Q3 2025 Supplementary Information

Q3 BCE Investor Relations

Richard Bengian

514-786-8219

[e-mail]

Supplementary Financial Information

Third Quarter 2025

BCE (1)

Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited)	Q3 2025	Q3 2024
Operating revenues Service Product Total operating revenues Operating costs Adjusted EBITDA (A) Adjusted EBITDA margin (B)(3) Severance, acquisition and other costs Depreciation Amortization Finance costs Interest expense Net return on post-employment benefit plans Impairment of assets Gains on investments Other (expense) income Income taxes Net earnings (loss)	5,329	5,286
	720	685
	6,049	5,971
	(3,287)	(3,249)
	2,762	2,722
	45.7%	45.6%
	(82)	(49)
	(969)	(934)
	(340)	(325)
	(457)	(440)
	26	16
	(970)	(2,113)
	5,175	66
	(95)	(129)
	(495)	(5)
	4,555	(1,191)
Net earnings (loss) attributable to:
Common shareholders	4,502	(1,237)
Preferred shareholders	38	45
Non-controlling interest (NCI)	15	1
Net earnings (loss)	4,555	(1,191)
Net earnings (loss) per common share - basic and diluted	$ 4.84	$ (1.36)
Dividends per common share	$ 0.4375	$ 0.9975
Weighted average number of common shares outstanding - basic (millions)	932.5	912.3
Weighted average number of common shares outstanding - diluted (millions)	932.5	912.3
Number of common shares outstanding (millions)	932.5	912.3
Adjusted net earnings and adjusted EPS
Net earnings (loss) attributable to common shareholders	4,502	(1,237)
Reconciling items:
Severance, acquisition and other costs	82	49
Net mark-to-market (gains) losses on derivatives used to economically hedge equity
settled share-based compensation plans	(31)	(42)
Net equity losses on investment in associates and joint ventures	-	154
Net gains on investments	(5,175)	(66)
Early debt redemption costs (gains)	154	-
Impairment of assets	970	2,113
Income taxes for the above reconciling items	239	(258)
NCI for the above reconciling items	(8)	(25)
Adjusted net earnings (A)	733	688
Adjusted EPS (A)	$ 0.79	$ 0.75

$ change	% change	YTD 2025	YTD 2024
43	0.8%	15,768	15,786
35	5.1%	2,296	2,201
78	1.3%	18,064	17,987
(38)	(1.2%)	(10,070)	(10,003)
40	1.5%	7,994	7,984
0.1 pts		44.3%	44.4%
(33)	(67.3%)	(370)	(300)
(35)	(3.7%)	(2,859)	(2,825)
(15)	(4.6%)	(1,009)	(966)
(17)	(3.9%)	(1,322)	(1,282)
10	62.5%	77	49
1,143	54.1%	(987)	(2,186)
5,109	n.m.	5,165	58
34	26.4%	185	(260)
(490) n.m.		(992)	(402)
5,746	n.m.	5,882	(130)
5,739	n.m.	5,711	(298)
(7)	(15.6%)	119	138
14	n.m.	52	30
5,746	n.m.	5,882	(130)
$ 6.20	n.m.	$ 6.15	$ (0.33)
$ (0.5600)	(56.1%)	$ 1.8725	$ 2.9925
		928.0	912.3
		928.0	912.3
		932.5	912.3
5,739	n.m.	5,711	(298)
33	67.3%	370	300
11	26.2%	11	71
(154)	(100.0%)	-	247
(5,109)	n.m.	(5,165)	(58)
154	n.m.	(203)	-
(1,143)	(54.1%)	987	2,186
497	n.m.	255	(368)
17	68.0%	(8)	(26)
45	6.5%	1,958	2,054
$ 0.04	5.3%	$ 2.11	$ 2.25

$ change % change

(18) (0.1%)

95 4.3%

77 0.4%

(67) (0.7%)

10 0.1%

(0.1) pts

(70) (23.3%)

(34) (1.2%)

(43) (4.5%)

(40) (3.1%)

28 57.1%

1,199 54.8%

5,107 n.m.

445 n.m.

(590) n.m.

6,012 n.m.

6,009 n.m.

(19) (13.8%)

22 73.3%

6,012	n.m.
$ 6.48	n.m.
$ (1.1200)	(37.4%)

6,009 n.m.

70 23.3%

(60) (84.5%)

(247) (100.0%)

(5,107) n.m.

(203) n.m.

(1,199) (54.8%)

623 n.m.

18 69.2%

(96) (4.7%)

n.m. : not meaningful

$ (0.14)

(6.2%)

(A)Adjusted EBITDA is a total of segments measure, adjusted net earnings is a non-GAAP financial measure and adjusted EPS is a non-GAAP ratio. Refer to note 2.3, Total of segments measures, note 2.1, Non-GAAP financial measures and note 2.2, Non-GAAP ratios in the Accompanying Notes to this report for more information on these measures.

(B)Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.

BCE

Consolidated Operational Data - Historical Trend

YTD TOTAL

(In millions of Canadian dollars, except share amounts) (unaudited)	2025		Q3 25	Q2 25	Q1 25		2024		Q4 24	Q3 24	Q2 24	Q1 24
Operating revenues
Service	15,768		5,329	5,267	5,172		21,073		5,287	5,286	5,308	5,192
Product	2,296		720	818	758		3,336		1,135	685	697	819
Total operating revenues	18,064		6,049	6,085	5,930		24,409		6,422	5,971	6,005	6,011
Operating costs	(10,070)		(3,287)	(3,411)	(3,372)		(13,820)		(3,817)	(3,249)	(3,308)	(3,446)
Adjusted EBITDA	7,994		2,762	2,674	2,558		10,589		2,605	2,722	2,697	2,565
Adjusted EBITDA margin	44.3%		45.7%	43.9%	43.1%		43.4%		40.6%	45.6%	44.9%	42.7%
Severance, acquisition and other costs	(370)		(82)	(41)	(247)		(454)		(154)	(49)	(22)	(229)
Depreciation	(2,859)		(969)	(949)	(941)		(3,758)		(933)	(934)	(945)	(946)
Amortization	(1,009)		(340)	(338)	(331)		(1,283)		(317)	(325)	(325)	(316)
Finance costs
Interest expense	(1,322)		(457)	(442)	(423)		(1,713)		(431)	(440)	(426)	(416)
Net return on post-employment benefit plans	77		26	26	25		66		17	16	17	16
Impairment of assets	(987)		(970)	(8)	(9)		(2,190)		(4)	(2,113)	(60)	(13)
Gains (losses) on investments	5,165		5,175	(8)	(2)		57		(1)	66	(2)	(6)
Other income (expense)	185		(95)	(30)	310		(362)		(102)	(129)	(99)	(32)
Income taxes	(992)		(495)	(240)	(257)		(577)		(175)	(5)	(231)	(166)
Net earnings (loss)	5,882		4,555	644	683		375		505	(1,191)	604	457
Net earnings (loss) attributable to:
Common shareholders	5,711		4,502	579	630		163		461	(1,237)	537	402
Preferred shareholders	119		38	40	41		181		43	45	46	47
NCI	52		15	25	12		31		1	1	21	8
Net earnings (loss)	5,882		4,555	644	683		375		505	(1,191)	604	457
Net earnings (loss) per common share - basic and diluted	$ 6.15		$ 4.84 $	0.63	$ 0.68		$ 0.18		$ 0.51	$ (1.36) $	0.59	$ 0.44
Dividends per common share	$ 1.8725		$ 0.4375 $	0.4375	$ 0.9975		$ 3.9900		$ 0.9975	$ 0.9975 $	0.9975	$ 0.9975
Weighted average number of common shares outstanding - basic (millions)	928.0		932.5	930.9	920.3		912.3		912.3	912.3	912.3	912.3
Weighted average number of common shares outstanding - diluted (millions)	928.0		932.5	930.9	920.3		912.3		912.3	912.3	912.3	912.3
Number of common shares outstanding (millions)	932.5		932.5	932.5	921.8		912.3		912.3	912.3	912.3	912.3
Adjusted net earnings and adjusted EPS
Net earnings (loss) attributable to common shareholders	5,711		4,502	579	630		163		461	(1,237)	537	402
Reconciling items:
Severance, acquisition and other costs Net mark-to-market losses (gains) on derivatives used to economically hedge	370		82	41	247		454		154	49	22	229
equity settled share-based compensation plans	11		(31)	43	(1)		269		198	(42)	23	90
Net equity losses on investments in associates and joint ventures	-		-	-	-		247		-	154	93	-
Net (gains) losses on investments	(5,165)		(5,175)	8	2		(57)		1	(66)	2	6
Early debt redemption (gains) costs	(203)		154	(91)	(266)		-		-	-	-	-
Impairment of assets	987		970	8	9		2,190		4	2,113	60	13
Income taxes for the above reconciling items	255		239	4	12		(467)		(99)	(258)	(25)	(85)
NCI for the above reconciling items	(8)		(8)	-	-		(26)		-	(25)	-	(1)
Adjusted net earnings	1,958		733	592	633		2,773		719	688	712	654
Adjusted EPS	$ 2.11		$ 0.79 $	0.63	$ 0.69		$ 3.04		$ 0.79	$ 0.75 $	0.78	$ 0.72

BCE

Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3 2025	Q3 2024		$ change	% change	YTD 2025	YTD 2024	$ change	% change
Operating revenues
Bell Communication and Technology Services (Bell CTS) - Canada Bell CTS - U.S. Bell CTS Bell Media Inter-segment eliminations Total	5,248	5,280		(32)	(0.6%)	15,828	15,938	(110)	(0.7%)
	160	-		160	n.m.	160	-	160	n.m.
	5,408	5,280		128	2.4%	15,988	15,938	50	0.3%
	732	782		(50)	(6.4%)	2,350	2,319	31	1.3%
	(91)	(91)		-	-	(274)	(270)	(4)	(1.5%)
	6,049	5,971		78	1.3%	18,064	17,987	77	0.4%
Operating costs
Bell CTS - Canada Bell CTS - U.S. Bell CTS Bell Media Inter-segment eliminations Total	(2,794)	(2,812)		18 0.6%		(8,536)	(8,543)	7	0.1%
	(89)	-		(89) n.m.		(89)	-	(89)	n.m.
	(2,883)	(2,812)		(71)	(2.5%)	(8,625)	(8,543)	(82)	(1.0%)
	(495)	(528)		33	6.3%	(1,719)	(1,730)	11	0.6%
	91	91		-	-	274	270	4	1.5%
	(3,287)	(3,249)		(38)	(1.2%)	(10,070)	(10,003)	(67)	(0.7%)
Adjusted EBITDA
Bell CTS - Canada Margin Bell CTS - U.S. Margin Bell CTS (B) Margin Bell Media Margin Total Margin	2,454	2,468		(14)	(0.6%)	7,292	7,395	(103)	(1.4%)
	46.8%	46.7%			0.1 pts	46.1%	46.4%		(0.3) pts
	71	-		71	n.m.	71	-	71	n.m.
	44.4%	-			44.4 pts	44.4%	-		44.4 pts
	2,525	2,468		57	2.3%	7,363	7,395	(32)	(0.4%)
	46.7%	46.7%			-	46.1%	46.4%		(0.3) pts
	237	254		(17)	(6.7%)	631	589	42	7.1%
	32.4%	32.5%			(0.1) pts	26.9%	25.4%		1.5 pts
	2,762	2,722		40	1.5%	7,994	7,984	10	0.1%
	45.7%	45.6%		0.1 pts		44.3%	44.4%		(0.1) pts
Capital expenditures
Bell CTS - Canada Capital intensity (A)(3) Bell CTS - U.S. Capital intensity Bell CTS Capital intensity Bell Media Capital intensity Total Capital intensity	732	919		187 20.3%		2,163	2,839	676 23.8%
	13.9%	17.4%		3.5 pts		13.7%	17.8%	4.1 pts
	128	-		(128) n.m.		128	-	(128) n.m.
	80.0%	-		(80.0) pts		80.0%	-	(80.0) pts
	860	919		59	6.4%	2,291	2,839	548 19.3%
	15.9%	17.4%			1.5 pts	14.3%	17.8%	3.5 pts
	31	35		4	11.4%	92	95	3 3.2%
	4.2%	4.5%			0.3 pts	3.9%	4.1%	0.2 pts
	891	954		63	6.6%	2,383	2,934	551 18.8%
	14.7%	16.0%			1.3 pts	13.2%	16.3%		3.1 pts

n.m. : not meaningful

(A)Capital intensity is defined as capital expenditures divided by operating revenues.

(B)Bell CTS adjusted EBITDA is a total of segments measure. Refer to note 2.3, Total of segments measures in the Accompanying Notes to this report for more information on this measure.

BCE

Segmented Data - Historical Trend

	YTD				TOTAL
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	2025	Q3 25	Q2 25	Q1 25	2024		Q4 24		Q3 24	Q2 24	Q1 24
Operating revenues
Bell CTS - Canada	15,828	5,248	5,334	5,246	21,619		5,681		5,280	5,283	5,375
Bell CTS - U.S.	160	160	-	-	-		-		-	-	-
Bell CTS	15,988	5,408	5,334	5,246		21,619		5,681	5,280	5,283	5,375
Bell Media	2,350	732	843	775	3,151		832		782	812	725
Inter-segment eliminations	(274)	(91)	(92)	(91)	(361)		(91)		(91)	(90)	(89)
Total	18,064	6,049	6,085	5,930		24,409		6,422	5,971	6,005	6,011
Operating costs
Bell CTS - Canada	(8,536)	(2,794)	(2,895)	(2,847)	(11,788)		(3,245)		(2,812)	(2,804)	(2,927)
Bell CTS - U.S.	(89)	(89)	-	-	-		-		-	-	-
Bell CTS	(8,625)	(2,883)	(2,895)	(2,847)		(11,788)		(3,245)	(2,812)	(2,804)	(2,927)
Bell Media	(1,719)	(495)	(608)	(616)	(2,393)		(663)		(528)	(594)	(608)
Inter-segment eliminations	274	91	92	91	361		91		91	90	89
Total	(10,070)	(3,287)	(3,411)	(3,372)		(13,820)		(3,817)	(3,249)	(3,308)	(3,446)
Adjusted EBITDA
Bell CTS - Canada	7,292	2,454	2,439	2,399	9,831		2,436		2,468	2,479	2,448
Margin	46.1%	46.8%	45.7%	45.7%	45.5%		42.9%		46.7%	46.9%	45.5%
Bell CTS - U.S.	71	71	-	-	-		-		-	-	-
Margin	44.4%	44.4%	-	-	-		-		-	-	-
Bell CTS	7,363	2,525	2,439	2,399		9,831		2,436	2,468	2,479	2,448
Margin	46.1%	46.7%	45.7%	45.7%	45.5%		42.9%		46.7%	46.9%	45.5%
Bell Media	631	237	235	159	758		169		254	218	117
Margin	26.9%	32.4%	27.9%	20.5%	24.1%		20.3%		32.5%	26.8%	16.1%
Total	7,994	2,762	2,674	2,558		10,589		2,605	2,722	2,697	2,565
Margin	44.3%	45.7%	43.9%	43.1%		43.4%		40.6%	45.6%	44.9%	42.7%
Capital expenditures
Bell CTS - Canada	2,163	732	727	704	3,746		907		919	945	975
Capital intensity	13.7%	13.9%	13.6%	13.4%	17.3%		16.0%		17.4%	17.9%	18.1%
Bell CTS - U.S.	128	128	-	-	-		-		-	-	-
Capital intensity	80.0%	80.0%	-	-	-		-		-	-	-
Bell CTS	2,291	860	727	704		3,746		907	919	945	975
Capital intensity	14.3%	15.9%	13.6%	13.4%	17.3%		16.0%		17.4%	17.9%	18.1%
Bell Media	92	31	36	25	151		56		35	33	27
Capital intensity	3.9%	4.2%	4.3%	3.2%	4.8%		6.7%		4.5%	4.1%	3.7%
Total	2,383	891	763	729		3,897		963	954	978	1,002
Capital intensity	13.2%	14.7%	12.5%	12.3%		16.0%		15.0%	16.0%	16.3%	16.7%

Bell CTS Canada and Bell CTS U.S.

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3 2025	Q3 2024	% change	YTD 2025	YTD 2024	% change
Bell CTS Canada
Operating revenues
Wireless	1,804	1,811	(0.4%)	5,346	5,373	(0.5%)
Wireline data	2,036	2,038	(0.1%)	6,075	6,084	(0.1%)
Wireline voice	603	663	(9.0%)	1,856	2,023	(8.3%)
Other wireline services	78	76	2.6%	234	236	(0.8%)
External service revenues	4,521	4,588	(1.5%)	13,511	13,716	(1.5%)
Inter-segment service revenues	7	7	-	21	21	-
Operating service revenues	4,528	4,595	(1.5%)	13,532	13,737	(1.5%)
Wireless	610	569	7.2%	1,828	1,821	0.4%
Wireline	110	116	(5.2%)	468	380	23.2%
External/operating product revenues	720	685	5.1%	2,296	2,201	4.3%
Total external revenues	5,241	5,273	(0.6%)	15,807	15,917	(0.7%)
Total operating revenues	5,248	5,280	(0.6%)	15,828	15,938	(0.7%)
Operating costs	(2,794)	(2,812)	0.6%	(8,536)	(8,543)	0.1%
Adjusted EBITDA	2,454	2,468	(0.6%)	7,292	7,395	(1.4%)
Adjusted EBITDA margin	46.8%	46.7%	0.1 pts	46.1%	46.4%	(0.3) pts
Capital expenditures	732	919	20.3%	2,163	2,839	23.8%
Capital intensity	13.9%	17.4%	3.5 pts	13.7%	17.8%	4.1 pts
Bell CTS U.S.
Operating revenues
Wireline data	129	-	n.m.	129	-	n.m.
Wireline voice	29	-	n.m.	29	-	n.m.
Other wireline services	2	-	n.m.	2	-	n.m.
External/operating service revenues Total external/operating revenues	160	-	n.m.	160	-	n.m.
	160	-	n.m.	160	-	n.m.
Operating costs	(89)	-	n.m.	(89)	-	n.m.
Adjusted EBITDA	71	-	n.m.	71	-	n.m.
Adjusted EBITDA margin	44.4%	-	44.4 pts	44.4%	-	44.4 pts
Capital expenditures	128	-	n.m.	128	-	n.m.
Capital intensity	80.0%	-	(80.0) pts	80.0%	-	(80.0) pts

n.m. : not meaningful

YTD

TOTAL

Bell CTS Canada and Bell CTS U.S.

Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) 2025 Q3 25 Q2 25 Q1 252024 Q4 24 Q3 24 Q2 24 Q1 24

Bell CTS Canada

Operating revenues

Wireless 5,346 1,804 1,783 1,759 7,149 1,776 1,811 1,788 1,774

Wireline data 6,075 2,036 2,025 2,014 8,117 2,033 2,038 2,034 2,012

Wireline voice 1,856 603 624 629 2,672 649 663 677 683

Other wireline services 234 78 77 79 318 82 76 79 81

External service revenues 13,511 4,521 4,509 4,481 18,256 4,540 4,588 4,578 4,550

Operating service revenues 13,532 4,528 4,516 4,488 18,283 4,546 4,595 4,586 4,556

Inter-segment service revenues 21 7 7 7 27 6 7 8 6

Wireless 1,828 610 594 624 2,715 894 569 568 684

External/operating product revenues 2,296 720 818 758 3,336 1,135 685 697 819

Wireline 468 110 224 134 621 241 116 129 135

Total operating revenues 15,828 5,248 5,334 5,246 21,619 5,681 5,280 5,283 5,375

Total external revenues 15,807 5,241 5,327 5,239 21,592 5,675 5,273 5,275 5,369

Operating costs (8,536) (2,794) (2,895) (2,847) (11,788) (3,245) (2,812) (2,804) (2,927)

Adjusted EBITDA 7,292 2,454 2,439 2,399 9,831 2,436 2,468 2,479 2,448

Adjusted EBITDA margin 46.1% 46.8% 45.7% 45.7% 45.5% 42.9% 46.7% 46.9% 45.5%

Capital expenditures 2,163 732 727 704 3,746 907 919 945 975

Capital intensity 13.7% 13.9% 13.6% 13.4% 17.3% 16.0% 17.4% 17.9% 18.1%

Bell CTS U.S.

Operating revenues

Wireline data 129 129 - - - - - - -

Wireline voice 29 29 - - - - - - -Other wireline services 2 2 - - - - - - -External/operating service revenues 160 160 - - - - - - -

Total external/operating revenues 160 160 - - - - - - -Operating costs (89) (89) - - - - - - -Adjusted EBITDA 71 71 - - - - - - -

Adjusted EBITDA margin 44.4% 44.4% - - - - - - -

Capital expenditures 128 128 - - - - - - -

Capital intensity 80.0% 80.0% - - - - - - -

Bell CTS

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3 2025	Q3 2024	% change	YTD 2025	YTD 2024	% change
Bell CTS
Operating revenues
Wireless	1,804	1,811	(0.4%)	5,346	5,373	(0.5%)
Wireline data	2,165	2,038	6.2%	6,204	6,084	2.0%
Wireline voice	632	663	(4.7%)	1,885	2,023	(6.8%)
Other wireline services	80	76	5.3%	236	236	-
External service revenues	4,681	4,588	2.0%	13,671	13,716	(0.3%)
Inter-segment service revenues	7	7	-	21	21	-
Operating service revenues	4,688	4,595	2.0%	13,692	13,737	(0.3%)
Wireless	610	569	7.2%	1,828	1,821	0.4%
Wireline	110	116	(5.2%)	468	380	23.2%
External/operating product revenues	720	685	5.1%	2,296	2,201	4.3%
Total external revenues	5,401	5,273	2.4%	15,967	15,917	0.3%
Total operating revenues	5,408	5,280	2.4%	15,988	15,938	0.3%
Operating costs	(2,883)	(2,812)	(2.5%)	(8,625)	(8,543)	(1.0%)
Adjusted EBITDA	2,525	2,468	2.3%	7,363	7,395	(0.4%)
Adjusted EBITDA margin	46.7%	46.7%	-	46.1%	46.4%	(0.3) pts
Capital expenditures	860	919	6.4%	2,291	2,839	19.3%
Capital intensity	15.9%	17.4%	1.5 pts	14.3%	17.8%	3.5 pts

Bell CTS - Historical Trend

YTD (In millions of Canadian dollars, except where otherwise indicated) (unaudited) 2025		Q3 25 Q2 25 Q1 25			TOTAL 2024	Q4 24	Q3 24	Q2 24	Q1 24
Bell CTS
Operating revenues Wireless	5,346	1,804	1,783	1,759	7,149	1,776	1,811	1,788	1,774
Wireline data	6,204	2,165	2,025	2,014	8,117	2,033	2,038	2,034	2,012
Wireline voice	1,885	632	624	629	2,672	649	663	677	683
Other wireline services	236 80 77 79 318					82	76	79	81
External service revenues	13,671 4,681 4,509 4,481 18,256					4,540	4,588	4,578	4,550
Inter-segment service revenues	21 7 7 7 27					6	7	8	6
Operating service revenues	13,692 4,688 4,516 4,488 18,283					4,546	4,595	4,586	4,556
Wireless	1,828	610	594	624	2,715	894	569	568	684
Wireline	468 110 224 134 621					241	116	129	135
External/operating product revenues	2,296 720 818 758 3,336					1,135	685	697	819
Total external revenues	15,967	5,401	5,327	5,239	21,592	5,675	5,273	5,275	5,369
Total operating revenues	15,988	5,408	5,334	5,246	21,619	5,681	5,280	5,283	5,375
Operating costs	(8,625)	(2,883) (2,895) (2,847)			(11,788)	(3,245)	(2,812)	(2,804)	(2,927)
Adjusted EBITDA	7,363	2,525	2,439	2,399	9,831	2,436	2,468	2,479	2,448
Adjusted EBITDA margin	46.1%	46.7%	45.7%	45.7%	45.5%	42.9%	46.7%	46.9%	45.5%
Capital expenditures	2,291	860	727	704	3,746	907	919	945	975
Capital intensity	14.3%	15.9%	13.6%	13.4%	17.3%	16.0%	17.4%	17.9%	18.1%

Bell CTS Metrics

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3 2025	Q3 2024	% change	YTD 2025	YTD 2024	% change
Mobile phone subscribers (3)
Gross subscriber activations	514,661	588,263	(12.5%)	1,493,843	1,671,036	(10.6%)
Postpaid	315,607	374,116	(15.6%)	967,295	1,130,203	(14.4%)
Prepaid	199,054	214,147	(7.0%)	526,548	540,833	(2.6%)
Net subscriber activations	68,018	102,196	(33.4%)	161,901	258,447	(37.4%)
Postpaid	11,511	33,111	(65.2%)	46,460	156,858	(70.4%)
Prepaid	56,507	69,085	(18.2%)	115,441	101,589	13.6%
Subscribers end of period (EOP) (A)(D)(E)	10,398,934	10,361,720	0.4%	10,398,934	10,361,720	0.4%
Postpaid (A)	9,525,355	9,473,886	0.5%	9,525,355	9,473,886	0.5%
Prepaid (D)(E)	873,579	887,834	(1.6%)	873,579	887,834	(1.6%)
Blended average revenue per user (ARPU) ($/month)(3)(A)(D)(E)(F)	58.04	58.26	(0.4%)	57.58	58.15	(1.0%)
Blended churn (%) (average per month) (3)	1.45%	1.58%	0.13 pts	1.45%	1.55%	0.10 pts
Postpaid	1.13%	1.28%	0.15 pts	1.13%	1.23%	0.10 pts
Prepaid	5.10%	4.66%	(0.44) pts	5.30%	4.99%	(0.31) pts
Mobile connected device subscribers (3)
Net subscriber activations	83,505	56,216	48.5%	216,991	210,539	3.1%
Subscribers EOP (A)	3,252,554	2,943,087	10.5%	3,252,554	2,943,087	10.5%
Retail high-speed Internet subscribers (3)
Bell CTS - Canada	21,426	42,415	(49.5%)	35,940	97,334	(63.1%)
Bell CTS - U.S.	4,685	-	n.m.	4,685	-	n.m.
Bell CTS retail net subscriber activations	26,111	42,415	(38.4%)	40,625	97,334	(58.3%)
Bell CTS - Canada (C)(E)	4,443,387	4,456,709	(0.3%)	4,443,387	4,456,709	(0.3%)
Bell CTS - U.S. (B)	446,910	-	n.m.	446,910	-	n.m.
Bell CTS retail subscribers EOP (B)(C)(E)	4,890,297	4,456,709	9.7%	4,890,297	4,456,709	9.7%
Retail Internet protocol television (IPTV) subscribers (3)
Bell CTS - Canada	(16,161)	9,197	n.m.	(47,983)	22,058	n.m.
Bell CTS - U.S.	(57)	-	n.m.	(57)	-	n.m.
Bell CTS retail IPTV net subscriber (losses) activations	(16,218)	9,197	n.m.	(48,040)	22,058	n.m.
Bell CTS - Canada (C)(G)	2,084,529	2,133,397	(2.3%)	2,084,529	2,133,397	(2.3%)
Bell CTS - U.S. (B)	6,032	-	n.m.	6,032	-	n.m.
Bell CTS retail IPTV subscribers EOP (B)(C)(G)	2,090,561	2,133,397	(2.0%)	2,090,561	2,133,397	(2.0%)
Retail residential network access services (NAS) (3)
Bell CTS - Canada	(42,866)	(47,674)	10.1%	(134,996)	(144,835)	6.8%
Bell CTS - U.S.	(3,124)	-	n.m.	(3,124)	-	n.m.
Bell CTS retail residential NAS lines net losses	(45,990)	(47,674)	3.5%	(138,120)	(144,835)	4.6%
Bell CTS - Canada (C)	1,685,045	1,876,782	(10.2%)	1,685,045	1,876,782	(10.2%)
Bell CTS - U.S. (B)	81,316	-	n.m.	81,316	-	n.m.
Bell CTS retail residential NAS lines (B)(C)	1,766,361	1,876,782	(5.9%)	1,766,361	1,876,782	(5.9%)

n.m. : not meaningful

(A)In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(B)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 442,225, 6,089 and 84,440 subscribers, respectively.

(C)In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases by 80,666, 441 and 14,150 subscribers, respectively, in Bell CTS Canada as at March 31, 2025, as we stopped selling new plans for these services under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(D)In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(E)In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent Canadian Radio-television and Telecommunications Commission (CRTC) decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date.

(F)Mobile phone blended ARPU is defined as Bell CTS Canada wireless external services revenues divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Refer to note 3, Key performance indicators (KPIs) in the Accompanying Notes to this report for more information on this measure.

(G)In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

Bell CTS Metrics - Historical Trend

	YTD				TOTAL
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	2025	Q3 25 Q2 25 Q1 25			2024	Q4 24	Q3 24	Q2 24	Q1 24
Mobile phone subscribers
Gross subscriber activations	1,493,843	514,661	510,597	468,585	2,351,507	680,471	588,263	575,334	507,439
Postpaid	967,295	315,607	331,438	320,250	1,641,053	510,850	374,116	389,213	366,874
Prepaid	526,548	199,054 179,159 148,335			710,454	169,621	214,147	186,121	140,565
Net subscriber activations (losses)	161,901	68,018	94,479	(596)	309,517	51,070	102,196	131,043	25,208
Postpaid	46,460	11,511	44,547	(9,598)	213,408	56,550	33,111	78,500	45,247
Prepaid	115,441	56,507 49,932 9,002			96,109	(5,480)	69,085	52,543	(20,039)
Subscribers EOP (A)(D)(E)	10,398,934	10,398,934	10,382,457	10,287,978	10,288,574	10,288,574	10,361,720	10,337,495	10,206,452
Postpaid (A)	9,525,355	9,525,355	9,565,385	9,520,838	9,530,436	9,530,436	9,473,886	9,440,775	9,362,275
Prepaid (D)(E)	873,579	873,579 817,072 767,140			758,138	758,138	887,834	896,720	844,177
Blended ARPU ($/month) (A)(D)(E)	57.58	58.04 57.61 57.08			57.90	57.15	58.26	58.04	58.14
Blended churn (%) (average per month)	1.45%	1.45%	1.36%	1.55%	1.67%	2.03%	1.58%	1.47%	1.59%
Postpaid	1.13%	1.13%	1.06%	1.21%	1.33%	1.66%	1.28%	1.18%	1.21%
Prepaid	5.30%	5.10%	5.06%	5.77%	5.28%	6.15%	4.66%	4.60%	5.74%
Mobile connected device subscribers
Net subscriber activations	216,991	83,505	97,502	35,984	310,882	100,343	56,216	87,917	66,406
Subscribers EOP (A)	3,252,554	3,252,554	3,176,916	3,079,414	3,043,430	3,043,430	2,943,087	2,886,871	2,798,954
Retail high-speed Internet subscribers
Bell CTS - Canada	35,940	21,426 4,999 9,515			131,521	34,187	42,415	23,841	31,078
Bell CTS - U.S.	4,685	4,685 - -			-	-	-	-	-
Bell CTS retail net subscriber activations	40,625	26,111	4,999	9,515	131,521	34,187	42,415	23,841	31,078
Bell CTS - Canada (C)(E)	4,443,387	4,443,387	4,421,961	4,416,962	4,490,896	4,490,896	4,456,709	4,520,553	4,496,712
Bell CTS - U.S. (B)	446,910	446,910 - -			-	-	-	-	-
Bell CTS retail subscribers EOP (B)(C)(E)	4,890,297	4,890,297 4,421,961 4,416,962			4,490,896	4,490,896	4,456,709	4,520,553	4,496,712
Retail IPTV subscribers
Bell CTS - Canada	(47,983)	(16,161) (15,851) (15,971) 21,614				(444)	9,197	(1,313)	14,174
Bell CTS - U.S.	(57)	(57) - - -				-	-	-	-
Bell CTS retail IPTV net subscriber (losses) activations	(48,040)	(16,218)	(15,851)	(15,971)	21,614	(444)	9,197	(1,313)	14,174
Bell CTS - Canada (C)(F)	2,084,529	2,084,529	2,100,690	2,116,541	2,132,953	2,132,953	2,133,397	2,124,200	2,084,516

6,032	6,032 - -			-	-	-	-	-
2,090,561	2,090,561	2,100,690	2,116,541	2,132,953	2,132,953	2,133,397	2,124,200	2,084,516

Bell CTS - U.S. (B)

Bell CTS retail IPTV subscribers EOP (B)(C)(F)

Retail residential NAS

Bell CTS - Canada	(134,996)	(42,866) (44,700) (47,430) (187,426)				(42,591)	(47,674)	(53,250)	(43,911)
Bell CTS - U.S.	(3,124)	(3,124) - - -				-	-	-	-
Bell CTS retail residential NAS lines net losses	(138,120)	(45,990)	(44,700)	(47,430)	(187,426)	(42,591)	(47,674)	(53,250)	(43,911)
Bell CTS - Canada (C)	1,685,045	1,685,045	1,727,911	1,772,611	1,834,191	1,834,191	1,876,782	1,924,456	1,977,706
Bell CTS - U.S. (B)	81,316	81,316 - -			-	-	-	-	-
Bell CTS retail residential NAS lines (B)(C)	1,766,361	1,766,361 1,727,911 1,772,611			1,834,191	1,834,191	1,876,782	1,924,456	1,977,706

(A) In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(B) In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 442,225, 6,089 and 84,440 subscribers, respectively.

(C) In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases by 80,666, 441 and 14,150 subscribers, respectively, in Bell CTS Canada, as at March 31, 2025, as we stopped selling new plans for these services under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(D) In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(E) In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent CRTC decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date.

(F) In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

BCE

Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
	September 30	June 30	March 31	December 31
	2025	2025	2025	2024
Long-term debt	35,155	32,522	33,869	32,835
less: 50% of junior subordinated debt	(2,177)	(2,146)	(2,225)	-
Debt due within one year	5,820	5,037	5,323	7,669
50% of preferred shares	1,669	1,712	1,741	1,767
Cash	(460)	(507)	(1,049)	(1,572)
Cash equivalents	(5)	(3)	(3)	-
Short-term investments	-	-	-	(400)
Net debt (A)	40,002	36,615	37,656	40,299
Net debt leverage ratio (A)	3.77	3.47	3.56	3.81

Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3	Q3			YTD	YTD 2024	$ change	% change
	2025	2024	$ change	% change	2025
Free cash flow (FCF) (A)and FCF after payment of lease liabilities (A)
Cash flows from operating activities	1,914	1,842	72	3.9%	5,432	5,111	321	6.3%
Capital expenditures	(891)	(954)	63	6.6%	(2,383)	(2,934)	551	18.8%
Cash dividends paid on preferred shares	(28)	(43)	15	34.9%	(105)	(134)	29	21.6%
Cash dividends paid by subsidiaries to NCI	(25)	(14)	(11)	(78.6%)	(38)	(56)	18	32.1%
Acquisition and other costs paid	33	1	32	n.m.	47	27	20	74.1%
FCF	1,003	832	171	20.6%	2,953	2,014	939	46.6%
Principal payment of lease liabilities	(297)	(305)	8	2.6%	(879)	(872)	(7)	(0.8%)
FCF after payment of lease liabilities	706	527	179	34.0%	2,074	1,142	932	81.6%

Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	YTD	Q3	Q2	Q1	TOTAL	Q4	Q3	Q2	Q1
	2025	2025	2025	2025	2024	2024	2024	2024	2024
FCF and FCF after payment of lease liabilities
Cash flows from operating activities	5,432	1,914	1,947	1,571	6,988	1,877	1,842	2,137	1,132
Capital expenditures	(2,383)	(891)	(763)	(729)	(3,897)	(963)	(954)	(978)	(1,002)
Cash dividends paid on preferred shares	(105)	(28)	(38)	(39)	(187)	(53)	(43)	(45)	(46)
Cash dividends paid by subsidiaries to NCI	(38)	(25)	-	(13)	(68)	(12)	(14)	(28)	(14)
Acquisition and other costs paid	47	33	6	8	52	25	1	11	15
FCF	2,953	1,003	1,152	798	2,888	874	832	1,097	85
Principal payment of lease liabilities	(879)	(297)	(278)	(304)	(1,142)	(270)	(305)	(270)	(297)
FCF after payment of lease liabilities	2,074	706	874	494	1,746	604	527	827	(212)

n.m. : not meaningful

(A) Net debt, free cash flow and free cash flow after payment of lease liabilities are non-GAAP financial measures and net debt leverage ratio is a capital management measure. Refer to note 2.1, Non-GAAP financial measures and note 2.4, Capital management measures in the Accompanying Notes to this report for more information on these measures.

BCE

Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	September 30 2025		June 30 2025		March 31 2025		December 31 2024
ASSETS
Current assets
Cash	460		507		1,049		1,572
Cash equivalents	5		3		3		-
Short-term investments	-		-		-		400
Trade and other receivables	4,119		4,011		4,042		4,489
Inventory	378		453		422		420
Contract assets	503		485		495		477
Contract costs	780		713		753		702
Prepaid expenses	357		399		344		259
Other current assets	359		409		593		524
Assets held for sale	85		87		79		80
Total current assets	7,046		7,067		7,780		8,923
Non-current assets
Contract assets	257		259		279		282
Contract costs	957		955		911		888
Property, plant and equipment	32,763		29,520		29,777		30,001
Intangible assets	16,122		16,737		16,817		16,786
Deferred tax assets	241		138		152		136
Investments in associates and joint ventures	370		335		337		341
Post-employment benefit assets	4,014		3,710		3,647		3,578
Other non-current assets	2,269		2,238		2,292		2,289
Goodwill	14,544		10,175		10,170		10,261
Total non-current assets	71,537		64,067		64,382		64,562
Total assets	78,583		71,134		72,162		73,485
LIABILITIES
Current liabilities
Trade payables and other liabilities	4,178		4,288		4,134		4,507
Contract liabilities	737		677		773		774
Interest payable	281		419		284		392
Dividends payable	435		425		944		933
Current tax liabilities	721		229		137		42
Debt due within one year	5,820		5,037		5,323		7,669
Liabilities held for sale	7		500		525		529
Total current liabilities	12,179		11,575		12,120		14,846
Non-current liabilities
Contract liabilities	377		374		369		350
Long-term debt	35,155		32,522		33,869		32,835
Deferred tax liabilities	5,526		5,516		5,335		5,244
Post-employment benefit obligations	1,186		1,154		1,189		1,204
Other non-current liabilities	1,402		1,616		1,661		1,646
Total non-current liabilities	43,646		41,182		42,423		41,279
Total liabilities	55,825		52,757		54,543		56,125
EQUITY
Equity attributable to BCE shareholders
Preferred shares	3,338		3,424		3,481		3,533
Common shares	21,493		21,493		21,174		20,860
Contributed surplus	1,321		1,295		1,271		1,278
Accumulated other comprehensive income (loss)	295		240		45		(159)
Cumulative translation adjustment	75		-		-		-
Deficit	(4,064)		(8,385)		(8,638)		(8,441)
Total equity attributable to BCE shareholders	22,458		18,067		17,333		17,071
NCI	300		310		286		289
Total equity	22,758		18,377		17,619		17,360
Total liabilities and equity	78,583		71,134		72,162		73,485
Number of common shares outstanding (millions)	932.5		932.5		921.8		912.3

BCE

Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q3 2025	Q3 2024
Net earnings (loss)	4,555	(1,191)
Adjustments to reconcile net earnings (loss) to cash flows from operating activities
Severance, acquisition and other costs	82	49
Depreciation and amortization	1,309	1,259
Post-employment benefit plans cost	24	34
Net interest expense	437	405
Impairment of assets	970	2,113
Gains on investments	(5,175)	(66)
Net equity losses on investments in associates and joint ventures	-	154
Income taxes	495	5
Contributions to post-employment benefit plans	(12)	(12)
Payments under other post-employment benefit plans	(15)	(16)
Severance and other costs paid	(74)	(129)
Interest paid	(620)	(532)
Income taxes paid (net of refunds)	(141)	(96)
Acquisition and other costs paid	(33)	(1)
Net change in operating assets and liabilities	112	(134)
Cash flows from operating activities	1,914	1,842
Capital expenditures	(891)	(954)
Cash dividends paid on preferred shares	(28)	(43)
Cash dividends paid by subsidiaries to NCI	(25)	(14)
Acquisition and other costs paid	33	1
FCF	1,003	832
Principal payment of lease liabilities	(297)	(305)
FCF after payment of lease liabilities	706	527
Business acquisitions	(4,857)	(73)
Business dispositions	-	-
Decrease in investments	4,686	10
Acquisition and other costs paid	(33)	(1)
Decrease in short-term investments	-	-
Spectrum licences	(3)	(13)
Other investing activities	(145)	(18)
Increase (decrease) in notes payable	98	763
Issue of long-term debt	2,898	10
Repayment of long-term debt, excluding principal payment of lease liabilities	(2,768)	(38)
Purchase of shares for settlement of share-based payments	(33)	(42)
Repurchase of preferred shares	(67)	-
Cash dividends paid on common shares	(408)	(910)
Other financing activities	(121)	(3)
Effect of currency exchange rate changes on cash and cash equivalents	2	-
	(751)	(315)
Net (decrease) increase in cash	(47)	462
Cash at beginning of period	507	1,398
Cash at end of period	460	1,860
Net increase (decrease) in cash equivalents	2	(250)
Cash equivalents at beginning of period	3	250
Cash equivalents at end of period	5	-

$ change	YTD 2025	YTD 2024
5,746	5,882	(130)
33	370	300
50	3,868	3,791
(10)	72	109
32	1,261	1,190
(1,143)	987	2,186
(5,109)	(5,165)	(58)
(154)	-	247
490	992	402
-	(42)	(40)
1	(44)	(47)
55	(353)	(273)
(88)	(1,489)	(1,367)
(45)	(265)	(562)
(32)	(47)	(27)
246	(595)	(610)
72	5,432	5,111
63	(2,383)	(2,934)
15	(105)	(134)
(11)	(38)	(56)
32	47	27
171	2,953	2,014
8	(879)	(872)
179	2,074	1,142
(4,784)	(4,880)	(590)
-	38	-
4,676	4,686	10
(32)	(47)	(27)
-	400	250
10	(3)	(531)
(127)	(157)	(39)
(665)	(628)	2,146
2,888	7,653	3,818
(2,730)	(8,167)	(2,109)
9	(129)	(186)
(67)	(143)	(76)
502	(1,618)	(2,703)
(118)	(188)	(17)
2	2	-
(436)	(3,181)	(54)
(509)	(1,112)	1,313
(891)	1,572	547
(1,400)	460	1,860
252	5	(225)
(247)	-	225
5	5	-

$ change 6,012

70

77

(37)

71

(1,199)

(5,107)

(247)

590

(2)

3

(80)

(122)

297

(20)

15

321

551

29

18

20

939

(7)

932

(4,290)

38

4,676

(20)

150

528

(118)

(2,774)

3,835

(6,058)

57

(67)

1,085

(171)

2

(3,127)

(2,425)

1,025

(1,400)

230

(225)

5

BCE

Consolidated Cash Flow Data - Historical Trend

	YTD						TOTAL
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	2025		Q3 25	Q2 25	Q1 25		2024		Q4 24	Q3 24	Q2 24	Q1 24
Net earnings (loss)	5,882		4,555	644	683		375		505	(1,191)	604	457
Adjustments to reconcile net earnings (loss) to cash flows from operating activities Severance, acquisition and other costs	370		82	41	247		454		154	49	22	229
Depreciation and amortization	3,868		1,309	1,287	1,272		5,041		1,250	1,259	1,270	1,262
Post-employment benefit plans cost	72		24	19	29		142		33	34	31	44
Net interest expense	1,261		437	427	397		1,590		400	405	401	384
Impairment of assets	987		970	8	9		2,190		4	2,113	60	13
(Gains) losses on investments	(5,165)		(5,175)	8	2		(57)		1	(66)	2	6
Net equity losses on investments in associates and joint ventures	-		-	-	-		247		-	154	93	-
Income taxes	992		495	240	257		577		175	5	231	166
Contributions to post-employment benefit plans	(42)		(12)	(12)	(18)		(52)		(12)	(12)	(10)	(18)
Payments under other post-employment benefit plans	(44)		(15)	(15)	(14)		(61)		(14)	(16)	(15)	(16)
Severance and other costs paid	(353)		(74)	(198)	(81)		(330)		(57)	(129)	(98)	(46)
Interest paid	(1,489)		(620)	(308)	(561)		(1,759)		(392)	(532)	(387)	(448)
Income taxes paid (net of refunds)	(265)		(141)	(50)	(74)		(783)		(221)	(96)	(131)	(335)
Acquisition and other costs paid	(47)		(33)	(6)	(8)		(52)		(25)	(1)	(11)	(15)
Net change in operating assets and liabilities	(595)		112	(138)	(569)		(534)		76	(134)	75	(551)
Cash flows from operating activities	5,432		1,914	1,947	1,571		6,988		1,877	1,842	2,137	1,132
Capital expenditures	(2,383)		(891)	(763)	(729)		(3,897)		(963)	(954)	(978)	(1,002)
Cash dividends paid on preferred shares	(105)		(28)	(38)	(39)		(187)		(53)	(43)	(45)	(46)
Cash dividends paid by subsidiaries to NCI	(38)		(25)	-	(13)		(68)		(12)	(14)	(28)	(14)
Acquisition and other costs paid	47		33	6	8		52		25	1	11	15
FCF	2,953		1,003	1,152	798		2,888		874	832	1,097	85
Principal payment of lease liabilities	(879)		(297)	(278)	(304)		(1,142)		(270)	(305)	(270)	(297)
FCF after payment of lease liabilities	2,074		706	874	494		1,746		604	527	827	(212)
Business acquisitions	(4,880)		(4,857)	(24)	1		(624)		(34)	(73)	(435)	(82)
Business dispositions	38		-	36	2		-		-	-	-	-
Decrease in investments	4,686		4,686	-	-		12		2	10	-	-
Acquisition and other costs paid	(47)		(33)	(6)	(8)		(52)		(25)	(1)	(11)	(15)
Decrease (increase) in short-term investments	400		-	-	400		600		350	-	(50)	300
Spectrum licences	(3)		(3)	-	-		(531)		-	(13)	(414)	(104)
Other investing activities	(157)		(145)	1	(13)		2		41	(18)	(11)	(10)
(Decrease) increase in notes payable	(628)		98	405	(1,131)		1,945		(201)	763	404	979
Issue of long-term debt	7,653		2,898	318	4,437		3,834		16	10	1,617	2,191
Repayment of long-term debt, excluding principal payment of lease liabilities	(8,167)		(2,768)	(1,447)	(3,952)		(2,161)		(52)	(38)	(255)	(1,816)
Purchase of shares for settlement of share-based payments	(129)		(33)	(32)	(64)		(235)		(49)	(42)	(40)	(104)
Repurchase of preferred shares	(143)		(67)	(39)	(37)		(92)		(16)	-	(38)	(38)
Cash dividends paid on common shares	(1,618)		(408)	(608)	(602)		(3,613)		(910)	(910)	(910)	(883)
Other financing activities	(188)		(121)	(20)	(47)		(31)		(14)	(3)	4	(18)
Effect of currency exchange rate changes on cash and cash equivalents	2		2	-	-		-		-	-	-	-
	(3,181)		(751)	(1,416)	(1,014)		(946)		(892)	(315)	(139)	400
Net (decrease) increase in cash	(1,112)		(47)	(542)	(523)		1,025		(288)	462	609	242
Cash at beginning of period	1,572		507	1,049	1,572		547		1,860	1,398	789	547
Cash at end of period	460		460	507	1,049		1,572		1,572	1,860	1,398	789
Net increase (decrease) in cash equivalents	5		2	-	3		(225)		-	(250)	79	(54)
Cash equivalents at beginning of period	-		3	3	-		225		-	250	171	225
Cash equivalents at end of period	5		5	3	3		-		-	-	250	171

Accompanying Notes

1. Our results are reported in three segments: Bell CTS Canada, Bell CTS U.S. and Bell Media.

   Throughout this report, we, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. Bell means, as the context may require, either Bell Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements and associates.

2. Non-GAAP and other financial measures

   BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with IFRS® Accounting Standards or GAAP while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE's performance.

   National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that apply to the following specified financial measures:

   • Non-GAAP financial measures

   • Non-GAAP ratios

   • Total of segments measures

   • Capital management measures

   • Supplementary financial measures

     This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this report to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures' labelling is not sufficiently descriptive.

     (2.1) Non-GAAP financial measures

     A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE's consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our on-going operating results and provide readers with an understanding of management's perspective on and analysis of our performance.

     Below are descriptions of the non-GAAP financial measures that we use in this report to explain our results. Reconciliations to the most directly comparable financial measures under IFRS Accounting Standards on a consolidated basis are set out earlier in this report.

     Adjusted net earnings

     The term adjusted net earnings does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

     We define adjusted net earnings as net earnings (loss) attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in

     associates and joint ventures, net losses (gains) on investments, early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI.

     We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

     The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss) attributable to common shareholders. Refer to pages 2 and 3 of this report for a reconciliation of net earnings (loss) attributable to common shareholders to adjusted net earnings on a consolidated basis.

     Free cash flow and free cash flow after payment of lease liabilities

     The terms free cash flow and free cash flow after payment of lease liabilities do not have any standardized meaning under IFRS Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.

     We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

     We define free cash flow after payment of lease liabilities as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less principal payment of lease liabilities, capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

     We consider free cash flow and free cash flow after payment of lease liabilities to be important indicators of the financial strength and performance of our businesses. Free cash flow and free cash flow after payment of lease liabilities show how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow and free cash flow after payment of lease liabilities to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable financial measure under IFRS Accounting Standards is cash flows from operating activities. Refer to pages 12, 14 and 15 of this report for a reconciliation of cash flows from operating activities to free cash flow and free cash flow after payment of lease liabilities on a consolidated basis.

     Net debt

     The term net debt does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

     We define net debt as debt due within one year plus long-term debt and 50% of outstanding preferred shares, less 50% of junior subordinated debt included within long-term debt, and less cash, cash equivalents and short-term investments, as shown in BCE's consolidated statements of financial position.

     In Q1 2025, we updated our definition of net debt to include 50% of junior subordinated debt. This change does not impact the net debt amounts previously presented. We include 50% of outstanding preferred shares and 50% of junior subordinated debt in our net debt as it is consistent with the treatment by certain credit rating agencies and given structural features including priority of payments.

     We, and certain investors and analysts, consider net debt to be an important indicator of the company's financial leverage.

     Net debt is calculated using several asset and liability categories from the statements of financial position. The most directly comparable financial measure under IFRS Accounting Standards is long-term debt. Refer to page 12 of this report for a reconciliation of long-term debt to net debt on a consolidated basis.

     (2.2) Non-GAAP ratios

     A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.

     Adjusted EPS

     The term adjusted EPS does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

     We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, see note 2.1 - Non-GAAP financial measures above.

     We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt

     redemption costs (gains), impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

     (2.3) Total of segments measures

     A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE's consolidated primary financial statements.

     Adjusted EBITDA and Bell CTS adjusted EBITDA

     We define adjusted EBITDA as operating revenues less operating costs.

     We define Bell CTS adjusted EBITDA as BCE adjusted EBITDA less Bell Media adjusted EBITDA.

     The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss). The following table provides reconciliations of net earnings (loss) to BCE adjusted EBITDA and Bell CTS adjusted EBITDA.

     	YTD 2025	Q3 2025	Q2 2025	Q1 2025	Total 2024	Q4 2024	YTD 2024	Q3 2024	Q2 2024	Q1 2024
     Net earnings (loss)	5,882	4,555	644	683	375	505	(130)	(1,191)	604	457
     Severance, acquisition and other costs	370	82	41	247	454	154	300	49	22	229
     Depreciation	2,859	969	949	941	3,758	933	2,825	934	945	946
     Amortization	1,009	340	338	331	1,283	317	966	325	325	316
     Finance costs
     Interest expense	1,322	457	442	423	1,713	431	1,282	440	426	416
     Net return on post-employment benefit plans	(77)	(26)	(26)	(25)	(66)	(17)	(49)	(16)	(17)	(16)
     Impairment of assets	987	970	8	9	2,190	4	2,186	2,113	60	13
     (Gains) losses on investments	(5,165)	(5,175)	8	2	(57)	1	(58)	(66)	2	6
     Other (income) expense	(185)	95	30	(310)	362	102	260	129	99	32
     Income taxes	992	495	240	257	577	175	402	5	231	166
     BCE adjusted EBITDA	7,994	2,762	2,674	2,558	10,589	2,605	7,984	2,722	2,697	2,565
     Less: Bell Media adjusted EBITDA	(631)	(237)	(235)	(159)	(758)	(169)	(589)	(254)	(218)	(117)
     Bell CTS adjusted EBITDA	7,363	2,525	2,439	2,399	9,831	2,436	7,395	2,468	2,479	2,448

     (2.4) Capital management measures

     A capital management measure is a financial measure that is intended to enable a reader to evaluate our objectives, policies and processes for managing our capital and is disclosed within the Notes to BCE's consolidated financial statements.

     The financial reporting framework used to prepare the financial statements requires disclosure that helps readers assess the company's capital management objectives, policies, and processes, as set out in IFRS Accounting Standards in IAS 1 - Presentation of Financial Statements. BCE has its own methods for managing capital and liquidity, and IFRS Accounting Standards do not prescribe any particular calculation method.

     Net debt leverage ratio

     The net debt leverage ratio represents net debt divided by adjusted EBITDA. Net debt used in the calculation of the net debt leverage ratio is a non-GAAP financial measure. For further details on net debt, see note 2.1, Non-GAAP financial measures above. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.

     We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage.

     (2.5) Supplementary financial measures

     A supplementary financial measure is a financial measure that is not reported in BCE's consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.

     An explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures' labelling is not sufficiently descriptive.

3. Key performance indicators (KPIs)

In addition to the non-GAAP financial measures and other financial measures described previously, we use the following KPIs to measure the success of our strategic imperatives. These KPIs are not accounting measures and may not be comparable to similar measures presented by other issuers.

Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Capital intensity is defined as capital expenditures divided by operating revenues. Mobile phone blended ARPU is defined as Bell CTS Canada wireless external services revenues divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Mobile phone churn is the rate at which existing mobile phone subscribers cancel their services. It is a measure of our ability to retain our customers. Mobile phone churn is calculated by dividing the number of mobile phone deactivations during a given period by the average number of mobile phone subscribers in the base for the specified period and is expressed as a percentage per month. Mobile phone subscriber unit is comprised of a recurring revenue generating portable unit (e.g. smartphones and feature phones) on an active service plan, that has access to our wireless networks and includes voice, text and/or data connectivity. We report mobile phone subscriber units in two categories: postpaid and prepaid. Prepaid mobile phone subscriber units are considered active for a period of 90 days following the expiry of the subscriber's prepaid balance. Mobile connected device subscriber unit is comprised of a recurring revenue generating portable unit (e.g. tablets, wearables, mobile Internet devices and Internet of Things) on an active service plan, that has access to our wireless networks and is intended for limited or no cellular voice capability. Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including retail Internet, IPTV, and/or residential NAS. A subscriber is included in our subscriber base when the service has been installed and is operational at the customer premise and a billing relationship has been established.

• Retail Internet and IPTV subscribers have access to stand-alone services, and are primarily represented by a dwelling unit or a business location

• Retail residential NAS subscribers are based on a line count and are represented by a unique telephone number