The Canadian Comcast.

Like AT&T in Canada, but also owning major national TV networks and radio stations.

• Wireless Services: Provides mobile voice, data, and messaging services to consumers and businesses across Canada.
• Internet Services: Offers high-speed internet access through fiber-optic, DSL, and wireless technologies for residential and business clients.
• TV Services: Delivers digital television and streaming services, including Fibe TV and satellite TV, with a wide array of channels and on-demand content.
• Home Phone Services: Supplies traditional landline and Voice over IP (VoIP) telephone services for residential use.
• Business Communications Services: Offers integrated telecommunications and IT solutions for enterprises, encompassing data networking, cloud, security, and managed services.
• Media Content & Broadcasting: Owns and operates television networks, radio stations, and digital platforms, engaging in content creation and distribution.

BCE Inc. (Symbol: BCE)

BCE Inc. primarily sells its services to individuals and a wide range of businesses across Canada. Given the vast number of individual subscribers for its wireless, internet, and television services, the company can be considered to sell primarily to individuals, alongside a significant business segment. The major customer categories it serves are:

• Residential Consumers: This category includes millions of individual Canadians and households subscribing to BCE's various services. These services typically include wireless mobile plans, home internet, television (Fibe TV/Satellite TV), and home phone services under the Bell brand and its regional subsidiaries (e.g., Virgin Plus, Lucky Mobile).

• Small and Medium Businesses (SMBs): BCE provides a comprehensive suite of communication and IT services to thousands of small and medium-sized enterprises. These offerings include business internet, phone systems, wireless solutions, basic cloud services, and security solutions tailored to smaller organizations' needs.

• Large Enterprises and Government: This segment comprises large corporations, institutions, and government bodies across Canada. BCE offers advanced and customized solutions such as high-capacity data networks, dedicated fiber connections, cloud computing services, data centre solutions, cybersecurity services, unified communications, and Internet of Things (IoT) solutions designed for complex organizational requirements.

• Ericsson (ERIC)
• Nokia (NOK)

Mirko Bibic, President and CEO, BCE Inc. and Bell Canada

Mirko Bibic was appointed President and CEO of BCE Inc. and Bell Canada in January 2020. He joined Bell in 2004 and has held several senior leadership roles, including Chief Operating Officer, Executive Vice President of Corporate Development, and Chief Legal and Regulatory Officer. Prior to joining Bell, he was the managing partner of the Ottawa office of the law firm Stikeman Elliott LLP. He serves on the boards of the Royal Bank of Canada and Maple Leaf Sports & Entertainment.

Curtis Millen, Executive Vice President and CFO, BCE and Bell Canada

Curtis Millen was promoted to Executive Vice President and CFO of BCE and Bell Canada in September 2023. He previously served as Senior Vice-President of Corporate Strategy and Treasurer at Bell. Millen also leads Bell Ventures, overseeing investments in advanced technological solutions, and is President of Bimcor, Bell Canada's pension fund subsidiary. Before joining Bell in 2008, he gained investment banking experience at Citigroup Global Markets and Banc of America Securities, specializing in the media and telecommunications sector. He has also served on the boards of GLENTEL Inc. and Aequitas Innovations.

Sean Cohan, President, Bell Media

Sean Cohan serves as the President of Bell Media.

Hadeer Hassaan, EVP, Chief Information and Customer Experience Officer

Hadeer Hassaan is the Executive Vice President and Chief Information and Customer Experience Officer. He previously held roles as Senior Vice President of Customer Operations and Director, Product Management, and has held various senior management positions within Bell since 2013. Prior to Bell, he worked in various roles in the telecommunications and tech sectors.

Blaik Kirby, Group President, Consumer and Small Business

Blaik Kirby is the Group President, Consumer and Small Business. He was promoted to this role, which encompasses mobility, residential, and small business, in January 2020.

The key risks to BCE's business include:

1. High Debt Leverage and Rising Interest Rates: BCE carries significant long-term debt to fund its network infrastructure, and higher borrowing costs due to rising interest rates have squeezed profitability and made expansion more expensive. S&P Global Ratings revised BCE's outlook to negative, citing concerns about its high forecast debt leverage and the potential inability to reduce it to target levels within the next couple of years. The company's net debt to equity ratio is considered high, and its debt is not well covered by operating cash flow.
2. Intensified Competition and Regulatory Pressures: BCE faces increasing competition, particularly in the wireless segment, which has led to rising churn and moderated growth in high-speed internet subscribers. Regulatory pressures aimed at lowering prices for consumers also pose a risk to the business. This competitive and regulatory environment can stress operations and impact earnings growth.
3. Challenges in Media Division and Declining Wireline Revenue: BCE's media division has experienced struggles due to advertising weakness and structural declines in legacy broadcasting, which have weighed on its results. Additionally, the company has faced challenges with declining wireline revenue.

Increased competition in wireline internet services due to mandated wholesale access to BCE's fiber-to-the-home (FTTH) network. The Canadian Radio-television and Telecommunications Commission (CRTC) has mandated that large incumbent telecommunications providers, including BCE, must provide wholesale access to their advanced fiber networks to smaller internet service providers (ISPs). This regulatory change allows competitors to offer high-speed internet services to consumers by leveraging BCE's significant infrastructure investments, potentially leading to increased price competition, erosion of market share, and pressure on profit margins for BCE's core wireline internet business. This policy shift is relatively recent in its full implementation and market impact, posing a clear emerging threat to BCE's established dominance in the wireline broadband market.

The addressable markets for BCE's main products and services are primarily within Canada.

BCE operates in various segments of the Canadian telecommunications and media industries, offering wireless, wireline, internet, and television services to residential, business, and wholesale customers.

Canadian Telecommunications Market (Overall)

• In 2023, the Canadian telecommunications sector generated $59.6 billion CAD in total revenues.
• The Canada telecom services market generated a revenue of approximately $60.13 billion USD in 2025 and is expected to reach approximately $78.02 billion USD by 2030.

Main Products and Services Market Sizes (Canada)

• Mobile Services (Wireless):
  • Mobile services represented the largest share of total telecommunications revenues, accounting for 55.2% in 2023. (This equates to approximately $32.9 billion CAD of the total telecommunications revenue in 2023).
  • The Canada Telecom Mobile Network Operator (MNO) Market size is estimated at $49.96 billion USD in 2025 and is expected to reach $63.51 billion USD by 2030.
• Fixed Internet Services:
  • Fixed Internet made up over a quarter (28%) of all telecommunications revenues in 2023. (This equates to approximately $16.7 billion CAD of the total telecommunications revenue in 2023).
  • Retail fixed Internet revenues continued to increase from 2019 to 2023.
• Television Services (Broadcasting and Cable TV):
  • The Canadian broadcasting and cable TV market generated a revenue of approximately $19.28 billion USD in 2024 and is expected to reach approximately $24.85 billion USD by 2030.
  • The market size of the TV Broadcasting industry in Canada is $2.7 billion USD in 2025.

BCE Inc. Expected Drivers of Future Revenue Growth (Next 2-3 Years)

• Fiber and Wireless Network Expansion and Upgrades: BCE is committed to delivering advanced fiber and wireless networks, viewing fiber as a significant catalyst for future growth. The company plans to continue expanding its fiber infrastructure and transitioning from copper networks.
• AI-Powered Enterprise Solutions: A key strategic priority for BCE is to become a leader in enterprise with AI-powered solutions. The company has a goal to generate $1.5 billion in revenue from this segment by 2028, encompassing initiatives like Ateko, Bell Cyber, and Bell AI Fabric.
• Digital Media and Content: BCE aims to build a robust digital media and content powerhouse. The company targets a 60% digital revenue mix within its Bell Media segment by 2028, reflecting a strategic shift towards digital content.
• Strategic Acquisitions and Partnerships: Recent acquisitions, such as Ziply Fiber, are expected to significantly contribute to revenue growth, particularly within BCE's new Bell Communication and Technology Services (CTS) U.S. segment. Additionally, strategic partnerships like Network FiberCo support the expansion of fiber reach.
• Customer Growth and Service Bundling: BCE intends to drive customer growth by offering fiber internet services in new markets, such as Western Canada, by leveraging existing networks. The company also focuses on increasing its customer base through bundled packages and targeting higher-value customers to enhance average revenue per user (ARPU).

Share Repurchases

• BCE announced the renewal of its normal course issuer bid (NCIB) to purchase up to 10% of the public float of each series of its outstanding First Preferred Shares, effective from November 11, 2025, to November 10, 2026.
• Under the NCIB that commenced on November 11, 2024, and expired on November 10, 2025, BCE repurchased various series of preferred shares, including 504,300 Series R shares at $18.85, 131,790 Series S shares at $16.75, and 130,600 Series T shares at $17.96 as of October 31, 2025.
• The renewal of the share buyback program for preferred shares was met with positive investor sentiment following BCE's Q3 2025 earnings report.

Share Issuance

• BCE implemented amendments to its Shareholder Dividend Reinvestment Plan (DRP) to allow for the issuance of new common shares from treasury at a 2% discount to the volume weighted average trading price, commencing with the dividend payable on January 15, 2025.

Outbound Investments

• BCE acquired Ziply Fiber, which closed on August 1, 2025, and is now integrated into the new Bell Communication and Technology Services (Bell CTS) U.S. segment, contributing to revenue and profit growth.
• On June 7, 2024, Bell Media completed the acquisition of OUTFRONT Media Inc.'s Canadian Out-of-Home (OOH) media business, OUTEDGE, for a cash consideration of $429 million.
• Bell Mobility secured the right to acquire 939 licenses of 3800 Megahertz (MHz) spectrum across Canada for $518 million on November 30, 2023, with payments made on January 17, 2024 ($104 million), and May 29, 2024 ($414 million).

Capital Expenditures

• BCE's capital expenditures for Q3 2025 were $891 million, a 6.6% decrease from $954 million in Q3 2024, reflecting a capital intensity of 14.7%.
• The company expects to reduce capital spending to $3.4 billion in 2025, down from $3.89 billion in 2024 and $5.1 billion in 2022, with a target capital intensity of approximately 15% for 2025.
• Primary capital expenditure focus includes the continued expansion of Ziply Fiber's Fiber-to-the-Premise (FTTP) network in the U.S., while fiber expansion in Canada has seen a planned reduction due to regulatory decisions.