Overview

• Canada telecom and media firm's Q1 revenue rose 4% yr/yr, adjusted EBITDA up 2.9%

• Net earnings fell 2.3%, with adjusted EPS down 8.7% yr/yr

• Revenue growth driven by Ziply Fiber acquisition and AI-powered solutions demand

Outlook

• BCE confirms 2026 revenue growth guidance of 1% to 5%

• Company expects 2026 adjusted EBITDA growth of 0% to 4%

• BCE sees 2026 adjusted EPS down 11% to 5% from 2025

Result Drivers

• ZIPLY FIBER ACQUISITION - Revenue growth was driven by the contribution from Ziply Fiber, following its acquisition in August 2025

• AI-POWERED SOLUTIONS DEMAND - Strong demand for AI-powered enterprise solutions, including Ateko, Bell Cyber and Bell AI Fabric, contributed to 113% growth in AI-powered solutions revenue

• CRAVE STREAMING GROWTH - Crave subscriptions increased 25% yr/yr, driven by direct-to-consumer streaming growth, making Q1 the most watched quarter in Crave history

Company press release: ID:nCNWLTdYha

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$6.17 bln
Q1 EPS		$0.66
Q1 Adjusted Net Income		$589 mln
Q1 Net Income		$667 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 8 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the integrated telecommunications services peer group is "buy."

• Wall Street's median 12-month price target for BCE Inc is C$37.00, about 11.7% above its May 6 closing price of C$33.12

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

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