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Who we are

Our financial performance

Who we are
Our financial performance

Financial and operational highlights

The Bell team provided the best in communications technologies in 2022 that enhanced the connectivity of Canadians. These connections form the foundation for BCE’s long-term success and our objective to deliver sustainable dividend growth for our shareholders.

2022 financial performance

2022 financial performance Actual Target
Revenue growth 3.1% 1%–5%
Adjusted EBITDAfootnote 1 growth 3.1% 2%–5%
Net earnings growth 1.2% n/a
Capital intensityfootnote 2 21.2% 21%
Net earnings per share (EPS) growth –0.3% n/a
Adjusted EPSfootnote 1 growth 5.0% 2%–7%
Cash flows from operating activities growth 4.5% n/a
Free cash flowfootnote 1 growth 2.9% 2%–10%
Compared to 2021
0% Dividend yield
in 2022footnote 3
0% Increase in dividend
per common share
for 2023
0 Consecutive years
of 5% or greater
dividend growth

Connecting Canadians with advanced technology services and media

Bell team members continue to champion the customer experience as we deliver advanced networks, technology services and compelling content to individuals, families, communities, businesses and governments across Canada. Our strong focus on expanding the availability and capabilities of our fibre broadband, television and wireless services and making it easier to do business with Bell enabled solid subscriber growth in retail Internet, Internet Protocol television (IPTV) and wireless in 2022

BCE retail subscribers (millions) 2022 2021 Change
Mobile phone 9.95 9.46 +5.2%
Mobile connected device 2.45 2.25 +9.0%
Internet footnote 4 footnote 5 footnote 6 4.26 3.86 +10.3%
TV footnote 4 footnote 5 footnote 6 2.75 2.74 +0.6%
Residential telephone services footnote 4 footnote 5 footnote 6 footnote 7 2.19 2.30 -4.7%
Total 21.60 20.60 +4.8%
0millions Total Bell consumer,
business and wholesale
customer connections

Message from
the Chair of the Board

Gordon Nixon

Chair of the Board BCE

Message from
the Chair of the Board