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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

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Net Interest Expense

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Interest Income

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

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Other Comprehensive Income

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BCE

BCE fundamentals

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