Financial reports

($ millions, except per share amounts)

BCE Financial Highlights	Q1 2021	Q1 2020	$ change	% change
Operating revenues	$5,706	$5,640	$66	1.2%
Adjusted EBITDA ⁽¹⁾Operating revenues less operating costs	$2,429	$2,418	$11	0.5%
Adjusted EBITDA margin ⁽²⁾Adjusted EBITDA divided by operating revenues.	42.6%	42.9%	Not Applicable	negative 0.3 pt
Net earnings attributable to common shareholders	$642	$680	negative 38 dollars	negative 5.6%
Adjusted EPS ⁽³⁾Net earnings 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 losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and non-controlling interest (NCI), per BCE common share.	$0.78	$0.79	negative 1 cents	negative 1.3%
Free Cash Flow ⁽⁴⁾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.	$940	$611	$329	53.8%

Quarterly