What is the market's earnings forecast for Bce next quarter?

What is the revenue and EPS growth rate for Bce year over year?

What is Bce's gross profit margin?

What factors drove the changes in Bce's revenue and profit?

What is Bce's latest dividend and current dividend yield?

What does Bce do and what are its main business segments?

Did Bce beat or miss consensus estimates last quarter?

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**Key Takeaways**
- **Revenue Growth**: Q3 revenue +1.3% YoY, driven by Ziply Fiber and AI solutions (34% YoY growth). Free cash flow up $171M YoY.
- **AI-Powered Expansion**: Bell AI Fabric targets $100M-$150M EBITDA by monetizing 73MW compute. Sovereign AI demand from enterprises and government.
- **Network Leadership**: Ziply Fiber (US) outperforms expectations, adding 9,000 subs in Q3. Canadian fiber net adds 65,000, product intensity +7% YoY.
- **Wireless Stability**: ARPU decline <0.5%, post-paid churn improved 15bps. AST satellite service launch in late 2026 to enhance remote coverage.
- **Financial Discipline**: Leverage 3.8x, targeting 3.0x by 2030. Free cash flow growth maintained at 6-11% YoY.

**【CEO Summary Section】**
- **Strategic Priorities Execution**: BCE is on track with its four strategic priorities—customer service, network expansion, AI-powered solutions, and digital media. Q3 results show post-paid wireless churn reduction and Bell-branded post-paid net adds exceeding 100% YoY.
- **Customer Service Innovation**: Launch of tiered wireless plans based on network speeds, content, and roaming features, driving customer choice and churn reduction. AI-powered virtual assistant showcased for next-gen customer experience.
- **AI Growth**: AI-powered solutions revenue up 34% YoY, with Atos and Bell Cyber leading growth. Bell AI Fabric targets $100M-$150M EBITDA by monetizing 73MW of compute power, supported by sovereign AI demand.
- **Network Expansion**: Ziply Fiber (US) added 9,000 net fiber subs in Q3, exceeding original investment case. Canadian fiber net adds 65,000, with product intensity up 7% YoY. Wi-Fi 7 adoption expected to boost product intensity further.
- **Wireless Stability**: Service revenue and ARPU decline <0.5%, post-paid churn improved by 15bps. Partnership with AST SpaceMobile for satellite service to launch late 2026, enhancing network reliability in remote areas.

**【CFO Financial Commentary】**
- **Revenue and EBITDA**: Total revenue +1.3% YoY, driven by Ziply Fiber. Adjusted EBITDA +1.5% YoY, margin up 10bps to 45.7%, highest in 30+ years. Bell CTS US (Ziply) delivered $160M revenue and 44.4% margin.
- **Free Cash Flow**: Q3 free cash flow up $171M YoY, driven by lower CapEx ($63M YoY decline), working capital, and higher EBITDA. Full-year guidance maintained at 6-11% growth.
- **Leverage**: Net debt $40B, leverage 3.8x. Target to reduce to 3.5x by 2027 and 3.0x by 2030 via organic growth and asset monetization.
- **AI-Powered Solutions**: $700M+ revenue target for 2025, with 34% YoY growth in Q3. Bell Cyber and Atos driving organic growth, AI Fabric expected to contribute in coming quarters.

**【Q&A Highlights】**
- **Government Initiatives**: Federal budget supports AI adoption with $900M for sovereign AI and cloud. BCE sees opportunity in Bell AI Fabric and sovereign data center partnerships.
- **Competitive Landscape**: Focus on Bell brand wireless growth in Canada, disciplined pricing, and fiber resale in US. Northwestel deal expected to close in 2026.
- **Wireless Performance**: Post-paid ARPU stable, new plan tiers driving higher revenue per sub. Prepaid growth (Lucky Mobile) balanced with Bell brand focus.
- **AI Fabric Growth**: Sovereign AI demand from enterprises and government. Pipeline activity expected to accelerate in Q4 with new customer announcements.
- **Ziply Fiber Momentum**: US fiber subs +15% YoY, NPS scores among lowest in US market. 2026 buildout to expand footprint to 3M homes, targeting 8M by 2030.


BCE Inc (BCE) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 up 1.3% YoY, driven by fiber (27K new Canadian subs), U.S. expansion (1.4M locations via Ziply), and digital media (9% growth).
- **Customer Satisfaction**: 90% self-install adoption, AI resolving 1.2M issues without technician visits, postpaid churn 1.06% (YoY improvement).
- **Ziply Fiber**: 440K subscribers, 20%+ EBITDA growth in 2025, PSP partnership reducing CapEx intensity to 14.5%.
- **AI Growth**: Bell AI Fabric targets $9B TAM, with 1.2M cybersecurity customers and Ateko managed services.
- **Free Cash Flow**: 2025 guidance 6-11%, driven by Ziply and PSP partnership.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue grew 1.3% YoY, driven by fiber expansion, wireless subscriber gains, and digital media growth. Canadian fiber added 27,000 new customers, while U.S. fiber expanded by 1.4 million locations via Ziply Fiber acquisition.
- **Customer First Initiatives**: 90% of new residential customers opt for self-installation, reducing costs and improving satisfaction. AI diagnostics resolved 1.2 million customer issues without technician visits.
- **Ziply Fiber Acquisition**: Completed ahead of schedule, adding 1.4 million U.S. locations and 440,000 subscribers. Projected 20%+ EBITDA growth in 2025, with PSP partnership reducing CapEx burden.
- **Wireless Momentum**: Added 94,479 net postpaid subscribers, postpaid churn improved to 1.06% (YoY improvement). Focus on high-margin, low-churn postpaid growth.
- **Enterprise Growth**: Bell Business Markets (BBM) delivered 4x revenue streams growth, including cybersecurity (1.2M customers), AI Fabric data centers, and Ateko managed services. AI Fabric targets $9B TAM in sovereign AI infrastructure.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q2 EBITDA $1.8B (down 1.6% YoY due to higher COGS). Free cash flow $1.1B (up 5% YoY). Updated 2025 guidance: revenue 0-2% growth, EBITDA 0-2% growth, free cash flow 6-11%.
- **Ziply Impact**: 5-month contribution of $335M in EBITDA. Pro forma 2025 leverage ~3.7x, with PSP partnership reducing CapEx intensity to 14.5%.
- **Balance Sheet**: $3.8B liquidity, solvency surplus $4.1B. Home security divestiture ($90M guaranteed) to reduce leverage.

**【Q&A Key Highlights】**
- **Ziply Free Cash Flow**: Jerome Dubreuil asked about long-term profile. Curtis Millen noted PSP partnership will reduce CapEx, with free cash flow growth accelerating post-2028 buildout.
- **AI Fabric Opportunity**: Aravinda Galappatthige queried TAM. Mirko Bibic highlighted $9B TAM, with Ateko, cybersecurity, and data centers driving integrated growth.
- **Regulatory Risk**: Mirko Bibic expressed disappointment over CRTC decision, emphasizing need for fair compensation for network builders.
- **Wireless ARPU**: Maher Yaghi asked about sustainability. Mirko Bibic noted ARPU decline narrowing, with pricing stabilization in Q3.
- **Investor Day Preview**: Matthew Griffiths inquired about October 14 event. Mirko Bibic promised deep dive into 4 growth pillars: customer-first, networks, AI, and media.

BCE Inc. (BCE) Q2 2025 Earnings Call Transcript

- **North America's Largest Fiber Player**: 16M total passings (8M Canada + 8M U.S.) with PSP partnership unlocking 6M new locations.
- **Cost Efficiency Boost**: $1.5B cost savings by 2028 to fund growth and deleveraging.
- **Dividend Flexibility**: $1.75/share dividend (40-55% FCF payout) supports 3.5x EBITDA target by 2027.
- **U.S. Fiber ROE Target**: 20%+ returns via PSP's 51% equity and non-recourse debt structure.
- **Enterprise Tech Growth**: Ateko on track for $1B+ revenue by 2030 with 70% SMB focus.


**【CEO Strategic Overview】**
- **Four Key Priorities**: Customer-centricity, superior Fiber/5G networks, enterprise tech solutions, and digital media growth.
- **U.S. Fiber Expansion**: Acquired Ziply Fiber (3M+ Fiber locations) and formed a 51% equity partnership with PSP Investments to build up to 6M new Fiber locations, targeting 8M total U.S. passings.
- **Cost Transformation**: Upsized cost savings target to $1.5B by 2028 (from $1B), driven by automation, AI, and network modernization.
- **Dividend Adjustment**: Reduced annual dividend to $1.75/share (from $3.99) to accelerate deleveraging to 3.5x EBITDA by 2027, with payout ratio of 40-55% of free cash flow.

**【CFO Financial Highlights】**
- **Q1 2025 Results**: Adjusted EBITDA stable, margin +40bps; revenue -1.3% due to low-margin product sales decline.
- **Free Cash Flow**: $713M YoY increase, driven by lower CapEx ($273M reduction), tax, and working capital.
- **Balance Sheet**: Net debt leverage 3.6x (down 0.3x QoQ), with $4.7B liquidity and $3.8B pension surplus.
- **Ziply Impact**: Transaction multiple improved to 13x 2025 EBITDA, with Fiber penetration in tenured markets at 40% vs. 23% in newer builds.

**【Q&A Key Takeaways】**
- **Leverage Path**: $7B asset sales (MLSE, NWTel, others) + PSP partnership ($1B+ free cash flow) to reach 3.0x by 2030.
- **Wireless Trends**: Q1 net adds (-25K) due to pricing competition, but ARPU decline slowing and churn stabilizing.
- **U.S. Fiber Economics**: 20%+ ROE target, with PSP covering 51% equity and non-recourse debt, keeping CapEx off BCE balance sheet.
- **Ateko Growth**: Enterprise tech solutions (AWS, Azure, etc.) to reach $1B revenue by 2030, with 70%+ from SMBs and 30% from enterprises.


BCE Inc. (BCE) Q1 2025 Earnings Call Transcript

- **EBITDA Margin Record**: 43.4% consolidated EBITDA margin, highest in 30+ years.
- **Fiber Expansion**: Acquiring Ziply Fiber to become North America's #3 fiber provider, targeting 12M passings by 2028. Canadian build reduced to 8.3M homes due to regulatory headwinds.
- **Digital Media Growth**: Digital revenue now 42% of media total, up from 35% in 2023, driven by Crave streaming and new ad platforms.
- **Cost Savings**: $200M+ in 2024 savings; CapEx down $684M to $3.9B.
- **2025 Outlook**: Revenue -3% to +1%, EBITDA -2% to +2%. Free cash flow +11% to +19%.
- **Dividend Review**: Elevated payout ratio under board review; DRIP program may end post-Ziply close.

**【CEO Summary Section】**
- **Record EBITDA Margin**: Achieved 43.4% consolidated EBITDA margin, highest in over 30 years, driven by cost savings and disciplined execution.
- **Wireless Growth**: Delivered positive service revenue despite intense pricing, with all new postpaid activations on premium Bell brand.
- **Fiber Expansion**: Acquired Ziply Fiber to become North America's third-largest fiber provider, targeting 12 million passings by 2028. Canadian fiber build reduced to 8.3 million homes due to CRTC regulatory challenges.
- **Digital Media Shift**: Digital revenue now 42% of media total, up from 35% in 2023, with Crave streaming growth and new ad-supported platforms.
- **Cost Efficiency**: $200M+ in 2024 cost savings from transformation initiatives, CapEx down $684M to $3.9B.

**【CFO Financial Commentary】**
- **Q4 Results**: Adjusted EBITDA up 1.5% to $4.1B, margin 40.6% (vs. 39.2% prior). Wireless ARPU decline narrowed to 2.7%, Internet revenue +3.4%.
- **2025 Guidance**: Revenue -3% to +1%, EBITDA -2% to +2%. Free cash flow +11% to +19%, driven by lower CapEx ($3.4B vs. $3.9B prior) and working capital improvements.
- **Dividend Policy**: Elevated payout ratio under review; DRIP program may be terminated post-Ziply Fiber close.
- **Balance Sheet**: Net debt leverage 3.8x, targeting below 3x. $7B non-core asset sales (MLSE, Northwestel, others) to deleverage.

**【Q&A Highlights】**
- **Regulatory Impact**: CRTC decision delays Canadian fiber build, shifting focus to US expansion via Ziply. Third-party capital sought for US expansion to reduce Bell funding needs.
- **Competitive Pricing**: Green shoots in broadband/wireless pricing, but sustained increases needed to hit upper revenue guidance.
- **Dividend Flexibility**: Board reviewing dividend amid macro/regulatory uncertainty; no commitment to 2025 payout beyond current DRIP.
- **Asset Sales**: $1.3B+ from non-core asset sales beyond MLSE/Northwestel to reduce leverage; no plans to monetize Bell Media.
- **CapEx Outlook**: Standalone Bell capital intensity <14% by 2025; Ziply Fiber drives combined company intensity to 16.5% with 3.3M homes passed by 2028.

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