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    Jérome Dubreuil • Desjardins Group

    Jérome Dubreuil's questions to BCE Inc (BCE) leadership

    Jérome Dubreuil's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Jérome Dubreuil of Desjardins Securities asked about the long-term free cash flow profile of Zipline Fiber, specifically its evolution after the initial high-capital expenditure period and the impact of the PSP Investments partnership.

    Answer

    EVP & CFO Curtis Millen confirmed that Zipline's EBITDA growth is projected to exceed 20% in 2025. He detailed that once the initial copper-overbuild is complete, the partnership with PSP Investments will handle the majority of future fiber builds, significantly lowering Zipline's consolidated CapEx and accelerating free cash flow growth.

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    Jérome Dubreuil's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Jérome Dubreuil asked about the long-term free cash flow profile of the Zipline acquisition, specifically focusing on the evolution of CapEx and cash flow after the initial build-out phase.

    Answer

    EVP & CFO Curtis Millen stated that Zipline's EBITDA growth is expected to exceed 20% in 2025. He explained that the PSP Investments partnership will handle the majority of future fiber builds, significantly lowering Zipline's consolidated CapEx and accelerating free cash flow growth once the partnership is active.

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    Jérome Dubreuil's questions to BCE Inc (BCE) leadership • Q1 2025

    Question

    Jerome Dubreuil of Desjardins Securities inquired about the rationale for accelerating the fiber deployment and asked for details on the pro forma free cash flow impact from the announced transactions.

    Answer

    CEO Mirko Bibic clarified that the PSP partnership provides a more capital-efficient path to its initial 3 million home target and unlocks a larger 8 million home opportunity long-term. CFO Curtis Millen added that pro forma CapEx intensity is now expected to be around 14.5%, down from a prior estimate of 16.5%, which will benefit free cash flow.

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    Jérome Dubreuil's questions to BCE Inc (BCE) leadership • Q4 2024

    Question

    Jerome Dubreuil asked for clarification on the CapEx reduction, questioning if spending would increase again in 2025 if the CRTC reverses its decision on wholesale fiber access. He also inquired about the long-term potential to reduce CapEx by using fixed wireless to decommission expensive copper networks.

    Answer

    Mirko Bibic, President and CEO, explained that the 2025 CapEx budget is set, but a future CRTC reversal would influence how capital is allocated *within* that budget, potentially increasing the fiber build pace. Curtis Millen, CFO, acknowledged the long-term efficiency benefits of retiring copper but noted that the timeline and scale are dependent on the Canadian regulatory environment, which is less permissive than in the U.S.

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    Jérome Dubreuil's questions to BCE Inc (BCE) leadership • Q2 2024

    Question

    Jerome Dubreuil asked about the dollar margin profile of prepaid versus postpaid wireless subscribers and inquired about the future direction of wireless CapEx, excluding spectrum, given the challenging return environment.

    Answer

    CFO Curtis Millen stated that BCE manages EBITDA on a consolidated basis and does not disclose the margin profile of prepaid versus postpaid services. CEO Mirko Bibic addressed CapEx by stating that overall capital spending will continue to decline, with next year's being lower than 2024. He expressed confidence in running the company at a capital intensity below 15% in the short- to medium-term while still investing in key strategic areas.

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    Jérome Dubreuil's questions to Telus Corp (TU) leadership

    Jérome Dubreuil's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Jérome Dubreuil of Desjardins Group inquired if the proposed privatization of TELUS Digital (TIAXT) signals a strategic shift for other tech ventures and requested financial details, like EBITDA, for the new tower entity.

    Answer

    President and CEO Darren Entwistle clarified the TIAXT move is solely to support deleveraging and does not alter monetization strategies for other assets. EVP & CFO Doug French added that while tower entity EBITDA is not disclosed, the deal is structured to be free cash flow positive for TELUS with no impact on consolidated debt or EBITDA.

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    Jérome Dubreuil's questions to Telus Corp (TU) leadership • Q1 2025

    Question

    Jerome Dubreuil of Desjardins asked about the factors supporting the free cash flow outlook that underpins the new three-year dividend growth plan and inquired about specific events, beyond organic growth, that could accelerate the removal of the dividend reinvestment plan (DRIP).

    Answer

    President & CEO Darren Entwistle and EVP & CFO Doug French addressed the question. Entwistle emphasized the dividend plan is conservatively modeled and supported by a combination of strong EBITDA growth, lower CapEx intensity, and contributions from growth businesses like Health and Agriculture. French added that free cash flow will also benefit from decreasing interest costs, and lower restructuring and lease payments. He specified that faster-than-planned execution on asset monetization—including copper, real estate, and non-core asset sales—could accelerate the deleveraging and allow for an earlier removal of the DRIP.

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    Jérome Dubreuil's questions to Telus Corp (TU) leadership • Q4 2024

    Question

    Jerome Dubreuil inquired about TELUS's 2027 leverage target of 3x, asking how much asset divestiture is included and whether this implies satisfaction with the current asset portfolio. He also questioned the merits of a long-term dividend growth plan given market volatility and changing interest rates.

    Answer

    EVP and CFO Doug French confirmed that the deleveraging plan includes a placeholder for approximately $500 million in non-core asset divestitures over the next three years. President and CEO Darren Entwistle defended the dividend growth model, highlighting its 15-year track record and the company's strong prospective free cash flow outlook. He emphasized that balance sheet improvement is the top priority and that the Board retains quarterly discretion over the dividend.

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    Jérome Dubreuil's questions to Telus Corp (TU) leadership • Q2 2024

    Question

    Jerome Dubreuil asked to reconcile TELUS Digital's pivot to revenue growth with the traditional telecom investor focus on free cash flow growth.

    Answer

    Jeffrey Puritt, outgoing President & CEO of TELUS Digital, explained that while the goal is high single-digit revenue growth, the business maintains a strong free cash flow yield (15% YoY). He stated that this cash flow is reinvested to fuel the return to desired growth and profitability levels, aligning both objectives.

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    Jérome Dubreuil's questions to CGI Inc (GIB) leadership

    Jérome Dubreuil's questions to CGI Inc (GIB) leadership • Q3 2025

    Question

    Jérome Dubreuil questioned CGI's view on the M&A environment, noting a peer's recent characterization of it as difficult, and asked about the implications for share buybacks. He also requested an update on the U.S. Federal government's spending focus, particularly a potential shift from cost-cutting to modernization.

    Answer

    President and CEO François Boulanger expressed a bullish view on M&A, stating he sees a very active pipeline with attractive valuations, and noted CGI has the capacity for both acquisitions and buybacks. On the U.S. Federal front, Mr. Boulanger confirmed a shift in client conversations from cost-cutting inquiries to modernization initiatives. He explained that agencies now recognize the need for new systems and automation to achieve savings, which is driving productive discussions and a sequential pickup in bookings.

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