BCE Inc

2025 Performance and 2026 Guidance: BCE achieved a consolidated service revenue growth of 0.6% and adjusted EBITDA growth of 0.7% in 2025. For 2026, BCE projects revenue growth of 1% to 5% and adjusted EBITDA growth of 0% to 4%, reflecting ongoing momentum in their core growth segments, including fiber and wireless, while continuing to manage legacy declines.

Wireless Market Dynamics: Postpaid churn improved to 1.49%, demonstrating a year-over-year improvement. However, competitive pricing pressures in Q1 of 2026 may challenge ARPU growth, with expectations now considering potential short-term ARPU declines rather than moderate growth as previously anticipated.

Fiber Growth Strategy: The acquisition of Ziply Fiber is seen as a strategic milestone, providing a platform for significant growth in the U.S. market. BCE targets approximately 3 million fiber passings in U.S. markets by the end of 2028, with a capital-efficient growth approach to capitalize on rising fiber demand and market penetration.