BCE (BCE) Company Report

BCE anticipates EBITDA dollar growth and relatively stable percent margins from 2025 to 2028, driven by a shift towards growth areas like wireless, internet, and AI-powered solutions, moving away from legacy services.
The company is focused on achieving 15% free cash flow growth and deleveraging over the 2025-2028 period, supported by funding new businesses, including OpEx for AI-powered solutions.
In the Canadian market, BCE expects RPU (Revenue Per User) growth to begin in the back end of 2026, as new contracts are being signed at higher monthly recurring charges.
BCE plans to build fiber to 8 million homes pass in the US, strategically competing against cable providers and avoiding overbuilding existing fiber networks.
The company maintains a higher bar for capital investments within its $3.7 billion CapEx budget (for 2025 and similar in 2028), prioritizing opportunities in AI-powered solutions, US fiber, and Canadian fiber for strong returns.

Nov 24, 2025, 6:15 PM

Transcript

BCE Outlines Three-Year Financial Profile and Strategic Investments

BCE

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

BCE anticipates a resumption of EBITDA growth and 15% free cash flow growth over the 2025-2028 period, with overall percent margins expected to remain relatively stable.
The company projects blended RPU growth to turn positive in the back end of 2026, driven by new subscriber rates that are higher than the existing base.
BCE is committed to an 8 million homes passed fiber target in the US, focusing on competing against cable providers, and has budgeted $3.7 billion in CapEx for 2025 to prioritize high-return growth initiatives in AI and fiber.
The Canadian telecom market is described as returning to a more rational competitive environment, and the B2B segment is outperforming, nearing a break-even point from legacy product turnover.

Nov 24, 2025, 6:15 PM

Transcript

BCE Inc. Reports Q3 2025 Financial Results with Significant Net Earnings Increase

BCE

Earnings

M&A

BCE Inc. reported net earnings of $4,555 million for Q3 2025, a substantial increase from a net loss of ($1,191 million) in Q3 2024, primarily due to higher gains on investments from the sale of its minority stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) and lower impairment of assets.
Operating revenues grew by 1.3% to $6,049 million in Q3 2025, and Adjusted EBITDA increased by 1.5% to $2,762 million, partly driven by the acquisition of Ziply Fiber on August 1, 2025.
Free cash flow rose by 20.6% to $1,003 million in Q3 2025, while capital expenditures decreased by 6.6% to $891 million.

Nov 6, 2025, 1:33 PM

6-K

BCE Reports Q3 2025 Results with Revenue and EBITDA Growth

BCE

Earnings

Guidance Update

M&A

BCE reported Q3 2025 consolidated revenue growth of 1.3%, adjusted EBITDA growth of 1.5% (reaching a 45.7% margin), and adjusted EPS growth of 5.3%.
The new Bell CTS U.S. segment, reflecting Ziply Fiber's operations since August 1st, generated $160 million in revenue and $71 million in EBITDA, with a 44.4% margin.
AI-powered solutions revenue increased 34% year-over-year in Q3 2025, and the company is on track to generate approximately $700 million in AI-powered solutions revenue for the full year 2025.
BCE's net debt leverage ratio stood at approximately 3.8x adjusted EBITDA at the end of Q3 2025, with a strategic goal to reduce it to 3.5x by the end of 2027 and 3.0x by 2030.
The company reconfirmed all its financial guidance targets for 2025.

Nov 6, 2025, 1:00 PM

Transcript

BCE Reports Q3 2025 Results, Highlights Ziply Fiber and AI Solutions Growth

BCE

Earnings

New Projects/Investments

Guidance Update

BCE reported a 1.3% increase in total revenue and a 1.5% increase in adjusted EBITDA for Q3 2025, leading to a 10 basis point margin increase to 45.7%. Adjusted EPS was up 5.3%, and free cash flow increased by $171 million.
The newly acquired Ziply Fiber, reported under the Bell CTS US segment, contributed $160 million in total revenue and $71 million in EBITDA (a 44.4% margin) for the two-month period following its August 1 acquisition, exceeding original investment expectations. Ziply added 9,000 net new fiber customers in August and September.
Revenue from AI-powered solutions grew 34% year-over-year in Q3 2025, with the company on track to generate approximately $700 million in AI-powered solutions revenue in 2025.
BCE reconfirmed all its financial guidance targets for 2025 and aims to reduce its net debt leverage ratio to 3.5 times by the end of 2027 and 3.0 by 2030.

Nov 6, 2025, 1:00 PM

Transcript

BCE Reports Q3 2025 Financial and Operational Results

BCE

Earnings

Guidance Update

M&A

BCE delivered 1.3% consolidated revenue growth and 1.5% higher adjusted EBITDA in Q3 2025.
Net earnings significantly increased to $4,555 million, up $5,746 million year-over-year, with adjusted EPS of $0.79, a 5.3% increase.
Free cash flow grew 20.6% to $1,003 million in Q3 2025.
The acquisition of Ziply Fiber contributed $160 million in operating revenue and $71 million in adjusted EBITDA in Q3 2025.
BCE confirmed its 2025 financial guidance, including revenue growth of 0% to 2% and adjusted EBITDA growth of 0% to 2%.

Nov 6, 2025, 11:30 AM

Press Release

BCE Outlines Strategic Plan and Financial Outlook for 2025-2028

BCE

Guidance Update

New Projects/Investments

Dividends

BCE projects a 15% compound annual growth rate (CAGR) in free cash flow after payment of lease liabilities between 2025 and 2028, alongside 2% to 4% revenue growth and 2% to 3% Adjusted EBITDA growth for the same period.
The company aims for $1.5 billion in cost savings by 2028 through company-wide transformation and expects capital intensity to decrease to approximately 14% by 2028.
BCE targets a net debt leverage ratio of 3.5x by the end of 2027, with a clear path toward approximately 3.0x by 2030, and anticipates approximately $5 billion in dividend payments to common shareholders over the next three years.
Strategic initiatives include expanding total fibre reach to up to 16+ million locations in North America and building an approximately $1.5 billion revenue AI-powered solutions business.

Oct 14, 2025, 5:21 PM

6-K

BCE Outlines Strategic Priorities and Financial Outlook Through 2028

BCE

Guidance Update

New Projects/Investments

Dividends

BCE presented a long-term strategy focused on customer experience, fiber and wireless network leadership, AI-powered enterprise solutions, and becoming a digital media and content powerhouse.
The company projects a compound annual revenue growth (CAGR) of 2% to 4% and an adjusted EBITDA CAGR of 2% to 3% over a three-year horizon (2025-2028).
BCE aims to achieve $1.5 billion in total savings by 2028 and expects free cash flow after lease payments to grow at a CAGR of approximately 15% by 2028.
Key growth initiatives include expanding its U.S. fiber footprint to 8 million locations over time and growing its AI-powered solutions business to $1.5 billion by 2028.
The company is targeting a net debt leverage ratio of 3.5x by 2027 and anticipates returning approximately $5 billion to shareholders through dividends by the end of 2028.

Oct 14, 2025, 12:30 PM

Transcript

BCE Unveils Three-Year Strategic Plan and Financial Outlook

BCE

Guidance Update

Dividends

New Projects/Investments

BCE expects revenue growth at a compound annual growth rate (CAGR) of 2% to 4% and Adjusted EBITDA growth at 2% to 3% CAGR between 2025 and 2028. The company also anticipates $1.5 billion in cost savings by 2028 and a decrease in capital intensity to approximately 14% by 2028.
Free cash flow after payment of lease liabilities is expected to grow at approximately 15% CAGR between 2025 and 2028. BCE targets a net debt leverage ratio of 3.5x by the end of 2027, with a clear path toward approximately 3.0x by 2030.
The company plans approximately $5 billion in dividend payments to common shareholders over the next three years. Strategic initiatives include a partnership for Network FiberCo, potentially expanding fibre reach to 16+ million locations in North America, and an objective to build an approximately $1.5 billion revenue AI-powered solutions business.

Oct 14, 2025, 10:30 AM

Press Release

BCE Outlines U.S. Fiber Expansion, Cost Reduction, and AI Strategy

BCE

New Projects/Investments

M&A

Guidance Update

BCE is aggressively expanding its U.S. fiber footprint, aiming to double it to approximately 3 million locations by 2028 following the Ziply acquisition, with a funding model involving PSP Investments where BCE funds $0.20 to $0.25 on every dollar.
The company has upsized its cost reduction program target to $1.5 billion by 2028 and is focusing on non-regulated growth areas like Bell AI Fabric, which has secured over 500 megawatts of hydroelectric power and targets CapEx returns north of 12%.
In Canada, BCE is slowing its fiber build post-2025 to focus on managing penetration of its 8 million fiber homes and driving free cash flow, while also noting a stabilizing wireless pricing environment and improved churn of 12 basis points.
BCE is raising the bar for capital allocation, prioritizing free cash flow, and considering monetizing its valuable infrastructure assets, including 94% of macro sites with fiber, to enhance shareholder returns.