Financial reports

BCE's 2nd quarter results

($ millions, except per share amounts)

BCE Financial Highlights	Q2 2025	Q2 2024	% change
Operating revenues	6,085	6,005	1.3%
Net earnings	644	604	6.6%
Net earnings attributable to common shareholders	579	537	7.8%
Adjusted net earnings ⁽¹⁾ Adjusted net earnings is a non-GAAP financial measure and it 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.	592	712	(16.9%)
Adjusted EBITDA ⁽²⁾ Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements. The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss).	2,674	2,697
Net earnings per common share (EPS)	0.63	0.59
Adjusted EPS ⁽³⁾Adjusted EPS is a non-GAAP ratio and it 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, refer to “Adjusted net earnings” 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.	0.63	0.78	(19.2%)
Cash flows from operating activities	1,947	2,137	(8.9%)
Capital expenditures	(763)	(978)	22.0%
Free cash flow ⁽⁴⁾ Free cash flow is a non-GAAP financial measure and it 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 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 consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows 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 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.	1,152	1,097	5.0%

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

Non-GAAP and other financial measures disclosures

Adjusted net earnings is a non-GAAP financial measure and it 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.

The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.

($ millions)

	Q2 2025	Q2 2024
Net earnings attributable to common shareholders	579	537
Reconciling items Severance, acquisition and other costs	41	22
Net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans	43	23
Net equity losses on investment in associates and joint ventures	-	93
Net losses on investments	8	2
Early debt redemption gains	(91)	-
Impairment of assets	8	60
Income taxes for the above reconciling items	4	(25)
Adjusted net earnings	592	712

Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements.

The most directly comparable financial measure under IFRS Accounting Standards is net earnings (loss). The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.

($ millions)

	Q2 2025	Q2 2024
Net earnings	644	604
Severance, acquisition and other costs	41	22
Depreciation	949	945
Amortization	338	325
Finance costs Interest expense Net return on post-employment benefit plans	442 (26)	426 (17)
Impairment of assets	8	60
Other expense	38	101
Income taxes	240	231
Adjusted EBITDA	2,674	2,697

Adjusted EPS is a non-GAAP ratio and it 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, refer to “Adjusted net earnings” 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.

Free cash flow is a non-GAAP financial measure and it 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 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 consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows 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 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.

The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.

($ millions)

	Q2 2025	Q2 2024
Cash flows from operating activities	1,947	2,137
Capital expenditures	(763)	(978)
Cash dividends paid on preferred shares	(38)	(45)
Cash dividends paid by subsidiaries to NCI	-	(28)
Acquisition and other costs paid	6	11
Free cash flow	1,152	1,097

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* All fractional shares were rounded down and paid in cash en lieu.

* Toutes les actions fractionnaires seront arrondies vers le bas et payées en espèce.

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1. As the Incumbent Local Exchange Carrier Bell Canada provides local exchange service to most MDUs in Ontario and Quebec.

2. Service is provided under Bell Canada's CRTC approved "Terms of Service" and no other written access agreements exist for these buildings.

3. Local Exchange Carriers requesting information on any other specific locations are requested to contact their Bell Canada Carrier Services Group representative via normal channels.

4. As the Incumbent Local Exchange Carrier Bell MTS provides local exchange service to most MDUs in Manitoba.

1. À titre d'entreprise de services locaux titulaire, Bell Canada offre le service local à la plupart des ILM du Québec et de l'Ontario. Le service est fourni en vertu des « modalités de service » de Bell Canada qui sont approuvées par le CRTC, et aucune autre entente d'accès n'existe pour ces immeubles.

2. Il existe un petit nombre d'ILM récemment construits auxquels Bell Canada tente encore d'accéder. Veuillez consulter les sites Web publics d'autres entreprises de services locaux pour connaître ces immeubles.

3. Les entreprises de services locaux qui ont besoin d'information sur tout autre immeuble sont priées de contacter leur représentant des Services aux télécommunicateurs de Bell Canada par les voies normales.

4. À titre d'entreprise de services locaux titulaire, Bell MTS offre le service local à la plupart des ILM au Manitoba. Le service est fourni en vertu des « modalités de service » de Bell MTS qui sont approuvées par le CRTC, et aucune autre entente d'accès n'existe pour ces immeubles.