BCE experiences 1/3 quarter 2024 effects

This information loose accommodates forward-looking statements. For an outline of the connected chance components and suppositions, refer to the division entitled “Caution Regarding Forward-Looking Statements” then on this information loose. The tips contained on this information loose is unaudited.

• Consolidated adjusted EBITDA¹ expansion of two.1% in Q3 2024 in comparison to Q3 2023 handing over 1.7 percentage-point building up in adjusted EBITDA margin² to 45.6% – best quarterly margin in additional than 3 a long time
• Web lack of $1,191 million with web loss as a consequence of regular shareholders of $1,237 million, or $1.36 according to regular percentage as a consequence of roughly $2.1 billion in non-cash media asset impairment fees; adjusted web profits¹ of $688 million yielded adjusted EPS¹ of $0.75, unwell 7.4%
• Sovereign coins circulate¹ higher 10.3% to $832 million; coins flows from running actions unwell 6.1% to $1,842 million
• 158,412 general cell phone and attached software web activations³, together with best quarterly pay as you go web activations in 5 years of 69,085, up 187%
• 42,415 general retail Web web subscriber activations³ contributed to five% Web profit expansion – splendid quarterly expansion charge since Q2 2023
• Bell Media profit up 10.1% with 25.1% adjusted EBITDA expansion; electronic profit⁴ up 19% as electronic platforms and promoting era proceed to force robust expansion
• Updating 2024 profit steering to mirror lower-than-anticipated product profit and sustained aggressive wi-fi pricing pressures; all alternative monetary steering objectives for 2024 stay unchanged

MONTRÉAL, Nov. 7, 2024 /PRNewswire/ – BCE Inc. (TSX: BCE) (NYSE: BCE) nowadays reported effects for the 1/3 quarter (Q3) of 2024.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” stated Mirko Bibic, President and CEO of BCE and Bell Canada. 

“Our center of attention this quarter, and all through 2024, has been to draw higher-margin subscribers and shed prices to backup offset temporary profit affects from sustained aggressive pricing pressures, gradual economic development and a media promoting marketplace this is in transition. Our effects show the good fortune of this way with 2.1% adjusted EBITDA expansion and our best adjusted EBITDA margin for the reason that early 1990’s of 45.6%.

In wi-fi, all of our fresh postpaid visitor web additions this quarter had been at the major Bell emblem, as we stay dedicated to balancing visitor acquisition with profitability. We’re proceeding to peer a sunny choice for string with 42,415 general retail Web web subscriber activations, contributing to five% Web profit expansion – the most productive quarterly expansion charge since Q2 2023. At the Bell Media aspect, electronic platforms and promoting era continues to force robust expansion with electronic profit up 19%.

The Bell workforce is constant to force charge financial savings around the group, with a focal point on expanded electronic and AI functions, modernizing our equipment and techniques date proceeding in order a significant visitor enjoy extra successfully and cost-effectively.

Having a look forward to the tip of the yr, we have now up to date our profit steering to mirror lower-than-anticipated product profit within the first 9 months the yr and sustained aggressive wi-fi pricing. All alternative monetary steering objectives for 2024 stay unchanged, as we proceed to do the paintings had to align our charge construction with the profit profiles of our companies.”

KEY BUSINESS DEVELOPMENTS

Riding transformation and expansion by way of fresh trade transactions

• BCE introduced its intent to acquire Ziply Fiber, the prominent string Web supplier within the Pacific Northwest of the US for C$5.0 billion to boost up its expansion in string within the underpenetrated U.S. marketplace. The purchase is predicted to near in the second one part of 2025, at which while, over 1.3 string Web places might be added to Bell’s string footprint for a complete of 9 million around the two nations, with an purpose to succeed in over 12 million via the tip of 2028.
• BCE introduced the sale of its 37.5% ownership stake in MLSE for CA$4.7 billion to Rogers Communications Inc. (Rogers). The sale is anticipated to near in mid-2025 matter to related sports activities league and alternative standard approvals. As well as, Bell Media fix get entry to to content material rights for the Toronto Maple Leafs and Toronto Raptors on TSN for the subsequent twenty years by way of a long-term guarantee with Rogers, additionally matter to league approvals. TSN can even proceed to broadcast Toronto Argonauts and Toronto FC video games by way of isolated word of honour with the respective leagues.
• FX Innovation, a Bell Canada corporate, acquired Montréal-based HGC Technologies Inc. (HGC). With HGC’s workforce of ServiceNow mavens, the purchase strengthens FX Innovation’s experience in procedure automation, cloud applied sciences, and electronic transformation and builds on our acquisitions of Stratejm and CloudKettle in July, 2024.

Cutting edge partnerships handing over fresh answers to shoppers

• Bell expanded its unique multi-year partnership with Hyundai Motor Group, leveraging Bell’s IoT connectivity to handover Canadian shoppers with complex in-car attached infotainment services and products.
• Bell introduced a collaboration with MacLean Engineering, the sector’s greatest Canadian-based producer of underground mining apparatus, to journey the subsequent technology of mining operations in Canada with Bell’s Personal Cellular Community on the MacLean Analysis & Coaching Facility.
• In a strategic private sector partnership, Bell, in conjunction with Google, Desjardins, and the Fonds de solidarité FTQ, will jointly make investments C$5.25 million into Ax-C, a Montréal-based hub for leading edge entrepreneurship created via École de technologie supérieure, that may evident in 2025. The funding will create a powerful and dynamic ecosystem devoted to the expansion of startups in Québec.

Turning in essentially the most compelling content material

• Bell Media introduced the growth of its landmark partnership with Warner Bros. Discovery for the Canadian marketplace, extending Yearn for more than one years because the unique pad of HBO and Max content material. Bell Media and Warner Bros. Discovery additionally showed that they’ve settled all issues of their fresh dispute relating to Bell Media’s suite of Discovery-branded channels.
• Bell Media fix a content and licensing agreement with NBCUniversal Global TV Distribution bringing common channels, USA Community and Oxygen True Crime to Canada settingup January 1, 2025. Additionally on January 1, present forte channels Animal Planet, Discovery Science and Discovery Pace rebrand to CTV Wild, CTV Nature and CTV Velocity respectively. A number of common displays from USA Community and Oxygen True Crime, in conjunction with all fresh order from each channels, can be to be had for streaming on Yearn.
• CTV has renewed The Amazing Race Canada for an 11th season later endmost out its 10th yr as Canada’s most-watched summer season order amongst adults 25-54 and a season moderate of one.3 million audience.
• Bell Media introduced that its TSN and RDS services, featuring live sports, are now available on Prime Video Channels in Canada, in addition to Bell Media’s Yearn streaming carrier.

Championing the buyer enjoy

• Hadeer Hassaan used to be appointed Bell’s first Leading Buyer Enjoy Officer. The function builds on Bell’s strategic crucial to champion visitor enjoy and reinforces our customer-first way in the whole thing we do and our purpose to manufacture significant reviews throughout all channels.

Bell for Higher

• On International Psychological Condition Time (October 10, 2024), Bell introduced a constancy of $10 million in 2025 in opposition to psychological condition projects and to backup cope with the adolescence psychological condition catastrophe. Bell Let’s Communicate additionally showed that Bell Let’s Talk Day (January 22, 2025) will center of attention on adolescence psychological condition and can come with a text-to-donate marketing campaign the place Canadians can provide $5 via textual content with Bell indistinguishable all donations as much as a complete of $1 million, as a part of its $10 million psychological condition constancy in 2025. The Bell Let’s Communicate Public Investmrent announced 75 new grant recipients for 2024. For the reason that settingup of the Investmrent in 2011, greater than 1,175 organizations from around the nation have won grants totalling over $22 million. 

BCE RESULTS

Monetary Highlights

“BCE’s Q3 results demonstrate our continued transformation efforts to drive long-term cost efficiencies and profitable subscriber growth while making strategic M&A transactions to lean into our core strengths,” stated Curtis Millen, Leading Monetary Officer of BCE and Bell Canada. 

“Adjusted EBITDA grew 2.1%, driving a 1.7 percentage-point increase in margin to 45.6%, our highest quarterly margin in more than three decades. We saw a 4.8% reduction in operating costs this quarter, demonstrating our strong focus on driving costs out of the business. We also continue to reduce our capital expenditures, which were down $205 million in Q3, bringing year-to-date capex savings to more than $600 million and contributing to ten.3% larger unfastened coins circulate this quarter. 

Given lower-than-anticipated product profit and sustained wi-fi worth compression over the month yr, which has an increasing number of put power on cell phone mixed ARPU, we have now revised our profit steering for 2024 downward from a space of 0% to 4% up to now to a fade of roughly 1.5%. All alternative monetary steering objectives for 2024 stay unchanged.

BCE’s steadiness sheet left-overs well-positioned with $4.4 billion of to be had liquidity and 401-k solvency surpluses. As we journey throughout the residue of the yr and into 2025, we will be able to stay considering endured charge potency and margin-accretive subscriber expansion, nourishing our pace monetary efficiency.”

• BCE running revenues had been $5,971 million in Q3 2024, unwell 1.8% in comparison to Q3 2023, because of a 14.3% snip in product profit to $685 million. Carrier profit used to be necessarily strong, up 0.1% to $5,286 million, as expansion at Bell Media used to be efficiently offset via a year-over-year fade at Bell Conversation and Era Products and services (Bell CTS).
• Web profits diminished $1,898 million, make happen a web lack of $1,191 million in Q3 2024, and web loss as a consequence of regular shareholders totalled $1,237 million, or $1.36 according to percentage, in comparison to web profits as a consequence of regular shareholders of $640 million, or $0.70 according to percentage, in Q3 2023. The year-over-year declines had been because of non-cash asset impairment fees totalling $2,113 million, basically connected to Bell Media’s TV and radio homes to mirror an additional fade in promoting call for and spending within the standard promoting marketplace, in addition to to raised passion expense and better severance, acquisition and alternative prices. Those components had been in part offset via cheapen source of revenue taxes, cheapen alternative expense and better adjusted EBITDA. Adjusted web profits had been unwell 7.2% to $688 million, make happen a 7.4% snip in adjusted EPS to $0.75.
• Adjusted EBITDA grew 2.1% to $2,722 million, reflecting will increase of 25.1% at Bell Media and zero.2% at Bell CTS. BCE’s consolidated adjusted EBITDA margin higher 1.7 proportion issues to 45.6% from 43.9% in Q3 2023. This end result used to be pushed via a 4.8% relief in running prices reflecting lower price of products bought from diminished gross sales of low-margin merchandise within the quarter, diminished labour prices as a consequence of staff relief projects undertaken over the month yr and everlasting closures of The Supply retail outlets as a part of our strategic distribution partnership with Absolute best Purchase Canada, in addition to era and automation-enabled running efficiencies around the group.
• BCE capital expenditures had been $954 million, unwell 17.7% from $1,159 million endmost yr, similar to a capital depth⁵ of 16.0%, in comparison to 19.1% in Q3 2023. The year-over-year snip is in line with a deliberate relief in capital spending as a consequence of slower fresh natural string footprint growth and displays efficiencies learned from prior investments in electronic transformation projects.
• BCE coins flows from running actions had been $1,842 million, unwell 6.1% from Q3 2023, reflecting cheapen coins from operating capital due basically to the timing of provider bills, larger passion paid and better severance and alternative prices paid, in part offset via diminished coins taxes because of the timing of tax instalment bills and better adjusted EBITDA.  
• Sovereign coins circulate higher 10.3% to $832 million from $754 million in Q3 2023, pushed via cheapen capital expenditures, in spite of diminished coins flows from running actions except for acquisition and alternative prices paid.

OPERATING RESULTS BY SEGMENT

Bell Conversation and Era Products and services⁶ (Bell CTS)

• Overall Bell CTS running revenues in Q3 2024 diminished 3.3% to $5,280 million in comparison to Q3 2023, because of each cheapen product and repair profit.
• Carrier profit used to be unwell 1.4% to $4,595 million, reflecting ongoing declines in legacy tone, information and satellite tv for pc TV services and products, higher acquisition, retention and pack reductions on residential services and products in comparison to Q3 endmost yr, and cheapen cell phone mixed moderate profit according to consumer (ARPU)^7,8,9. Those components had been in part offset via growth of our cell phone, cellular attached software and retail Web and IPTV subscriber bases, higher gross sales of industrial answers services and products to immense undertaking shoppers, in addition to the monetary contribution from acquisitions remodeled the month yr together with Stratejm and CloudKettle to enhance Bell Trade Markets’ controlled cybersecurity and Salesforce electronic workflow automation functions.
• Product profit diminished 14.3% to $685 million, because of a discount in user electronics profit from The Supply as a consequence of everlasting bundle closures and conversions to Absolute best Purchase Specific as a part of our strategic distribution partnership with Absolute best Purchase Canada in addition to comfortable general user electronics marketplace call for, cheapen cellular software shriveled gross sales transaction volumes, and cheapen telecom information apparatus gross sales to immense trade shoppers basically reflecting the timing of gross sales.
• Bell CTS adjusted EBITDA grew 0.2% to $2,468 million, giveover a 1.6 percentage-point margin building up to 46.7% from 45.1% in Q3 2023. This used to be pushed via a 6.2% relief in running prices reflecting lower price of products bought from diminished low-margin gross sales within the quarter, diminished labour prices as a consequence of staff relief projects undertaken over the month yr and everlasting closures of The Supply retail outlets, in addition to era and automation-enabled running efficiencies around the group.
• Postpaid cell phone web subscriber activations totaled 33,111, unwell 76.8% from 142,886 in Q3 2023 — Q3 2023 being our second-best Q3 end result since 2010. The snip used to be because of larger cell phone postpaid visitor churn¹⁰, which higher to one.28% from 1.10% in Q3 2023, reflecting higher aggressive marketplace job and promotional do business in depth in comparison to endmost yr, in addition to 11.6% cheapen improper subscriber activations because of extra centered promotional do business in and cellular software discounting in comparison to endmost yr given a better center of attention on higher-value subscriber loadings, a fade in overseas pupil volumes reflecting government-imposed pupil visa caps, cheapen contribution from The Supply given bundle conversions to Absolute best Purchase Specific, and cheapen trade visitor call for as a consequence of charge explanation projects.
• Bell’s pay as you go cell phone web subscriber activations had been 69,085, up from 24,044 in Q3 2023, representing our splendid quarterly end result since Q3 2019. The year-over-year building up used to be the results of 18.7% expansion in improper activations, pushed via expanded retail distribution and Fortunate Cellular advertising projects, in addition to a cheapen visitor churn charge which progressed 44 foundation issues to 4.66%.
• Bell’s cell phone visitor bottom⁶ totalled 10,361,720 on the finish of Q3 2024, a 1.6% building up over endmost yr, made from 9,473,886 postpaid subscribers, up 1.9%, and 887,834 pay as you go shoppers, unwell 1.4%. As of September 30, 2024, we got rid of 77,971 Virgin Plus pay as you go cell phone subscribers from our pay as you go cell phone subscriber bottom as we forbidden promoting fresh plans for this carrier as of that month.
• Cell phone mixed ARPU used to be unwell 3.4% to $58.26 from $60.28 in Q3 2023. The snip used to be because of the cumulative affect of sustained aggressive pressures on bottom charge plan pricing over the month yr, cheapen overage profit from shoppers subscribing to limitless and bigger capability information plans, and cheapen outbound roaming profit on account of expanding adoption of Canada-U.S. plans.
• Cellular attached software web activations had been unwell 12.5% to 56,216 in Q3 2024, in spite of extra attached vehicle subscriptions, because of cheapen user IoT web activations, which is able to vary from quarter to quarter, and larger information software deactivations. On the finish of Q3 2024, cellular attached software subscribers¹⁰ totalled 2,943,087, an building up of 10.9% over endmost yr.
• Bell added 42,415 general fresh web retail Web subscribers¹⁰, in comparison to 79,327 in Q3 2023 — Q3 2023 being a file quarter for string Web web activations. Regardless of endured robust call for for Bell’s string services and products and bundled choices with cellular carrier, the year-over-year snip displays slowing business expansion given an already tall Canadian Web penetration charge, a fade in non-permanent citizens, much less fresh string footprint growth in comparison to endmost yr, and better visitor deactivations as a consequence of competitive promotional do business in via competition providing cable, mounted wi-fi and satellite tv for pc Web services and products.
• Retail Web subscribers totalled 4,456,709 on the finish of Q3^7,8, a nil.9% building up from endmost yr. On account of a up to date CRTC choice on wholesale high-speed Web get entry to services and products, we’re now not ready to resell cable Web services and products to fresh shoppers in our wireline footprint as of September 12, 2024. Because of this, we got rid of the entire present 106,259 cable subscribers in our wireline footprint from our retail Web subscriber bottom as of that month.
• Bell added 9,197 web fresh retail IPTV subscribers, unwell from 35,976 in Q3 2023. The year-over-year snip used to be due basically to cheapen visitor activations, in particular on our Fibe TV streaming carrier, and not more pull-through on account of cheapen Web volumes. Bell served 2,133,397 retail IPTV subscribers^8,10 on the finish of Q3, a 4.2% building up over endmost yr.
• Retail residential NAS web losses had been 47,674 in comparison to 41,776 in Q3 2023. The upper year-over-year web losses mirror fewer improper activations from much less pull-through on cheapen Web volumes. Bell’s retail residential NAS visitor bottom^8,10 totalled 1,876,782 on the finish of Q3 2024, unwell 8.9% from endmost yr.

Bell Media

• Bell Media running profit higher 10.1% to $782 million in Q3 2024 in comparison to Q3 2023, pushed via each larger year-over-year promoting and subscriber revenues.
• Promoting profit used to be up 7.9%, reflecting larger electronic promoting profit, more potent year-over-year TV sports activities forte efficiency, and the monetary contribution from the purchase of OUTEDGE Media Canada. This end result used to be accomplished in spite of endured comfortable general standard broadcast TV advertiser call for.
• Subscriber profit expansion of 13.5% mirrored retroactive changes connected to pledges with Canadian TV vendors and endured Yearn and sports activities direct-to-consumer streaming subscriber expansion.
• Overall electronic revenues higher 19%, pushed via robust expansion in electronic promoting that used to be fuelled via Bell Media’s programmatic promoting market in addition to endured Yearn and sports activities direct-to-consumer streaming subscriber expansion. The rise in electronic promoting profit displays rising visitor utilization of our expanded strategic target audience control (SAM) TV gross sales device, in addition to expansion in ad-supported subscription tiers on Yearn and Addressable TV. Overall Yearn subscriptions higher 12% from endmost yr to greater than 3.4 million, which used to be pushed via a 34% building up in Yearn direct-to-consumer streaming subscribers, date sports activities direct-to-consumer streaming subscribers higher 45%, benefitting from top class, are living sports activities content material together with Presidents Cup 2024, UEFA EURO 2024 and CONMEBOL Copa América 2024.
• Adjusted EBITDA in Q3 2024 used to be up 25.1% to $254 million in comparison to Q3 2023, handing over a three.9 percentage-point building up in margin to 32.5%. This used to be pushed via the flow-through of upper running profit, in spite of a 4.1% building up in running prices because of larger TV content material prices and the purchase of OUTEDGE Media Canada, which have been in part offset via restructuring projects undertaken over the month yr.
• TSN used to be Canada’s primary sports activities community and the peak forte channel general in Q3 2024; RDS used to be the top-ranked French-language non-news forte channel general.
• Bell Media used to be ranked primary in full-day viewership for all French-language leisure forte and pay channels.

COMMON SHARE DIVIDEND

BCE’s Board of Administrators has declared a quarterly dividend of $0.9975 according to regular percentage, payable on January 15, 2025 to shareholders of file on the near of industrial on December 16, 2024.

UPDATED OUTLOOK FOR 2024

BCE up to date its monetary steering objectives for 2024, as supplied on February 8, 2024, as follows:

Immediately on account of federal authorities insurance policies, we plan a vital relief in 2024 capital expenditures that may manage to a slowdown in our natural string create and cheapen spending in highly-regulated companies. We predict higher passion expense, larger depreciation and amortization expense, and cheapen positive factors on sale of actual property to force cheapen adjusted EPS in 2024. For 2024, we additionally be expecting larger severance bills connected to staff restructuring projects, larger passion paid and cheapen coins from operating capital to force cheapen unfastened coins circulate.

We’re revising our profit steering for 2024 downward from a space of 0% to 4% up to now to a fade of roughly 1.5%, because of lower-than-forecasted wi-fi product profit as a consequence of lowered cellular software gross sales volumes, the timing of cellular apparatus gross sales to positive immense undertaking shoppers and the behind schedule transition of The Supply retail outlets to Absolute best Purchase Specific, in addition to to the cumulative affect of wi-fi pricing pressures over the month yr on cell phone mixed ARPU. All alternative monetary steering objectives for 2024 stay unchanged.

The following the division entitled “Caution Regarding Forward-Looking Statements” then on this information loose for an outline of the main suppositions on which BCE’s 2024 monetary steering objectives are founded, in addition to the main connected chance components.

CALL WITH FINANCIAL ANALYSTS

BCE will store a convention name with the monetary public to speak about Q3 2024 effects on Thursday, November 7 at 8:00 am japanese. Media are welcome to take part on a listen-only foundation. To take part, please dial toll-free 1-844-933-2401 or 647-724-5455. A replay might be to be had till middle of the night December 7, 2024 via dialing 1-877-454-9859 or 647-483-1416 and coming into passcode 2506355#. A are living audio webcast of the convention name might be to be had on BCE’s web site at BCE Q3-2024 conference call.

NON-GAAP AND OTHER FINANCIAL MEASURES

BCE makes use of numerous monetary measures to evaluate its trade efficiency. Sure of those measures are calculated according to Global Monetary Reporting Requirements (IFRS or GAAP) date positive alternative measures shouldn’t have a standardized that means below GAAP. We consider that our GAAP monetary measures, learn along with adjusted non-GAAP and alternative monetary measures, handover readers with a greater figuring out of the way control assesses BCE’s efficiency.

Nationwide Tool 52-112, Non-GAAP and Alternative Monetary Measures Disclosure (NI 52-112), prescribes disclosure necessities that practice to refer to specified monetary measures:

• Non-GAAP monetary measures;
• Non-GAAP ratios;
• Overall of areas measures;
• Capital control measures; and
• Extra monetary measures.

This division supplies an outline and classification of the desired monetary measures pondered via NI 52-112 that we significance on this information loose to provide an explanation for our monetary effects aside from that, for additional monetary measures, an evidence of such measures is equipped the place they’re first referred to on this information loose if the additional monetary measures’ labelling isn’t sufficiently descriptive.

Non-GAAP Monetary Measures

A non-GAAP monetary measure is a monetary measure worn to depict our ancient or anticipated pace monetary efficiency, monetary place or coins circulate and, with admire to its composition, both excludes an quantity this is integrated in, or contains an quantity this is excluded from, the composition of essentially the most without delay related monetary measure disclosed in BCE’s consolidated number one monetary statements. We consider that non-GAAP monetary measures are reflective of our on-going running effects and handover readers with an figuring out of control’s standpoint on and research of our efficiency.

Underneath are descriptions of the non-GAAP monetary measures that we significance on this information loose to provide an explanation for our effects in addition to reconciliations to essentially the most without delay related IFRS monetary measures.

Adjusted web profits – Adjusted web profits is a non-GAAP monetary measure and it does now not have any standardized that means below IFRS. Subsequently, it’s not going to be related to matching measures offered via alternative issuers.

We outline adjusted web profits as web (loss) profits as a consequence of regular shareholders sooner than severance, acquisition and alternative prices, web mark-to-market losses (positive factors) on derivatives worn to economically hedge fairness settled share-based repayment plans, web fairness losses (positive factors) on investments in friends and joint ventures, web losses (positive factors) on investments, early debt redemption prices, impairment of belongings and discontinued operations, web of tax and non-controlling passion (NCI).

We significance adjusted web profits and we consider that positive buyers and analysts significance this measure, amongst alternative ones, to evaluate the efficiency of our companies with out the consequences of severance, acquisition and alternative prices, web mark-to-market losses (positive factors) on derivatives worn to economically hedge fairness settled share-based repayment plans, web fairness losses (positive factors) on investments in friends and joint ventures, web losses (positive factors) on investments, early debt redemption prices, impairment of belongings and discontinued operations, web of tax and NCI. We exclude these things as a result of they have an effect on the comparison of our monetary effects and may probably distort the research of developments in trade efficiency. Except these things does now not suggest they’re non-recurring.

Essentially the most without delay related IFRS monetary measure is web (loss) profits as a consequence of regular shareholders.

Refer to desk is a reconciliation of web (loss) profits as a consequence of regular shareholders to adjusted web profits on a consolidated foundation.

($ thousands and thousands)

Sovereign coins circulate – Sovereign coins circulate is a non-GAAP monetary measure and it does now not have any standardized that means below IFRS. Subsequently, it’s not going to be related to matching measures offered via alternative issuers.

We outline unfastened coins circulate as coins flows from running actions, except for coins from discontinued operations, acquisition and alternative prices paid (which come with important litigation prices) and voluntary pension investment, much less capital expenditures, most popular percentage dividends and dividends paid via subsidiaries to NCI. We exclude coins from discontinued operations, acquisition and alternative prices paid and voluntary pension investment as a result of they have an effect on the comparison of our monetary effects and may probably distort the research of developments in trade efficiency. Except these things does now not suggest they’re non-recurring.

We believe unfastened coins circulate to be an noteceable indicator of the monetary energy and function of our companies. Sovereign coins circulate displays how much money is to be had to pay dividends on regular stocks, pay off debt and reinvest in our corporate. We consider that positive buyers and analysts significance unfastened coins circulate to price a trade and its underlying belongings and to guage the monetary energy and function of our companies. Essentially the most without delay related IFRS monetary measure is coins flows from running actions.

Refer to desk is a reconciliation of money flows from running actions to unfastened coins circulate on a consolidated foundation.

($ thousands and thousands)

Non-GAAP Ratios

A non-GAAP ratio is a monetary measure disclosed within the mode of a ratio, fraction, proportion or matching illustration and that has a non-GAAP monetary measure as a number of of its elements.

Underneath is an outline of the non-GAAP ratio that we significance on this information loose to provide an explanation for our effects.

Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it does now not have any standardized that means below IFRS. Subsequently, it’s not going to be related to matching measures offered via alternative issuers.

We outline adjusted EPS as adjusted web profits according to BCE regular percentage. Adjusted web profits is a non-GAAP monetary measure. For additional main points on adjusted web profits, please see Non-GAAP Monetary Measures above.

We significance adjusted EPS, and we consider that positive buyers and analysts significance this measure, amongst alternative ones, to evaluate the efficiency of our companies with out the consequences of severance, acquisition and alternative prices, web mark-to-market losses (positive factors) on derivatives worn to economically hedge fairness settled share-based repayment plans, web fairness losses (positive factors) on investments in friends and joint ventures, web losses (positive factors) on investments, early debt redemption prices, impairment of belongings and discontinued operations, web of tax and NCI. We exclude these things as a result of they have an effect on the comparison of our monetary effects and may probably distort the research of developments in trade efficiency. Except these things does now not suggest they’re non-recurring.

Overall of Areas Measures

A complete of areas measure is a monetary measure that may be a subtotal or general of two or extra reportable areas and is disclosed throughout the Notes to BCE’s consolidated number one monetary statements.

Underneath is an outline of the whole of areas measure that we significance on this information loose to provide an explanation for our effects in addition to a reconciliation to essentially the most without delay related IFRS monetary measure.

Adjusted EBITDA – Adjusted EBITDA is a complete of areas measure. We outline adjusted EBITDA as running revenues much less running prices as proven in BCE’s consolidated source of revenue statements.

Essentially the most without delay related IFRS monetary measure is web (loss) profits.

Refer to desk is a reconciliation of web (loss) profits to adjusted EBITDA on a consolidated foundation.

($ thousands and thousands)

Extra Monetary Measures

A additional monetary measure is a monetary measure that isn’t reported in BCE’s consolidated monetary statements, and is, or is meant to be, reported periodically to constitute ancient or anticipated pace monetary efficiency, monetary place, or coins flows.

An evidence of such measures is equipped the place they’re first referred to on this information loose if the additional monetary measures’ labelling isn’t sufficiently descriptive.

KEY PERFORMANCE INDICATORS (KPIs)

We significance adjusted EBITDA margin, mixed ARPU, capital depth, churn and subscriber (or visitor or NAS) devices to measure the good fortune of our strategic imperatives. Those key efficiency signs aren’t accounting measures and might not be related to matching measures offered via alternative issuers.

About BCE

BCE is Canada’s greatest communications corporate¹¹, offering complex Bell broadband Web, wi-fi, TV, media and trade communications services and products. To be told extra, please discuss with Bell.ca or BCE.ca.

Thru Bell for Better, we’re making an investment to manufacture a greater nowadays and a greater the next day to come via supporting the social and financial prosperity of our communities. This contains the Bell Let’s Communicate initiative, which promotes Canadian psychological condition with nationwide consciousness and anti-stigma campaigns like Bell Let’s Communicate Time and important Bell investment of public offer and get entry to, analysis and place of job projects all through the rustic. To be told extra, please discuss with Bell.ca/LetsTalk.

Media inquiries:
Ellen Murphy
[email protected]

Investor inquiries:
Richard Bengian
514-786-8219
[email protected]

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Sure statements made on this information loose are forward-looking statements. Those statements come with, with out limitation, statements on the subject of BCE’s monetary steering (together with profit, adjusted EBITDA, capital depth, adjusted EPS and unfastened coins circulate), the proposed acquisition via Bell Canada of Ziply Fiber, the anticipated timing and of entirety thereof, positive attainable advantages anticipated to end result from the proposed acquisition together with the anticipated selection of Ziply Fiber string places to be added to Bell’s string footprint upon endmost of the proposed acquisition, the anticipated selection of blended Ziply Fiber and Bell Canada string places upon endmost of the proposed acquisition in addition to centered to be reached via the tip of 2028, the proposed disposition of BCE’s possession stake in MLSE, the anticipated timing and of entirety thereof and the deliberate get entry to for Bell Media to content material rights for the Toronto Maple Leafs and Toronto Raptors for the subsequent twenty years by way of a long-term guarantee with Rogers, positive advantages anticipated to end result from the purchase of HGC, BCE’s 2024 annualized regular percentage dividend, its aim to guard such dividend on the wave stage right through 2025 and the possible pace resumption of regular percentage dividend expansion, BCE’s community deployment plans and connected deliberate capital expenditures, BCE’s deliberate center of attention for the residue of 2024 and for the start of 2025 on endured charge potency and margin-accretive subscriber expansion, BCE’s trade outlook, targets, plans and strategic priorities, and alternative statements that aren’t ancient details. Ahead-looking statements are in most cases recognized via the phrases guess, objective, steering, purpose, outlook, challenge, technique, goal, constancy and alternative matching expressions or pace or conditional verbs reminiscent of effort, wait for, consider, may, be expecting, intend, would possibly, plan, search, will have to, try and will. All such forward-looking statements are made pursuant to the ‘guard harbour’ provisions of acceptable Canadian securities rules and of the US Personal Securities Litigation Reform Office of 1995.

Ahead-looking statements, via their very nature, are matter to inherent dangers and uncertainties and are in keeping with a number of suppositions, each normal and explicit, which provide be on one?s feet to the chance that untouched effects or occasions may range materially from our expectancies expressed in or implied via such forward-looking statements and that our trade outlook, targets, plans and strategic priorities might not be accomplished. Those statements aren’t promises of pace efficiency or occasions, and we warning you towards depending on any of those forward-looking statements. The forward-looking statements contained on this information loose describe our expectancies as of November 7, 2024 and, accordingly, are matter to modify later such month. Excluding as could also be required via acceptable securities rules, we don’t adopt any legal responsibility to replace or revise any forward-looking statements contained on this information loose, whether or not on account of fresh data, pace occasions or another way. We incessantly believe attainable acquisitions, inclinations, mergers, trade combos, investments, monetizations, joint ventures and alternative transactions, a few of that could be important. Excluding as another way indicated via us, forward-looking statements don’t mirror the possible affect of the sort of transactions or of particular pieces that can be introduced or that can happen later November 7, 2024. The monetary affect of those transactions and particular pieces can also be advanced and is dependent upon the details explicit to every of them. We subsequently can not describe the anticipated affect in a significant approach or in the similar approach we provide recognized dangers affecting our trade. Ahead-looking statements are offered on this information loose make happen aiding buyers and others in figuring out positive key parts of our anticipated monetary effects, in addition to our targets, strategic priorities and trade outlook, and in acquiring a greater figuring out of our expected running circumstance. Readers are cautioned that such data might not be suitable for alternative functions. 

Subject material Suppositions

Numerous financial, marketplace, operational and monetary suppositions had been made via BCE in getting ready its forward-looking statements contained on this information loose, together with, however now not restricted to refer to:

Canadian Financial Suppositions

Our forward-looking statements are in keeping with positive suppositions regarding the Canadian financial system. Particularly, we have now assumed:

• Negligible economic development, given the Vault of Canada’s most up-to-date estimated expansion in Canadian improper home product of one.2% in 2024, unchanged from the sooner estimate
• Easing user worth index (CPI) inflation reflecting weakening pressures
• Softening labour marketplace
• Expansion in user spending supported via decreases in rates of interest
• Trade funding expansion underpinned via cheapen rates of interest and better call for
• Rates of interest anticipated to stay at or related wave ranges
• Slowdown in public expansion because of adjustments to authorities immigration coverage
• Canadian greenback anticipated to stay related wave ranges. Additional actions could also be impacted via the stage of energy of the U.S. greenback, rates of interest and adjustments in commodity costs

Canadian Marketplace Suppositions

Our forward-looking statements additionally mirror numerous Canadian marketplace suppositions. Particularly, we have now made refer to marketplace suppositions:

• A better stage of wireline and wi-fi pageant in user, trade and wholesale markets
• Upper, however slowing, wi-fi business penetration
• A shrinking information and tone connectivity marketplace as trade shoppers migrate to lower-priced telecommunications answers or extra over-the-top (OTT) competition
• The Canadian standard broadcast TV and radio promoting marketplace is experiencing an ongoing slowdown without a growth anticipated within the medium expression, and visibility into the particular timing and month of growth left-overs restricted
• Declines in broadcasting distribution endeavor (BDU) subscribers pushed via expanding pageant from the ongoing rollout of subscription video on call for (SVOD) streaming services and products along with additional scaling of OTT aggregators

Suppositions Regarding our Bell CTS Section

Our forward-looking statements also are in keeping with refer to interior operational suppositions with admire to our Bell CTS department:

• Within the BCE 2023 Annual MD&A, we disclosed our guess of building up in our marketplace percentage of nationwide operators’ wi-fi cell phone web additions. We at the moment are assuming that our marketplace percentage of nationwide operators’ wi-fi cell phone web additions will stay strong or snip moderately as we shift our center of attention from expanding marketplace percentage to center of attention rather on financial and monetary results.
• Greater aggressive depth and promotional job throughout all areas and marketplace areas
• Ongoing growth and deployment of 5G and 5G+ wi-fi networks, providing aggressive protection and feature
• Persevered diversification of our distribution technique with a focal point on increasing direct-to-consumer (DTC) and on-line transactions
• Within the BCE 2023 Annual MD&A, we disclosed our guess of moderating expansion in cell phone mixed ARPU. We at the moment are assuming declining cell phone mixed ARPU, because of a higher-than-anticipated stage of aggressive pricing power which intensified regularly within the first quarter of 2024, that has carried over from the seasonally extra intense This autumn 2023 promoting duration
• Proceeding trade visitor adoption of complex 5G, 5G+ and Web of Issues (IoT) answers
• Making improvements to wi-fi handset software availability along with strong software pricing and margins
• Additional deployment of direct string to extra properties and companies inside our wireline footprint, however at a slower month than right through any of 2020 to 2023
• Persevered expansion in retail Web and IPTV subscribers
• Expanding wi-fi and Web-based technological substitution
• Persevered center of attention at the user family and bundled carrier do business in for mobility and Web shoppers
• Persevered immense trade visitor migration to IP-based techniques
• Ongoing aggressive repricing pressures in our trade and wholesale markets
• Persevered aggressive depth in our mini and medium-sized trade markets as cable operators and alternative telecommunications competition proceed to accentuate their center of attention on trade shoppers
• Conventional high-margin product sections challenged via immense international cloud and OTT suppliers of industrial tone and knowledge answers increasing into Canada with on-demand services and products
• Expanding visitor adoption of OTT services and products make happen downsizing of TV programs
• Rising intake of OTT TV services and products and on-demand video streaming, in addition to the proliferation of gadgets, reminiscent of capsules, that devour immense amounts of bandwidth, would require ongoing capital funding
• Realization of charge financial savings connected to running efficiencies enabled via our direct string footprint, adjustments in user behaviour and product innovation, electronic adoption, product and repair improvements, increasing self-serve functions, fresh name centre and electronic investments, alternative enhancements to the buyer carrier enjoy, control staff discounts together with attrition and retirements, and cheapen shriveled charges from our providers
• Negative opposed subject matter monetary, operational or aggressive aftereffects of adjustments in or implementation of laws affecting our communique and era services and products trade

Suppositions Regarding our Bell Media Section

Our forward-looking statements also are in keeping with refer to interior operational suppositions with admire to our Bell Media department:

• Total electronic profit anticipated to mirror endured scaling of our Strategic Target market Control (SAM) TV and demand-side platform purchasing platforms, growth of Addressable TV, in addition to DTC subscriber expansion, contributing in opposition to the development of our digital-first media technique
• Leveraging of first-party information to enhance concentrated on, commercial supply together with personalised viewing enjoy and attribution
• Persevered escalation of media prices to store feature content material
• Persevered scaling of Yearn by way of optimized content material providing, consumer enjoy enhancements and expanded distribution
• Persevered aid in unedited French content material with a focal point on electronic platforms reminiscent of Yearn, Noovo.ca and iHeartRadio Canada, to raised offer our French-language shoppers by way of a personalised electronic enjoy
• Talent to effectively gain and create highly-rated and differentiated content material
• Development and keeping up strategic provide preparations for content material throughout all monitors and platforms
• Negative opposed subject matter monetary, operational or aggressive aftereffects of adjustments in or implementation of laws affecting our media trade

Monetary Suppositions Regarding BCE

Our forward-looking statements also are in keeping with refer to interior monetary suppositions with admire to BCE for 2024:

• An estimated post-employment receive advantages plans carrier charge of roughly $215 million
• An estimated web go back on post-employment receive advantages plans of roughly $70 million
• Depreciation and amortization expense of roughly $5,050 million to $6,000 million
• Pastime expense of roughly $1,700 million to $1,750 million
• Pastime paid of roughly $1,750 million to $1,800 million
• A mean efficient tax charge of roughly 60%
• Non-controlling passion of roughly $40 million
• Contributions to post-employment receive advantages plans of roughly $55 million
• Bills below alternative post-employment receive advantages plans of roughly $60 million
• Source of revenue taxes paid (web of refunds) of roughly $700 million to $800 million
• Weighted moderate selection of BCE regular stocks exceptional of roughly 912 million
• An annual regular percentage dividend of $3.99 according to percentage

Suppositions underlying anticipated proceeding contribution vacay in 2024 within the majority of our pension plans

We have now made refer to main suppositions underlying the anticipated proceeding contribution vacay in 2024 within the majority of our pension plans:

• On the related while, our outlined receive advantages (DB) pension plans will stay in funded positions with going fear surpluses and guard solvency ratios that exceed the minimal criminal necessities for a contribution vacay to be taken for acceptable DB and outlined contribution (DC) elements
• Negative important declines in our DB pension plans’ monetary place because of declines in funding returns or rates of interest
• Negative subject matter enjoy losses from alternative occasions reminiscent of by way of litigation or adjustments in rules, laws or actuarial requirements

The foregoing suppositions, despite the fact that thought to be affordable via BCE on November 7, 2024, would possibly end up to be misguided. Accordingly, our untouched effects may range materially from our expectancies as eager forth on this information loose.

Subject material Dangers

Remarkable chance components that might reason our suppositions and estimates to be misguided and untouched effects or occasions to range materially from the ones expressed in, or implied via, our forward-looking statements, together with our 2024 monetary steering, are indexed beneath. The conclusion of our forward-looking statements, together with our skill to fulfill our 2024 monetary steering objectives, necessarily is dependent upon our trade efficiency, which, in flip, is matter to many dangers. Accordingly, readers are cautioned that any of refer to dangers will have a subject matter opposed impact on our forward-looking statements. Those dangers come with, however aren’t restricted to: the detrimental impact of difficult financial statuses, together with a possible recession, increased inflation, tall rates of interest and monetary and capital marketplace volatility, and the ensuing detrimental affect on trade and visitor spending and the call for for our services and products; the detrimental impact of difficult statuses related to geopolitical occasions; regulatory projects, court cases and choices, authorities consultations and authorities positions that negatively have an effect on us and affect our trade together with, with out limitation, relating to obligatory get entry to to networks, spectrum auctions, the imposition of consumer-related codes of habits, kindness of acquisitions, broadcast and spectrum licensing, overseas possession necessities, privateness and cybersecurity tasks and keep an eye on of copyright piracy; the lack to enforce enhanced compliance frameworks and to agree to criminal and regulatory tasks; unwanted solution of criminal court cases; the depth of aggressive job and the failure to efficiently reply to evolving aggressive dynamics; the extent of technological substitution and the presence of extra carrier suppliers contributing to disruptions and disintermediation in every of our trade areas; converting visitor behaviour and the growth of cloud-based, OTT and alternative extra answers; promoting marketplace pressures from financial statuses, fragmentation and non-traditional/international electronic services and products; emerging content material prices and demanding situations in our skill to procure or manufacture key content material; tall Canadian Web and smartphone penetration; the failure to adapt and grow to be our networks, techniques and operations the usage of next-generation applied sciences date decreasing our charge construction, together with the failure to transition from a conventional telecommunications corporate to a tech services and products and electronic media corporate and meet visitor expectancies of product and repair enjoy; the lack to force a good visitor enjoy; the lack to offer protection to our bodily and non-physical belongings from occasions reminiscent of data safety assaults, unauthorized get entry to or access, hearth and herbal screw ups; the failure to enforce an efficient information governance framework; the failure to draw, manufacture and keep a various and gifted workforce in a position to furthering our strategic imperatives and high-tech transformation; the possible deterioration in worker morale and engagement on account of personnel discounts, charge discounts or reorganizations and the de-prioritization of transformation projects because of personnel discounts, charge discounts or reorganizations; the failure to adequately top condition and protection issues; labour disruptions and shortages; the chance that we would possibly wish to incur important capital expenditures to handover alternative capability and shed community congestion; carrier interruptions or outages because of community disasters or slowdowns; occasions affecting the capability of, and our skill to offer protection to, take a look at, guard, substitute and improve, our networks, data era (IT) techniques, apparatus and alternative amenities; the failure via alternative telecommunications carriers on which we depend to handover services and products to finish deliberate and ample trying out, repairs, substitute or improve in their networks, apparatus and alternative amenities, which might disrupt our operations together with by way of community or alternative infrastructure disasters; the complexity of our operations and IT techniques and the failure to enforce or guard extremely efficient processes and IT techniques; in-orbit and alternative operational dangers to which the satellites worn to handover our satellite tv for pc TV services and products are matter; the lack to get entry to ample assets of capital and generate ample coins flows from running actions to fulfill our coins necessities, investmrent capital expenditures and handover for deliberate expansion; confusion as as to if dividends might be declared or the dividend on regular stocks might be maintained or higher via BCE’s board of administrators; the failure to shed prices and adequately assess funding priorities, in addition to surprising will increase in prices; the lack to top numerous credit score, liquidity and marketplace dangers; the failure to adapt practices to efficiently track and keep an eye on fraudulent actions; fresh or larger taxes because of fresh tax rules or adjustments thereto or within the interpretation thereof, and the lack to expect the result of presidency audits; the affect on our monetary statements and estimates from numerous components; pension legal responsibility volatility and higher contributions to post-employment receive advantages plans; our dependence on third-party providers, outsourcers and experts to handover an uninterrupted provide of the services and products we want; the failure of our supplier variety, governance and oversight processes, together with our control of provider chance within the fields of safety, information governance and accountable procurement; the feature of our services and products and the level to which they could also be matter to defects or fail to agree to acceptable authorities laws and requirements; reputational dangers and the lack to meaningfully combine environmental, social and governance (ESG) issues into our trade technique and operations; the failure to pluck suitable movements to evolve to wave and rising environmental affects, together with situation alternate; pandemics, epidemics and alternative condition dangers, together with condition issues about radio frequency emissions from wi-fi communications gadgets and kit; the lack to adequately top social problems; the failure to manufacture and enforce ample company governance practices; the opposed affect of numerous interior and exterior components on our skill to reach our ESG objectives together with, with out limitation, the ones connected to greenhouse fuel emissions relief and variety, fairness, inclusion and belonging; the of entirety of the proposed disposition of Northwestel Inc. is matter to endmost statuses, together with the buyer securing financing and the of entirety of confirmatory due diligence and, as such, there can also be refuse words that the proposed disposition will in the long run be consummated or that it’s going to be consummated at the phrases and statuses lately pondered; the anticipated timing and of entirety of the proposed disposition of BCE’s possession stake in MLSE and the deliberate get entry to for Bell Media to content material rights for the Toronto Maple Leafs and Toronto Raptors for the subsequent twenty years by way of a long-term guarantee with Rogers are matter to endmost statuses, together with related sports activities league and alternative standard approvals, and the meant significance of proceeds via BCE from the proposed disposition would possibly range in keeping with timing of endmost of the disposition and alternative components and, as such, there can also be refuse words that the proposed disposition, the predicted significance of proceeds and expected advantages from the proposed disposition will happen, or that they are going to happen at the phrases and statuses, or on the while, lately pondered; and the anticipated timing and of entirety of the proposed acquisition of Ziply Fiber are matter to standard endmost statuses, together with related regulatory approvals, reminiscent of kindness via the Federal Communications Fee and approvals via situation Society Utilities Commissions and, as such, there can also be refuse words that the proposed acquisition and the possible advantages anticipated to end result from the proposed acquisition will happen, or that they are going to happen at the phrases and statuses, or on the while, lately pondered.

We warning that the foregoing record of chance components isn’t exhaustive and alternative components may additionally adversely have an effect on our effects. We inspire buyers to additionally learn BCE’s 2023 Annual MD&A dated March 7, 2024 and BCE’s 2024 First, 2d and 3rd Quarter MD&As dated Might 1, 2024, July 31, 2024 and November 6, 2024, respectively, for alternative data with admire to positive of those and alternative suppositions and dangers, filed via BCE with the Canadian provincial securities regulatory government (to be had at sedarplus.ca) and with the U.S. Securities and Trade Fee (to be had at SEC.gov). Those paperwork also are to be had at BCE.ca.

SOURCE Bell Canada