Q1 2023 Press release

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This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Regarding Forward-Looking Statements" later in this news release. The information contained in this news release is unaudited.

BCE reports first quarter 2023 results

• Consolidated revenue up 3.5%, while adjusted EBITDA1 declined 1.8% reflecting one- time retroactive media revenue adjustment in Q1 2022 and higher operating costs, including inflationary cost pressures and higher TV programming costs
• Net earnings of $788 million, down 15.6%, with net earnings attributable to common shareholders of $725 million, or $0.79 per common share, down 17.7%; adjusted net earnings1 of $772 million generated adjusted EPS1 of $0.85, down 4.5%
• Cash flows from operating activities down 27.3% to $1,247 million; free cash flow1 decreased to $85 million on timing of capital expenditures and working capital
• Wireless operating momentum continues: 43,289 mobile phone postpaid net subscriber activations,2 up 26.5%; 70,742 mobile connected device net activations, up 44.7%; low postpaid churn rate2 of 0.90%; eighth consecutive quarter of mobile phone blended ARPU3 growth, up 0.9%, contributed to 5.4% higher wireless service revenue
• Retail Internet net activations up 4.8% to 27,274; 47,757 new net fibre customer activations, up 24.2%, drove strong 10% consumer Internet revenue growth
• Bell Media digital revenue4 up 2%; total media revenue and adjusted EBITDA down due to one-time retroactive subscriber revenue adjustment in Q1 2022
• Reconfirming all 2023 financial guidance targets

MONTRÉAL, May 4, 2023 - BCE Inc. (TSX, NYSE: BCE) today reported results for the first quarter (Q1) of 2023.

"Bell has delivered a solid start to the year with results that were on plan and that reflect our consistently strong execution," said Mirko Bibic, President and CEO of BCE and Bell Canada.

"Our strategy to build the best networks and our compelling products and services are clearly resonating with customers, as is our customer-first approach. I'm particularly proud of the gains we've made to champion customer experience as evidenced in the 2022-23 CCTS mid-year report. Bell was the only national service provider to experience a decrease in complaints during a period when complaints were up 12% year-over-year across the industry.

Overall, our performance in wireless and Internet helped to drive strong 3.5% consolidated revenue growth, offsetting the impacts of an advertising slowdown within our Bell Media segment. Our mobile phone postpaid net subscriber activations were up 26.5%, with 5.4% higher wireless service revenue. We also added nearly 48,000 new FTTH customers in Q1, up 24% over last year, with consumer Internet revenue up 10%.

In line with our broadband network buildout plan, we invested close to $1.1 billion in capital expenditures in Q1, and remain on pace to expand our fibre footprint by 650,000 locations and cover 85% of the population with our 5G service by the end of 2023. While we're currently experiencing an uncertain economic environment amid headwinds, inflationary cost pressures and regulatory uncertainty, we remain committed to our corporate purpose to advance how

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Canadians connect with each other and the world. As we look ahead to the remainder of 2023, we are confident in our ability to continue delivering results with consistent, strong execution."

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1. Adjusted EBITDA is a total of segments measure, adjusted net earnings and free cash flow are non-GAAP financial measures and adjusted EPS is a non-GAAP ratio. Refer to the Non-GAAPand Other Financial Measures section in this news release for more information on these measures.
2. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on churn and subscriber (or customer) units.
3. Effective Q1 2023, as a result of the segment reporting changes impacting intersegment eliminations, ARPU has been updated and is defined as Bell CTS wireless external services revenues (previously wireless operating service revenues) divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on blended ARPU.
4. Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, connected TV apps and out-of-home (OOH) digital assets/platforms, as well as advertising procured through Bell digital buying platforms and subscription revenue from direct-to-consumer services and Video on Demand services.

KEY BUSINESS DEVELOPMENTS

Champion customer experience

In the Commission for Complaints for Telecom-television Services (CCTS) 2022-23mid-yearreport, Bell was the only national service provider to experience a decrease in complaints during a period when complaints were up 12% year-over-year across the industry. Bell experienced a 6% reduction in complaints, reducing its overall share of complaints to less than 15%. Overall, Bell's share of complaints have decreased by 16% year over year, and an impressive 55% since the 2017-2018mid-year report was published. Bell won a Webby award5 for its MyBell app, recognized by both a panel of expert judges and the voting public. The app was judged among 14,000 applicants across criteria including user experience, design, innovation and overall usability. Bell additionally introduced a new Wi-Fi checkup feature for the app, which is now available for customers in Ontario and Québec.

Building the best networks

Bell, in partnership with the province of Newfoundland and Labrador, is expanding the province's public safety radio network, improving communications for first responders throughout the region and enabling inter-operable communications throughout the Atlantic provinces, the first such inter-provincial public safety network in North America. In Manitoba, Bell is expanding fibre Internet to six rural communities, reaching an additional 7,500 locations starting this summer, and is expanding its 5G+ wireless service in Winnipeg. Bell is also expanding fibre Internet access to homes and businesses in the Ontario communities of Leamington,Lincoln, and Essex Centre and Harrow. Bell continued to work closely with governments on projects to bring broadband access to remote and other hard to serve areas, including in Northern Ontario, and in Newfoundland and Labradorwith the Universal Broadband Fund.

Accelerate cloud strategy for Canadian businesses

Bell has completed the sale of its 63% majority stake in Pinewood Toronto Studiosto focus on its core services for residential and business customers. The cash proceeds from the sale will help accelerate Bell's core growth strategy, including the acquisition of FX Innovation, a Montréal-based IT services and consulting company providing business clients with cloud- focused managed and professional services and workflow automation solutions. The acquisition is the latest building block in positioning Bell as a tech services leader for its enterprise customers, and is expected to close in late Q2 - early Q3, 2023, subject to closing conditions and regulatory approvals.

In addition, Bell introduced two newcloud-nativeapplication protection platform (CNAPP)cybersecurity solutions with Palo Alto Networks, Cloud Security Posture Assessment (CSPA) and Cloud Security Posture Protection (CSPP), to help businesses identify threats to enterprise

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data in the cloud and provide managed services to protect data across multi-cloud environments.

Drive growth with innovative services

Bell has entered a multi-year strategic agreement with Air Canada, which includes premier sponsorship of its in-flightWi-Fi, free in-flight messaging for Aeroplan members and the distribution of complimentary SIM cards on board to enable newcomers and visitors arriving in Canada to activate a wireless SIM while still in the air.

Delivering the most compelling content

Bell Media announced a long-term, exclusive licensing agreement with Warner Bros. Discovery. The agreement includes content from Warner Bros. Discovery's vast portfolio including HBO Originals, Max Originals, Warner Bros. films, the DC universe, the Wizarding World of Harry Potter, new cable and library television series, and pay and post-pay window rights for Warner Bros. films and library films. French-language rights secured include HBO and Max Originals, Pay 1 films, Friends, and the Harry Potter collection of films, among other content.

In Q1, TSN and RDS were the number one English and French non-news specialty channels respectively in the A25-54 age group, according to Numeris.6Super Bowl LVIIwas the most- watched broadcast in Canada this past quarter, with an average audience of 8.67 million viewers on CTV, TSN and RDS, up 6% compared to last year and reaching over 17.5 million Canadians.7 Other sports highlights included the 2023 NCAA March Madnesstournament and the 2023 IIHF Women's World Championship, both on TSN, and the 2023 Masters Tournament on CTV, TSN and RDS. Season one of The Last of Usis the number one show in Crave history for the first seven-day streams season average. The premiere of Survivor Québecon Noovo was the top-watched show of the day (April 2) on French Québec television among the A25-54 age group.8

Bell for Better: Better World, Better Communities, Better Workplace

Bell has been named one of Canada's Greenest Employers9for the seventh consecutive year by Mediacorp. Bell was also named a Top Employer for Young People9for the sixth consecutive year, a TopFamily-FriendlyEmployer9for the fourth consecutive year, and a Montréal Top Employer9for the 11th year in a row by the organization. Bell ranked third among telecom companies and 42nd overall in the Corporate Knights' Global 100 most sustainable corporations for 2023,10 and ranked 65th in the 2023 Clean20011 list of global companies that put sustainability at the core of their business. Bell received an A- score (leadership band) for its 2022 CDP12disclosure overall, and ranked A for the Supplier Engagement portion of the disclosure - the only Canadian telecom company to be ranked A, and in the top 8% of all reporting companies. Bell announced a $15 million commitment to the Kids Help Phone Feel Out Loudcampaign to expand access to its e-mental health services.

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1. The Webby awards are presented annually by the International Academy of Digital Arts & Sciences that honour outstanding digital achievements. For more information: https://www.webbyawards.com/about/.
2. Numeris, P2+ Total Canada, Q1 2023 (January 1, 2023 - March 31, 2023).
3. Source: Numeris, P2+ Total Canada, Q1 2023 (January 1, 2023 - March 31, 2023).
4. Source: Numberis, French Québec, Sunday April 2, 2023, AMA, A25-54.
5. Canada's Top 100 Employers report is issued annually by Medicorp. For more information, see:https://www.canadastop100.com/national/.
6. According to Corporate Knights Inc.'s global rankings released on January 18, 2023. For more information:https://www.corporateknights.com/rankings/global-100-rankings/2023-global-100-rankings/2023-global-100-most-sustainable-companies/.
7. The Clean200 are the largest 200 public companies from 35 countries ranked by clean revenue. The ranking was first calculated on July 1, 2016 by Corporate Knights and As You Sow. The current list has been updated with data through January 31, 2023. For more information:https://www.corporateknights.com/rankings/clean-200-rankings/2023-clean-200/these-200-companies-are-leading-the-clean-economy-in-2023/.
8. CDP (formerly Climate Disclosure Project) is a non-profit organization that gathers information on climate-related risks and opportunities from organizations worldwide. For more information: https://www.cdp.net/en/scores/cdp-scores-explained.

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BCE RESULTS

Financial Highlights

($ millions except per share amounts) (unaudited)	Q1 2023	Q1 2022	% change
BCE
Operating revenues	6,054	5,850	3.5%
Net earnings	788	934	(15.6%)
Net earnings attributable to common shareholders	725	877	(17.3%)
Adjusted net earnings	772	811	(4.8%)
Adjusted EBITDA	2,538	2,584	(1.8%)
Net earnings per common share (EPS)	0.79	0.96	(17.7%)
Adjusted EPS	0.85	0.89	(4.5%)
Cash flows from operating activities	1,247	1,716	(27.3%)
Capital expenditures	(1,086)	(959)	(13.2%)
Free cash flow	85	716	(88.1%)

"A positive start to the year with Q1 operating metrics and financial results that were delivered on budget and, in fact, slightly ahead of plan in some instances. BCE revenue grew a strong 3.5%, despite an economic environment that continues to impact media advertising and our business markets sector. However, adjusted EBITDA declined 1.8%. This result was expected given the favourable one-time retroactive revenue adjustment at Bell Media last year, ongoing inflationary impacts, and other near-term cost pressures, all of which were built into our 2023 financial plan," said Glen LeBlanc, Chief Financial Officer of BCE and Bell Canada.

"BCE's fundamentals and competitive position remain as strong as ever. With financial results that were right on our internal plan for Q1, together with continued operating momentum across the business, our consistent proven execution in a competitive marketplace as well as substantial annual free cash flow generation that is reliable and well protected from economic uncertainty, I am reconfirming all our financial guidance targets for 2023."

• BCE operating revenue increased 3.5% over Q1 2022 to $6,054 million. This was the result of 0.9% higher service revenue of $5,222 million and a 23.6% increase in product revenue to $832 million, driven by growth at Bell Communication and Technology Services (Bell CTS), partly offset by a year-over-year decline at Bell Media.
• Net earnings decreased 15.6% to $788 million and net earnings attributable to common shareholders totalled $725 million, or $0.79 per share, down 17.3% and 17.7% respectively. The year-over-year declines were due to increased interest expense, higher depreciation and amortization expense, lower adjusted EBITDA, higher severance, acquisition and other costs and higher asset impairment charges related to office spaces we ceased using as part of our real estate optimization strategy due to Bell's hybrid work policy. These factors were partly offset by lower income taxes and higher other income which included gains from the sale of land related to our real estate optimization strategy. Adjusted net earnings were down 4.8% to $772 million, resulting in a 4.5% decrease in adjusted EPS to $0.85.
• Adjusted EBITDA was down 1.8% to $2,538 million, reflecting a 36.5% decrease at Bell Media, partly offset by a 1.3% increase at Bell CTS. BCE's consolidated adjusted EBITDA margin13 declined 2.3 percentage points to 41.9% from 44.2% in Q1 2022, due to lower year-over-year media revenue attributable mainly to a favourable one-time retroactive

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adjustment to subscriber revenue in Q1 2022 related to a contract with a Canadian TV distributor, higher low-margin product sales, as well as operating cost pressures related to inflation, strategic initiatives, higher TV content costs and the normalization of our cost structure to pre-COVID levels.

• BCE capital expenditures were $1,086 million, up 13.2% from $959 million last year, corresponding to a capital intensity14 of 17.9%, compared to 16.4% in Q1 2022. The year- over-year increase in capital spending was due mainly to significant ongoing investment in expanding Bell's pure fibre network, including connecting more homes and businesses to Bell Internet services.
• BCE cash flows from operating activities were $1,247 million, down 27.3% from Q1 2022, reflecting lower cash from working capital attributable to the timing of supplier payments, higher interest paid, increased cash taxes due mainly to the timing of instalment payments and lower adjusted EBITDA, partly offset by lower contributions to post-employment benefit plans.
• Free cash flow decreased 88.1% to $85 million from $716 million in Q1 2022, due to lower cash flows from operating activities excluding acquisition and other costs paid, and higher

capital expenditures.

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1. Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on adjusted EBITDA margin.
2. Capital intensity is defined as capital expenditures divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on capital intensity.

OPERATING RESULTS BY SEGMENT

Bell Communication and Technology Services (Bell CTS)

• Total Bell CTS operating revenue increased 4.9% to $5,367 million, driven by both higher service and product revenue.
• Service revenue grew 2.1% to $4,535 million, mainly the result of strong mobile phone, mobile connected device and retail Internet subscriber base growth, higher mobile phone blended ARPU as well as the financial contribution from the acquisitions of Distributel and EBOX in 2022. This was partly offset by ongoing declines in legacy voice, data and satellite TV services, lower sales of international long distance minutes to wholesale customers and the sale of Createch on March 1, 2022.
• Product revenue was up 23.6% to $832 million, driven by higher telecom data equipment sales to large enterprise customers reflecting the timing of sales and improved availability compared to significant global supply chain disruptions experienced last year, as well as a greater sales mix of higher-value mobile phones and more mobile device transactions.
• Bell CTS adjusted EBITDA was up 1.3% to $2,406 million. This was driven by the flow- through of higher year-over-year service revenue, despite 8.1% higher operating costs that contributed to a 1.6 percentage-point margin decline to 44.8% from 46.4% last year. The increase in operating costs this quarter was mainly the result of higher cost of goods sold from increased product sales, higher TV content costs, increased labour costs, as well as the acquisitions of EBOX and Distributel.
• Postpaid mobile phone net subscriber15 activations totaled 43,289, up 26.5% from 34,230 in Q1 2022. The increase reflected 18.2% higher gross subscriber activations attributable to higher retail traffic as pandemic-related restrictions were still in place intermittently last year, immigration growth, continued 5G momentum, higher business customer demand and effective promotions. This was moderated by an 11 basis-point increase in mobile phone postpaid customer churn to 0.90%, reflecting greater overall market activity compared to Q1 2022.

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