BCE reports third quarter 2025 results

Executive Summary

• BCE reported a strong turnaround in Q3 2025, posting net earnings of $4.555 billion (up from a $1.191 billion loss YoY) and adjusted EPS of $0.79, a 5.3% increase year‑over‑year.
• Free cash flow surged 20.6% to $1.003 billion, while operating revenue grew modestly 1.3% to $6.049 billion, driven in part by the recent Ziply Fiber acquisition.
• The Board declared a quarterly dividend of $0.4375 per share (payable Jan 15 2026) and reaffirmed 2025 guidance on revenue, adjusted EBITDA, capital intensity and free‑cash‑flow targets.

Key Details

• Financial Highlights (unaudited):
• Operating revenues: $6,049 M (+1.3% YoY).
• Adjusted EBITDA: $2,762 M (+1.5%).
• Net earnings attributable to common shareholders: $4,502 M ($4.84 per share).
• Adjusted net earnings: $733 M (+6.5%).
• Free cash flow: $1,003 M (+20.6%).

• Capital expenditures: $(891) M (down 6.6% YoY).

• Segment Performance:

• Bell CTS U.S. (Ziply Fiber): Q3 operating revenue $160 M; adjusted EBITDA $71 M (44.4% margin).
• Bell CTS Canada: Operating revenue $5,248 M (‑0.6% YoY); adjusted EBITDA $2,525 M (46.8% margin).

• Bell Media: Revenue $732 M (‑6.4% YoY); adjusted EBITDA $237 M (‑6.7%).

• Subscriber Metrics:

• Total retail high‑speed Internet net activations: 26,111 (down 38.4% YoY).
• Retail high‑speed Internet base end‑Q3: 4,890,297 (+9.7%).
• Postpaid mobile churn improved to 1.13% (‑15 bps).

• Crave subscriptions at 4.3 M (early Oct 2025).

• Strategic Updates:

• Completed redemption of all Ziply Fiber debt securities.
• Launched Bell Cyber cybersecurity platform and AI partnership with Simon Fraser University.
• Demonstrated satellite direct‑to‑cell VoLTE service with AST SpaceMobile; nationwide LEO deployment planned for 2026.

• New wireless infrastructure rollout in 220+ communities and joint 5G/5G+ expansion with Government of New Brunswick (10 new sites).

• Dividend:

• Quarterly dividend declared: $0.4375 per common share, payable Jan 15 2026 to shareholders of record Dec 15 2025.

• Guidance Confirmation (2025):

• Revenue growth target revised to 0%–2%.
• Adjusted EBITDA growth target 0%–2%.
• Capital intensity ~15%.
• Adjusted EPS outlook –13% to –8% (updated August 7 2025).

• Free cash flow growth target 6%–11%.

• Conference Call:

• Date: Thursday, Nov 6 2025, 8:00 am ET. Dial‑in details provided; webcast available on BCE website.