77.9%, compared to last year, due to higher gross activations, and greater migrations from prepaid, partly offset by increased subscriber deactivations.
•Mobile phone prepaid net subscriber activations decreased by 47.7% in Q3 2026, compared to the same period last year, due to greater migrations to postpaid and lower gross activations, partly offset by lower subscriber deactivations. In the first nine months of the year, prepaid net subscriber activations decreased by 70.8% year over year, due to lower gross subscriber activations, greater migrations to postpaid, and higher subscriber deactivations.
Mobile phone blended churn of 1.39% in Q3 2026, decreased by 0.06 pts, compared to the same period last year, while in the first nine months of the year, blended churn of 1.48% increased by 0.03 pts year over year.
•Mobile phone postpaid churn of 1.06% in Q3 2026, decreased by 0.07 pts, compared to last year, driven by lower deactivations due to less market activity. Year-to-date postpaid churn of 1.14%, largely stable year-over-year, increasing by 0.01pts.
•Mobile phone prepaid churn of 5.32% in Q3 2026 and of 5.64% year to date, increased by 0.22 pts and 0.34 pts, respectively, compared to the same periods last year due to a lower average subscriber base.
Mobile phone subscribers at September 30, 2026 totalled 10,433,954, up 0.3% from 10,398,934 subscribers reported at the end of Q3 2025. This consisted of 9,633,130 postpaid subscribers, an increase of 1.1% from 9,525,355 subscribers reported at the end of Q3 2025, and 800,824 prepaid subscribers, a decrease of 8.3% from 873,579 subscribers reported at the end of Q3 2025.
Mobile connected device net subscriber activations decreased by 49.9% in Q3 2026 and by 22.2% year to date, compared to the same periods last year, due to higher business Internet of Things (IoT) deactivations, partly offset by year-over-year favourability from data devices and higher consumer IoT and connected cars net subscriber activations.
Mobile connected device subscribers at September 30, 2026 totalled 3,435,436, up 5.6% from 3,252,554 subscribers reported at the end of Q3 2025.
Wireline data
Internet
| Q3 2026 | Q3 2025 | Change | % change | YTD 2026 | YTD 2025 | Change | % change | |||||||||||||||||||
Bell CTS high-speed Internet net subscriber activations (2) (3) | 27,186 | 29,083 | (1,897) | (6.5 | %) | 62,701 | 37,439 | 25,262 | 67.5 | % | ||||||||||||||||
| Bell CTS Canada | 23,436 | 24,431 | (995) | (4.1 | %) | 48,956 | 32,787 | 16,169 | 49.3 | % | ||||||||||||||||
| Bell CTS U.S. | 3,750 | 4,652 | (902) | (19.4 | %) | 13,745 | 4,652 | 9,093 | n.m. | |||||||||||||||||
Bell CTS high-speed Internet subscribers (1) (2) (3) (4) | 4,942,447 | 5,049,650 | (107,203) | (2.1 | %) | 4,942,447 | 5,049,650 | (107,203) | (2.1 | %) | ||||||||||||||||
Bell CTS Canada (4) | 4,489,333 | 4,602,137 | (112,804) | (2.5 | %) | 4,489,333 | 4,602,137 | (112,804) | (2.5 | %) | ||||||||||||||||
Bell CTS U.S. (1) (4) | 453,114 | 447,513 | 5,601 | 1.3 | % | 453,114 | 447,513 | 5,601 | 1.3 | % | ||||||||||||||||
Bell CTS residential FTTH Internet net subscriber activations (2) (3) | 67,199 | 75,334 | (8,135) | (10.8 | %) | 171,607 | 171,246 | 361 | 0.2 | % | ||||||||||||||||
| Bell CTS Canada | 58,643 | 66,766 | (8,123) | (12.2 | %) | 146,664 | 162,678 | (16,014) | (9.8 | %) | ||||||||||||||||
| Bell CTS U.S. | 8,556 | 8,568 | (12) | (0.1 | %) | 24,943 | 8,568 | 16,375 | n.m. | |||||||||||||||||
Bell CTS residential FTTH Internet subscribers (1) (2) (3) (4) | 3,697,621 | 3,597,011 | 100,610 | 2.8 | % | 3,697,621 | 3,597,011 | 100,610 | 2.8 | % | ||||||||||||||||
Bell CTS Canada (4) | 3,306,996 | 3,229,828 | 77,168 | 2.4 | % | 3,306,996 | 3,229,828 | 77,168 | 2.4 | % | ||||||||||||||||
Bell CTS U.S. (1) (4) | 390,625 | 367,183 | 23,442 | 6.4 | % | 390,625 | 367,183 | 23,442 | 6.4 | % | ||||||||||||||||
n.m.: not meaningful
(1)In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
(2)Effective January 1, 2026, we updated the definitions of these metrics. See section 1.1, Financial highlights for more information.
(3)Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
(4)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 THIRD QUARTER SHAREHOLDER REPORT 29
Bell CTS high-speed Internet net subscriber activations decreased by 6.5% in Q3 2026 compared to Q3 2025, resulting from a decline in Bell CTS Canada of 4.1%, coupled with a decline from Bell CTS U.S of 19.4%. During the first nine months of the year, net subscriber activations increased by 67.5%, compared to the same period last year, attributable to an increase in Bell CTS Canada of 49.3%, along with an increase in Bell CTS U.S. of 9,093. This included residential FTTH Internet net subscriber activations of 67,199 in the quarter, which declined by 10.8% compared to Q3 2025, mainly reflecting Bell CTS Canada year over year decline of 12.2%. Year-to-date residential FTTH Internet net subscriber activations of 171,607 were relatively stable year over year, as greater Bell CTS U.S. net activations of 16,375 essentially offset the decline in Bell CTS Canada net activations of 16,014.
Bell CTS Canada high-speed Internet net subscriber activations decreased by 4.1% in Q3 2026 compared to Q3 2025, including FTTH Internet net subscriber activations of 58,643, down 12.2% year over year, driven by lower net activations from our wholesale market, partly offset by higher retail net activations mainly driven by lower deactivations resulting from a reduced number of customers coming off of promotional offers, greater mix of contracted Internet subscribers and less competitive pressures, partly offset by limited population growth in Canada, along with less fibre footprint expansion. During the first nine months of the year, net subscriber activations increased by 49.3%, compared to the same period last year, mainly due to higher net activations in our wholesale market, partly offset by a modest decline in our retail market. This included residential FTTH Internet net subscriber activations of 146,664, down 9.8% over the same period in 2025. The decline in the retail market reflected lower activations which more than offset the reduced deactivations, attributable to the same factors described above.
Bell CTS U.S. high-speed Internet net subscriber activations decreased by 19.4% in Q3 2026 compared to Q3 2025, including residential FTTH net subscriber activations of 8,556, essentially stable year over year. The decline in net subscribers was driven by increased competitive intensity from cable competitors, partly offset by the acquisition of Ziply Fiber on August 1, 2025, which contributed to net subscribers for only a two-month period in the comparable period last year. During the first nine months of the year, net subscriber activations increased by 9,093 year over year, including residential FTTH net subscriber activations of 24,943, which increased by 16,375 year over year, due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to net subscribers for only a two-month period in the comparable period last year.
Bell CTS high-speed Internet subscribers totalled 4,942,447 at September 30, 2026, down 2.1% from 5,049,650 subscribers reported at the end of Q3 2025, due to a decline in Bell CTS Canada, partly offset by an increase in Bell CTS U.S. This included 3,697,621 residential FTTH subscribers, up 2.8% from 3,597,011 subscribers reported at the end of Q3 2025 from an increase in both Bell CTS Canada and Bell CTS U.S. In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
Bell CTS Canada high-speed Internet subscribers totalled 4,489,333 at September 30, 2026, down 2.5% from 4,602,137 subscribers reported at the end of Q3 2025. This included 3,306,996 residential FTTH subscribers, up 2.4% from 3,229,828 subscribers reported at the end of Q3 2025.
Bell CTS U.S. high-speed Internet subscribers totalled 453,114 at September 30, 2026, up 1.3% from 447,513 subscribers reported at the end of Q3 2025. This included 390,625 residential FTTH subscribers up 6.4% compared to 367,183 subscribers at the end of Q3 2025. In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
Video
| Q3 2026 | Q3 2025 | Change | % change | YTD 2026 | YTD 2025 | Change | % change | |||||||||||||||||||
Bell CTS video net subscriber (losses) activations (1) | (5,514) | (1,666) | (3,848) | n.m. | 12,868 | (33,488) | 46,356 | n.m. | ||||||||||||||||||
| Bell CTS Canada | (5,328) | (1,609) | (3,719) | n.m. | 13,516 | (33,431) | 46,947 | n.m. | ||||||||||||||||||
| Bell CTS U.S. | (186) | (57) | (129) | n.m. | (648) | (57) | (591) | n.m. | ||||||||||||||||||
Bell CTS video subscribers (1) (2) | 2,158,569 | 2,103,713 | 54,856 | 2.6 | % | 2,158,569 | 2,103,713 | 54,856 | 2.6 | % | ||||||||||||||||
Bell CTS Canada (2) | 2,153,378 | 2,097,681 | 55,697 | 2.7 | % | 2,153,378 | 2,097,681 | 55,697 | 2.7 | % | ||||||||||||||||
Bell CTS U.S. (2) | 5,191 | 6,032 | (841) | (13.9 | %) | 5,191 | 6,032 | (841) | (13.9 | %) | ||||||||||||||||
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.
30 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Bell CTS video net subscriber losses increased by 3,848 in Q3 2026, compared to Q3 2025, from greater net losses in Bell CTS Canada of 3,719 and Bell CTS U.S. of 129. In the first nine months of the year, Bell CTS video net subscriber activations of 12,868, improved by 46,356, compared to net subscriber losses of 33,488 last year, mainly due to an improvement in Bell CTS Canada net activations of 46,947, partly offset by greater net losses in Bell CTS U.S. of 591.
Bell CTS Canada video net subscriber losses increased by 3,719 in Q3 2026, compared to Q3 2025, from greater IPTV net losses, reflecting customer adoption of OTT services and reduced pull-through on fewer Internet activations, partly offset by growth in our streaming bundles, which launched in August of 2025. During the first nine months of the year, video net subscriber activations of 13,516 improved by 46,947, compared to net subscriber losses of 33,431 last year as streaming bundles net activations, more than offset the greater IPTV net losses, due to the factors discussed above.
Bell CTS U.S. video net subscriber losses increased by 129 in Q3 2026 and by 591 in the first nine months of the year, compared to the same periods last year, driven by the acquisition of Ziply Fiber on August 1, 2025, which contributed to net subscriber losses for only a two-month period in the comparable period last year, along with higher year-over-year net losses, as traditional IPTV services are challenged by customer adoption of OTT services.
Bell CTS video subscribers at September 30, 2026 totalled 2,158,569, up 2.6% from 2,103,713 subscribers reported at the end of Q3 2025, due to an increase in Bell CTS Canada, partly offset by a decline from Bell CTS U.S.
Bell CTS Canada video subscribers at September 30, 2026 totalled 2,153,378 up 2.7% from 2,097,681 subscribers reported at the end of Q3 2025.
Bell CTS U.S. video subscribers at September 30, 2026 totalled 5,191, down 13.9% compared to 6,032 at the end of Q3 2025.
Wireline voice
| Q3 2026 | Q3 2025 | Change | % change | YTD 2026 | YTD 2025 | Change | % change | |||||||||||||||||||
| Bell CTS retail residential NAS lines net losses | (48,659) | (45,990) | (2,669) | (5.8 | %) | (135,949) | (138,120) | 2,171 | 1.6 | % | ||||||||||||||||
| Bell CTS Canada | (45,604) | (42,866) | (2,738) | (6.4 | %) | (125,959) | (134,996) | 9,037 | 6.7 | % | ||||||||||||||||
| Bell CTS U.S. | (3,055) | (3,124) | 69 | 2.2 | % | (9,990) | (3,124) | (6,866) | n.m. | |||||||||||||||||
Bell CTS retail residential NAS lines (1) | 1,586,229 | 1,766,361 | (180,132) | (10.2 | %) | 1,586,229 | 1,766,361 | (180,132) | (10.2 | %) | ||||||||||||||||
| Bell CTS Canada | 1,520,348 | 1,685,045 | (164,697) | (9.8 | %) | 1,520,348 | 1,685,045 | (164,697) | (9.8 | %) | ||||||||||||||||
Bell CTS U.S. (1) | 65,881 | 81,316 | (15,435) | (19.0 | %) | 65,881 | 81,316 | (15,435) | (19.0 | %) | ||||||||||||||||
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 increased by 5.8% in Q3 2026 compared to Q3 2025, from greater net losses in Bell CTS Canada of 6.4%, moderated by fewer net losses in Bell CTS U.S. of 2.2%. Conversely, during the first nine months of the year, net losses decreased by 1.6% from lower net losses in Bell CTS Canada of 6.7%, partly offset by greater net losses in Bell CTS U.S. of 6,866.
Bell CTS Canada retail residential NAS lines net losses increased by 6.4% in the quarter, compared to the same period last year, mainly due to fewer gross activations resulting from continued substitution to wireless and Internet-based technologies, combined with less pull-through on lower Internet activations, partly offset by reduced customer deactivations, reflecting fewer number of customers coming off of promotional offers. Conversely, during the first nine months of the year, net losses decreased by 6.7%, compared to the same period last year, as lower customer deactivations more than offset the reduced year-over-year gross activations, reflecting the same factors discussed above.
Bell CTS U.S. retail residential NAS lines net losses decreased by 2.2% in Q3 2026, compared to Q3 2025, driven by lower year-over-year deactivations, partly offset by the acquisition of Ziply Fiber on August 1, 2025, which contributed to net subscriber losses for only a two-month period in the comparable period last year, as customers continue to transition to wireless and Internet-based technologies. Conversely, in the first nine months of the year, net losses increased by 6,866 compared with the same period last year, from the impact of the acquisition of Ziply Fiber on August 1, 2025, which contributed to net subscriber losses for only a two-month period in the comparable period last year.
Bell CTS retail residential NAS lines of 1,586,229 at September 30, 2026, declined by 10.2% from 1,766,361 lines reported at the end of Q3 2025, due to a decline in both Bell CTS Canada and in Bell CTS U.S.
Bell CTS Canada retail residential NAS lines of 1,520,348 at September 30, 2026, declined by 9.8% from 1,685,045 lines reported at the end of Q3 2025.
Bell CTS U.S. retail residential NAS lines of 65,881 at September 30, 2026, decreased by 19.0% from 81,316 lines reported at the end of Q3 2025.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 31
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, in the BCE 2026 Second 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
32 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Key business developments
FIFA World Cup 2026 Ratings
Bell Media's coverage of FIFA World Cup 2026 reached 30.5 million Canadians, representing 75% of the population, across TSN, RDS, CTV, Noovo and Crave. The tournament averaged 1.6 million viewers across 104 matches, while the final drew a record average audience of 6.4 million, becoming the most-watched FIFA World Cup match ever in Canada.
Crave adds selection of Télé-Québec programming
Crave expanded the reach of Québec productions across Canada by adding a selection of Télé-Québec fiction, documentary and children’s programming to its offering. English subtitles are available for several titles, helping Québec stories reach broader French- and English-speaking audiences and supporting the discoverability of local creators nationwide.
Bell Media agreement with Jeff Frost’s Bristol Circle Entertainment
Bell Media expanded its investment in premium original drama through a first-look development agreement with Jeff Frost's Bristol Circle Entertainment, focused on developing original scripted series for CTV and Crave. The agreement combines Bell Media's reach and commissioning expertise with Bristol Circle Entertainment's track record in premium television to create Canadian content for audiences at home and around the world.
Québec’s 2026 provincial election leaders’ debate on Crave and Noovo
Crave and Noovo presented Québec’s 2026 provincial election leaders’ debate, bringing together the leaders of the province’s five main political parties. The event marked the first leaders’ debate on Crave and the first produced by Noovo Info, reaching more than 1.3 million viewers on Noovo and continuing to draw audiences on Crave, where it remains available on demand.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 33
Financial performance analysis
Q3 2026 performance highlights
| Bell Media | Bell Media | ||||
| Revenues | Adjusted EBITDA | ||||
| (in $ millions) | (in $ millions) | ||||
(% adjusted EBITDA margin) | |||||
 |  | ||||
| Bell Media | Bell Media | ||||
| Revenues | Adjusted EBITDA | ||||
| (in $ millions) | (in $ millions) | ||||
(% adjusted EBITDA margin) | |||||
 |  | ||||
Bell Media results
Revenues
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| External revenues | 713 | 648 | 65 | 10.0 | % | 2,229 | 2,097 | 132 | 6.3 | % | ||||||||||||||||
| Inter-segment revenues | 90 | 84 | 6 | 7.1 | % | 270 | 253 | 17 | 6.7 | % | ||||||||||||||||
| Bell Media operating revenues | 803 | 732 | 71 | 9.7 | % | 2,499 | 2,350 | 149 | 6.3 | % | ||||||||||||||||
34 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Bell Media operating revenues increased by 9.7% in Q3 2026, compared to the same period last year, driven by higher subscriber, advertising, and other revenues. In the first nine months of the year, operating revenues increased by 6.3% year over year, due to higher subscriber and other revenues, while advertising revenues were essentially stable year over year. Operating revenues included growth from digital revenues (1) of 19.9% in Q3 2026 and of 11.1% year to date, compared to the same periods in 2025.
•Advertising revenues increased by 9.0% in Q3 2026, compared to last year, driven by strong cross-platform sports performance, including the successful broadcast of the 2026 FIFA World Cup, as well as growth in digital video advertising revenues, supported by increased adoption of ad-supported subscription tiers on Crave, moderated by continued softness in traditional advertising demand. Year-to-date advertising revenues were essentially stable year over year, reflecting the lower demand for traditional advertising, lower audio revenues following the divestitures in 2025 of 45 radio stations, 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, offset by the growth in sports and digital video advertising revenues as discussed above.
•Subscriber revenues increased by 9.5% in this quarter and by 9.3% year to date, compared to the same periods in 2025, due to strong growth in Crave and sports streaming revenues primarily from higher DTC streaming subscribers, driven by the favourable impact from the 2026 FIFA World Cup and the continued expansion of Crave, partly offset by ongoing erosion in BDU subscribers. In the first nine 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 Q3 2026, compared to the same period last year, driven by higher program sales, including the distribution of Canadian original content. In the first nine months of the year, the increase in other revenues was also favourably impacted by higher revenues from Formula 1 (F1) Canadian Grand Prix 2026 and the acquisition of Sphere Abacus in May 2025.
Operating costs and adjusted EBITDA
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Operating costs | (547) | (495) | (52) | (10.5%) | (1,844) | (1,719) | (125) | (7.3%) | ||||||||||||||||||
| Adjusted EBITDA | 256 | 237 | 19 | 8.0% | 655 | 631 | 24 | 3.8% | ||||||||||||||||||
| Adjusted EBITDA margin | 31.9 | % | 32.4 | % | (0.5) | pts | 26.2 | % | 26.9 | % | (0.7) | pts | ||||||||||||||
Bell Media operating costs increased by 10.5% in Q3 2026 and by 7.3% year to date, compared to the same periods last year, due to:
•Costs associated with the 2026 FIFA World Cup
•Increased content costs, including higher costs to support the growth in Crave
These factors were partly offset by:
•Savings from cost reduction initiatives, mainly workforce reductions
The increase in year-to-date operating costs also reflected higher expenses associated with the F1 Canadian Grand Prix 2026 and the operating expenses of Sphere Abacus as a result of the acquisition in May 2025, partly mitigated by the favourable impact from the rescinded Canadian federal digital services tax and lower expenses due to the radio station divestitures in 2025.
Bell Media adjusted EBITDA increased by 8.0% in Q3 2026 and by 3.8% in the first nine months of the year, compared to the same periods in 2025, attributable to growth in operating revenues, partly offset by higher operating costs.
Adjusted EBIT
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Adjusted EBITDA | 256 | 237 | 19 | 8.0 | % | 655 | 631 | 24 | 3.8 | % | ||||||||||||||||
| less: Severance, acquisition and other costs | (4) | (6) | 2 | 33.3 | % | (10) | (21) | 11 | 52.4 | % | ||||||||||||||||
| Depreciation and amortization | (56) | (58) | 2 | 3.4 | % | (174) | (179) | 5 | 2.8 | % | ||||||||||||||||
| Impairment of assets | — | (976) | 976 | 100.0 | % | — | (976) | 976 | 100.0 | % | ||||||||||||||||
| Adjusted EBIT | 196 | (803) | 999 | n.m. | 471 | (545) | 1,016 | n.m. | ||||||||||||||||||
n.m.: not meaningful
Bell Media adjusted EBIT in the third quarter of 2026 and on a year-to-date basis in 2026 increased by $999 million and $1,016 million, respectively, compared to the same periods last year, mainly due to no impairment in 2026 on Bell Media's assets as compared to an impairment charge of $976 million in the third quarter of 2025 and on a year-to-date basis in 2025 for English and French TV services, radio markets and our OOH advertising business.
(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 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.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 35
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, in the BCE 2026 Second 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
36 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
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.
| September 30, 2026 | December 31, 2025 | $ change | % change | |||||||||||
| Long-term debt | 35,308 | 34,904 | 404 | 1.2 | % | |||||||||
less: 50% of junior subordinated debt (1) | (2,914) | (2,149) | (765) | (35.6 | %) | |||||||||
| Debt due within one year | 6,205 | 6,155 | 50 | 0.8 | % | |||||||||
50% of preferred shares (2) | 1,608 | 1,644 | (36) | (2.2 | %) | |||||||||
| Cash | (650) | (314) | (336) | n.m. | ||||||||||
| Cash equivalents | (3) | (6) | 3 | 50.0 | % | |||||||||
Net debt (3) | 39,554 | 40,234 | (680) | (1.7 | %) | |||||||||
n.m.: not meaningful
(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 September 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 9.1, Non-GAAP financial measures in this MD&A for more information on this measure.
The increase of $50 million in debt due within one year and the increase of $404 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
Partly offset by:
•a decrease in notes payable (net of issuances) of $975 million
•the repayment at maturity of Series 1 Notes, with a total principal amount of $125 million
•the repayment at maturity of Series M-43 debentures, with a total principal amount of $650 million
•the repayment of the outstanding loan of $58 million in U.S. dollars ($81 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•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
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 37
•a decrease in debt of $290 million due to an early debt redemption gain as a result of the tender offers described above
•a net decrease of $80 million mainly due to lower lease liabilities and other debt, partly offset by foreign exchange fluctuations on U.S. debt for which we have entered into hedges. Refer to section 4.5, Financial risk management, of this MD&A for more details.
The increase in cash of $336 million and the decrease in cash equivalents of $3 million were mainly due to:
•$5,529 million of cash flows from operating activities
•$5,036 million of issuance of long-term debt
•$107 million from initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 2026
Partly offset by:
•$3,398 million repayment of long-term debt, excluding principal payment of lease liabilities
•$3,251 million of capital expenditures
•$1,224 million of dividends paid on BCE common shares
•$975 million decrease in notes payable (net of issuances)
•$797 million principal payment of lease liabilities
•$128 million purchase of shares for settlement of share-based payments
•$124 million increase in investments
•$116 million of cash flows from other financing activities which includes early debt redemption costs
•$113 million of business acquisitions
•$99 million dividends paid on BCE preferred shares
•$62 million paid for the repurchase of BCE preferred shares
| Common shares outstanding | Number of shares | ||||
Outstanding, September 30, 2026 | 932,525,817 | ||||
| Stock options outstanding | Number of options | Weighted average exercise price ($) | ||||||
| Outstanding, January 1, 2026 | 5,503,174 | 62 | ||||||
| Granted | 3,341,630 | 36 | ||||||
| Forfeited or expired | (104,936) | 63 | ||||||
| Outstanding, September 30, 2026 | 8,739,868 | 52 | ||||||
| Exercisable, September 30, 2026 | 5,398,238 | 62 | ||||||
38 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Cash flows from operating activities | 2,218 | 1,914 | 304 | 15.9 | % | 5,529 | 5,432 | 97 | 1.8 | % | ||||||||||||||||
| Capital expenditures | (1,330) | (891) | (439) | (49.3 | %) | (3,251) | (2,383) | (868) | (36.4 | %) | ||||||||||||||||
| Cash dividends paid on preferred shares | (27) | (28) | 1 | 3.6 | % | (99) | (105) | 6 | 5.7 | % | ||||||||||||||||
| Cash dividends paid by subsidiaries to NCI | (12) | (25) | 13 | 52.0 | % | (36) | (38) | 2 | 5.3 | % | ||||||||||||||||
| Income taxes paid on significant divestitures | — | — | — | — | 542 | — | 542 | n.m. | ||||||||||||||||||
| Acquisition and other costs paid | 5 | 33 | (28) | (84.8 | %) | 15 | 47 | (32) | (68.1 | %) | ||||||||||||||||
| Free cash flow | 854 | 1,003 | (149) | (14.9 | %) | 2,700 | 2,953 | (253) | (8.6 | %) | ||||||||||||||||
| Principal payment of lease liabilities | (298) | (297) | (1) | (0.3 | %) | (797) | (879) | 82 | 9.3 | % | ||||||||||||||||
Free cash flow after payment of lease liabilities (1) | 556 | 706 | (150) | (21.2 | %) | 1,903 | 2,074 | (171) | (8.2 | %) | ||||||||||||||||
| Business acquisitions | (89) | (4,857) | 4,768 | 98.2 | % | (113) | (4,880) | 4,767 | 97.7 | % | ||||||||||||||||
| Business dispositions | — | — | — | — | 1 | 38 | (37) | (97.4 | %) | |||||||||||||||||
| Increase in investments | (50) | (9) | (41) | n.m. | (124) | (26) | (98) | n.m. | ||||||||||||||||||
| Decrease in investments | — | 4,686 | (4,686) | (100.0 | %) | 11 | 4,686 | (4,675) | (99.8 | %) | ||||||||||||||||
| Income taxes paid on significant divestitures | — | — | — | — | (542) | — | (542) | n.m. | ||||||||||||||||||
| Acquisition and other costs paid | (5) | (33) | 28 | 84.8 | % | (15) | (47) | 32 | 68.1 | % | ||||||||||||||||
| Decrease in short-term investments | — | — | — | — | — | 400 | (400) | (100.0 | %) | |||||||||||||||||
| Spectrum licences | (29) | (3) | (26) | n.m. | (42) | (3) | (39) | n.m. | ||||||||||||||||||
| Other investing activities | 23 | (136) | 159 | n.m. | 12 | (131) | 143 | n.m. | ||||||||||||||||||
| Increase (decrease) in notes payable | 996 | 98 | 898 | n.m. | (975) | (628) | (347) | (55.3 | %) | |||||||||||||||||
| Issue of long-term debt | — | 2,898 | (2,898) | (100.0 | %) | 5,036 | 7,653 | (2,617) | (34.2 | %) | ||||||||||||||||
| Repayment of long-term debt, excluding principal payment of lease liabilities | (787) | (2,768) | 1,981 | 71.6 | % | (3,398) | (8,167) | 4,769 | 58.4 | % | ||||||||||||||||
| Purchase of shares for settlement of share-based payments | (33) | (33) | — | — | (128) | (129) | 1 | 0.8 | % | |||||||||||||||||
| Repurchase of preferred shares | — | (67) | 67 | 100.0 | % | (62) | (143) | 81 | 56.6 | % | ||||||||||||||||
| Cash dividends paid on common shares | (408) | (408) | — | — | (1,224) | (1,618) | 394 | 24.4 | % | |||||||||||||||||
| Other financing activities | — | (121) | 121 | 100.0 | % | (116) | (188) | 72 | 38.3 | % | ||||||||||||||||
| (382) | (753) | 371 | 49.3 | % | (1,679) | (3,183) | 1,504 | 47.3 | % | |||||||||||||||||
| Effect of currency exchange rate changes on cash and cash equivalents | — | 2 | (2) | (100.0 | %) | 2 | 2 | — | n.m. | |||||||||||||||||
| Net increase (decrease) in cash | 173 | (47) | 220 | n.m. | 229 | (1,112) | 1,341 | 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 increase (decrease) in cash equivalents | 1 | 2 | (1) | (50.0 | %) | (3) | 5 | (8) | n.m. | |||||||||||||||||
(1)Free cash flow after payment of lease liabilities is a non-GAAP financial measure. Refer to section 9.1, Non-GAAP financial measures in this MD&A for more information on this measure.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 39
Cash flows from operating activities and free cash flow
Cash flows from operating activities in the third quarter of 2026 increased by $304 million, compared to the same period last year, mainly due to higher working capital, lower income taxes paid, lower interest paid and lower severance, acquisition and other costs paid.
Cash flows from operating activities on a year-to-date basis in 2026 increased by $97 million, compared to the same period last year, mainly due to higher working capital, lower severance and other costs paid and higher adjusted EBITDA, partly offset by higher income taxes paid resulting from significant divestitures of $542 million and higher interest paid.
Free cash flow in the third quarter of 2026 decreased by $149 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 $253 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
| Q3 2026 | Q3 2025 | $ change | % change | YTD 2026 | YTD 2025 | $ change | % change | |||||||||||||||||||
| Bell CTS | 1,288 | 860 | (428) | (49.8 | %) | 3,136 | 2,291 | (845) | (36.9 | %) | ||||||||||||||||
Capital intensity (1) | 23.5 | % | 15.9 | % | (7.6) | pts | 19.2 | % | 14.3 | % | (4.9) | pts | ||||||||||||||
| Bell CTS Canada | 1,063 | 732 | (331) | (45.2 | %) | 2,592 | 2,163 | (429) | (19.8 | %) | ||||||||||||||||
| Capital intensity | 20.3 | % | 13.9 | % | (6.4) | pts | 16.6 | % | 13.7 | % | (2.9) | pts | ||||||||||||||
| Bell CTS U.S. | 225 | 128 | (97) | (75.8 | %) | 544 | 128 | (416) | n.m. | |||||||||||||||||
| Capital intensity | 94.5 | % | 80.0 | % | (14.5) | pts | 77.1 | % | 80.0 | % | 2.9 | pts | ||||||||||||||
| Bell Media | 42 | 31 | (11) | (35.5 | %) | 115 | 92 | (23) | (25.0 | %) | ||||||||||||||||
| Capital intensity | 5.2 | % | 4.2 | % | (1.0) | pts | 4.6 | % | 3.9 | % | (0.7) | pts | ||||||||||||||
| BCE | 1,330 | 891 | (439) | (49.3 | %) | 3,251 | 2,383 | (868) | (36.4 | %) | ||||||||||||||||
| Capital intensity | 21.5 | % | 14.7 | % | (6.8) | pts | 17.5 | % | 13.2 | % | (4.3) | pts | ||||||||||||||
n.m.: not meaningful
(1)Capital intensity is defined as capital expenditures divided by operating revenues. Refer to section 9.6, KPIs in this MD&A for more information on this measure.
BCE capital expenditures of $1,330 million in Q3 2026 and $3,251 million in the first nine months of the year, increased by $439 million and $868 million, respectively, compared to the same periods last year. This corresponded to a capital intensity ratio of 21.5% in Q3 2026 and 17.5% year to date, up 6.8 pts and 4.3 pts year over year, respectively. The increases in capital expenditures over last year reflected the following:
•Higher capital spending in Bell CTS Canada of $331 million in Q3 2026 and $429 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 continued to build-out the data centres, partly offset by slower FTTP footprint expansion in Canada
•Capital expenditures in Bell CTS U.S. increased by $97 million in Q3 2026 and by $416 million year to date, compared to the same periods in 2025, mainly due to the acquisition of Ziply Fiber on August 1, 2025, which contributed to capital expenditures for only a two-month period in the comparable periods last year. Capital spending was focused on the continued expansion of Ziply Fiber's FTTP network in the U.S.
•Greater capital spending in Bell Media of $11 million in Q3 2026 and $23 million year to date, compared to the same periods last year, driven by increased investments to support digital growth
Business acquisitions
On August 1, 2025, Bell Canada completed the acquisition of Ziply Fiber, for cash consideration of $3.64 billion in U.S. dollars ($5.01 billion in Canadian dollars) which was $3.52 billion in U.S. dollars net of cash acquired ($4.84 billion in Canadian dollars net of cash acquired).
Decrease in investments
On July 1, 2025, BCE completed the disposition of its minority stake in MLSE. We recorded gross proceeds of $4.7 billion.
40 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Debt instruments
2026
In the third quarter of 2026, we repaid debt, net of issuances. This included:
•$1,085 million repayment of long-term debt comprised of:
•the repayment at maturity of Series M-43 debentures, with a total principal amount of $650 million
•the repayment of the outstanding loan of $58 million in U.S. dollars ($81 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•principal payment of lease liabilities of $298 million
•net payments of other debt of $56 million
Partly offset by:
•$996 million issuance (net of repayments) of notes payable
In the first nine months of 2026, we repaid debt, net of issuances. This included:
•$4,195 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 repayment at maturity of Series M-43 debentures, with a total principal amount of $650 million
•the repayment of the outstanding loan of $58 million in U.S. dollars ($81 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•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 $797 million
•net payments of other debt of $157 million
•$975 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
2025
In the third quarter of 2025, we repaid debt, net of issuances. This included:
•$3,065 million repayment of long-term debt comprised of:
•the redemption, prior to maturity, of the outstanding principal amount of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) of Ziply Fiber's Term Notes
•the redemption, prior to maturity, of the outstanding principal amount of $367 million in U.S. dollars ($509 million in Canadian dollars) of Ziply Fiber's Funding Notes
•the repurchase by Bell Canada, in the open market, for a cash purchase price of $6 million, of a principal amount of $7 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $90 million
•principal payment of lease liabilities of $297 million
•net payments of other debt of $61 million
Partly offset by:
•$2,898 million issuance of long-term debt comprised of:
•the issuance by Bell Canada of Series M-64 MTN debentures, with a total principal amount of $400 million
•the issuance by Bell Canada of Series M-65 MTN debentures, with a total principal amount of $500 million
•the issuance by Bell Canada of Series M-66 MTN debentures, with a total principal amount of $600 million
•the issuance by Bell Canada of Series M-67 MTN debentures, with a total principal amount of $500 million
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 41
•an increase in outstanding loans of $148 million in U.S. dollars ($206 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•an increase in outstanding loans of $500 million in U.S. dollars ($697 million in Canadian dollars) under a new unsecured term loan agreement
•partly offset by $5 million of discounts on our debt issuances
•$98 million issuance (net of repayments) of notes payable
In the first nine months of 2025, we repaid debt, net of issuances. This included:
•$9,046 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 repurchase by Bell Canada, in the open market, for a cash purchase price of $6 million, of a principal amount of $7 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $90 million, following the tender offers described above
•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
•the redemption, prior to maturity, of the outstanding principal amount of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) of Ziply Fiber's Term Notes
•the redemption, prior to maturity, of the outstanding principal amount of $367 million in U.S. dollars ($509 million in Canadian dollars) of Ziply Fiber's Funding Notes
•principal payment of lease liabilities of $879 million
•net payments of other debt of $145 million
•$628 million repayment (net of issuances) of notes payable
Partly offset by:
•$7,653 million issuance of long-term debt comprised of:
•the issuance of Series A Fixed-to-Fixed Rate Junior Subordinated Notes with a total principal amount of $1,000 million U.S. dollars ($1,416 million in Canadian dollars)
•the issuance of Series B Fixed-to-Fixed Rate Junior Subordinated Notes (Series B Notes) with a total principal amount of $1,250 million U.S. dollars ($1,771 million in Canadian dollars)
•the issuance of Series C Fixed-to-Fixed Rate Junior Subordinated Notes with a total principal amount of $1,250 million
•the issuance by Bell Canada of Series M-64 MTN debentures, with a total principal amount of $400 million
•the issuance by Bell Canada of Series M-65 MTN debentures, with a total principal amount of $500 million
•the issuance by Bell Canada of Series M-66 MTN debentures, with a total principal amount of $600 million
•the issuance by Bell Canada of Series M-67 MTN debentures, with a total principal amount of $500 million
•an increase in outstanding loans of $376 million in U.S. dollars ($521 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement
•an increase in outstanding loans of $500 million in U.S. dollars ($697 million in Canadian dollars) under a new unsecured term loan agreement
•the issuance of $3 million of other debt
•partly offset by $5 million of discounts on our debt issuances
Repurchase of preferred shares
2026
For the nine months ended September 30, 2026, BCE repurchased and canceled 2,886,461 First Preferred Shares under its normal course issuer bid (NCIB) for a total cost of $62 million.
2025
For the three and nine months ended September 30, 2025, BCE repurchased and canceled 3,482,011 and 7,844,542 First Preferred Shares under its NCIB for a total cost of $67 million and $143 million, respectively.
42 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Cash dividends paid on common shares
In the third quarter of 2026, cash dividends paid on common shares were $408 million, which remained unchanged compared to Q3 2025.
In the first nine months 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 nine months of 2026 of $1.3125 per common share compared to $2.4325 per common share in the first nine months of 2025.
For the three months ended September 30, 2026, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $109 million, due to an increase in the discount rate of 5.4% at September 30, 2026, compared to 4.9% at June 30, 2026, partly offset by a lower-than-expected return on plan assets and an increase in the effect of the asset limit.
For the nine months ended September 30, 2026, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $571 million, due to an increase in the discount rate of 5.4% at September 30, 2026, compared to 4.9% at December 31, 2025, partly offset by a lower-than-expected return on plan assets and an increase in the effect of the asset limit.
For the three months ended September 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $302 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 4.8% at September 30, 2025 did not change compared to June 30, 2025.
For the nine months ended September 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $509 million, due to a higher-than-expected return on plan assets and an increase in the discount rate of 4.8% at September 30, 2025, compared to 4.7% at December 31, 2024, partly offset by an increase in the effect of the asset limit.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 43
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).
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||
| Classification | Fair value methodology | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||
| Debt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 32,563 | 31,417 | 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.
| Classification | Fair 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) | ||||||||||||||
| September 30, 2026 | |||||||||||||||||
Publicly-traded and privately-held investments (3) (4) | Other non-current assets | 356 | 130 | — | 226 | ||||||||||||
| Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (581) | — | (581) | — | ||||||||||||
| Investments | Other non-current assets | 242 | — | 242 | — | ||||||||||||
| December 31, 2025 | |||||||||||||||||
Publicly-traded and privately-held investments (3) | Other non-current assets | 1,198 | 105 | — | 1,093 | ||||||||||||
| Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (513) | — | (513) | — | ||||||||||||
| Investments | Other non-current assets | 246 | — | 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, we entered into cross currency interest rate swaps with a notional amount of $372 million in U.S. dollars ($530 million in Canadian dollars), maturing in 2035, to hedge the U.S. currency exposure of our Series B Notes maturing in 2055. The fair value of the cross currency interest rate swaps at September 30, 2026 was a net liability of $10 million recognized in Other current assets and Other non-current liabilities in the statements of financial position. This fair value reflects an initial net liability of $5 million on termination of a foreign currency swap with a notional amount of $372 million in U.S. dollars ($517 million in Canadian dollars) to hedge the U.S. currency exposure of our Series B Notes and an initial net liability of $15 million on termination of interest rate swaps with a notional amount of $372 million in U.S. dollars ($531 million in Canadian dollars) to hedge the fair value of our Series B Notes.
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
44 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
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 September 30, 2026 was a net liability of $1 million recognized in Other 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 remaining amortizing cross currency interest rate swaps with a notional amount of $195 million in U.S. dollars ($268 million in Canadian dollars) at September 30, 2026 was a net asset of $8 million recognized in Other current assets and Other non-current assets in the statements of financial position.
The following table provides further details on our outstanding foreign currency forward contracts and options at September 30, 2026.
| Type of hedge | Buy currency | Amount to receive | Sell currency | Amount to pay | Maturity | Hedged item | ||||||||||||||
Cash flow (1) | USD | 1,144 | CAD | 1,604 | 2026 | Loans | ||||||||||||||
| Cash flow | USD | 1,172 | CAD | 1,620 | 2026 | Commercial paper | ||||||||||||||
| Cash flow | USD | 192 | CAD | 256 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | PHP | 835 | CAD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | MAD | 134 | CAD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | PHP | 3,058 | CAD | 69 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | USD | 546 | CAD | 728 | 2027 | Anticipated purchases | ||||||||||||||
| Cash flow | USD | 120 | CAD | 156 | 2028 | Anticipated purchases | ||||||||||||||
| Economic | USD | 3 | CAD | 4 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | 30 | CAD | 39 | 2026 | Anticipated purchases | ||||||||||||||
Economic - options (2) | USD | 10 | CAD | 13 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | CAD | 131 | USD | 90 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 40 | CAD | 52 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - put options | CAD | 27 | USD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | 38 | CAD | 49 | 2027 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 30 | CAD | 39 | 2027 | Anticipated purchases | ||||||||||||||
Economic - options (2) | USD | 14 | CAD | 19 | 2027 | Anticipated purchases | ||||||||||||||
| Economic - call options | CAD | 360 | USD | 240 | 2028 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 120 | CAD | 156 | 2028 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | — | CAD | 7 | 2028 | Anticipated 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 $37 million (gain of $7 million) recognized in net earnings at September 30, 2026 and a loss of $54 million (gain of $76 million) recognized in OCI at September 30, 2026, with all other variables held constant.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 45
Interest rate exposures
In 2026, we sold forward starting interest rate swaptions, effective in 2031 and maturing in 2036, with a notional amount of $750 million, for $5 million, to hedge economically the interest cost of our Series E Notes maturing in 2056. The fair value of the interest rate swaptions at September 30, 2026 was a liability of $6 million recognized in Other non-current liabilities in the statements of financial position.
In 2026, following the repurchase of a portion of our Series M-45 MTN debentures prior to maturity, we terminated the related 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 noted below 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:
| Debt | Fair value hedge | Hedge of interest cost | |||||||||||||||
| Series | Maturity | Notional amount | Maturity | Notional amount | Maturity | ||||||||||||
| B Notes | 2055 | 530 | 2035 | — | — | ||||||||||||
| E Notes | 2056 | 750 | 2036 | 750 | 2031 | ||||||||||||
| EH Notes | 2041 | 400 | 2041 | 400 | 2031 | ||||||||||||
| EO Notes | 2053 | 150 | 2046 | 150 | 2031-2032 | ||||||||||||
| EU Notes | 2054 | 150 | 2046 | 150 | 2032 | ||||||||||||
| M-45 MTN debentures | 2047 | 33 | 2047 | 33 | 2028 | ||||||||||||
| M-61 MTN debentures | 2053 | 400 | 2046 | 400 | 2031 | ||||||||||||
| M-68 MTN debentures | 2033 | 750 | 2029 | — | — | ||||||||||||
| M-70 MTN debentures | 2056 | 700 | 2046 | 700 | 2031 | ||||||||||||
The fair value of these interest rate swaps at September 30, 2026 was a net liability of $135 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 $22 million (gain of $10 million) recognized in net earnings and a gain of $75 million (loss of $80 million) recognized in OCI for the nine months ended September 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 September 30, 2026 and December 31, 2025 was a net liability of $254 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 $35 million and $64 million for the three and nine months ended September 30, 2026, respectively, and a gain of $31 million (loss of $11 million) for the three and nine months ended September 30, 2025, respectively, relating to the equity forward contracts is recognized in Other (expense) income in the income statements.
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $19 million recognized in net earnings at September 30, 2026, with all other variables held constant.
BCE's and Bell Canada's key credit ratings from Moody's Investors Service, Inc. and DBRS Limited remain unchanged from those described in section 6.6, Credit ratings of the BCE 2025 Annual MD&A.
On September 21, 2026, S&P Global Ratings Canada, a business unit of S&P Global Canada Corp. (S&P), lowered Bell Canada's subordinated long-term debt rating to BB+ from BBB-, consistent with S&P's rating on Bell Canada's junior subordinated long-term debt. At the same time, S&P affirmed all of BCE's and Bell Canada's other existing ratings. The outlook associated with the S&P ratings remains negative.
All of S&P's ratings on Bell Canada's commercial paper and senior (unsubordinated) long-term debt remain investment grade according to S&P's rating scale, with S&P's BBB- rating representing its last investment grade rating rank. The new BB+ rating on Bell Canada's subordinated long-term debt is considered below an investment grade rating on S&P's rating scale.
46 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
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. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Available liquidity
Total available liquidity (1) at September 30, 2026 was $3.7 billion, comprised of $650 million in cash, $3 million in cash equivalents, $700 million available under our securitized receivables program and $2.3 billion available under our $4.0 billion committed revolving and expansion credit facilities (given $1.7 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.
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.
Recent developments in legal proceedings
The following is an update to the legal proceedings described in the BCE 2025 AIF under section 8, Legal proceedings.
Class action concerning wireless system access fees
On August 9, 2004, a statement of claim was filed under The Class Actions Act (Saskatchewan) in the now Saskatchewan Court of King’s Bench against a number of wireless service providers, including Bell Mobility and its predecessors Bell MTS and Bell Aliant. The claim alleged, among other things, breach of contract and duty to inform, deceit, misrepresentation, unjust enrichment and collusion in connection with certain system access fees and system licensing charges invoiced by wireless communications service providers to their customers, and is seeking unspecified general and punitive damages. In 2017, the court granted certification only on the grounds of unjust enrichment for a national class encompassing all customers, wherever resident in Canada, on the basis of an opt-out class in Saskatchewan and an opt-in class elsewhere in Canada. On October 16, 2026, the court granted the applications and dismissed the certified class action for delay in its entirety, as against all defendants. On November 2, 2026, the plaintiff filed a notice of appeal with the Court of Appeal for Saskatchewan.
(1)Available liquidity is a non-GAAP financial measure. Refer to section 9.1, Non-GAAP financial measures in this MD&A for more information on this measure.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 47
5 Quarterly financial information
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.
| 2026 | 2025 | 2024 | ||||||||||||||||||||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Service | 5,412 | 5,491 | 5,350 | 5,439 | 5,329 | 5,267 | 5,172 | 5,287 | ||||||||||||||||||
| Product | 770 | 685 | 818 | 965 | 720 | 818 | 758 | 1,135 | ||||||||||||||||||
| Total operating revenues | 6,182 | 6,176 | 6,168 | 6,404 | 6,049 | 6,085 | 5,930 | 6,422 | ||||||||||||||||||
| Adjusted EBITDA | 2,786 | 2,702 | 2,631 | 2,664 | 2,762 | 2,674 | 2,558 | 2,605 | ||||||||||||||||||
| Severance, acquisition and other (costs) income | (46) | (50) | 6 | (147) | (82) | (41) | (247) | (154) | ||||||||||||||||||
| Depreciation | (961) | (985) | (983) | (1,002) | (969) | (949) | (941) | (933) | ||||||||||||||||||
| Amortization | (385) | (391) | (373) | (368) | (340) | (338) | (331) | (317) | ||||||||||||||||||
| Impairment of assets | (2) | (6) | (5) | (40) | (970) | (8) | (9) | (4) | ||||||||||||||||||
| Net gains (losses) on investments | 2 | (2) | (1) | 52 | 5,175 | (8) | (2) | (1) | ||||||||||||||||||
| Net earnings | 701 | 629 | 667 | 632 | 4,555 | 644 | 683 | 505 | ||||||||||||||||||
| Net earnings attributable to common shareholders | 630 | 558 | 616 | 594 | 4,502 | 579 | 630 | 461 | ||||||||||||||||||
| EPS - basic and diluted | 0.67 | 0.60 | 0.66 | 0.64 | 4.84 | 0.63 | 0.68 | 0.51 | ||||||||||||||||||
| Weighted average number of common shares outstanding – basic (millions) | 932.5 | 932.5 | 932.5 | 932.5 | 932.5 | 930.9 | 920.3 | 912.3 | ||||||||||||||||||
48 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
6 Regulatory environment
Radiocommunication Act
Consultation on 26, 28 and 38 Gigahertz millimetre wave spectrum licensing framework
On May 14, 2026, Innovation, Science and Economic Development Canada (ISED) released its decision on the policy and licensing framework for spectrum in the 26 Gigahertz (GHz) and 38 GHz spectrum bands. The decision established the licensing framework for spectrum in these bands and provided for an auction of millimetre wave (mmWave) spectrum licences. The auction was scheduled to begin in October 2027. On September 24, 2026, ISED announced a three-month delay to the start of the mmWave auction and thus, it is now scheduled to begin January 25, 2028. It is unclear what impact the licensing framework and auction could have on our business and financial results at this time.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 49
7 Business risks
The following is an update to the risk factors described in the BCE 2025 Annual MD&A under section 9, Business risks and the other sections of the BCE 2025 Annual MD&A referred to therein.
Update to the description of business risks
In connection with the ongoing development and expansion of our Bell AI Fabric data centre business, we are subject to the following additional risks.
As we grow our AI data centre business through the development of our data centre facilities, including the 300 MW facility currently under development in Saskatchewan and the potential phased development of up to 900 MW of additional capacity at that site, we may be required to commit significant operational and capital expenditures substantially in advance of such data centre facilities generating revenue. This will increase our exposure to the risks associated with the construction and operation of data centres and to risks affecting the AI sector generally, including the risks described below.
The development of large-scale data centre facilities is complex and subject to risks and uncertainties, many of which are beyond our control, including risks relating to delays in obtaining permits or approvals, the delivery of power and connectivity to the facilities, the availability and cost of labour, equipment and materials, supply chain disruptions and tariffs, inflation, unanticipated environmental issues and geological problems, and the performance of our construction partners and suppliers. There can be no assurance that this or any future facility will be completed on schedule or within budget. Construction delays or cost overruns could defer the commencement of revenues under our customer agreements, increase our capital expenditures and financing requirements beyond current expectations, reduce the expected returns on these projects and expose us to remedies in favour of our customers. In certain circumstances, significant construction delays may also permit our data centre customers to terminate their agreements, which could result in the loss of expected revenues and require us to secure replacement customers. Once in operation, these facilities must meet demanding availability and service level requirements, and failure to meet our contractual commitments to customers, whether due to construction delays, operational issues, power or cooling disruptions or other reasons, may cause us to incur financial penalties and loss of revenues.
The revenues we expect to derive from our AI data centre business are currently concentrated in a small number of customers that are specialized AI infrastructure and compute providers and our ability to generate revenue from our AI data centre business will therefore be highly dependent on the creditworthiness of our customers. Participants in the AI sector, including our customers, are making significant investments, and certain of them have incurred, and may continue to incur, substantial indebtedness and other financing obligations to fund those investments. The ability of our customers to perform their obligations to us and to supply and fund the compute hardware deployed in our facilities, depends on, among other factors, their continued access to capital on acceptable terms, the demand for and pricing of AI compute services and on investor and lender confidence in the AI sector. Although our customer agreements are long-term and contain contractual protections intended to mitigate counterparty credit risk, including advance billing and upfront set-up fees and prepayments, those protections may not cover all amounts owed to us. A default by, or a deterioration in the financial condition of, one of our customers could interrupt or reduce the payments we receive, delay the revenue and earnings contribution we expect from these facilities and leave capital invested in a facility until a replacement customer is secured on acceptable terms. As we expand our AI data centre business, including through the proposed additional capacity in Saskatchewan, our exposure to customer concentration and counterparty credit risk may increase.
Data centre development is also subject to increasing scrutiny from governments and local communities regarding land, power and environmental impacts, which could result in stricter permitting requirements, changes in laws, moratoriums on data centre development or community opposition that could increase our costs or delay, limit or prevent the development or expansion of our facilities.
Our ability to generate returns from our AI data centre investments over the long term also depends on continued demand for AI data centre capacity, which is inherently uncertain. Advancements in the efficiency of AI models, changes in the pace of AI adoption, a slowdown or downturn in the AI sector, increasing competition from other data centre providers, decisions by AI providers to develop their own facilities, or evolving AI regulatory frameworks could reduce demand for data centre capacity. Such developments could also affect our ability to renew or re-contract our tenant agreements on favourable terms, or at all, upon their expiry.
50 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
8 Accounting policies
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 reported | Impact of Amendments to IFRS 9 and IFRS 7 | January 1, 2026, upon adoption of Amendments to IFRS 9 and IFRS 7 | |||||||||
| Statements of financial position: | |||||||||||
| Cash | 314 | 107 | 421 | ||||||||
| Trade and other receivables | 4,474 | 2 | 4,476 | ||||||||
| Trade payables and other liabilities | 4,392 | 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 standards issued by the IASB have not yet been adopted by BCE.
| Standard | Description | Impact | Effective 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 THIRD QUARTER SHAREHOLDER REPORT 51
9 Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)
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.
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.
52 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |||||||||||
| Net earnings attributable to common shareholders | 630 | 4,502 | 1,804 | 5,711 | ||||||||||
| Reconciling items: | ||||||||||||||
| Severance, acquisition and other costs | 46 | 82 | 90 | 370 | ||||||||||
| Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans | 35 | (31) | 64 | 11 | ||||||||||
| Net (gains) losses on investments | (2) | (5,175) | 1 | (5,165) | ||||||||||
| Net early debt redemption costs (gains) | — | 154 | (89) | (203) | ||||||||||
| Impairment of assets | 2 | 970 | 13 | 987 | ||||||||||
| Income taxes for the above reconciling items | (16) | 239 | 5 | 255 | ||||||||||
| NCI for the above reconciling items | — | (8) | — | (8) | ||||||||||
| Adjusted net earnings | 695 | 733 | 1,888 | 1,958 | ||||||||||
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.
| September 30, 2026 | December 31, 2025 | |||||||
| Cash | 650 | 314 | ||||||
| Cash equivalents | 3 | 6 | ||||||
Amounts available under our securitized receivables program (1) | 700 | 700 | ||||||
Amounts available under our committed bank credit facilities (2) | 2,344 | 1,450 | ||||||
| Available liquidity | 3,697 | 2,470 | ||||||
(1)At September 30, 2026 and December 31, 2025, $700 million was available under our securitized receivables program, under which we borrowed $1,139 million in U.S. dollars ($1,616 million in Canadian dollars) and $1,163 million in U.S. dollars ($1,594 million in Canadian dollars) as at September 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 September 30, 2026 and December 31, 2025, respectively, $2,344 million and $1,450 million were available under our committed bank credit facilities, given outstanding commercial paper of $1,168 million in U.S. dollars ($1,656 million in Canadian dollars) and $1,861 million in U.S. dollars ($2,550 million in Canadian dollars) as at September 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
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 53
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 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.
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |||||||||||
| Cash flows from operating activities | 2,218 | 1,914 | 5,529 | 5,432 | ||||||||||
| Capital expenditures | (1,330) | (891) | (3,251) | (2,383) | ||||||||||
| Cash dividends paid on preferred shares | (27) | (28) | (99) | (105) | ||||||||||
| Cash dividends paid by subsidiaries to NCI | (12) | (25) | (36) | (38) | ||||||||||
| Income taxes paid on significant divestitures | — | — | 542 | — | ||||||||||
| Acquisition and other costs paid | 5 | 33 | 15 | 47 | ||||||||||
| Free cash flow | 854 | 1,003 | 2,700 | 2,953 | ||||||||||
| Principal payment of lease liabilities | (298) | (297) | (797) | (879) | ||||||||||
| Free cash flow after payment of lease liabilities | 556 | 706 | 1,903 | 2,074 | ||||||||||
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |||||||||||
| Cash flows from operating activities | 2,218 | 1,914 | 5,529 | 5,432 | ||||||||||
| Capital expenditures | (1,330) | (891) | (3,251) | (2,383) | ||||||||||
| Cash dividends paid on preferred shares | (27) | (28) | (99) | (105) | ||||||||||
| Cash dividends paid by subsidiaries to NCI | (12) | (25) | (36) | (38) | ||||||||||
| Income taxes paid on significant divestitures | — | — | 542 | — | ||||||||||
| Acquisition and other costs paid | 5 | 33 | 15 | 47 | ||||||||||
| Free cash flow | 854 | 1,003 | 2,700 | 2,953 | ||||||||||
| Dividends paid on common shares | (408) | (408) | (1,224) | (1,618) | ||||||||||
| Excess free cash flow | 446 | 595 | 1,476 | 1,335 | ||||||||||
54 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
| 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.
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.
| September 30, 2026 | December 31, 2025 | |||||||
| Long-term debt | 35,308 | 34,904 | ||||||
| Less: 50% of junior subordinated debt | (2,914) | (2,149) | ||||||
| Debt due within one year | 6,205 | 6,155 | ||||||
| 50% of preferred shares | 1,608 | 1,644 | ||||||
| Cash | (650) | (314) | ||||||
| Cash equivalents | (3) | (6) | ||||||
| Net debt | 39,554 | 40,234 | ||||||
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 9.1, 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 9.1, 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.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 55
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.
The most directly comparable financial measure under IFRS Accounting Standards is net earnings. The following tables provide reconciliations of net earnings to BCE adjusted EBITDA and Bell CTS adjusted EBITDA.
| YTD 2026 | Q3 2026 | Q2 2026 | Q1 2026 | |||||||||||
| Net earnings | 1,997 | 701 | 629 | 667 | ||||||||||
| Severance, acquisition and other costs (income) | 90 | 46 | 50 | (6) | ||||||||||
| Depreciation | 2,929 | 961 | 985 | 983 | ||||||||||
| Amortization | 1,149 | 385 | 391 | 373 | ||||||||||
| Finance costs | ||||||||||||||
| Interest expense | 1,378 | 465 | 469 | 444 | ||||||||||
| Net return on post-employment benefit plans | (110) | (37) | (36) | (37) | ||||||||||
| Impairment of assets | 13 | 2 | 6 | 5 | ||||||||||
| Net losses (gains) on investments | 1 | (2) | 2 | 1 | ||||||||||
| Other (income) expense | (85) | 11 | (58) | (38) | ||||||||||
| Income taxes | 757 | 254 | 264 | 239 | ||||||||||
| BCE adjusted EBITDA | 8,119 | 2,786 | 2,702 | 2,631 | ||||||||||
| Less: Bell Media adjusted EBITDA | (655) | (256) | (244) | (155) | ||||||||||
| Bell CTS adjusted EBITDA | 7,464 | 2,530 | 2,458 | 2,476 | ||||||||||
| Q4 2025 | YTD 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | |||||||||||||||
| Net earnings | 632 | 5,882 | 4,555 | 644 | 683 | 505 | ||||||||||||||
| Severance, acquisition and other costs | 147 | 370 | 82 | 41 | 247 | 154 | ||||||||||||||
| Depreciation | 1,002 | 2,859 | 969 | 949 | 941 | 933 | ||||||||||||||
| Amortization | 368 | 1,009 | 340 | 338 | 331 | 317 | ||||||||||||||
| Finance costs | ||||||||||||||||||||
| Interest expense | 453 | 1,322 | 457 | 442 | 423 | 431 | ||||||||||||||
| Net return on post-employment benefit plans | (25) | (77) | (26) | (26) | (25) | (17) | ||||||||||||||
| Impairment of assets | 40 | 987 | 970 | 8 | 9 | 4 | ||||||||||||||
| Net (gains) losses on investments | (52) | (5,165) | (5,175) | 8 | 2 | 1 | ||||||||||||||
| Other (income) expense | (102) | (185) | 95 | 30 | (310) | 102 | ||||||||||||||
| Income taxes | 201 | 992 | 495 | 240 | 257 | 175 | ||||||||||||||
| BCE adjusted EBITDA | 2,664 | 7,994 | 2,762 | 2,674 | 2,558 | 2,605 | ||||||||||||||
| Less: Bell Media adjusted EBITDA | (151) | (631) | (237) | (235) | (159) | (169) | ||||||||||||||
| Bell CTS adjusted EBITDA | 2,513 | 7,363 | 2,525 | 2,439 | 2,399 | 2,436 | ||||||||||||||
56 BCE Inc. 2026 THIRD 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. The following table provides a reconciliation of net earnings to BCE adjusted EBIT and Bell CTS adjusted EBIT.
| YTD 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | YTD 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | |||||||||||||||||||||||
| Net earnings | 1,997 | 701 | 629 | 667 | 632 | 5,882 | 4,555 | 644 | 683 | 505 | ||||||||||||||||||||||
| Reconciling items: | ||||||||||||||||||||||||||||||||
| Finance costs | ||||||||||||||||||||||||||||||||
| Interest expense | 1,378 | 465 | 469 | 444 | 453 | 1,322 | 457 | 442 | 423 | 431 | ||||||||||||||||||||||
| Net return on post-employment benefit plans | (110) | (37) | (36) | (37) | (25) | (77) | (26) | (26) | (25) | (17) | ||||||||||||||||||||||
| Net losses (gains) on investments | 1 | (2) | 2 | 1 | (52) | (5,165) | (5,175) | 8 | 2 | 1 | ||||||||||||||||||||||
| Other (income) expense | (85) | 11 | (58) | (38) | (102) | (185) | 95 | 30 | (310) | 102 | ||||||||||||||||||||||
| Income taxes | 757 | 254 | 264 | 239 | 201 | 992 | 495 | 240 | 257 | 175 | ||||||||||||||||||||||
| BCE Adjusted EBIT | 3,938 | 1,392 | 1,270 | 1,276 | 1,107 | 2,769 | 401 | 1,338 | 1,030 | 1,197 | ||||||||||||||||||||||
| Less: Bell Media adjusted EBIT | (471) | (196) | (183) | (92) | (91) | 545 | 803 | (168) | (90) | (109) | ||||||||||||||||||||||
| Bell CTS adjusted EBIT | 3,467 | 1,196 | 1,087 | 1,184 | 1,016 | 3,314 | 1,204 | 1,170 | 940 | 1,088 | ||||||||||||||||||||||
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 9.1, 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.
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 THIRD QUARTER SHAREHOLDER REPORT 57
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.
| KPI | Definition | ||||
| Adjusted EBITDA margin | Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. | ||||
| Mobile phone blended ARPU | 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. | ||||
| Capital intensity | Capital intensity is defined as capital expenditures divided by operating revenues. | ||||
| Churn | Mobile 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 | ||||
58 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
10 Controls and procedures
Changes in internal control over financial reporting
No changes were made in our internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 59
Exhibit 99.2
Consolidated financial statements
Table of contents
Consolidated income statements | 61 | ||||
Consolidated statements of comprehensive income | 62 | ||||
Consolidated statements of financial position | 63 | ||||
Consolidated statements of changes in equity | 64 | ||||
Consolidated statements of cash flows | 65 | ||||
Notes to consolidated financial statements | 66 | ||||
Note 1 Corporate information | 66 | ||||
Note 2 Basis of presentation and material accounting policies | 66 | ||||
Note 3 Adoption of amended accounting standards | 67 | ||||
Note 4 Segmented information | 68 | ||||
Note 5 Business acquisition and dispositions | 72 | ||||
Note 6 Operating costs | 73 | ||||
Note 7 Severance, acquisition and other costs | 73 | ||||
Note 8 Impairment of assets | 74 | ||||
Note 9 Net gains (losses) on investments | 74 | ||||
Note 10 Other (expense) income | 74 | ||||
Note 11 Income taxes | 75 | ||||
Note 12 Earnings per share | 75 | ||||
Note 13 Investments in associates and joint ventures | 76 | ||||
Note 14 Debt | 76 | ||||
Note 15 Post-employment benefit plans | 78 | ||||
Note 16 Financial assets and liabilities | 79 | ||||
Note 17 Share capital | 82 | ||||
Note 18 Share-based payments | 83 | ||||
Note 19 Remaining performance obligations | 84 | ||||
Note 20 Subsequent event | 84 | ||||
60 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Consolidated income statements
| Three months | Nine months | |||||||||||||||||||
For the period ended September 30 (in millions of Canadian dollars, except share amounts) (unaudited) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Operating revenues | 4 | 6,182 | 6,049 | 18,526 | 18,064 | |||||||||||||||
| Operating costs | 4, | 6 | (3,396) | (3,287) | (10,407) | (10,070) | ||||||||||||||
| Severance, acquisition and other costs | 7 | (46) | (82) | (90) | (370) | |||||||||||||||
| Depreciation | (961) | (969) | (2,929) | (2,859) | ||||||||||||||||
| Amortization | (385) | (340) | (1,149) | (1,009) | ||||||||||||||||
| Finance costs | ||||||||||||||||||||
| Interest expense | (465) | (457) | (1,378) | (1,322) | ||||||||||||||||
| Net return on post-employment benefit plans | 15 | 37 | 26 | 110 | 77 | |||||||||||||||
| Impairment of assets | 8 | (2) | (970) | (13) | (987) | |||||||||||||||
| Net gains (losses) on investments | 9 | 2 | 5,175 | (1) | 5,165 | |||||||||||||||
| Other (expense) income | 10 | (11) | (95) | 85 | 185 | |||||||||||||||
| Income taxes | 11 | (254) | (495) | (757) | (992) | |||||||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | ||||||||||||||||
| Net earnings attributable to: | ||||||||||||||||||||
| Common shareholders | 630 | 4,502 | 1,804 | 5,711 | ||||||||||||||||
| Preferred shareholders | 40 | 38 | 116 | 119 | ||||||||||||||||
| Non-controlling interest | 31 | 15 | 77 | 52 | ||||||||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | ||||||||||||||||
| Net earnings per common share - basic and diluted | 12 | 0.67 | 4.84 | 1.93 | 6.15 | |||||||||||||||
| Weighted average number of common shares outstanding - basic (millions) | 12 | 932.5 | 932.5 | 932.5 | 928.0 | |||||||||||||||
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 61
Consolidated statements of comprehensive income
| Three months | Nine months | ||||||||||||||||
For the period ended September 30 (in millions of Canadian dollars) (unaudited) | Note | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | |||||||||||||
| 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 ($7) million and ($10) million for the three months ended September 30, 2026 and 2025, respectively, and $49 million and ($160) million for the nine months ended September 30, 2026 and 2025, respectively | 20 | 29 | (133) | 439 | |||||||||||||
| (Loss) gain on cumulative translation adjustment | (9) | 75 | 263 | 75 | |||||||||||||
| Items that will not be reclassified to net earnings | |||||||||||||||||
Actuarial gains on post-employment benefit plans, net of income taxes of ($28) million and ($80) million for the three months ended September 30, 2026 and 2025, respectively, and ($152) million and ($136) million for the nine months ended September 30, 2026 and 2025, respectively (1) | 15 | 81 | 222 | 419 | 373 | ||||||||||||
Net change in value of publicly-traded and privately-held investments, net of income taxes of $6 million and ($1) million for the three months ended September 30, 2026 and 2025, respectively, and ($2) million and ($6) million for the nine months ended September 30, 2026 and 2025, respectively | (38) | 4 | 19 | 38 | |||||||||||||
Net change in value of derivatives designated as cash flow hedges, net of income taxes of nil and ($6) million for the three months ended September 30, 2026 and 2025, respectively, and ($9) million and $3 million for the nine months ended September 30, 2026 and 2025, respectively | — | 16 | 24 | (9) | |||||||||||||
| Other comprehensive income | 54 | 346 | 592 | 916 | |||||||||||||
| Total comprehensive income | 755 | 4,901 | 2,589 | 6,798 | |||||||||||||
| Total comprehensive income attributable to: | |||||||||||||||||
| Common shareholders | 681 | 4,848 | 2,391 | 6,630 | |||||||||||||
| Preferred shareholders | 40 | 38 | 116 | 119 | |||||||||||||
| Non-controlling interest | 34 | 15 | 82 | 49 | |||||||||||||
| Total comprehensive income | 755 | 4,901 | 2,589 | 6,798 | |||||||||||||
(1)The discount rate used to value our post-employment benefit obligations at September 30, 2026 was 5.4% compared to 4.9% at June 30, 2026 and December 31, 2025. The discount rate used to value our post-employment benefit obligations at September 30, 2025 and June 30, 2025 was 4.8% compared to 4.7% at December 31, 2024.
62 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Consolidated statements of financial position
| (in millions of Canadian dollars) (unaudited) | Note | September 30, 2026 | December 31, 2025 | |||||||||||
| ASSETS | ||||||||||||||
| Current assets | ||||||||||||||
| Cash | 650 | 314 | ||||||||||||
| Cash equivalents | 3 | 6 | ||||||||||||
| Trade and other receivables | 4,191 | 4,474 | ||||||||||||
| Inventory | 368 | 389 | ||||||||||||
| Contract assets | 522 | 575 | ||||||||||||
| Contract costs | 866 | 849 | ||||||||||||
| Prepaid expenses | 376 | 379 | ||||||||||||
| Other current assets | 468 | 414 | ||||||||||||
| Assets held for sale | — | 7 | ||||||||||||
| Total current assets | 7,444 | 7,407 | ||||||||||||
| Non-current assets | ||||||||||||||
| Contract assets | 233 | 272 | ||||||||||||
| Contract costs | 878 | 959 | ||||||||||||
| Property, plant and equipment | 32,930 | 33,541 | ||||||||||||
| Intangible assets | 17,876 | 17,234 | ||||||||||||
| Deferred tax assets | 160 | 178 | ||||||||||||
| Investments in associates and joint ventures | 13 | 1,583 | 396 | |||||||||||
| Post-employment benefit assets | 15 | 4,781 | 4,310 | |||||||||||
| Other non-current assets | 13 | 1,965 | 2,637 | |||||||||||
| Goodwill | 13,372 | 13,231 | ||||||||||||
| Total non-current assets | 73,778 | 72,758 | ||||||||||||
| Total assets | 81,222 | 80,165 | ||||||||||||
| LIABILITIES | ||||||||||||||
| Current liabilities | ||||||||||||||
| Trade payables and other liabilities | 4,030 | 4,392 | ||||||||||||
| Contract liabilities | 896 | 872 | ||||||||||||
| Interest payable | 342 | 435 | ||||||||||||
| Dividends payable | 439 | 425 | ||||||||||||
| Current tax liabilities | 112 | 567 | ||||||||||||
| Debt due within one year | 14 | 6,205 | 6,155 | |||||||||||
| Liabilities held for sale | — | 10 | ||||||||||||
| Total current liabilities | 12,024 | 12,856 | ||||||||||||
| Non-current liabilities | ||||||||||||||
| Contract liabilities | 393 | 374 | ||||||||||||
| Long-term debt | 14 | 35,308 | 34,904 | |||||||||||
| Deferred tax liabilities | 6,433 | 6,105 | ||||||||||||
| Post-employment benefit obligations | 15 | 1,045 | 1,151 | |||||||||||
| Other non-current liabilities | 1,543 | 1,465 | ||||||||||||
| Total non-current liabilities | 44,722 | 43,999 | ||||||||||||
| Total liabilities | 56,746 | 56,855 | ||||||||||||
| EQUITY | ||||||||||||||
| Equity attributable to BCE shareholders | ||||||||||||||
| Preferred shares | 17 | 3,216 | 3,288 | |||||||||||
| Common shares | 17 | 21,493 | 21,493 | |||||||||||
| Contributed surplus | 17 | 1,315 | 1,308 | |||||||||||
| Accumulated other comprehensive (loss) income | 13 | (88) | 573 | |||||||||||
| Deficit | (1,796) | (3,642) | ||||||||||||
| Total equity attributable to BCE shareholders | 24,140 | 23,020 | ||||||||||||
| Non-controlling interest | 336 | 290 | ||||||||||||
| Total equity | 24,476 | 23,310 | ||||||||||||
| Total liabilities and equity | 81,222 | 80,165 | ||||||||||||
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 63
Consolidated statements of changes in equity
| Attributable to BCE shareholders | |||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||
For the period ended September 30, 2026 (in millions of Canadian dollars) (unaudited) | Note | Preferred shares | Common shares | Contri-buted surplus | Publicly-traded and privately-held invest- ments | Derivatives designated as cash-flow hedges | Cumulative translation adjustment | Deficit | Total | Non-controlling interest | Total equity | ||||||||||||||||||||||||
| Balance at December 31, 2025 | 3,288 | 21,493 | 1,308 | 911 | (301) | (37) | (3,642) | 23,020 | 290 | 23,310 | |||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | 1,920 | 1,920 | 77 | 1,997 | |||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | 19 | (114) | 263 | 419 | 587 | 5 | 592 | |||||||||||||||||||||||||
| Total comprehensive income (loss) | — | — | — | 19 | (114) | 263 | 2,339 | 2,507 | 82 | 2,589 | |||||||||||||||||||||||||
| Other share-based compensation | — | — | (3) | — | — | — | 24 | 21 | — | 21 | |||||||||||||||||||||||||
| Repurchase of preferred shares | 17 | (72) | — | 10 | — | — | — | — | (62) | — | (62) | ||||||||||||||||||||||||
| Dividends declared on BCE common and preferred shares | — | — | — | — | — | — | (1,340) | (1,340) | — | (1,340) | |||||||||||||||||||||||||
| Dividends declared by subsidiaries to non- controlling interest | — | — | — | — | — | — | — | — | (36) | (36) | |||||||||||||||||||||||||
| Settlement of cash flow hedges transferred to the cost basis of hedged items | — | — | — | — | (6) | — | — | (6) | — | (6) | |||||||||||||||||||||||||
| Reclassification of Group CH Limited Partnership | 13 | — | — | — | (823) | — | — | 823 | — | — | — | ||||||||||||||||||||||||
| Balance at September 30, 2026 | 3,216 | 21,493 | 1,315 | 107 | (421) | 226 | (1,796) | 24,140 | 336 | 24,476 | |||||||||||||||||||||||||
| Attributable to BCE shareholders | ||||||||||||||||||||||||||||||||
| Accumulated other comprehensive (loss) income | ||||||||||||||||||||||||||||||||
For the period ended September 30, 2025 (in millions of Canadian dollars) (unaudited) | Preferred shares | Common shares | Contri-buted surplus | Publicly-traded and privately- held invest -ments (1) | Derivatives designated as cash-flow hedges (1) | Cumulative translation adjustment | Deficit | Total | Non-controlling interest | Total equity | ||||||||||||||||||||||
| Balance at December 31, 2024 | 3,533 | 20,860 | 1,278 | 658 | (817) | — | (8,441) | 17,071 | 289 | 17,360 | ||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | 5,830 | 5,830 | 52 | 5,882 | ||||||||||||||||||||||
| Other comprehensive income | — | — | — | 38 | 433 | 75 | 373 | 919 | (3) | 916 | ||||||||||||||||||||||
| Total comprehensive income | — | — | — | 38 | 433 | 75 | 6,203 | 6,749 | 49 | 6,798 | ||||||||||||||||||||||
| Common shares issued under dividend reinvestment plan | — | 633 | — | — | — | — | — | 633 | — | 633 | ||||||||||||||||||||||
| Other share-based compensation | — | — | (9) | — | — | — | 35 | 26 | — | 26 | ||||||||||||||||||||||
| Repurchase of preferred shares | (195) | — | 52 | — | — | — | — | (143) | — | (143) | ||||||||||||||||||||||
| Dividends declared on BCE common and preferred shares | — | — | — | — | — | — | (1,861) | (1,861) | — | (1,861) | ||||||||||||||||||||||
| Dividends declared by subsidiaries to non-controlling interest | — | — | — | — | — | — | — | — | (38) | (38) | ||||||||||||||||||||||
| Settlement of cash flow hedges transferred to the cost basis of hedged items | — | — | — | — | (17) | — | — | (17) | — | (17) | ||||||||||||||||||||||
| Balance at September 30, 2025 | 3,338 | 21,493 | 1,321 | 696 | (401) | 75 | (4,064) | 22,458 | 300 | 22,758 | ||||||||||||||||||||||
(1)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
64 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Consolidated statements of cash flows
| Three months | Nine months | |||||||||||||||||||
For the period ended September 30 (in millions of Canadian dollars) (unaudited) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Cash flows from operating activities | ||||||||||||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | ||||||||||||||||
| Adjustments to reconcile net earnings to cash flows from operating activities | ||||||||||||||||||||
| Severance, acquisition and other costs | 7 | 46 | 82 | 90 | 370 | |||||||||||||||
| Depreciation and amortization | 1,346 | 1,309 | 4,078 | 3,868 | ||||||||||||||||
| Post-employment benefit plans cost | 15 | 10 | 24 | 37 | 72 | |||||||||||||||
| Net interest expense | 449 | 437 | 1,333 | 1,261 | ||||||||||||||||
| Impairment of assets | 8 | 2 | 970 | 13 | 987 | |||||||||||||||
| Net (gains) losses on investments | 9 | (2) | (5,175) | 1 | (5,165) | |||||||||||||||
Net early debt redemption costs (gains) (1) | 10 | — | 154 | (89) | (203) | |||||||||||||||
| Income taxes | 11 | 254 | 495 | 757 | 992 | |||||||||||||||
| Contributions to post-employment benefit plans | (10) | (12) | (37) | (42) | ||||||||||||||||
| Payments under other post-employment benefit plans | (12) | (15) | (44) | (44) | ||||||||||||||||
| Severance and other costs paid | (45) | (74) | (191) | (353) | ||||||||||||||||
| Interest paid | (589) | (620) | (1,543) | (1,489) | ||||||||||||||||
| Income taxes paid (net of refunds) | (70) | (141) | (633) | (265) | ||||||||||||||||
| Acquisition and other costs paid | (5) | (33) | (15) | (47) | ||||||||||||||||
Net change in operating assets and liabilities (1) | 143 | (42) | (225) | (392) | ||||||||||||||||
| Cash flows from operating activities | 2,218 | 1,914 | 5,529 | 5,432 | ||||||||||||||||
| Cash flows used in investing activities | ||||||||||||||||||||
| Capital expenditures | (1,330) | (891) | (3,251) | (2,383) | ||||||||||||||||
| Decrease in short-term investments | — | — | — | 400 | ||||||||||||||||
| Business acquisitions | (89) | (4,857) | (113) | (4,880) | ||||||||||||||||
| Business dispositions | — | — | 1 | 38 | ||||||||||||||||
Increase in investments (1) | (50) | (9) | (124) | (26) | ||||||||||||||||
| Decrease in investments | — | 4,686 | 11 | 4,686 | ||||||||||||||||
| Spectrum licences | (29) | (3) | (42) | (3) | ||||||||||||||||
Other investing activities (1) | 23 | (136) | 12 | (131) | ||||||||||||||||
| Cash flows used in investing activities | (1,475) | (1,210) | (3,506) | (2,299) | ||||||||||||||||
| Cash flows used in financing activities | ||||||||||||||||||||
| Increase (decrease) in notes payable | 996 | 98 | (975) | (628) | ||||||||||||||||
| Issue of long-term debt | 14 | — | 2,898 | 5,036 | 7,653 | |||||||||||||||
| Repayment of long-term debt | 14 | (1,085) | (3,065) | (4,195) | (9,046) | |||||||||||||||
| Purchase of shares for settlement of share-based payments | (33) | (33) | (128) | (129) | ||||||||||||||||
| Repurchase of preferred shares | 17 | — | (67) | (62) | (143) | |||||||||||||||
| Cash dividends paid on common shares | (408) | (408) | (1,224) | (1,618) | ||||||||||||||||
| Cash dividends paid on preferred shares | (27) | (28) | (99) | (105) | ||||||||||||||||
| Cash dividends paid by subsidiaries to non-controlling interest | (12) | (25) | (36) | (38) | ||||||||||||||||
| Other financing activities | — | (121) | (116) | (188) | ||||||||||||||||
| Cash flows used in financing activities | (569) | (751) | (1,799) | (4,242) | ||||||||||||||||
| Effect of currency exchange rate changes on cash and cash equivalents | — | 2 | 2 | 2 | ||||||||||||||||
| Net increase (decrease) in cash | 173 | (47) | 229 | (1,112) | ||||||||||||||||
| Cash at beginning of period | 477 | 507 | 314 | 1,572 | ||||||||||||||||
| Initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 2026 | 2, | 3 | — | — | 107 | — | ||||||||||||||
| Cash at end of period | 650 | 460 | 650 | 460 | ||||||||||||||||
| Net increase (decrease) in cash equivalents | 1 | 2 | (3) | 5 | ||||||||||||||||
| Cash equivalents at beginning of period | 2 | 3 | 6 | — | ||||||||||||||||
| Cash equivalents at end of period | 3 | 5 | 3 | 5 | ||||||||||||||||
(1)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 65
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 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 and Internet services to residential customers principally in the Pacific Northwest of the U.S. and business and wholesale services across the U.S. Our Bell Media segment holds a portfolio of assets providing premium video, audio, out-of-home (OOH) 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 November 4, 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.
66 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Future changes to accounting standards
The following accounting standards issued by the IASB have not yet been adopted by BCE.
| Standard | Description | Impact | Effective 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 reported | Impact of Amendments to IFRS 9 and IFRS 7 | January 1, 2026, upon adoption of Amendments to IFRS 9 and IFRS 7 | |||||||||
| Consolidated statements of financial position: | |||||||||||
| Cash | 314 | 107 | 421 | ||||||||
| Trade and other receivables | 4,474 | 2 | 4,476 | ||||||||
| Trade payables and other liabilities | 4,392 | 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 THIRD QUARTER SHAREHOLDER REPORT 67
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 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 September 30, 2026 and 2025.
| For the three month period ended September 30, 2026 | Note | Bell CTS Canada (1) | Bell CTS U.S. (2) | Bell CTS | Bell Media | Inter-segment eliminations | BCE | ||||||||||||||||
| Operating revenues | |||||||||||||||||||||||
| External service revenues | 4,461 | 238 | 4,699 | 713 | — | 5,412 | |||||||||||||||||
| Inter-segment service revenues | 7 | — | 7 | 90 | (97) | — | |||||||||||||||||
| Operating service revenues | 4,468 | 238 | 4,706 | 803 | (97) | 5,412 | |||||||||||||||||
| External/operating product revenues | 770 | — | 770 | — | — | 770 | |||||||||||||||||
| Total external revenues | 5,231 | 238 | 5,469 | 713 | — | 6,182 | |||||||||||||||||
| Total inter-segment revenues | 7 | — | 7 | 90 | (97) | — | |||||||||||||||||
Total operating revenues (3) | 5,238 | 238 | 5,476 | 803 | (97) | 6,182 | |||||||||||||||||
| Operating costs | 6 | (2,803) | (143) | (2,946) | (547) | 97 | (3,396) | ||||||||||||||||
Adjusted EBITDA (4) | 2,435 | 95 | 2,530 | 256 | — | 2,786 | |||||||||||||||||
| Severance, acquisition and other costs | 7 | (30) | (12) | (42) | (4) | — | (46) | ||||||||||||||||
| Depreciation and amortization | (1,187) | (103) | (1,290) | (56) | — | (1,346) | |||||||||||||||||
| Impairment of assets | (2) | — | (2) | — | — | (2) | |||||||||||||||||
| Adjusted EBIT | 1,216 | (20) | 1,196 | 196 | — | 1,392 | |||||||||||||||||
| Finance costs | |||||||||||||||||||||||
| Interest expense | (465) | ||||||||||||||||||||||
| Net return on post-employment benefit plans | 15 | 37 | |||||||||||||||||||||
| Net gains on investments | 2 | ||||||||||||||||||||||
| Other expense | 10 | (11) | |||||||||||||||||||||
| Income taxes | 11 | (254) | |||||||||||||||||||||
| Net earnings | 701 | ||||||||||||||||||||||
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber and its subsidiaries 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.
68 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
| For the three month period ended September 30, 2025 | Note | Bell CTS Canada (1) | Bell CTS U.S. (2) | Bell CTS | Bell Media | Inter-segment eliminations | BCE | |||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| External service revenues | 4,521 | 160 | 4,681 | 648 | — | 5,329 | ||||||||||||||||||||
| Inter-segment service revenues | 7 | — | 7 | 84 | (91) | — | ||||||||||||||||||||
| Operating service revenues | 4,528 | 160 | 4,688 | 732 | (91) | 5,329 | ||||||||||||||||||||
| External/operating product revenues | 720 | — | 720 | — | — | 720 | ||||||||||||||||||||
| Total external revenues | 5,241 | 160 | 5,401 | 648 | — | 6,049 | ||||||||||||||||||||
| Total inter-segment revenues | 7 | — | 7 | 84 | (91) | — | ||||||||||||||||||||
Total operating revenues (3) | 5,248 | 160 | 5,408 | 732 | (91) | 6,049 | ||||||||||||||||||||
| Operating costs | 6 | (2,794) | (89) | (2,883) | (495) | 91 | (3,287) | |||||||||||||||||||
Adjusted EBITDA (4) | 2,454 | 71 | 2,525 | 237 | — | 2,762 | ||||||||||||||||||||
Severance, acquisition and other costs (5) | 7 | (76) | — | (76) | (6) | — | (82) | |||||||||||||||||||
Depreciation and amortization (5) | (1,208) | (43) | (1,251) | (58) | — | (1,309) | ||||||||||||||||||||
Impairment of assets (5) | 8 | 6 | — | 6 | (976) | — | (970) | |||||||||||||||||||
| Adjusted EBIT | 1,176 | 28 | 1,204 | (803) | — | 401 | ||||||||||||||||||||
| Finance costs | ||||||||||||||||||||||||||
| Interest expense | (457) | |||||||||||||||||||||||||
| Net return on post-employment benefit plans | 15 | 26 | ||||||||||||||||||||||||
| Net gains on investments | 9 | 5,175 | ||||||||||||||||||||||||
| Other expense | 10 | (95) | ||||||||||||||||||||||||
| Income taxes | 11 | (495) | ||||||||||||||||||||||||
| Net earnings | 4,555 | |||||||||||||||||||||||||
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber exclusively, from August 1, 2025, date of acquisition.
(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.
(5)We have presented amounts from the previous period to make them consistent with the presentation for the current period.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 69
The following tables present financial information by segment for the nine month periods ended September 30, 2026 and 2025.
| For the nine month period ended September 30, 2026 | Note | Bell CTS Canada (1) | Bell CTS U.S. (2) | Bell CTS | Bell Media | Inter-segment eliminations | BCE | ||||||||||||||||
| Operating revenues | |||||||||||||||||||||||
| External service revenues | 13,318 | 706 | 14,024 | 2,229 | — | 16,253 | |||||||||||||||||
| Inter-segment service revenues | 20 | — | 20 | 270 | (290) | — | |||||||||||||||||
| Operating service revenues | 13,338 | 706 | 14,044 | 2,499 | (290) | 16,253 | |||||||||||||||||
| External/operating product revenues | 2,273 | — | 2,273 | — | — | 2,273 | |||||||||||||||||
| Total external revenues | 15,591 | 706 | 16,297 | 2,229 | — | 18,526 | |||||||||||||||||
| Total inter-segment revenues | 20 | — | 20 | 270 | (290) | — | |||||||||||||||||
Total operating revenues (3) | 15,611 | 706 | 16,317 | 2,499 | (290) | 18,526 | |||||||||||||||||
| Operating costs | 6 | (8,439) | (414) | (8,853) | (1,844) | 290 | (10,407) | ||||||||||||||||
Adjusted EBITDA (4) | 7,172 | 292 | 7,464 | 655 | — | 8,119 | |||||||||||||||||
| Severance, acquisition and other costs | 7 | (57) | (23) | (80) | (10) | — | (90) | ||||||||||||||||
| Depreciation and amortization | (3,603) | (301) | (3,904) | (174) | — | (4,078) | |||||||||||||||||
| Impairment of assets | (13) | — | (13) | — | — | (13) | |||||||||||||||||
| Adjusted EBIT | 3,499 | (32) | 3,467 | 471 | — | 3,938 | |||||||||||||||||
| Finance costs | |||||||||||||||||||||||
| Interest expense | (1,378) | ||||||||||||||||||||||
| Net return on post-employment benefit plans | 15 | 110 | |||||||||||||||||||||
| Net losses on investments | (1) | ||||||||||||||||||||||
| Other income | 10 | 85 | |||||||||||||||||||||
| Income taxes | 11 | (757) | |||||||||||||||||||||
| Net earnings | 1,997 | ||||||||||||||||||||||
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber and its subsidiaries 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.
70 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
| For the nine month period ended September 30, 2025 | Note | Bell CTS Canada (1) | Bell CTS U.S. (2) | Bell CTS | Bell Media | Inter-segment eliminations | BCE | |||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| External service revenues | 13,511 | 160 | 13,671 | 2,097 | — | 15,768 | ||||||||||||||||||||
| Inter-segment service revenues | 21 | — | 21 | 253 | (274) | — | ||||||||||||||||||||
| Operating service revenues | 13,532 | 160 | 13,692 | 2,350 | (274) | 15,768 | ||||||||||||||||||||
| External/operating product revenues | 2,296 | — | 2,296 | — | — | 2,296 | ||||||||||||||||||||
| Total external revenues | 15,807 | 160 | 15,967 | 2,097 | — | 18,064 | ||||||||||||||||||||
| Total inter-segment revenues | 21 | — | 21 | 253 | (274) | — | ||||||||||||||||||||
Total operating revenues (3) | 15,828 | 160 | 15,988 | 2,350 | (274) | 18,064 | ||||||||||||||||||||
| Operating costs | 6 | (8,536) | (89) | (8,625) | (1,719) | 274 | (10,070) | |||||||||||||||||||
Adjusted EBITDA (4) | 7,292 | 71 | 7,363 | 631 | — | 7,994 | ||||||||||||||||||||
Severance, acquisition and other costs (5) | 7 | (349) | — | (349) | (21) | — | (370) | |||||||||||||||||||
Depreciation and amortization (5) | (3,646) | (43) | (3,689) | (179) | — | (3,868) | ||||||||||||||||||||
Impairment of assets (5) | 8 | (11) | — | (11) | (976) | — | (987) | |||||||||||||||||||
| Adjusted EBIT | 3,286 | 28 | 3,314 | (545) | — | 2,769 | ||||||||||||||||||||
| Finance costs | ||||||||||||||||||||||||||
| Interest expense | (1,322) | |||||||||||||||||||||||||
| Net return on post-employment benefit plans | 15 | 77 | ||||||||||||||||||||||||
| Net gains on investments | 9 | 5,165 | ||||||||||||||||||||||||
| Other income | 10 | 185 | ||||||||||||||||||||||||
| Income taxes | 11 | (992) | ||||||||||||||||||||||||
| Net earnings | 5,882 | |||||||||||||||||||||||||
(1)Includes all subsidiaries of Bell CTS with the exception of Ziply Fiber and its subsidiaries.
(2)Includes the results of Ziply Fiber exclusively, from August 1, 2025, date of acquisition.
(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.
(5)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 months | Nine months | |||||||||||||
For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | ||||||||||
Services (1) | ||||||||||||||
| Wireless voice and data | 1,758 | 1,785 | 5,211 | 5,302 | ||||||||||
Wireline data (2) (3) | 2,236 | 2,165 | 6,663 | 6,204 | ||||||||||
Wireline voice (4) | 605 | 632 | 1,863 | 1,885 | ||||||||||
Media (5) | 741 | 667 | 2,302 | 2,141 | ||||||||||
Other wireline services (6) | 72 | 80 | 214 | 236 | ||||||||||
| Total services | 5,412 | 5,329 | 16,253 | 15,768 | ||||||||||
Products (7) | ||||||||||||||
| Wireless | 603 | 610 | 1,743 | 1,828 | ||||||||||
Wireline (8) | 167 | 110 | 530 | 468 | ||||||||||
| Total products | 770 | 720 | 2,273 | 2,296 | ||||||||||
| Total operating revenues | 6,182 | 6,049 | 18,526 | 18,064 | ||||||||||
(1)Our service revenues are generally recognized over time.
(2)Includes Internet protocol television revenues.
(3)Wireline data for the three and nine month periods ended September 30, 2026 include $198 million and $590 million of revenues from Bell CTS U.S., respectively.
(4)Wireline voice for the three and nine month periods ended September 30, 2026 include $37 million and $107 million of revenues from Bell CTS U.S., respectively.
(5)Includes streaming revenues.
(6)Other wireline services for the three and nine month periods ended September 30, 2026 include $3 million and $9 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 nine month periods ended September 30, 2026 and September 30, 2025 are revenues from finance leases related to our artificial intelligence (AI) facilities.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 71
Note 5 Business acquisition and dispositions
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 allocated | 5,116 | |||||||
| Trade and other receivables | 96 | |||||||
| Prepaid expenses | 44 | |||||||
Property, plant and equipment (3) | 3,911 | |||||||
Finite-life intangible assets (4) | 888 | |||||||
| Indefinite-life intangible assets | 263 | |||||||
| Post-employment benefit assets | 20 | |||||||
| 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 equivalents | 166 | |||||||
| Fair value of net assets acquired | 2,121 | |||||||
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 (CGUs).
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. We previously expected the transaction to close in the fourth quarter of 2026 but now expect it to close in the first half of 2027. The transaction remains subject to the receipt of 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.
72 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Proposed disposition of Northwestel
In June 2024, Bell Canada entered into an agreement for the disposition of Northwestel Inc. (Northwestel) to Sixty North Unity, a consortium of Indigenous communities from the Yukon, the Northwest Territories and Nunavut, for up to $1 billion, subject to adjustments. While the transaction will not proceed as previously announced, Bell Canada and Sixty North Unity continue to work together on a restructured transaction which may impact the timing, purchase price, equity interest to be divested and other economic terms. The results of Northwestel are included in our Bell CTS Canada segment.
Note 6 Operating costs
| Three months | Nine months | |||||||||||||||||||
For the period ended September 30 | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Labour costs | ||||||||||||||||||||
| Wages, salaries and related taxes and benefits | (1,008) | (1,002) | (3,055) | (2,973) | ||||||||||||||||
| Post-employment benefit plans service cost (net of capitalized amounts) | 15 | (47) | (50) | (147) | (149) | |||||||||||||||
Other labour costs (1) | (200) | (204) | (606) | (651) | ||||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized labour | 269 | 282 | 820 | 807 | ||||||||||||||||
| Total labour costs | (986) | (974) | (2,988) | (2,966) | ||||||||||||||||
Cost of revenues (2) | (1,844) | (1,765) | (5,693) | (5,567) | ||||||||||||||||
Other operating costs (3) | (566) | (548) | (1,726) | (1,537) | ||||||||||||||||
| Total operating costs | (3,396) | (3,287) | (10,407) | (10,070) | ||||||||||||||||
(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 months | Nine months | |||||||||||||
For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Severance | (11) | (5) | (59) | (250) | ||||||||||
| Acquisition and other | (35) | (77) | (31) | (120) | ||||||||||
| Total severance, acquisition and other costs | (46) | (82) | (90) | (370) | ||||||||||
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.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 73
Note 8 Impairment of assets
2025
During the third quarter of 2025, we identified indicators of impairment for our Bell Media TV services, radio markets and OOH advertising business, due to a decline in legacy advertising demand and spending in the linear advertising market as we transition to digital. Accordingly, impairment testing was required for certain groups of CGUs as well as for goodwill for the Bell Media group of CGUs.
We recognized $976 million of impairment charges for English and French TV services, radio markets and our OOH advertising business within our Bell Media segment. These charges included $554 million allocated to indefinite-life intangible assets for broadcast licences, spectrum and other licences and brands, $250 million allocated to program and feature film rights, $103 million allocated to property, plant and equipment for network, infrastructure and equipment and assets under construction, $47 million allocated to software, $18 million allocated to prepaid expenses and inventory, and $4 million allocated to finite-life intangible assets mainly for trademarks. The impairment was determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of September 1, 2025 to December 31, 2030, using discount rates of 9% to 11% and perpetuity growth rates of (2%) to 2%, as well as market multiple data from public companies and market transactions. A negative change to any of these assumptions and projections may result in further impairment charges for certain groups of CGUs. After impairments, the carrying value of the impacted CGUs was $352 million.
There was no impairment of Bell Media goodwill. For the Bell Media group of CGUs, a decrease of 2.1% in the perpetuity growth rate or an increase of 1.2% in the discount rate would have resulted in its recoverable amount being equal to its carrying value.
Note 9 Net gains (losses) on investments
2025
On July 1, 2025, BCE completed the previously announced disposition of its minority stake in Maple Leaf Sports and Entertainment Ltd. (MLSE). We recorded gross proceeds of $4.7 billion and an income tax liability of $542 million. A gain on sale of $5.2 billion was also recorded.
Note 10 Other (expense) income
| Three months | Nine months | |||||||||||||||||||
| For the period ended September 30 | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net early debt redemption (costs) gains | 14 | — | (154) | 89 | 203 | |||||||||||||||
| Interest income | 16 | 20 | 45 | 61 | ||||||||||||||||
| Equity (losses) gains from investments in associates and joint ventures | 13 | |||||||||||||||||||
| Operations | (3) | (1) | 7 | (2) | ||||||||||||||||
| Net mark-to-market (losses) gains on derivatives used to economically hedge equity settled share-based compensation plans | (35) | 31 | (64) | (11) | ||||||||||||||||
| Losses on retirements and disposals of property, plant and equipment and intangible assets | (6) | (11) | (18) | (21) | ||||||||||||||||
Other (1) | 17 | 20 | 26 | (45) | ||||||||||||||||
| Total other (expense) income | (11) | (95) | 85 | 185 | ||||||||||||||||
(1)Includes foreign exchange gains (losses) on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies in 2025.
74 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Note 11 Income taxes
The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 26.8% for the three and nine month periods ended September 30, 2026 and 2025.
| Three months | Nine months | |||||||||||||
For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net earnings | 701 | 4,555 | 1,997 | 5,882 | ||||||||||
| Add back income taxes | 254 | 495 | 757 | 992 | ||||||||||
| Earnings before income taxes | 955 | 5,050 | 2,754 | 6,874 | ||||||||||
| Applicable statutory tax rate | 26.8 | % | 26.8 | % | 26.8 | % | 26.8 | % | ||||||
| Income taxes computed at applicable statutory rates | (256) | (1,353) | (738) | (1,842) | ||||||||||
| Non-taxable portion of gains on investments | 1 | 840 | 2 | 839 | ||||||||||
| Uncertain tax positions | — | 19 | — | 22 | ||||||||||
| Change in estimate relating to prior periods | 6 | (1) | 5 | (1) | ||||||||||
| Non-taxable portion of equity losses | — | — | (1) | (2) | ||||||||||
| Other | (5) | — | (25) | (8) | ||||||||||
| Total income taxes | (254) | (495) | (757) | (992) | ||||||||||
| Average effective tax rate | 26.6 | % | 9.8 | % | 27.5 | % | 14.4 | % | ||||||
Note 12 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 months | Nine months | ||||||||||||||||
| For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net earnings attributable to common shareholders - basic | 630 | 4,502 | 1,804 | 5,711 | |||||||||||||
| Dividends declared per common share (in dollars) | 0.4375 | 0.4375 | 1.3125 | 1.8725 | |||||||||||||
| Weighted average number of common shares outstanding (in millions) | |||||||||||||||||
| Weighted average number of common shares outstanding - basic | 932.5 | 932.5 | 932.5 | 928.0 | |||||||||||||
Assumed exercise of stock options (1) | — | — | — | — | |||||||||||||
| Weighted average number of common shares outstanding - diluted (in millions) | 932.5 | 932.5 | 932.5 | 928.0 | |||||||||||||
(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 8,739,868 for the third quarter of 2026 and for the first nine months of 2026, compared to 5,503,174 for the third quarter of 2025 and for the first nine months of 2025.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 75
Note 13 Investments in associates and joint ventures
In Q1 2026, as a result of the disposition of our minority stake in MLSE 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
| September 30, 2026 | December 31, 2025 | |||||||
| Current assets | 905 | 647 | ||||||
| Non-current assets | 6,355 | 826 | ||||||
| Current liabilities | (865) | (595) | ||||||
| Non-current liabilities | (436) | (135) | ||||||
| Total net assets | 5,959 | 743 | ||||||
| BCE's share of net assets | 1,583 | 396 | ||||||
Income statements
| Three months | Nine months | ||||||||||||||||
| For the period ended September 30 | Note | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | 409 | 351 | 1,390 | 1,122 | |||||||||||||
| Expenses | (421) | (354) | (1,362) | (1,128) | |||||||||||||
| Total net (loss) earnings | (12) | (3) | 28 | (6) | |||||||||||||
| BCE’s share of net (loss) earnings | 10 | (3) | (1) | 7 | (2) | ||||||||||||
Note 14 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 16, 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
for an aggregate cash purchase price of $692 million in U.S. dollars ($963 million in Canadian dollars).
76 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
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 (expense) income 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 $298 million and $297 million for the three months ended September 30, 2026 and 2025, respectively, and $797 million and $879 million for the nine months ended September 30, 2026 and 2025, respectively.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 77
Note 15 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 months | Nine months | ||||||||||||||||
| For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| DB pension | (28) | (32) | (83) | (93) | |||||||||||||
| DC pension | (31) | (31) | (102) | (101) | |||||||||||||
| OPEBs | — | — | (1) | (1) | |||||||||||||
| Less: | |||||||||||||||||
| Capitalized benefit plans cost | 12 | 13 | 39 | 46 | |||||||||||||
| Total post-employment benefit plans service cost | (47) | (50) | (147) | (149) | |||||||||||||
Components of post-employment benefit plans financing income
| Three months | Nine months | ||||||||||||||||
| For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| DB pension | 45 | 34 | 133 | 100 | |||||||||||||
| OPEBs | (8) | (8) | (23) | (23) | |||||||||||||
| Total net return on post-employment benefit plans | 37 | 26 | 110 | 77 | |||||||||||||
78 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Note 16 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.
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||
| Classification | Fair value methodology | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||
| Debt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 32,563 | 31,417 | 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 | |||||||||||||||||
| Classification | 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) | |||||||||||||
| September 30, 2026 | |||||||||||||||||
Publicly-traded and privately-held investments (3) (4) | Other non-current assets | 356 | 130 | — | 226 | ||||||||||||
| Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (581) | — | (581) | — | ||||||||||||
| Investments | Other non-current assets | 242 | — | 242 | — | ||||||||||||
| December 31, 2025 | |||||||||||||||||
Publicly-traded and privately-held investments (3) | Other non-current assets | 1,198 | 105 | — | 1,093 | ||||||||||||
| Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (513) | — | (513) | — | ||||||||||||
| Investments | Other non-current assets | 246 | — | 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 13, Investments in associates and joint ventures, for additional details.
Market risk
Currency exposures
In 2026, we entered into cross currency interest rate swaps with a notional amount of $372 million in U.S. dollars ($530 million in Canadian dollars), maturing in 2035, to hedge the U.S. currency exposure of our Fixed-to-Fixed Rate Junior Subordinated Notes, Series B (Series B Notes) maturing in 2055. The fair value of the cross currency interest rate swaps at September 30, 2026 was a net liability of $10 million recognized in Other current assets and Other non-current liabilities in the statements of financial position. This fair value reflects an initial net liability of $5 million on termination of a foreign currency swap with a notional amount of $372 million in U.S. dollars ($517 million in Canadian dollars) to hedge the U.S. currency exposure of our Series B Notes and an initial net liability of $15 million on termination of interest rate swaps with a notional amount of $372 million in U.S. dollars ($531 million in Canadian dollars) to hedge the fair value of our Series B Notes.
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
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 79
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 September 30, 2026 was a net liability of $1 million recognized in Other 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 remaining amortizing cross currency interest rate swaps with a notional amount of $195 million in U.S. dollars ($268 million in Canadian dollars) at September 30, 2026 was a net asset of $8 million recognized in Other current assets and Other non-current assets in the statements of financial position.
See Note 14, Debt, for additional details.
The following table provides further details on our outstanding foreign currency forward contracts and options at September 30, 2026.
| Type of hedge | Buy currency | Amount to receive | Sell currency | Amount to pay | Maturity | Hedged item | ||||||||||||||
Cash flow (1) | USD | 1,144 | CAD | 1,604 | 2026 | Loans | ||||||||||||||
| Cash flow | USD | 1,172 | CAD | 1,620 | 2026 | Commercial paper | ||||||||||||||
| Cash flow | USD | 192 | CAD | 256 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | PHP | 835 | CAD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | MAD | 134 | CAD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | PHP | 3,058 | CAD | 69 | 2026 | Anticipated purchases | ||||||||||||||
| Cash flow | USD | 546 | CAD | 728 | 2027 | Anticipated purchases | ||||||||||||||
| Cash flow | USD | 120 | CAD | 156 | 2028 | Anticipated purchases | ||||||||||||||
| Economic | USD | 3 | CAD | 4 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | 30 | CAD | 39 | 2026 | Anticipated purchases | ||||||||||||||
Economic - options (2) | USD | 10 | CAD | 13 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | CAD | 131 | USD | 90 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 40 | CAD | 52 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - put options | CAD | 27 | USD | 20 | 2026 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | 38 | CAD | 49 | 2027 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 30 | CAD | 39 | 2027 | Anticipated purchases | ||||||||||||||
Economic - options (2) | USD | 14 | CAD | 19 | 2027 | Anticipated purchases | ||||||||||||||
| Economic - call options | CAD | 360 | USD | 240 | 2028 | Anticipated purchases | ||||||||||||||
| Economic - put options | USD | 120 | CAD | 156 | 2028 | Anticipated purchases | ||||||||||||||
| Economic - call options | USD | — | CAD | 7 | 2028 | Anticipated 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 $37 million (gain of $7 million) recognized in net earnings at September 30, 2026 and a loss of $54 million (gain of $76 million) recognized in Other comprehensive income at September 30, 2026, with all other variables held constant.
Interest rate exposures
In 2026, we sold forward starting interest rate swaptions, effective in 2031 and maturing in 2036, with a notional amount of $750 million, for $5 million, to hedge economically the interest cost of our Series E Notes maturing in 2056. The fair value of the interest rate swaptions at September 30, 2026 was a liability of $6 million recognized in Other non-current liabilities in the statements of financial position.
In 2026, following the repurchase of a portion of our Series M-45 MTN debentures prior to maturity, we terminated the related 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
80 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
reflected in the initial fair value of the interest rate swaps noted below 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:
| Debt | Fair value hedge | Hedge of interest cost | |||||||||||||||
| Series | Maturity | Notional amount | Maturity | Notional amount | Maturity | ||||||||||||
| B Notes | 2055 | 530 | 2035 | — | — | ||||||||||||
| E Notes | 2056 | 750 | 2036 | 750 | 2031 | ||||||||||||
| EH Notes | 2041 | 400 | 2041 | 400 | 2031 | ||||||||||||
| EO Notes | 2053 | 150 | 2046 | 150 | 2031-2032 | ||||||||||||
| EU Notes | 2054 | 150 | 2046 | 150 | 2032 | ||||||||||||
| M-45 MTN debentures | 2047 | 33 | 2047 | 33 | 2028 | ||||||||||||
| M-61 MTN debentures | 2053 | 400 | 2046 | 400 | 2031 | ||||||||||||
| M-68 MTN debentures | 2033 | 750 | 2029 | — | — | ||||||||||||
| M-70 MTN debentures | 2056 | 700 | 2046 | 700 | 2031 | ||||||||||||
The fair value of these interest rate swaps at September 30, 2026 was a net liability of $135 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 14, Debt, for additional details.
A 1% increase (decrease) in interest rates would result in a loss of $22 million (gain of $10 million) recognized in net earnings and a gain of $75 million (loss of $80 million) recognized in Other comprehensive income for the nine months ended September 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 September 30, 2026 and December 31, 2025 was a net liability of $254 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 $35 million and $64 million for the three and nine months ended September 30, 2026, respectively, and a gain of $31 million (loss of $11 million) for the three and nine months ended September 30, 2025, respectively, relating to the equity forward contracts is recognized in Other (expense) income in the income statements.
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $19 million recognized in net earnings at September 30, 2026, with all other variables held constant.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 81
Note 17 Share capital
Normal course issuer bid for BCE First Preferred Shares
For the nine months ended September 30, 2026, BCE repurchased and canceled 2,886,461 First Preferred Shares with a stated capital of $72 million for a total cost of $62 million. The remaining $10 million was recorded to contributed surplus.
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.
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%.
Subsequent to quarter end, on November 2, 2026, 400 of BCE's 4,798,333 fixed-rate Cumulative Redeemable First Preferred Shares, Series T (Series T Preferred Shares), were converted, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series S (Series S Preferred Shares). In addition, on the same date, 676,765 of BCE's 1,866,877 Series S Preferred Shares were converted, on a one-for-one basis, into Series T Preferred Shares.
The annual fixed dividend rate on BCE's Series T Preferred Shares was reset for the next five years, effective November 2, 2026, at 5.523%. The Series S Preferred Shares will continue to pay a monthly cash dividend.
Dividends are paid as and when declared by the board of directors of BCE.
82 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Note 18 Share-based payments
The following share-based payment amounts are included in the income statements as operating costs.
| Three months | Nine months | |||||||||||||
For the period ended September 30 | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Restricted share units (RSUs) and performance share units (PSUs) | (10) | (9) | (47) | (47) | ||||||||||
| Stock options, employee savings plan and deferred share units | (7) | (7) | (30) | (22) | ||||||||||
| Total share-based payments | (17) | (16) | (77) | (69) | ||||||||||
The following tables summarize the change in outstanding RSUs/PSUs and stock options for the period ended September 30, 2026.
RSUs/PSUs
Number of RSUs/PSUs | |||||
| Outstanding, January 1, 2026 | 4,968,853 | ||||
| Granted | 1,737,750 | ||||
| Dividends credited | 214,090 | ||||
| Settled | (1,281,770) | ||||
| Forfeited | (215,091) | ||||
Outstanding, September 30, 2026 | 5,423,832 | ||||
Stock options
| Number of options | Weighted average exercise price ($) | ||||||||||
| Outstanding, January 1, 2026 | 5,503,174 | 62 | |||||||||
| Granted | 3,341,630 | 36 | |||||||||
| Forfeited or expired | (104,936) | 63 | |||||||||
Outstanding, September 30, 2026 | 8,739,868 | 52 | |||||||||
Exercisable, September 30, 2026 | 5,398,238 | 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 yield | 5 | % | ||||||
| Expected volatility | 17 | % | ||||||
| Risk-free interest rate | 3 | % | ||||||
| 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.
BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT 83
Note 19 Remaining performance obligations
The following table shows revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as at September 30, 2026.
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | |||||||||||||||||
| Bell CTS Canada | 981 | 2,730 | 1,501 | 932 | 815 | 4,320 | 11,279 | ||||||||||||||||
| Bell CTS U.S. | 18 | 4 | 4 | 3 | 1 | 3 | 33 | ||||||||||||||||
| Total | 999 | 2,734 | 1,505 | 935 | 816 | 4,323 | 11,312 | ||||||||||||||||
On October 27, 2026, Bell Canada entered into a definitive agreement with global investment group La Caisse, under which La Caisse will acquire a 49.9% stake in a newly formed wireless tower infrastructure company, TowerCo, for a purchase price of $2.45 billion, subject to customary adjustments. TowerCo will own and operate Bell's portfolio of passive wireless infrastructure assets, comprising more than 5,000 sites across Canada.
Bell will retain a 50.1% controlling equity interest in TowerCo, and TowerCo's financial results will be consolidated into Bell’s consolidated financial statements. TowerCo is expected to have no financial debt at closing. TowerCo will lease capacity on the transferred towers to Bell, and Bell will maintain access to existing sites through long-term agreements. TowerCo will develop new sites for Bell as needed. Bell will retain full ownership and control of its spectrum, all active network equipment and owned land.
The transaction is expected to close in the first quarter of 2027, following receipt of regulatory approvals and satisfaction of other customary closing conditions.
84 BCE Inc. 2026 THIRD QUARTER SHAREHOLDER REPORT
Exhibit 99.3
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 September 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 N/A
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 July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: November 5, 2026
(signed) Mirko Bibic | |||||
| Mirko Bibic | |||||
| President and Chief Executive Officer | |||||
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 September 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 N/A
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 July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date: November 5, 2026
(signed) Curtis Millen | |||||
| Curtis Millen | |||||
| Executive Vice-President and Chief Financial Officer | |||||
Exhibit 99.4
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 third quarter 2026 results
•2.2% consolidated revenue growth delivered 0.9% higher adjusted EBITDA1
•Net earnings of $701 million, down 84.6% due to lower gains on investments from sale of MLSE stake in 2025, with net earnings attributable to common shareholders of $630 million, down 86.0%, or $0.67 per common share; adjusted net earnings1 of $695 million yielded adjusted EPS1 of $0.74, down 6.3%
•Cash flows from operating activities up 15.9% to $2,218 million; free cash flow1 decreased to $854 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.
•Bell Business Markets revenue2 up 9.2% with 41% growth of AI-powered solutions revenue2 driven by strong demand for Ateko and Bell Cyber
•67,199 residential fibre-to-the-home (FTTH) Internet net subscriber3 activations4, including Ziply Fiber, contributing to 5.1% Internet revenue growth
•24,110 postpaid mobile phone net subscriber3 activations; postpaid churn down 7 basis points to 1.06%3 — lowest Q3 level in four years
•Bell Media revenue up 9.7% on strong FIFA World Cup 2026TM and Crave performance, with adjusted EBITDA up 8.0%
•Crave subscriptions up 21% to 5.15 million, driven by strong direct-to-consumer streaming growth
MONTRÉAL, November 5, 2026 – BCE Inc. (TSX, NYSE: BCE) today reported results for the third quarter (Q3) of 2026.
"In the year since our Investor Day 2025, Bell's Q3 results show responsible investment in key growth areas and steadfast execution of our long-term priorities,” said Mirko Bibic, President and CEO, BCE and Bell Canada.
“Fibre and wireless continue to drive growth. We added more than 24,000 postpaid mobile phone net subscribers, with churn reaching its lowest third-quarter level in four years. We also added more than 67,000 new residential FTTH subscribers across Canada and the U.S., contributing to 5.1% Internet revenue growth.
Bell Business Markets remains a strong performer with revenue up 9.2%, including 41% growth in AI-powered solutions revenue. We also continued to advance Bell AI Fabric, including a non-binding MOU with the Government of Saskatchewan to explore up to 900 megawatts of additional capacity at our facility outside Regina, creating a potential path to 1.2 gigawatts of total capacity.
1/22
Bell Media delivered its second consecutive quarter of strong revenue and adjusted EBITDA growth. Crave subscriptions grew 21% to over 5.1 million, including 41% growth in direct-to-consumer streaming subscribers.
We also announced an agreement with La Caisse to sell a 49.9% stake in our newly formed wireless tower infrastructure company, allowing us to surface the value of our tower infrastructure assets while retaining control of the business.
Our commitment to 3.5x net debt leverage1 by the end of 2027 remains unchanged, and we remain focused on disciplined execution of our four strategic priorities. As we invest in the future to create value for shareholders, we are pleased with the progress we've made as we head into the end of 2026."
________________
1 Adjusted EBITDA is a total of segments measure, adjusted net earnings and free cash flow are non-GAAP financial measures, adjusted EPS is a non-GAAP ratio, and net debt leverage ratio is a capital management measure. Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on these measures.
2 Bell Business Markets (BBM) operating revenue includes wireline and wireless service and product revenue from large and medium retail business customers generated from the sale of communications services and AI-powered solutions. Communications revenue is comprised of: core connectivity services, including wireless, Internet, voice, and data network services sold directly to enterprise customers, as well as advanced cloud-based services such as Contact Center as a Service (CCaaS) and unified-communications-as-a-service (UCaaS). Al-powered solutions revenue is comprised of revenue from Ateko, Bell Cyber, and Bell Al Fabric.
3 Refer to the Key Performance Indicators (KPIs) section in this news release for more information on churn and subscriber (or customer) units.
4 Residential FTTH Internet subscribers and net subscriber activations are included within high-speed Internet subscribers and net subscriber activations, respectively.
KEY BUSINESS DEVELOPMENTS
Driving transformation through new business transactions
•Subsequent to the end of Q3, Bell entered into a definitive agreement with La Caisse, which will acquire a 49.9% stake in a newly formed wireless tower infrastructure company for a purchase price of C$2.45 billion, subject to customary adjustments. The move allows BCE to surface the value embedded in its passive infrastructure assets, giving it financial flexibility to strengthen the balance sheet and fund future key growth areas.
Put the customer first
•Bell became the first carrier in Canada to detect and protect customers against spoofed calls using AI, enhancing our Suspicious Call Detection service with a model that identifies and flags suspicious spoofing activity in real time. This development adds another layer of protection against increasingly sophisticated phone fraud.
•Bell launched its On-Demand Network, Canada’s first Network-as-a-Service platform, giving business customers a single digital experience to help activate, manage and scale connectivity. Built on Bell’s fibre network and powered by Cisco infrastructure, the platform provides greater visibility, control and flexibility as business needs evolve.
Deliver the best fibre and wireless networks
•Bell delivered a championship network performance during Canada’s summer of world-class soccer, carrying 330 TB of wireless traffic across stadiums, official fan festivals and municipal fan zones in Toronto and Vancouver. Powered by Bell’s fibre and 5G+ Advanced networks, the operation provided secure, resilient and reliable connectivity for fans, broadcasters, media partners and tournament operations.
•Bell completed construction of its first sovereign direct-to-device satellite ground station in Canada, located in Québec, and began testing the facility with AST SpaceMobile’s
2/22
satellite constellation. The technology, once deployed commercially, will allow Canadians greater mobile connectivity in remote and rural locations up to the 59th parallel.
•Bell’s 5G+ network was ranked Canada’s Fastest 5G+ Network by Rohde & Schwarz5, based on independent drive testing across 19 Canadian communities. The recognition was the latest in a series of accolades that reinforced Bell’s continued investment in faster speeds, stronger reliability and advanced wireless capabilities for customers across Canada.
Lead in enterprise with AI-powered solutions
•Bell announced a non-binding memorandum of understanding to expand Bell AI Fabric in Saskatchewan through the phased development of up to 900 MW of additional capacity, creating a path to a 1.2 GW Canadian AI infrastructure hub. The project is expected to support Canadian data sovereignty, local investment and long-term national economic growth.
•Bell Cyber and Cohere deployed a sovereign domain-specific AI model for Canadian cybersecurity operations, combining Cohere’s secure enterprise AI technology with Bell Cyber’s data and operational expertise. Running on Bell AI Fabric infrastructure, the model is designed to accelerate threat investigations while keeping processing and sensitive security information in Canada.
•Bell and Cisco signed a memorandum of understanding to collaborate on sovereign AI infrastructure for Canada, bringing together Bell’s Canadian data centres, networks and operations with Cisco’s AI, security, and infrastructure technologies. The collaboration will provide flexible options to help Canadian organizations deploy, operate and scale AI infrastructure in Canada.
Build a digital media and content powerhouse
•Bell Media broke viewership records with Canada’s biggest FIFA World CupTM ever, reaching more than 30 million Canadians on TSN, RDS, CTV, Noovo and Crave throughout the FIFA World Cup 2026TM tournament. The final game was the most watched World Cup match ever in Canada with an average audience of 6.4 million viewers.
•Bell Media expanded its investment in premium original drama through a first-look development agreement with Jeff Frost’s Bristol Circle Entertainment, focused on developing original scripted content for CTV and Crave. The agreement combines Bell Media’s reach and commissioning expertise with Bristol Circle Entertainment’s track record in premium television to create Canadian content for audiences at home and around the world.
•Crave and Noovo presented Québec’s 2026 provincial election leaders’ debate, bringing together the leaders of the province’s five main political parties. The event marked the first leaders’ debate on Crave and the first produced by Noovo Info, reaching more than 1.3 million viewers on Noovo and continuing to draw audiences on Crave, where it remains available on demand.
•Crave expanded the reach of Québec productions across Canada by adding a selection of Télé-Québec fiction, documentary and children’s programming to its offering. English subtitles are available for several titles, helping Québec stories reach broader French- and English-speaking audiences and supporting the discoverability of local creators nationwide.
5 Based on 5G/5G+ Network Performance Score, calculated by Rohde & Schwarz SwissQual AG, independent network analysts based in Switzerland, from data collected in Canada comparing data-only performance of other national wireless networks from March to June 2026. 5G+ results are defined as connectivity while using 3500MHz / 3800 MHz spectrum. Report available for download at bell.ca/5Gplus
3/22
BCE RESULTS
Financial Highlights
($ millions except per share amounts) (unaudited) | Q3 2026 | Q3 2025 | % change | ||||||||
BCE | |||||||||||
Operating revenues | 6,182 | 6,049 | 2.2% | ||||||||
Net earnings | 701 | 4,555 | (84.6%) | ||||||||
Net earnings attributable to common shareholders | 630 | 4,502 | (86.0%) | ||||||||
Adjusted net earnings | 695 | 733 | (5.2%) | ||||||||
Adjusted EBITDA | 2,786 | 2,762 | 0.9% | ||||||||
Net earnings per common share (EPS) | 0.67 | 4.84 | (86.2%) | ||||||||
Adjusted EPS | 0.74 | 0.79 | (6.3%) | ||||||||
Cash flows from operating activities | 2,218 | 1,914 | 15.9% | ||||||||
Capital expenditures | (1,330) | (891) | (49.3%) | ||||||||
Free cash flow | 854 | 1,003 | (14.9%) | ||||||||
BCE operating revenues were $6,182 million in Q3 2026, up 2.2% compared to Q3 2025. This was the result of 1.6% higher service revenue of $5,412 million and a 6.9% increase in product revenue to $770 million.
•The increase in service revenue reflects the contribution of Bell Communication and Technology Services (Bell CTS) U.S., which includes Ziply Fiber’s results for a full quarter compared to only two months in Q3 2025, and growth at Bell Media, partly offset by a year-over-year decline at Bell CTS Canada.
Net earnings in Q3 decreased 84.6% to $701 million and net earnings attributable to common shareholders totalled $630 million, or $0.67 per share, down 86.0% and 86.2%, respectively.
•The year-over-year declines were mainly due to lower gains on investments resulting from the sale of our minority stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) in 2025, partly offset by lower impairment of assets, lower income taxes and lower other expense.
Adjusted net earnings were down 5.2% in Q3 to $695 million, resulting in a 6.3% decrease in adjusted EPS to $0.74.
Adjusted EBITDA grew 0.9% in Q3 to $2,786 million, reflecting the contribution of Bell CTS U.S. and an 8.0% increase at Bell Media, partly offset by a 0.8% decrease at Bell CTS Canada.
•Higher operating revenue was moderated by:
o3.3% increase in operating costs, reflecting a full quarter of Ziply Fiber’s operating expenses, compared to two months in Q3 2025;
ohigher content costs at Bell Media;
omodest increase in operating costs at Bell CTS Canada.
•Adjusted EBITDA margin6 was 45.1%, down 0.6 percentage points from 45.7% in Q3 2025, reflecting higher operating expenses and a greater proportion of lower margin product sales.
BCE capital expenditures in Q3 were $1,330 million, up 49.3% from $891 million last year, corresponding to a capital intensity7 of 21.5%, compared to 14.7% in Q3 2025.
4/22
•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 $225 million in capital investments in the U.S. to support the continued expansion of Ziply Fiber’s FTTP network, compared to $128 million in Q3 2025, which included only two months of Ziply Fiber. This was partly offset by lower spending on FTTP footprint expansion in Canada.
BCE cash flows from operating activities in Q3 were $2,218 million, up 15.9% from $1,914 million in Q3 2025.
•The year-over-year increase reflected higher working capital, lower income taxes paid, lower interest paid and lower severance, acquisition and other costs paid.
Free cash flow was $854 million, down 14.9% from $1,003 million in Q3 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.
______________________
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 1.3% to $5,476 million in Q3 2026 compared to Q3 2025, driven by both higher service and product revenue. The increase in service revenue reflects the contribution from Bell CTS U.S., which was included for only two months in Q3 2025, partly offset by a year-over-year decline at Bell CTS Canada.
Bell CTS adjusted EBITDA8 grew 0.2% in Q3 to $2,530 million, reflecting the contribution from Bell CTS U.S., partly offset by a year-over-year decline at Bell CTS Canada. Bell CTS adjusted EBITDA margin decreased 0.5 percentage points to 46.2% from 46.7% in Q3 2025. The margin decline reflected a higher proportion of lower-margin product sales and a 2.2% increase in operating costs, mainly due to a full quarter of Ziply Fiber's operating expenses compared to two months in Q3 2025.
Bell CTS added 67,199 net residential FTTH Internet subscribers3,4 in Q3 2026, down 10.8% from 75,334 in Q3 2025, mainly due to lower net activations at Bell CTS Canada.
Total high-speed Internet net subscriber3 activations totalled 27,186 in Q3 2026, down 6.5% from 29,083 in Q3 2025, reflecting declines at both Bell CTS Canada and Bell CTS U.S.
Bell CTS high-speed Internet subscribers3,4,9,10,11,12 totalled 4,942,447 at the end of Q3 2026, down 2.1% from Q3 2025. The decrease reflects a decline at Bell CTS Canada, partly offset by an increase at Bell CTS U.S. Included in the total were 3,697,621 residential FTTH Internet subscribers, up 2.8% compared to Q3 2025.
5/22
•A small acquisition by Ziply Fiber in the quarter added 3,839 high-speed Internet subscribers, including 3,814 residential FTTH Internet subscribers, to the respective bases.
Bell CTS video net subscriber3 losses totalled 5,514 in Q3 2026, compared to 1,666 in Q3 2025. The increase in net losses was driven by greater net losses at both Bell CTS Canada and Bell CTS U.S.
At the end of Q3 2026, Bell CTS served 2,158,569 video subscribers3,12,13, a 2.6% increase over Q3 2025, reflecting year-over-year growth at Bell CTS Canada, partly offset by a year-over-year decline at Bell CTS U.S.
Bell CTS retail residential NAS net losses3 increased by 5.8% to 48,659 in Q3 2026, reflecting increased net losses at Bell CTS Canada, partly offset by fewer net losses at Bell CTS U.S.
Bell CTS’ retail residential NAS customer base3,11,12 totalled 1,586,229 at the end of Q3 2026, representing a 10.2% decline compared to Q3 2025. The decrease reflects declines at both Bell CTS Canada and Bell CTS U.S.
__________________
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 In Q3 2026, our high-speed Internet subscriber base and our residential FTTH Internet subscriber base increased by 3,839 and 3,814 subscribers, respectively, as a result of a small acquisition made by Ziply Fiber in the quarter.
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 0.2% to $5,238 million in Q3 2026 compared to Q3 2025, due to lower service revenue, partly offset by higher product revenue.
Bell CTS Canada service revenue was down 1.3% in Q3 to $4,468 million, reflecting:
•ongoing declines in legacy voice, data and TV services;
•greater residential acquisition, retention and bundle discounts on residential services compared to Q3 2025;
•lower mobile phone blended average revenue per user (ARPU)14;
•the sale of our home security and monitored alarm assets in Q4 2025.
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 and Bell Cyber, as well as higher traditional business solutions services revenues.
6/22
Bell CTS Canada product revenue increased 6.9% in Q3 to $770 million, reflecting greater equipment sales to large business customers, including the timing of certain wireline equipment deals.
Bell CTS Canada adjusted EBITDA decreased 0.8% in Q3 to $2,435 million, reflecting the flow-through of lower year-over-year service revenue and 0.3% higher operating costs. Together with a greater proportion of lower-margin product sales, these factors contributed to a 0.3 percentage-point margin decline to 46.5% from 46.8% in Q3 2025. The increase in operating costs this quarter is attributed to:
•higher costs associated with the growth of our AI-powered solutions business and traditional business solutions services;
•greater cost of goods sold driven by higher wireline product sales.
These cost factors were partly offset by cost reduction initiatives and operating efficiencies.
Postpaid mobile phone net subscriber3,15 activations totalled 24,110 in Q3 2026, up 12,599 from Q3 2025. The increase reflects greater migrations from prepaid service, the onboarding of customers under a long-term government-sector mobile services contract, and lower mobile phone postpaid customer churn, which improved 7 basis points to 1.06% amid lower market activity and our continued focus on customer service and retention.
This was partly offset by 6.1% lower gross subscriber activations, due to a less active market resulting from reduced promotional offer intensity and limited population growth in Canada.
Prepaid mobile phone net subscriber activations3,15 totalled 29,579 in Q3 2026, compared to 56,507 in Q3 2025. The year-over-year decline reflected greater migrations to postpaid service and a 7.7% decrease in gross activations due to limited population growth in Canada and fewer international students. Mobile phone prepaid customer churn increased to 5.32% from 5.10% in Q3 2025.
Bell’s mobile phone customer base3,15,16 totalled 10,433,954 at the end of Q3 2026, essentially stable year over year. The total comprised 9,633,130 postpaid subscribers, up 1.1%, and 800,824 prepaid subscribers, down 8.3% compared to Q3 2025.
Mobile phone blended ARPU14 was down 1.7% to $57.07 in Q3 2026 from $58.04 in Q3 2025, reflecting:
•lower connection fees related to the implementation of a recent CRTC ruling prohibiting certain customer fees;
•lower overage revenue from customers subscribing to unlimited and larger capacity data plans;
•lower outbound roaming revenue due to increasing adoption of plans that include U.S. and international roaming and decreased international travel;
•the impact on blended ARPU of onboarding customers under a long-term government-sector mobile services contract.
Mobile connected device3 net activations decreased 49.9% in Q3 2026, compared to the same period last year, mainly due to higher business Internet of Things (IoT) deactivations.
At the end of Q3 2026, mobile connected device subscribers3,15,16 totalled 3,435,436, an increase of 5.6% over last year.
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Bell CTS Canada residential FTTH Internet net subscriber3 activations totalled 58,643 in Q3 2026, compared to 66,766 in Q3 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.
Bell CTS Canada high-speed Internet net subscriber3 activations totalled 23,436 in Q3 2026, compared to 24,431 in Q3 2025.
Bell CTS Canada video net subscriber3 losses totalled 5,328 in Q3 2026, compared to 1,609 in Q3 2025. The higher year-over-year net losses reflect greater IPTV net losses, partly offset by strong uptake of our streaming bundles.
Bell CTS Canada retail residential NAS3 net subscriber losses were 45,604 in Q3 2026, compared to 42,866 in Q3 2025, reflecting continued substitution to wireless and Internet-based technologies.
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14 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 the Key Performance Indicators (KPIs) section in this news release for more information on this measure.
15 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.
16 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.
Bell CTS U.S.
Bell CTS U.S. operating revenues were $238 million in Q3 2026, compared to $160 million in Q3 2025. The increase primarily reflects the inclusion of a full quarter of Ziply Fiber’s results, compared to only two months following its acquisition on August 1, 2025. Growth in Internet revenue from the continued expansion of Ziply Fiber's FTTP footprint was offset by ongoing declines in legacy voice and data services.
Bell CTS U.S. adjusted EBITDA was $95 million in Q3 2026, compared to $71 million in Q3 2025. Operating costs were $143 million, compared to $89 million. The Q3 2025 comparatives include only two months of Ziply Fiber. Adjusted EBITDA margin was 39.9%, down 4.5 percentage points from 44.4%, reflecting acquisition-related changes to the cost base, higher payments to the Network FiberCo partnership and the flow-through of lower legacy voice and data revenue.
Bell CTS U.S. residential FTTH Internet net subscriber3 activations totalled 8,556 in Q3 2026, compared to 8,568 in Q3 2025, which included only two months of Ziply Fiber.
Bell CTS U.S. retail residential NAS net subscriber3 losses were 3,055 in Q3 2026, compared to 3,124 in Q3 2025, which included only two months of Ziply Fiber. The losses reflect ongoing substitution to wireless and Internet-based technologies.
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Bell Media
8/22
Bell Media operating revenue increased 9.7% year over year to $803 million, driven by higher advertising, subscriber and program sales.
Advertising revenue was up 9.0% in Q3 2026, reflecting strong sports advertising performance driven by the FIFA World Cup 2026™ and growth in digital video advertising revenue17, partly offset by continued softness in traditional advertising demand.
Subscriber revenue increased 9.5% in Q3 2026, on continued Crave and sports direct-to-consumer streaming subscriber growth, which benefitted from the FIFA World Cup 2026™.
Total digital revenues18 grew 19.9% year over year in Q3 2026, 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 21% year over year to 5.15 million at the end of Q3 2026, driven by a 41% increase in Crave direct-to-consumer streaming subscribers.
Bell Media adjusted EBITDA was up 8.0% to $256 million in Q3 2026 on the flow-through of higher operating revenue. However, margin declined 0.5 percentage points to 31.9% from 32.4% in Q3 2025, reflecting a 10.5% increase in operating costs associated with the FIFA World Cup 2026™ and contractual rights increases for premium content, including to support the growth of Crave. These factors were partly offset by cost reduction initiatives.
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17 Digital video advertising revenue is defined as advertising revenue from digital platforms including web sites, mobile apps and connected TV apps.
18 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.
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COMMON SHARE DIVIDEND
BCE’s Board of Directors has declared a quarterly dividend of $0.4375 per common share, payable on January 15, 2027 to shareholders of record at the close of business on December 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% | ||||||||
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 | ||||||||
9/22
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 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.
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CALL WITH FINANCIAL ANALYSTS
BCE will hold a conference call with the financial community to discuss Q3 2026 results on Thursday, November 5 at 10:00 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 31896#. A replay will be available until midnight on December 5, 2026 by dialing 1-888-660-6264 or 289-819-1325 and entering passcode 31896#. A live audio webcast of the conference call will be available on BCE's website at BCE Q3-2026 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;
•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
10/22
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.
($ millions)
| Q3 2026 | Q3 2025 | |||||||
| Net earnings attributable to common shareholders | 630 | 4,502 | ||||||
Reconciling items: Severance, acquisition and other costs Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans Net gains on investments Net early debt redemption costs Impairment of assets Income taxes for above reconciling items | 46 35 (2) - 2 (16) | 82 (31) (5,175) 154 970 239 | ||||||
11/22
NCI for the above reconciling items | - | (8) | ||||||
| Adjusted net earnings | 695 | 733 | ||||||
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 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)
12/22
| Q3 2026 | Q3 2025 | |||||||
| Cash flows from operating activities | 2,218 | 1,914 | ||||||
Capital expenditures | (1,330) | (891) | ||||||
| Cash dividends paid on preferred shares | (27) | (28) | ||||||
| Cash dividends paid by subsidiaries to NCI | (12) | (25) | ||||||
| Acquisition and other costs paid | 5 | 33 | ||||||
| Free cash flow | 854 | 1,003 | ||||||
| Principal payment of lease liabilities | (298) | (297) | ||||||
| Free cash flow after payment of lease liabilities | 556 | 706 | ||||||
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.
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.
($ millions)
| September 30, 2026 | December 31, 2025 | |||||||
| Long-term debt | 35,308 | 34,904 | ||||||
| Less : 50% of junior subordinated debt | (2,914) | (2,149) | ||||||
| Debt due within one year | 6,205 | 6,155 | ||||||
| 50% of preferred shares | 1,608 | 1,644 | ||||||
| Cash | (650) | (314) | ||||||
| Cash equivalents | (3) | (6) | ||||||
| Net debt | 39,554 | 40,234 | ||||||
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.
13/22
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
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.
The following table is a reconciliation of net earnings to BCE adjusted EBITDA and Bell CTS adjusted EBITDA.
($ millions)
Q3 2026 | Q3 2025 | |||||||
Net earnings Severance, acquisition and other costs Depreciation Amortization Finance costs Interest expense Net return on post-employment benefit plans | 701 46 961 385 465 (37) | 4,555 82 969 340 457 (26) | ||||||
14/22
| Impairment of assets | 2 | 970 | ||||||
| Net gains on investments | (2) | (5,175) | ||||||
| Other expense | 11 | 95 | ||||||
Income taxes | 254 | 495 | ||||||
BCE adjusted EBITDA | 2,786 | 2,762 | ||||||
Less: Bell Media adjusted EBITDA | (256) | (237) | ||||||
Bell CTS adjusted EBITDA | 2,530 | 2,525 | ||||||
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.
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 Non-GAAP financial measures above. 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.
KEY PERFORMANCE INDICATORS (KPIs)
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
15/22
BCE is Canada's largest communications company19, 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.
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19 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 proposed transaction with La
Caisse, including the benefits and opportunities expected to result from the proposed
transaction; the proposed expansion of Bell AI Fabric in Saskatchewan, including the expected benefits and impacts of such expansion; BCE’s net debt leverage ratio target expected by the end of 2027; the memorandum of understanding between Bell and Cisco, including the expected benefits of the collaboration; BCE’s 2026 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annualized common share dividend) 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 expectations as of November 5, 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
16/22
transactions or of special items that may be announced or that may occur after November 5, 2026. Moreover, except as otherwise indicated by us, our guidance and
outlook, including with respect to capital expenditures, capital intensity and free cash
flow, do not reflect the impact of any AI data centre project, other than those currently
under development or construction and supported by binding tenant commitments. 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 1.0% in 2026, representing an increase from the earlier estimate of 0.7%
•Continued subdued population growth
•Moderate growth in consumer spending, supported by household income growth, but tempered by higher energy prices and trade-related uncertainty
•Improving business investment, supported by investment in machinery and equipment, including AI, and government incentives, partly offset by trade-related uncertainty
•Elevated consumer price index (CPI) inflation, reflecting higher energy prices and increasing cost pressures from imported goods
•Continued labour market softness
•Interest rates expected to remain subject to uncertainty, reflecting elevated inflation and tighter financial conditions
•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
17/22
•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
18/22
•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
•No significant declines in our DB pension plans’ financial position due to declines in investment returns or interest rates
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•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 November 5, 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 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
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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 any transaction involving Northwestel are subject to risks and uncertainties, including, without limitation, the parties' ability to agree on an alternative transaction structure, which may affect its completion, terms or timing and, as such, there can be no assurance that a transaction 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 transaction 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 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
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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 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; the expected timing and completion of the proposed transaction with La Caisse are subject to closing conditions, termination rights and other risks and uncertainties, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed transaction 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 transaction will be realized; risks relating to the development, construction and operation of data centres; data centre customer concentration and counterparty credit; demand for data centre capacity and competition; and AI and data centre regulatory, environmental and permitting matters.
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, Second and Third Quarter MD&As dated May 6, 2026, August 5, 2026 and November 4, 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: November 5, 2026 | ||
| BELL CANADA | |||||
By: | (signed) Thierry Chaumont | ||||
Name: | Thierry Chaumont | ||||
| Title: | SVP Controller, Tax, Pension & Benefits | ||||
| BELL CANADA | ||
UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION (1)
For the periods ended September 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 nine months ended September 30, 2026. | ||
For the periods ended September 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 | Nine months | Nine months | Three months | Three months | Nine months | Nine months | Three months | Three months | Nine months | Nine months | Three months | Three months | Nine months | Nine months | Three months | Three months | Nine months | Nine months | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues | — | — | — | — | 6,182 | 6,049 | 18,526 | 18,064 | — | — | — | — | — | — | — | — | 6,182 | 6,049 | 18,526 | 18,064 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations attributable to owners | 670 | 4,540 | 1,920 | 5,830 | 675 | (90) | 1,925 | 1,211 | 24 | 24 | 73 | 84 | (699) | 66 | (1,998) | (1,295) | 670 | 4,540 | 1,920 | 5,830 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to owners | 670 | 4,540 | 1,920 | 5,830 | 675 | (90) | 1,925 | 1,211 | 24 | 24 | 73 | 84 | (699) | 66 | (1,998) | (1,295) | 670 | 4,540 | 1,920 | 5,830 | ||||||||||||||||||||||||||||||||||||||||||
As at September 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 | ||||||||||||||||||||||||||||
Sept. 30, 2026 | Dec. 31, 2025 | Sept. 30, 2026 | Dec. 31, 2025 | Sept. 30, 2026 | Dec. 31, 2025 | Sept. 30, 2026 | Dec. 31, 2025 | Sept. 30, 2026 | Dec. 31, 2025 | |||||||||||||||||||||||
Total Current Assets | 547 | 1,156 | 7,563 | 7,451 | 328 | 255 | (994) | (1,455) | 7,444 | 7,407 | ||||||||||||||||||||||
Total Non-current Assets | 24,333 | 22,970 | 66,972 | 65,939 | 21 | 21 | (17,548) | (16,172) | 73,778 | 72,758 | ||||||||||||||||||||||
Total Current Liabilities | 596 | 965 | 12,340 | 13,265 | 82 | 81 | (994) | (1,455) | 12,024 | 12,856 | ||||||||||||||||||||||
Total Non-current Liabilities | 143 | 141 | 44,028 | 43,303 | — | — | 551 | 555 | 44,722 | 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 THIRD QUARTER FINANCIAL STATEMENTS
EARNINGS COVERAGE
The following consolidated financial ratios are calculated for the twelve months ended September 30, 2026, give effect to the issuance and redemption of all long-term debt since October 1, 2025 as if these transactions occurred on October 1, 2025, and are based on unaudited financial information of BCE Inc.
| September 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: | 2.7 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: | 2.8 times | ||||
Filing Exhibits & Attachments
6 documentsPress Releases
- EX-99.1 BCE INC. 2026 THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS 1.8 MB
- EX-99.2 BCE INC. 2026 THIRD QUARTER FINANCIAL STATEMENTS 1.0 MB
- EX-99.3 CEO /CFO CERTIFICATIONS 23.0 KB
- EX-99.4 BCE INC. THIRD QUARTER NEWS RELEASE 232.6 KB
- EX-99.5 BELL CANADA UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION 81.2 KB
- EX-99.6 EXHIBIT TO 2026 THIRD QUARTER FINANCIAL STATEMENTS- EARNINGS COVERAGE 4.4 KB