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BCE (BCE) investor relations material

BCE Desjardins Toronto Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Desjardins Toronto Conference summary24 Nov, 2025

Financial outlook and margin trends

  • EBITDA growth is expected to resume over the next three years, with stable percent margins and a focus on free cash flow growth and deleveraging.

  • Revenue and EBITDA will increasingly come from growth areas like wireless, internet, AI-powered solutions, and fiber, while legacy services decline.

  • Margin expansion is not anticipated, but overall EBITDA dollars and free cash flow are set to grow steadily.

  • Investments in new businesses, especially AI and cyber, will impact both CapEx and OpEx.

Competitive environment and pricing

  • The Canadian telecom market is returning to rational pricing, with higher monthly rates and healthier competition.

  • New subscriber rates are higher than existing ones, driving ARPU growth and a more favorable environment.

  • Industry-wide, ARPU growth is expected to materialize by the back end of 2026, with 2026 being the softest year before improvement.

Market share and subscriber strategy

  • Focus is on profitable subscriber growth, leveraging a large fiber footprint and bundling with branded services for lower churn and higher ARPU.

  • Market share gains are balanced with free cash flow priorities, targeting efficient subscriber additions.

  • There remains significant opportunity to convert existing fiber-ready locations into subscribers.

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Frequently asked questions

BCE Inc is a Canadian communications company offering wireless, internet, television, and media services. It operates through Bell Canada and Bell Media divisions, serving residential, business, and wholesale customers. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.

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