BCE Inc

BCE

Equity

ISIN null / Valor 2614125

Toronto Stock Exchange (2026-10-02)

CAD 28.17-0.63%

BCE Inc
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About company

BCE Inc., commonly known as Bell Canada, is a prominent telecommunications and media company based in Canada. Its business encompasses a wide range of services including voice, internet, television, and wireless communications for both residential and business customers. In addition to its core telecommunications operations, BCE has made significant investments in mental health initiatives through its Bell Let’s Talk campaign, which aims to support and transform mental health services across Canada, particularly for young people. This initiative has led to partnerships with over 1,500 health care, research institutions, governments, and community groups nationwide. Beyond its social commitments, BCE is focused on expanding its network infrastructure and enhancing its service offerings. The company has outlined plans for substantial capital expenditures aimed at network deployment and transformation initiatives, which are expected to improve service delivery and customer experience. While the company has set ambitious goals for environmental, social, and governance (ESG) objectives, including efforts in diversity, equity, inclusion, and environmental sustainability, this description focuses on its core business operations and strategic initiatives in the telecommunications and media sectors.

Summarized from source with an LLMView SourceSector: Telecommunications

Revenue and adjusted EBITDA

Q2 2026 operating revenues: $6,176M (+1.5% y/y). Adjusted EBITDA: $2,702M (+1.0%), with margin essentially stable at 43.8% (vs 43.9% a year earlier).

Net earnings and adjusted EPS

Net earnings: $629M (–2.3% y/y). Net earnings attributable to common shareholders: $558M or $0.60 per share (–3.6% and –4.8% respectively). Adjusted net earnings: $604M (+2.0%); adjusted EPS: $0.65 (+3.2%).

Cash flow, capex and free cash flow

Cash flows from operating activities: $2,162M (+11.0%). Capital expenditures rose to $1,080M (+41.5%), driving capital intensity to 17.5% (vs 12.5% in Q2 2025). Free cash flow: $1,042M (–9.5%), primarily due to higher capex for Bell AI Fabric and Ziply FTTP expansion.

Fibre and Internet subscriber growth

Residential FTTH net activations: 54,883 (including Ziply) (+14.5% y/y). Internet revenue growth: 14.2%, reflecting strong FTTH additions and higher penetration.

Wireless performance

Postpaid mobile phone net additions: 41,594. Postpaid churn improved 4 basis points to 1.02% — the lowest quarterly level in three years. Mobile phone blended ARPU was $56.30 (–2.3%).

AI-powered enterprise momentum

Combined revenues from Ateko and Bell Cyber were up 29% y/y. Bell is also advancing Bell AI Fabric data centre construction (Saskatchewan, Merritt B.C.), and expects AI infrastructure to drive incremental capital investment.

Bell Media and Crave

Bell Media revenue: $918M (+8.9% y/y). Adjusted EBITDA: $244M (+3.8%). Crave subscriptions grew 23% to 5.07 million, driven by direct-to-consumer streaming and FIFA World Cup 2026 coverage.

Ziply acquisition and Bell CTS U.S.

Ziply Fiber (acquired Aug 1, 2025) contributed to Bell CTS U.S. results: Q2 U.S. revenue $234M and adjusted EBITDA $95M. Ziply added 9,612 residential FTTH net activations in the quarter and helped lift Bell CTS total high-speed Internet subscribers to 4.91M (+7.3% y/y).

Dividend, guidance and outlook

Board declared quarterly common dividend of $0.4375 per share (payable Oct 15, 2026). BCE confirmed its 2026 guidance (revenue, adjusted EBITDA, adjusted EPS and free cash flow ranges) and cautioned that higher capital spending for AI data centre build-out will raise capital intensity and pressure adjusted EPS and free cash flow for the year.

Summarized from source with an LLMView Source

Key figures

-13.1%1Y

-43.8%3Y

-55.5%5Y

Performance

18.6%1Y

21.0%3Y

18.6%5Y

Volatility