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BCE Inc
XMUN:BCE1

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BCE Inc
XMUN:BCE1
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Price: 20.855 EUR 1.14%
Market Cap: €19B

BCE Inc
Investor Relations

BCE Inc. is one of Canada’s largest telecommunications companies. It sells wireless phone plans, home internet, TV, and business communication services, and it also owns media assets such as television channels, radio stations, and digital content brands. Its main customers are Canadian households, small businesses, large enterprises, and public-sector organizations that need network access and communications services. The company makes money mostly by charging recurring monthly fees for wireless and internet subscriptions, along with service contracts for businesses and advertising and content distribution through its media assets. It also earns from equipment sales such as phones and other connected devices, but the core of the business is the ongoing relationship with subscribers on its networks. BCE’s business model is different because it sits at the center of Canada’s communications infrastructure. It builds and maintains the networks that carry voice, data, and video, then sells access to those networks under its own brands. That makes it both a network owner and a retail service provider, with a large share of its business tied to the essential, repeat-use nature of telecom services.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 7, 2026
AI Summary
Q1 2026

Top line: BCE said Q1 revenue rose 4% and adjusted EBITDA grew 2.9%, with management framing the quarter as disciplined execution in a competitive market.

Wireless: Wireless was unusually competitive, but BCE still posted 16,947 postpaid net adds and said pricing has stabilized early in Q2.

Fiber: Fiber remained a key growth engine, with 42,750 residential FTTH net adds in Canada and nearly 50,000 total residential fiber net adds including Ziply.

AI push: BCE leaned heavily into its AI strategy, saying Bell AI Fabric is scaling quickly and that it now has 4 fully contracted facilities and line of sight to about 800 megawatts of power over time.

Guidance: Management said full-year 2026 guidance remains intact, with the only March update reflecting the expected impact of the Saskatchewan AI data center.

Balance sheet: BCE ended Q1 with $4.3 billion of liquidity and said it remains on track to reach 3.5x net debt leverage by the end of 2027.

Media momentum: Bell Media digital continued to gain traction, with Crave subscribers up 25% year over year to more than 4.7 million and Digital revenue now 46% of Bell Media revenue.

Key Financials
Revenue
up 4%
Adjusted EBITDA
up 2.9%
Margin
42.7%
Adjusted EPS
down $0.06
Capital expenditures
up 15.4%
Free cash flow
$804 million
Total available liquidity
$4.3 billion
Net debt leverage
approximately 3.8x
Postpaid mobile phone net adds
16,947
Postpaid churn
1.34%
ARPU
down 0.8%
Residential FTTH net adds
42,750
Video net adds
10,103
BBM revenue
up 9.7%
AI-powered solutions growth
113%
Ziply Fiber revenue
$234 million
Ziply Fiber EBITDA
$102 million
Ziply Fiber margin
43.6%
Ziply Fiber net new customers
nearly 7,000
Bell Media revenue
up 0.4%
Subscriber revenue
up 11.8%
Advertising revenue
down 12.8%
Digital Video Advertising revenue
up 32%
Digital revenue mix
46%
Crave subscribers
more than 4.7 million
Wireless service revenue
down 0.6%
Wireless product revenue
down 6.3%
Operating costs
up 1.1%
Saskatchewan CapEx
less than $20 million
Saskatchewan revenue and EBITDA
approximately $500 million revenue and $400 million EBITDA
Saskatchewan free cash flow
over $250 million
Saskatchewan IRR
approximately 20%
Land Mobile Radio sale
$675 million
Land Mobile Radio leverage benefit
approximately 0.04x
Earnings Call Recording
Other Earnings Calls

Management

Mr. Curtis Millen
Executive VP & CFO
No Bio Available
Mr. Thane Fotopoulos
Vice President of Investor Relations
No Bio Available
Mr. Robert Malcolmson
Executive VP and Chief Legal & Regulatory Officer
No Bio Available
Ms. Karine Moses
Senior VP of Sales & Vice Chair of Québec
No Bio Available
Ms. Nikki Moffat
Chief Human Resources Officer & Executive VP of Corporate Services
No Bio Available
Ms. Devorah Lithwick
Senior Vice President & Chief Brand Officer
No Bio Available
Ms. Hadeer Hassaan
Executive VP & Chief Customer Experience Officer
No Bio Available
Thierry Chaumont
Senior VP of Tax & Controller
No Bio Available
Mr. Martin Cossette
Senior VP of Corporate Strategy (M&A) & Corporate Secretary
No Bio Available
Mr. Sean H. Cohan
President of Bell Media
No Bio Available

Contacts

Address
QUEBEC
Verdun
Building A, 1 Carref Alexander-Graham-Bell 4th Floor
Contacts
+15147868424.0
www.bce.ca
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