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BCE will provide to holders of its common shares and preferred shares, upon request and free of charge, a printed copy of its audited financial statements for the year ended December 31, 2024. Holders of BCE's securities may request a copy of the audited financial statements by contacting BCE Investor Relations by telephone at 1 800 339-6353, by completing the online form or in writing to 1, Carrefour Alexander-Graham-Bell, Building A, 8th Floor, Verdun (Quebec), H3E 3B3.

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UPDATED OUTLOOK FOR 2025

BCE updated its financial guidance targets for 2025, as provided on February 6, 2025, and updated on May 8, 2025 with respect to the annualized common dividend per share, as per the table below, to reflect the acquisition of Ziply Fiber, which closed on August 1, 2025. The guidance ranges do not reflect the pending divestiture of Northwestel.

The table below provides our 2025 financial guidance targets.

Please read our caution concerning forward-looking statements when using this information.

For additional details and explanations, please see BCE’s news release dated August 7, 2025.

BCE's 2025 financial guidance
2024 Results Prior guidance Current guidance We expect wireless and broadband competitive pricing flowthrough pressure from 2024, lower subscriber loadings decreased wireless product sales and higher media content and programming costs to impact revenue and adjusted EBITDA. We expect higher capital intensity guidance due to five months of Ziply Fiber capital expenditures. We expect a lower EPS driven by increased interest expense, higher depreciation and amortization expense, and a higher number of common shares outstanding due to the implementation in Q1 and Q2 2025 of a discounted treasury dividend reinvestment plan. On May 7, 2025, BCE terminated the discounted treasury issuance feature under the DRP. We expect Ziply Fiber capex spending driving lower free cash flow growth.
Revenue growth (1.1%) (3%) to 1% 0% to 2%
Adjusted EBITDA growth (1) 1.7% (2%) to 2% 0% to 2%
Capital intensity (2) 16% ~14% ~15%
Adjusted EPS growth (3) (5.3%) (13%) to (8%) (13%) to (10%)
Free cash flow growth (5) (8.1%) 11% to 19% 6% to 11%

For 2025, we expect:

2024 Financial highlights

2024 Financial highlights
($ millions except per share amounts) (unaudited) 2024 2023 Change in dollar amount
BCE
blank blank blank
Operating revenues
24,409 24,673 (1.1%)
Net earnings
375 2,327 (83.9%)
Net earnings attributable to common shareholders
163 2,076 (92.1%)
Adjusted EBITDA (1)
10,589 10,417 1.7%
Net earnings per common share (EPS)
0.18 2.28 (92.1%)
Adjusted EPS (3)
3.04 3.21 (5.3%)
Adjusted net earnings (4)
2,773 2,926 (5.2%)
Cash flows from operating activities
6,988 7,946 (12.1%)
Capital expenditures
(3,897) (4,581) 14.9%
Free cash flow (5)
2,888 3,144 (8.1%)