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Here are 1-3 brief analogies for BCE:

• It's like Canada's Comcast, but also owning a major wireless network like Verizon.
• Imagine a combination of Verizon's telecom services and Paramount Global's vast media empire, all rolled into one company for Canada.

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• Wireless Services: Provides mobile voice and data communication services along with consumer electronics.
• Wireline Internet Services: Offers high-speed internet access and Internet Protocol Television (IPTV).
• Wireline Telephone Services: Delivers local and long distance telephone communication services.
• Television Broadcasting: Operates conventional, specialty, and pay television channels.
• Streaming Services: Provides direct-to-consumer digital video streaming content.
• Radio Broadcasting: Manages and operates a large network of licensed radio stations.
• Advertising Services: Offers digital media and out-of-home (OOH) advertising solutions.

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BCE serves the following major customer categories:

• Residential Customers: Individuals and households subscribing to wireless, wireline, Internet, and television (TV) services (including IPTV and streaming services) for personal use.
• Business Customers: Companies of various sizes that utilize BCE's wireless, wireline, Internet, data, and other communication services. This category also includes businesses that purchase advertising services from Bell Media.
• Wholesale Customers: Other telecommunication carriers and resellers that purchase local telephone, long distance, data, and other communication services from BCE to offer to their own customer base.

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Mirko Bibic - President and Chief Executive Officer, BCE Inc. and Bell Canada

Mirko Bibic became President and CEO of BCE Inc. and Bell Canada in January 2020. He joined Bell in 2004, holding several senior leadership positions prior to his appointment as CEO, including Senior Vice President, Regulatory; Executive Vice President, Corporate Development; Chief Legal and Regulatory Officer; and Chief Operating Officer. Before joining Bell, Mr. Bibic began his career as a lawyer with the law firm Stikeman Elliott, where he became the managing partner of their Ottawa office in 2003. He holds a Bachelor of Commerce degree from McGill University and a Law degree from the University of Toronto. Mr. Bibic serves on the boards of the Royal Bank of Canada and Maple Leaf Sports & Entertainment.

Curtis Millen - Executive Vice President and Chief Financial Officer, BCE and Bell Canada

Curtis Millen was appointed Executive Vice President and Chief Financial Officer of BCE and Bell Canada, effective September 1, 2023. He joined Bell in 2008 as Director, Corporate Strategy and M&A, and has since held progressively senior roles. Prior to becoming CFO, he served as SVP, Corporate Strategy and Treasurer, and was head of Bell Ventures and President of BIMCOR, a wholly-owned subsidiary of Bell that is one of Canada's largest private sector pension fund management companies.

Sean Cohan - President, Bell Media

Sean Cohan serves as the President of Bell Media.

Hadeer Hassaan - Executive Vice President, Chief Information and Customer Experience Officer

Hadeer Hassaan is the Executive Vice President, Chief Information and Customer Experience Officer.

Blaik Kirby - Group President, Consumer and Small & Medium Business

Blaik Kirby is the Group President, Consumer and Small & Medium Business (SMB).

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The key risks to BCE Inc.'s business are a substantial debt load and increased interest expenses, intense competition coupled with regulatory pressures, and ongoing challenges within its Bell Media segment.

1. High Debt Load and Increased Interest Expenses: BCE is carrying a significant debt burden, with a target net debt leverage ratio of approximately 3.8x adjusted EBITDA by the end of 2025. This high leverage, combined with a higher interest rate environment, is a major drag on the company's profitability, directly contributing to a projected decline in Adjusted Earnings Per Share (EPS) growth for the 2025 fiscal year. The company's dividend cut in Q1 2025 was a direct consequence of this financial pressure, indicating a need to retain cash and reduce debt.
2. Intense Competition and Regulatory Pressure: BCE operates in a highly competitive Canadian telecommunications market, facing aggressive pricing strategies from major rivals such as Rogers Communications Inc., Telus Corporation, and Quebecor (Vidéotron & Freedom Mobile), which impacts subscriber growth and average revenue per user (ARPU) in its wireless and broadband segments. Additionally, the regulatory environment in Canada significantly influences BCE's operations. Decisions by the Canadian Radio-television and Telecommunications Commission (CRTC), particularly those mandating wholesale access to its fibre networks at regulated rates, can undermine fiber investment and exert downward pressure on profitability. BCE has publicly cited the challenging regulatory environment as a reason for workforce reductions and potential scaling back of network spending.
3. Challenges in the Bell Media Segment: The Bell Media segment faces operational headwinds due to a broader industry shift away from traditional advertising. Secular declines in legacy broadcast media, persistent weakness in traditional TV advertising, and the proliferation of streaming services contribute to long-term margin compression and revenue challenges that may not be fully offset by digital gains. The company's media segment also experiences competitive pricing pressure, further impacting its financial performance.

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• Fixed Wireless Access (FWA) technologies, offered by competing wireless carriers, directly threaten BCE's traditional wireline internet services by providing alternative broadband connectivity over 5G networks, potentially eroding its subscriber base and market share in the Bell Wireline segment.
• Intensified competition from global direct-to-consumer streaming services (e.g., Netflix, Disney+, Amazon Prime Video) and major user-generated content platforms (e.g., YouTube, TikTok) accelerates cord-cutting from traditional television packages (impacting Bell Wireline's IPTV offerings and Bell Media's conventional, specialty, and pay TV services) and diverts audience attention and advertising revenue from Bell Media's broadcasting, digital media, and streaming services.

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BCE Inc. operates in the Canadian telecommunications and media markets, offering a range of services across its Bell Wireless, Bell Wireline, and Bell Media segments. The addressable markets for its main products and services in Canada are as follows:

Bell Wireless Segment

• Wireless Services: The Canadian Wireless Telecommunications Carriers market was valued at approximately USD 33.5 billion in 2024.

Bell Wireline Segment

• Internet Access Services: The Canadian internet access market recorded revenues of USD 11.30 billion in 2024.
• IPTV Services: The Canada IPTV market is estimated at USD 3.5 billion in 2025.
• Local Telephone and Long Distance: While specific market sizes for these declining services are not readily available as separate, significant figures, they are encompassed within the broader Canadian telecommunication services market, which was valued at USD 52.25 billion in 2024.

Bell Media Segment

• Conventional TV, Specialty TV, and Pay TV (Broadcasting and Cable TV): The Canada broadcasting and cable TV market generated a revenue of USD 19.27 billion in 2024. Separately, the TV Broadcasting in Canada market was approximately USD 2.7 billion in 2024.
• Streaming Services: The Canadian subscription streaming market generated revenue of approximately USD 4.2 billion in 2024.
• Digital Media Services: The Canada digital media market generated a revenue of USD 41.09 billion in 2023, and is expected to reach USD 96.40 billion by 2030.
• Radio Broadcasting Services: The market size of Radio Broadcasting in Canada was USD 1.6 billion in 2024.
• Out-of-Home (OOH) Advertising Services: The Canada digital out-of-home advertising market generated a revenue of USD 2.07 billion in 2024.

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• Growth in AI-powered Enterprise Solutions: BCE anticipates significant revenue growth from its AI-powered enterprise solutions. The company's AI-powered solutions revenue increased by approximately 60% in 2025, with a 31% rise in Q4 2025 alone, largely propelled by its Bell Cyber and Ateko offerings. This segment is expected to continue supporting higher revenue in 2026.
• Contribution from Ziply Fiber Acquisition and U.S. Expansion: The acquisition of Ziply Fiber, completed on August 1, 2025, is a key driver. This acquisition notably boosted Internet revenue growth by 16.6% in Q4 2025. BCE forecasts the incremental financial contribution from Ziply Fiber to be a significant factor in achieving higher revenue in 2026. Furthermore, a strategic partnership with PSP Investments aims to fund the expansion of BCE's U.S. business, potentially adding up to 8 million new fiber locations.
• Improvements in Wireless Pricing and Increased Wireless Product Sales: BCE expects that improvements in wireless pricing and an increase in wireless product sales will contribute to higher revenue. While the wireless market experienced competitive pressures in 2025, the company is focused on strategies to achieve moderate average revenue per user (ARPU) growth.
• Digital Media and Content Growth, particularly Crave Subscriptions: The Bell Media segment, with its focus on becoming a "digital media and content powerhouse," is a notable growth area. Crave subscriptions surged by 26% in Q4 2025, reaching 4.6 million, largely due to strong direct-to-consumer streaming growth. Digital media revenue also saw a 6% year-over-year increase in 2025, with continued "media revenue growth" anticipated for 2026.
• Expansion of Fiber and Wireless Networks leading to Customer Growth: A core strategic priority for BCE is delivering advanced fiber and wireless networks. The company reported 49,168 retail fiber Internet net subscriber activations in Q4 2025. Ongoing fiber deployment and an accelerated adoption of internet services are expected to enhance BCE's growth outlook and improve earnings stability.

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Share Repurchases

• BCE announced a renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 10% of the public float of each series of its outstanding First Preferred Shares from November 11, 2025, to November 10, 2026.
• Effective July 15, 2025, BCE's Dividend Reinvestment and Stock Purchase Plan (DRP) no longer issues common shares from treasury at a 2% discount; instead, shares are purchased on the secondary market with cash provided by BCE.
• As of February 21, 2026, BCE's shares buyback ratio was -2.22%, indicating a net issuance over repurchases for common shares in recent periods.

Share Issuance

• Prior to July 15, 2025, BCE's Dividend Reinvestment and Stock Purchase Plan (DRP) issued common shares from treasury at a 2% discount.
• The discounted treasury issuances under the DRP contributed to a higher average number of shares outstanding in Q1 2025.

Inbound Investments

• In May 2025, BCE partnered with PSP Investments, one of Canada's largest pension investment managers, committing over $1.5 billion to fund the expansion of BCE's U.S. business, particularly supporting its fiber growth strategy.
• This partnership is expected to significantly reduce BCE's capital investment in its U.S. expansion and improve its free cash flow by over $1 billion between 2026 and 2028.

Outbound Investments

• On August 1, 2025, BCE completed its acquisition of Ziply Fiber, a leading fiber Internet provider in the Pacific Northwest of the United States, establishing a new Bell CTS U.S. segment.
• The Ziply Fiber acquisition reinforced BCE's position as the third-largest fiber Internet provider in North America and is anticipated to contribute incrementally to financial results in 2026, supporting long-term growth.

Capital Expenditures

• BCE's capital expenditures for the full year 2025 were $3.7 billion, a decrease from $3.897 billion in 2024.
• Capital expenditures are projected to remain relatively stable at approximately CAD 3.7 billion in 2026, targeting a capital intensity of 15% or less.
• The primary focus of these expenditures includes investments in broadband networks (fiber and wireless), AI-powered enterprise solutions, digital media, and the expansion of Ziply Fiber's fiber-to-the-premise (FTTP) network in the U.S.