In this management’s discussion and analysis (MD&A), we, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. Bell means, as the context may require, either Bell Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements and associates.

All amounts in this MD&A are in millions of Canadian dollars, except where noted. Please refer to section 8, Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) for a list of defined non-GAAP financial measures, other financial measures and KPIs.

Please refer to BCE’s unaudited consolidated financial statements for the third quarter of 2025 (Q3 2025 Financial Statements) when reading this MD&A. We also encourage you to read BCE’s MD&A for the year ended December 31, 2024 dated March 6, 2025 (BCE 2024 Annual MD&A) as updated in BCE's MD&A for the first quarter of 2025 dated May 7, 2025 (BCE 2025 First Quarter MD&A), BCE's MD&A for the second quarter of 2025 dated August 6, 2025 (BCE 2025 Second Quarter MD&A) and BCE’s news release dated August 7, 2025, which contains an update to our 2025 financial guidance targets originally provided on February 6, 2025 to incorporate the impact of the acquisition of Northwest Fiber Holdco, LLC (doing business as Ziply Fiber (Ziply Fiber)) (BCE 2025 Second Quarter News Release). In preparing this MD&A, we have taken into account information available to us up to November 5, 2025, the date of this MD&A, unless otherwise stated.

You will find additional information relating to BCE, including BCE’s annual information form for the year ended December 31, 2024 dated March 6, 2025 (BCE 2024 AIF) and recent financial reports, including the BCE 2024 Annual MD&A, the BCE 2025 First Quarter MD&A, the BCE 2025 Second Quarter MD&A and the BCE 2025 Second Quarter News Release on BCE’s website at BCE.ca, on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Documents and other information contained in BCE’s website including, without limitation, the BCE 2025 Third Quarter News Release, or in any other site referred to in BCE’s website or in this MD&A are not part of this MD&A and are not incorporated by reference herein unless explicitly stated.

This MD&A comments on our business operations, performance, financial position and other matters for the three months (Q3) and nine months (YTD) ended September 30, 2025 and 2024.

This MD&A and, in particular, but without limitation, section 1.2, Key corporate and business developments, section 3.1, Bell CTS, the section and sub-sections entitled Assumptions and section 4.7, Liquidity, contain forward-looking statements. These forward-looking statements include, without limitation, statements relating to: BCE’s three-year strategic plan to deliver sustainable free cash flow growth and long-term shareholder value; potential future purchases by BCE of its preferred shares pursuant to a normal course issuer bid (NCIB); the proposed disposition of Northwestel Inc. (Northwestel); Bell Canada’s plan to deploy low Earth orbit direct-to-cell services in 2026 and the benefits expected to result therefrom; the sources of liquidity we expect to use to meet our 2025 cash requirements; BCE's annualized common share dividend; BCE's common share dividend payout policy target; and BCE’s business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target, commitment and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the safe harbour provisions of applicable Canadian securities laws and of the United States (U.S.) Private Securities Litigation Reform Act of 1995.

Unless otherwise indicated by us, forward-looking statements in this MD&A describe our expectations as at November 5, 2025 and, accordingly, are subject to change after that date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in, or implied by, such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in this MD&A for the purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.

We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in this MD&A and, in particular, but without limitation, the forward-looking statements contained in the previously mentioned sections of this MD&A. These assumptions include, without limitation, the assumptions described in the section and sub-sections of this MD&A entitled Assumptions, which section and sub-sections are incorporated by reference in this

cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at November 5, 2025. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect.

Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentioned forward-looking statements and other forward-looking statements contained in this MD&A, include, but are not limited to: the negative effect of adverse economic conditions, including from trade tariffs and other protective government measures, including the imposition of U.S. tariffs on imports from Canada and retaliatory tariffs by the Canadian government on goods coming from the U.S., recessions, inflation, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility, and the resulting negative impact on customer spending and the demand for our products and services, higher costs and supply chain disruptions; the negative effect of adverse conditions associated with geopolitical events; the intensity of competitive activity and the failure to effectively respond to evolving competitive dynamics; the level of technological substitution and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of cloud-based, over-the-top (OTT) and other alternative solutions; advertising market pressures from economic conditions, fragmentation and non-traditional/global digital services; rising content costs and challenges in our ability to acquire or develop key content; high Canadian Internet and smartphone penetration; regulatory initiatives, proceedings and decisions, government consultations and government positions that negatively affect us and influence our business including, without limitation, concerning mandatory access to networks, spectrum auctions, the imposition of consumer-related codes of conduct, approval of acquisitions, broadcast and spectrum licensing, foreign ownership requirements, privacy and cybersecurity obligations and control of copyright piracy; the inability to implement enhanced compliance frameworks and to comply with legal and regulatory obligations; unfavourable resolution of legal proceedings; the failure to evolve and transform our networks, systems and operations using next-generation technologies while lowering our cost structure, including the failure to meet customer expectations of product and service experience; the inability to drive a positive customer experience; the inability to protect our physical and non-physical assets from events such as information security attacks, unauthorized access or entry, fire and natural disasters; the failure to implement an effective security and data governance framework; the risk that we may need to incur significant capital expenditures to provide additional capacity and reduce network congestion; service interruptions or outages due to network failures or slowdowns; events affecting the functionality of, and our ability to protect, test, maintain, replace and upgrade, our networks, information technology (IT) systems, equipment and other facilities; the failure by other telecommunications carriers on which we rely to provide services to complete planned and sufficient testing, maintenance, replacement or upgrade of their networks, equipment and other facilities, which could disrupt our operations including through network or other infrastructure failures; the complexity of our operations and IT systems and the failure to implement, maintain or manage highly effective processes and IT systems; in-orbit and other operational risks to which the satellites used to provide our satellite television (TV) services are subject; the failure to attract, develop and retain a talented team capable of furthering our strategic imperatives and operational transformation; the potential deterioration in employee morale and engagement resulting from staff reductions, cost reductions or reorganizations and the de-prioritization of transformation initiatives due to staff reductions, cost reductions or reorganizations; the failure to adequately manage health and safety concerns; labour disruptions and shortages; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether our dividend payout policy will be maintained or achieved, or that the dividend on common shares will be maintained or dividends on any of BCE’s outstanding shares will be declared by BCE’s board of directors (the Board); the failure to reduce costs and adequately assess investment priorities, as well as unexpected increases in costs; the inability to manage various credit, liquidity and market risks; the failure to evolve practices to effectively monitor and control fraudulent activities; new or higher taxes due to new tax laws or changes thereto or in the interpretation thereof, and the inability to predict the outcome of government audits; the impact on our financial statements and estimates from a number of factors; pension obligation volatility and increased contributions to post-employment benefit plans; the expected timing and completion of the proposed disposition of Northwestel are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, the purchaser securing financing, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated, or that the potential benefits expected to result from the proposed disposition will be realized; there can be no assurance that the potential benefits expected to result from the formation of Network FiberCo will be realized; reputational risks and the inability to meaningfully integrate environmental, social and governance (ESG) considerations into our business strategy, operations and governance; the adverse impact of various internal and external factors on our ability to achieve our ESG targets including, without limitation, those related to greenhouse gas (GHG) reduction and supplier engagement; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; the failure to develop and implement sufficient corporate governance practices; the inability to adequately manage social issues; health risks, including pandemics, epidemics and other health concerns, such as radio frequency emissions from wireless communications devices and equipment; our dependence on third-party suppliers, outsourcers and consultants to provide an uninterrupted supply of the products and services we need; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data governance and responsible procurement; the quality of our products and services and the extent to which they may be subject to defects or fail to comply with applicable government regulations and standards; the failure to successfully expand Ziply Fiber’s fibre network and optimize its existing copper network; the inability of Ziply Fiber’s current and future initiatives or programs to generate the level of returns, or to occur on the timeline, we anticipate; the intensity of competitive activity in Ziply Fiber’s services market in the U.S., and the failure to effectively respond to fragmented and rapidly evolving competitive dynamics; the failure to successfully integrate Ziply Fiber as a subsidiary of BCE, and to generate the anticipated benefits from the acquisition of Ziply Fiber; the failure to accurately anticipate fluctuations in the exchange rate between the Canadian dollar and U.S. dollar and our inability to successfully implement currency hedging strategies; Ziply Fiber is subject to significant regulation in the U.S. which may reduce the amount of subsidies or revenues it receives, increase its compliance burdens or constrain its ability to compete; the failure to comply with the non-U.S. ownership rules and our regulatory obligations imposed by the Federal Communications Commission (FCC); changes to tax legislation in the U.S., Canada, or other relevant jurisdictions, or to its interpretation or enforcement, may affect Ziply Fiber’s income tax position, as well as our effective tax rate and the after-tax returns we derive from Ziply Fiber’s U.S. operations.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also materially adversely affect us. Please see section 9, Business risks of the BCE 2024 Annual MD&A for a more complete description of the above-mentioned and other risks, which section, and the other sections of the BCE 2024 Annual MD&A referred to therein, are incorporated by reference in this cautionary statement. Please also see section 6, Regulatory environment in the BCE 2025 First Quarter MD&A, in the BCE 2025 Second Quarter MD&A and in this MD&A for an update to the regulatory initiatives and proceedings described in the BCE 2024 Annual MD&A, which sections 6 are incorporated by reference in this cautionary statement. Please also see section 7, Business risks in the BCE 2025 Second Quarter MD&A for a description of the risk factors relating to Ziply Fiber, which section 7 is incorporated by reference in this cautionary statement. Any of those risks could cause actual results or events to differ materially from our expectations expressed in, or implied by, the forward-looking statements set out in this MD&A. Except for the updates set out in section 6, Regulatory environment in the BCE 2025 First Quarter MD&A, in the BCE 2025 Second Quarter MD&A and in this MD&A, as well as in section 7, Business risks in the BCE 2025 Second Quarter MD&A, the risks described in the BCE 2024 Annual MD&A remain substantially unchanged.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after November 5, 2025. The financial impact of these transactions and special items can be complex and depends on facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way, or in the same way we present known risks affecting our business.

1.1 Financial highlights

(1)Adjusted EBITDA is a total of segments measure, and adjusted net earnings and free cash flow are non-GAAP financial measures. See section 8.3, Total of segments measures and section 8.1, Non-GAAP financial measures in this MD&A for more information on these measures.

(2)In Q3 2025, Bell Communication and Technology Services (Bell CTS) Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(3)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 442,225, 6,089 and 84,440 subscribers, respectively.

(4)In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases by 80,666, 441 and 14,150 subscribers, respectively, in Bell CTS Canada, as at March 31, 2025, as we stopped selling new plans for these services under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(5)In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(6)In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent Canadian Radio-television and Telecommunications Commission (CRTC) decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date. 

(7)In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

(1)Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to section 8.6, KPIs in this MD&A for more information on this measure.

(2)Adjusted EPS is a non-GAAP ratio. Refer to section 8.2, Non-GAAP ratios in this MD&A for more information on this measure.

BCE operating revenues grew by 1.3% in Q3 2025, compared to the same period last year, driven by higher service and product revenues of 0.8% and 5.1%, respectively. The increase in service revenues was driven by our new segment, Bell CTS U.S., due to the contribution from the acquisition of Ziply Fiber on August 1, 2025, higher wireless and retail Internet average subscriber bases coupled with the flow-through of rate increases, greater Bell Media direct-to-consumer (DTC) streaming subscriber revenues, and higher revenues from our artificial intelligence (AI)-powered solutions business. This growth was moderated by ongoing erosion in legacy voice and data revenues, greater acquisition, retention and bundle discounts on wireline residential services, lower TV revenues, continued decreased demand for traditional advertising, ongoing but abating wireless competitive pricing pressures and lower Bell Media subscriber revenues due to the benefit in Q3 2024 from retroactive adjustments related to contracts with Canadian TV distributors. The increase in product revenues was mainly driven by higher wireless device sales, moderated by lower consumer electronics sales from The Source (Bell) Electronics Inc. (The Source) due to permanent store closures and conversions of locations to Best Buy Express as part of our distribution partnership with Best Buy Canada.

Net earnings of $4,555 million and net earnings attributable to common shareholders of $4,502 million in the third quarter of 2025 increased by $5,746 million and $5,739 million, respectively, compared to the same period last year, mainly due to higher gains on investments resulting from the sale of our minority stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) and lower impairment of assets, primarily in our Bell Media segment, partly offset by higher income taxes.

BCE adjusted EBITDA increased by 1.5% in Q3 2025, compared to the same period last year, driven by the contribution from our Bell CTS U.S. segment due to the acquisition of Ziply Fiber, partly offset by declines in our Bell CTS Canada and Bell Media segments. The year-over-year growth in adjusted EBITDA was driven by higher operating revenues, partly offset by greater operating expenses mainly resulting from the acquisition of Ziply Fiber, moderated by cost reduction initiatives driven by workforce reductions, cost containment, as well as technology and automation-enabled operating efficiencies across the organization. This drove an adjusted EBITDA margin of 45.7% in Q3 2025, which was essentially stable year over year, up 0.1 pts over Q3 2024.

BCE’s EPS of $4.84 in Q3 2025 increased by $6.20 compared to the same period last year.

In the third quarter of 2025, adjusted net earnings, which excludes the impact of severance, acquisition and other costs, net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans, net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on investments, early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $733 million, or $0.79 per common share, compared to $688 million, or $0.75 per common share, for the same period last year.

This section contains forward-looking statements, including relating to BCE’s three-year strategic plan to deliver sustainable free cash flow growth and long-term shareholder value; BCE's strategic priorities; potential future purchases by BCE of its preferred shares pursuant to an NCIB; and the proposed disposition of Northwestel. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.

On October 14, 2025, ahead of its Investor Day, BCE unveiled its three-year strategic plan to deliver sustainable free cash flow growth and long-term shareholder value, supported by a disciplined capital allocation strategy tailored to a reshaped operating environment. The plan is anchored by four strategic priorities: put the customer first, deliver the best fibre and wireless networks, lead in enterprise with AI-powered solutions, and build a digital media and content powerhouse.

On October 14, 2025, Bell introduced its refreshed brand platform, “Connection is everything”, alongside a modernized visual identity. The initiative emphasizes a more human, relevant and connected future. The platform underscores Bell's fundamental role in facilitating essential human connections, reaffirming its dedication to helping individuals and businesses forge meaningful relationships with each other, their communities and the wider world.

On October 2, 2025, Bell announced the renewal of its long-standing partnership with the Canadian Olympic Committee, extending through the 2032 Olympic Games. This renewal continues Bell’s nearly 30-year commitment to supporting Canadian athletes through the Bell Athletes Connect program, including free phones and mobile plans to Team Canada. With this renewal, Bell remains the Official Telecommunications Partner of Team Canada for the 2026, 2028, 2030 and 2032 Olympic Games.

On August 14, 2025, Bell Canada completed a public offering in Canada of $2.0 billion aggregate principal amount of medium-term note (MTN) debentures in four series pursuant to its MTN program.

The $400 million Series M-64 MTN debentures will mature on August 14, 2029 carry an annual interest rate of 3.65%. The $500 million Series M-65 MTN debentures will mature on March 14, 2033 and carry an annual interest rate of 4.30%. The $600 million Series M-66 MTN debentures will mature on March 14, 2036 and carry an annual interest rate of 4.70%. The $500 million Series M-67 MTN debentures will mature on August 14, 2055 and carry an annual interest rate of 5.25%. The MTN debentures are fully and unconditionally guaranteed by BCE. The net proceeds of the offering were used to redeem, prior to maturity, outstanding debt securities issued by Ziply Fiber and for general corporate purposes.

On August 28, 2025, Bell Canada completed the redemption, prior to maturity, of all of Ziply Fiber’s outstanding debt securities having an aggregate principal amount of $1,961 million in U.S. dollars ($2,701 million in Canadian dollars). Ziply Fiber's outstanding debt securities consisted of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) principal amount of Secured Fiber Network Revenue Term Notes (Term Notes), which were redeemed on August 28, 2025, and $367 million in U.S. dollars ($509 million in Canadian dollars) in Secured Fiber Network Revenue Funding Notes (Funding Notes), which were redeemed on August 20, 2025. The redemption of Ziply Fiber’s debt was partially funded by Bell’s $2.0 billion offering of MTN debentures which was completed on August 14, 2025.

On November 5, 2025, the Board authorized the company to renew its NCIB to purchase for cancellation up to 10% of the public float of each series of BCE’s outstanding First Preferred Shares (Preferred Shares) that are listed on the Toronto Stock Exchange (TSX). The NCIB will extend from November 11, 2025 to November 10, 2026, or an earlier date should BCE complete its purchases under the NCIB. Under the NCIB, BCE is authorized to repurchase up to 711,590 Series R Preferred Shares, 188,207 Series S Preferred Shares, 506,243 Series T Preferred Shares, 540,688 Series Y Preferred Shares, 239,924 Series Z Preferred Shares, 1,031,507 Series AA Preferred Shares, 607,333 Series AB Preferred Shares, 620,567 Series AC Preferred Shares, 1,100,123 Series AD Preferred Shares, 323,372 Series AE Preferred Shares, 1,057,613 Series AF Preferred Shares, 813,483 Series AG Preferred Shares, 420,261 Series AH Preferred Shares, 875,404 Series AI Preferred Shares, 378,276 Series AJ Preferred Shares, 1,939,114 Series AK Preferred Shares, 165,538 Series AL Preferred Shares, 898,765 Series AM Preferred Shares, 95,442 Series AN Preferred Shares and 774,390 Series AQ Preferred Shares, representing approximately 10% of the public float in respect of each series of Preferred Shares. The actual number of Preferred Shares to be repurchased under the NCIB and the timing of such repurchases will be at BCE’s discretion and shall be subject to the limitations set out by the TSX. BCE is making this NCIB because it believes that, from time to time, the Preferred Shares may trade in price ranges that do not fully reflect their value. BCE believes that, in such circumstances, the repurchase of its Preferred Shares represents an appropriate use of its available funds. Since the beginning of BCE’s previous NCIB for Preferred Shares on November 11, 2024 until October 31, 2025, BCE repurchased and cancelled 9,770,589 Preferred Shares with a stated capital of $243 million for a total of cost of $176 million. A copy of BCE’s Notice of Intention to Make a Normal Course Issuer Bid through the facilities of the TSX may be obtained, without charge, by contacting BCE’s Investor Relations department at investor.relations@bce.ca or by phone at 1-800-339-6353.

In June 2024, Bell Canada entered into an agreement for the disposition of Northwestel to Sixty North Unity, a consortium of Indigenous communities from the Yukon, the Northwest Territories and Nunavut, for up to $1 billion, subject to adjustments. We previously expected this transaction to close in 2025 but that is no longer our expectation and we continue to work with Sixty North Unity to close the transaction in 2026. The transaction remains subject to certain closing conditions, including securing financing by Sixty North Unity and, as such, there can be no assurance that the transaction will ultimately be consummated. The results of Northwestel are included in our Bell CTS Canada segment.

In Q2 2025, BCE entered into an agreement to sell substantially all of its home security and monitored alarm assets to a.p.i. ALARM Inc. Subsequent to quarter end, on October 1, 2025, BCE completed the previously announced sale of substantially all of its home security and monitored alarm assets to a.p.i. ALARM Inc. for $170 million.

On November 5, 2025, Steve Weed was appointed to the BCE and Bell Canada boards of directors. Mr. Weed is the former Executive Chairman of Ziply Fiber and is Chief Executive Officer of WaveDivision Capital, a broadband investment firm which has invested in over a dozen broadband companies with the goal of bringing better broadband to more homes and businesses across the U.S. and Canada. Mr. Weed was also the founder and Chief Executive Officer of Wave Broadband, which he led from 2002 through its sale in 2018. Mr. Weed serves as an advisory board member of Consolidated Communications and as a board member of Greenlight Networks.

As previously announced, Gordon Nixon, who will reach the end of his 12-year term in 2026, will step down as Chair and will not seek re-election as a director at the BCE Annual General Shareholder Meeting on May 7, 2026. Mr. Nixon joined the Board in 2014 and served as Chair for 10 years. As part of the Board's renewal and succession plan, the Board plans to nominate BCE director Louis Vachon C.M., O.Q., as Chair of the Board, contingent upon his re-election as a director by BCE shareholders on May 7, 2026. Mr. Vachon joined the Board in 2022 and is a member of the Management Resources and Compensation Committee and Risk and Pension Fund Committee.

As at the date of this MD&A, our forward-looking statements set out in the BCE 2024 Annual MD&A, as updated or supplemented in the BCE 2025 First Quarter MD&A, in the BCE 2025 Second Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, as well as the various assumptions referred to under the sub-sections entitled Assumptions set out in section 3, Business segment analysis of this MD&A.

•Slowing economic growth, given the Bank of Canada’s most recent estimated growth in Canadian gross domestic product of 1.2% in 2025, representing a decrease from the earlier estimate of 1.8%

•Low population growth driven by government policies designed to reduce the inflow of newcomers

•Modest growth in consumer spending supported by lower interest rates

•Slowing business investment, particularly by businesses in sectors most reliant on U.S. markets

•Easing consumer price index (CPI) inflation

•Ongoing labour market softness

•Interest rates expected to remain at or near current levels

•Canadian dollar expected to remain near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices.

•Slowdown in consumer spending, offset by business investment

•Ongoing uncertainty surrounding trade policy

•Stable CPI inflation

•Near-term resolution to the U.S. government shutdown

•A higher level of wireline and wireless competition in consumer, business and wholesale markets

•Higher, but slowing, wireless industry penetration

•A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative OTT competitors

•The Canadian traditional TV and radio advertising markets are expected to be impacted by audience declines as the advertising market growth continues to shift towards digital

•Declines in broadcasting distribution undertaking (BDU) subscribers driven by increasing competition from the continued rollout of subscription video on demand (SVOD) streaming services together with further scaling of OTT aggregators

•A higher level of wireline pricing competition in consumer, business and wholesale markets

•Increased demand for colocation and data centre connectivity services

•A shrinking traditional voice services market as customers migrate to wireless or voice over Internet protocol (VoIP) offerings

•At the relevant time, our defined benefit (DB) pension plans will remain in funded positions with going concern surpluses and maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken for applicable DB and defined contribution (DC) components

•No significant declines in our DB pension plans’ financial position due to declines in investment returns or interest rates

•No material experience losses from other events such as through litigation or changes in laws, regulations or actuarial standards

This section provides detailed information and analysis about BCE’s performance in Q3 and YTD 2025 compared with Q3 and YTD 2024. It focuses on BCE’s consolidated operating results and provides financial information for our Bell CTS Canada, Bell CTS U.S. and Bell Media business segments. For further discussion and analysis of our business segments, refer to section 3, Business segment analysis.

(1)In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(2)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 442,225, 6,089 and 84,440 subscribers, respectively.

(3)In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases by 80,666, 441 and 14,150 subscribers, respectively, in Bell CTS Canada as at March 31, 2025, as we stopped selling new plans for these services under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(4)In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(5)In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent CRTC decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date. 

(6)In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

BCE total services net subscriber activations were 115,426 in Q3 2025, down 28.9% compared to Q3 2024. The total services net subscriber activations in Q3 2025 consisted of:

•68,018 mobile phone and 83,505 mobile connected device net subscriber activations

•26,111 Bell CTS retail high-speed Internet net subscriber activations, composed of:

•Bell CTS Canada net subscriber activations of 21,426

•Bell CTS U.S. net subscriber activations of 4,685

•16,218 Bell CTS retail IPTV net subscriber losses, composed of:

•Bell CTS Canada net subscriber losses of 16,161

•Bell CTS U.S. net subscriber losses of 57

•45,990 Bell CTS retail residential NAS lines net losses, composed of:

•Bell CTS Canada net losses of 42,866

•Bell CTS U.S. net losses of 3,124

In the first nine months of the year, BCE added 233,357 total services net subscriber activations, down 47.4% compared to the same period in 2024. The total services net subscriber activations in the first nine months of 2025 consisted of:

•161,901 mobile phone and 216,991 mobile connected device net subscriber activations

•40,625 Bell CTS retail high-speed Internet net subscriber activations, composed of:

•Bell CTS Canada net subscriber activations of 35,940

•Bell CTS U.S. net subscriber activations of 4,685

•48,040 Bell CTS retail IPTV net subscriber losses, composed of:

•Bell CTS Canada net subscriber losses of 47,983

•Bell CTS U.S. net subscriber losses of 57

•138,120 Bell CTS retail residential NAS lines net losses, composed of:

•Bell CTS Canada net losses of 134,996

•Bell CTS U.S. net losses of 3,124

At September 30, 2025, BCE's customer connections totalled 22,398,707, up 2.9% year over year, and consisted of:

•10,398,934 mobile phone subscribers, up 0.4% year over year, and 3,252,554 mobile connected device subscribers, up 10.5% year over year

•4,890,297 Bell CTS retail high-speed Internet subscribers, up 9.7% year over year, composed of:

•Bell CTS Canada subscribers of 4,443,387, down 0.3% year over year

•Bell CTS U.S. subscribers of 446,910, compared to nil last year, as a result of the acquisition of Ziply Fiber on August 1, 2025

•2,090,561 Bell CTS retail IPTV subscribers, down 2.0% year over year, composed of:

•Bell CTS Canada subscribers of 2,084,529, down 2.3% year over year

•Bell CTS U.S. subscribers of 6,032, compared to nil last year, as a result of the acquisition of Ziply Fiber

•1,766,361 Bell CTS retail residential NAS lines, down 5.9% year over year, composed of:

•Bell CTS Canada lines of 1,685,045, down 10.2% year over year

•Bell CTS U.S. lines of 81,316, compared to nil in last year, as a result of the acquisition of Ziply Fiber

BCE operating revenues increased by 1.3% in Q3 2025, compared to the same period last year, driven by both higher service and product revenues. During the first nine months of 2025, BCE operating revenues grew by 0.4% year over year, from higher product revenues, moderated by lower service revenues. Service revenues of $5,329 million in Q3 2025 increased by 0.8% compared to Q3 2024, while service revenues of $15,768 million year to date, declined by 0.1% year over year. Product revenues of $720 million in Q3 2025 and $2,296 million year to date, increased by 5.1% and 4.3%, respectively, over the same periods in 2024.

The year-over-year growth in Q3 2025 operating revenues was driven by an increase from Bell CTS of 2.4% as a result of the contribution from our Bell CTS U.S. segment, due to the acquisition of Ziply Fiber on August 1, 2025, moderated by a decline in our Bell CTS Canada segment of 0.6%, as well as reflecting a decline in our Bell Media segment of 6.4%. Year-to-date revenues grew by 0.4% year over year, due to an increase in Bell CTS of 0.3% from the contribution of Bell CTS U.S, moderated by a decrease in Bell CTS Canada of 0.7%, along with an increase in Bell Media of 1.3%.

BCE			BCE
Operating cost profile			Operating cost profile
Q3 2024			Q3 2025
BCE			BCE
Operating cost profile			Operating cost profile
YTD 2024			YTD 2025

(1)Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.

(2)Labour costs (net of capitalized costs) include wages, salaries and related taxes and benefits, post-employment benefit plans service cost, and other labour costs, including contractor and outsourcing costs.

(3)Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent.

BCE operating costs increased by 1.2% in Q3 2025, and by 0.7% in the first nine months of the year, compared to the same periods in 2024, driven by higher expenses in Bell CTS of 2.5% and 1.0%, respectively, due to increased costs from Bell CTS U.S. of $89 million in both the quarter and year to date reflecting the operating costs of Ziply Fiber as a result of the acquisition on August 1, 2025, partly offset by reductions in Bell CTS Canada of 0.6% in Q3 2025 and 0.1% year to date, as well as reflecting lower costs in Bell Media of 6.3% and 0.6%, respectively.

Net earnings in the third quarter of 2025 increased by $5,746 million, compared to the same period last year, mainly due to higher gains on investments resulting from the sale of our minority stake in MLSE and lower impairment of assets primarily in our Bell Media segment, partly offset by higher income taxes.

Net earnings on a year-to-date basis in 2025 increased by $6,012 million, compared to the same period last year, mainly due to higher gains on investments resulting from the sale of our minority stake in MLSE, lower impairment of assets primarily in our Bell Media segment as well as higher other income from early debt redemption gains, partly offset by higher income taxes.

(1)Bell CTS adjusted EBITDA is a total of segments measure. See section 8.3, Total of segments measures in this MD&A for more information on this measure.

BCE adjusted EBITDA increased by 1.5% in Q3 2025, compared to the same period last year, driven by an increase in Bell CTS of 2.3% due to the contribution from our Bell CTS U.S. segment of $71 million resulting from the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in our Bell CTS Canada segment of 0.6%, along with a decline in our Bell Media segment of 6.7%. During the first nine months of the year, BCE adjusted EBITDA grew by 0.1% year over year, from an increase in Bell Media of 7.1%, partly offset by a decline in Bell CTS of 0.4% from a decrease in Bell CTS Canada of 1.4%, partly offset by the contribution from Bell CTS U.S. of $71 million. This drove an adjusted EBITDA margin of 45.7% in Q3 2025 and 44.3% year to date, which was essentially stable year over year, up 0.1 pts in Q3 2025 and down 0.1 pts year to date.

•Severance costs of $5 million in Q3 2025 and $250 million on a year-to-date basis related to involuntary and voluntary employee terminations

•Acquisition and other costs of $77 million in Q3 2025 and $120 million on a year-to-date basis

Severance, acquisition and other costs of $49 million in the third quarter of 2024 and $300 million on a year-to-date basis included:

•Severance costs of $16 million in Q3 2024 and $246 million on a year-to-date basis related to involuntary and voluntary employee terminations

•Acquisition and other costs of $33 million in Q3 2024 and $54 million on a year-to-date basis

Depreciation in the third quarter and on a year-to-date basis in 2025 increased by $35 million and $34 million, respectively, compared to the same periods in 2024, mainly due to a higher asset base as a result of the acquisition of Ziply Fiber on August 1, 2025.

Amortization in the third quarter and on a year-to-date basis in 2025 increased by $15 million and $43 million, respectively, compared to the same periods in 2024, mainly due to a higher asset base.

Interest expense in the third quarter of 2025 increased by $17 million compared to the same period last year, mainly due to higher average cost of debt and higher debt balances as a result of the acquisition of Ziply Fiber on August 1, 2025.

Interest expense in the first nine months of 2025 increased by $40 million compared to the same period last year, mainly due to higher debt balances as a result of the acquisition of Ziply Fiber on August 1, 2025 and higher average cost of debt.

Net return on our post-employment benefit plans is based on market conditions that existed at the beginning of the year as well as the net post-employment benefit plan asset (liability). On January 1, 2025, the discount rate was 4.7% compared to 4.6% on January 1, 2024.

In the third quarter and on a year-to-date basis in 2025, net return on post-employment benefit plans increased by $10 million and $28 million, respectively, compared to the same periods last year, as a result of a higher discount rate in 2025 and a higher net asset position.

The impacts of changes in market conditions during the year are recognized in Other comprehensive income (OCI).

During the third quarter of 2025, we identified indicators of impairment for our Bell Media TV services, radio markets and out-of-home (OOH) advertising business, due to a decline in legacy advertising demand and spending in the linear advertising market as we transition to digital. Accordingly, impairment testing was required for certain groups of cash-generating units (CGUs) as well as for goodwill for the Bell Media group of CGUs.

We recognized $976 million of impairment charges for English and French TV services, radio markets and our OOH advertising business within our Bell Media segment. These charges included $554 million allocated to indefinite-life intangible assets for broadcast licences, spectrum and other licences and brands, $250 million allocated to program and feature film rights, $111 million allocated to property, plant and equipment for network, infrastructure and equipment and assets under construction, $39 million allocated to software, $18 million allocated to prepaid expenses and inventory, and $4 million allocated to finite-life intangible assets mainly for trademarks.

There was no impairment of Bell Media goodwill.

We recognized $958 million of impairment charges for English and French TV services and radio markets within our Bell Media segment. These charges included $627 million allocated to indefinite-life intangible assets for broadcast licences and brands, $144 million allocated to program and feature film rights, $85 million allocated to property, plant and equipment for network and infrastructure and equipment, $85 million allocated to software, $10 million allocated to finite-life intangible assets mainly for trademarks, and $7 million allocated to prepaid expenses.

In the third quarter and on a year-to-date basis in 2025, gains on investments of $5,175 million and $5,165 million, respectively, included a $5.2 billion gain on sale of our minority stake in MLSE on July 1, 2025.

In the third quarter and on a year-to-date basis in 2024, gains on investments of $66 million and $58 million, respectively, included a gain related to an obligation to repurchase at fair value the minority interest in one of our subsidiaries.

Other expense of $95 million in the third quarter of 2025 included early debt redemption costs due to the redemption by Bell Canada of the outstanding principal amounts of Ziply Fiber's Term Notes and Funding Notes.

Other income of $185 million on a year-to-date basis in 2025 included early debt redemption gains due to the repurchase by Bell Canada, as a result of its cash tender offers, of a portion of its Series M-39, M-45, M-51 and M-55 MTN debentures, and a portion of its Series US-2, US-4, US-5, US-6, and US-7 Notes, and interest income, partly offset by early debt redemption costs due to the redemption by Bell Canada of the outstanding principal amounts of Ziply Fiber's Term Notes and Funding Notes, and foreign exchange losses on derivatives used to economically hedge anticipated purchases and the acquisition of Ziply Fiber in foreign currencies.

Other expense of $129 million in the third quarter of 2024 included losses on our equity investments in associates and joint ventures, which included a loss on BCE's share of an obligation to repurchase at fair value the minority interest in MLSE, partly offset by net mark-to-market gains on derivatives used to economically hedge equity settled share-based compensation plans.

Other expense of $260 million on a year-to-date basis in 2024 included losses on our equity investments in associates and joint ventures, which included a loss on BCE's share of an obligation to repurchase at fair value the minority interest in MLSE, net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans and losses on retirements and disposals of property, plant and equipment and intangible assets, partly offset by interest income.

The following table reconciles the amount of reported income taxes in the consolidated income statements (income statements) with income taxes calculated at a statutory income tax rate of 26.8% for the three and nine month periods ended September 30, 2025 and 2024.

Income taxes in the third quarter and on a year-to-date basis in 2025 increased by $490 million and $590 million, respectively, compared to the same periods in 2024, mainly due to higher taxable income in 2025 as a result of the gain on sale of $5.2 billion that was recorded on the disposition of our minority stake in MLSE.

Net earnings attributable to common shareholders in the third quarter of 2025 of $4,502 million, increased by $5,739 million, compared to the same period last year, mainly due to higher gains on investments resulting from the sale of our minority stake in MLSE and lower impairment of assets primarily in our Bell Media segment, partly offset by higher income taxes.

Net earnings attributable to common shareholders on a year-to-date basis in 2025 of $5,711 million, increased by $6,009 million, compared to the same period last year, mainly due to higher gains on investments resulting from the sale of our minority stake in MLSE, lower impairment of assets primarily in our Bell Media segment as well as higher other income from early debt redemption gains, partly offset by higher income taxes.

BCE’s EPS of $4.84 in Q3 2025 increased by $6.20 compared to the same period last year. BCE's EPS of $6.15 on a year-to-date basis in 2025 increased by $6.48 compared to the same period last year.

In the third quarter of 2025, adjusted net earnings, which excludes the impact of severance, acquisition and other costs, net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans, net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on investments, early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $733 million, or $0.79 per common share, compared to $688 million, or $0.75 per common share, for the same period last year. Adjusted net earnings in the first nine months of 2025 was $1,958 million, or $2.11 per common share, compared to $2,054 million, or $2.25 per common share, for the first nine months of 2024.

This section contains forward-looking statements, including relating to Bell Canada’s plan to deploy low Earth orbit direct-to-cell services in 2026 and the benefits expected to result therefrom. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.

On September 9, 2025, Bell Canada launched Bell Cyber, a new brand consolidating its cybersecurity capabilities. Bell Cyber includes the launch of a new autonomous Security Operations Centre (SOC) that leverages AI and automation to detect and contain threats in under five minutes, shifting the cybersecurity model from reactive to proactive defence. Bell Cyber’s Security-as-a-Service (SECaaS) platform is hosted on a sovereign Canadian cloud, to seek to ensure compliance with national privacy and data residency regulations. Bell Cyber partners with global technology leaders such as Palo Alto Networks, Cisco, Microsoft, and Fortinet to deliver scalable, tailored cybersecurity solutions for Canadian enterprises.

On August 3, 2025, Bell and BUZZ High Performance Computing (BUZZ HPC) signed a preferred partnership to deliver one of Canada’s largest sovereign AI ecosystem through Bell AI Fabric. The collaboration integrates BUZZ HPC’s NVIDIA GPU clusters with Bell’s fibre network, data centres, and partner ecosystems, including Cohere. The initial 5 megawatts deployment in Manitoba will expand to other Bell AI Fabric data centres. The infrastructure will seek to ensure compliance with Canadian data residency and cybersecurity regulations with Canadian-owned facilities.

On October 9, 2025, Bell announced an important advancement in its strategic partnership with Cohere, providing the first group of Bell team members with access to Cohere's secure agentic AI platform North. The North platform will be introduced to all Bell management team members early in 2026, enabling them to build AI agents and leverage automation to optimize day-to-day work and drive stronger operational outcomes across the business.

On October 2, 2025, Bell and AST SpaceMobile (AST) announced the successful completion of a space-based direct-to-cell fourth generation voice over LTE (VoLTE) call, video call, video streaming via the Bell Fibe TV app, broadband data, short-message service (SMS) messaging, and emergency alerts, to a standard, unmodified smartphone over a Canadian wireless network. Conducted in New Brunswick, the test utilized AST’s BlueBird satellites and Bell’s sovereign gateway infrastructure. This milestone supports Bell’s plan to deploy low Earth orbit direct-to-cell services in 2026, extending coverage to remote and underserved regions across Canada.

On August 18, 2025, Bell introduced Bell Streaming, a new bundled offering that combines Crave, Netflix, and Disney+ into a single subscription with simplified billing and up to 25% savings. Available to Bell Internet, TV, home phone, and Mobility customers in Ontario and Québec, the bundles offer cost efficiency and convenience of a single bill. Customers can link existing accounts and maintain access to personalized streaming profiles and viewing histories.

On August 11, 2025, Bell announced an exclusive partnership with Perplexity, a leading AI-powered answer engine, becoming the company's exclusive telecommunications partner in Canada. Through this agreement, eligible Bell Mobility and Internet customers will receive 12 months of complimentary access to Perplexity Pro, a premium AI research and productivity platform valued at nearly $300. Perplexity Pro includes access to top-tier AI models such as GPT-5, Claude 4.0, and Gemini 2.5 Pro, along with features like unlimited file uploads, image generation, and advanced summarization tools.

On September 4, 2025, Bell launched Giga Hub 2.0, introducing Wi-Fi 7 technology to Canadian homes. Available across major areas of Ontario and select regions in Québec, the new modem delivers up to four times faster speeds than Wi-Fi 6E, lower latency, and support for double the number of connected devices. Giga Hub 2.0 features a high-resolution OLED display, a design using 80% recycled plastics, and multiple high-speed Ethernet ports.

(1)In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(2)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 442,225, 6,089 and 84,440 subscribers, respectively.

(3)In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases by 80,666, 441 and 14,150 subscribers, respectively, in Bell CTS Canada as at March 31, 2025, as we stopped selling new plans for these services under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(4)In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(5)In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent CRTC decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date. 

(6)In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

(7)Mobile phone churn is defined as the rate at which existing mobile phone subscribers cancel their services. Refer to section 8.6, KPIs in this MD&A for more information on this measure.

(8)Mobile phone blended ARPU is defined as Bell CTS Canada wireless external services revenues divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month. Refer to section 8.6, KPIs in this MD&A for more information on this measure.

Bell CTS operating revenues increased by 2.4% in Q3 2025 and by 0.3% in the first nine months of the year, compared to the same periods in 2024, due to the contribution from Bell CTS U.S. of $160 million in both the quarter and year to date, as a result of the acquisition of Ziply Fiber on August 1, 2025, partly offset by a year-over-year decline in Bell CTS Canada of 0.6% in Q3 2025 and 0.7% in the first nine months of the year. The year-over-year revenue growth in Q3 2025 was driven by both higher service and product revenues, while the growth in the first nine months of the year was attributable to higher product revenues, moderated by lower service revenues.

Bell CTS Canada operating revenues decreased by 0.6% in Q3 2025, and by 0.7% in the first nine months of the year, compared to the same periods last year, from lower service revenues, mitigated in part by higher product revenues. The service revenues decline in both the quarter and year to date was driven by continued erosion in wireline voice revenues and a modest decline in wireless and wireline data revenues.

Bell CTS Canada operating service revenues declined by 1.5% in both Q3 2025 and in the first nine months of the year, compared to the same periods in 2024.

•Wireless revenues decreased by 0.4% in Q3 2025 and by 0.5% in the first nine months of the year, compared to the same periods last year, driven by:

•Ongoing but abating competitive pricing pressures in the quarter on-rate plans and greater discounting

•Reduced data overages driven by increased customer adoption of monthly plans with higher data thresholds, including unlimited plans

•Lower roaming revenues mainly from reduced travel to the U.S.

•Continued growth in our mobile phone and connected device average subscriber bases coupled with the flow-through of rate increases Additionally, year-to-date wireless service revenues were favourably impacted by revenues from the 2025 G7 Leader's Summit.

•Wireline data revenues were essentially stable year over year, declining by 0.1% in both Q3 2025 and year to date, compared to the same periods last year, mainly driven by:

•Greater acquisition, retention and bundle discounts on residential services

•Erosion of our TV subscriber bases

•Higher retail Internet average subscriber base, along with the flow-through of residential rate increases

•Greater revenues from our AI-powered solutions business driven by growth in Ateko, our Systems Integrator and Managed Services practice and Bell Cyber, our cyber security business, including the impact of small 2024 and 2025 acquisitions

•Wireline voice revenues decreased by 9.0% in Q3 2025 and by 8.3% in the first nine months of the year, compared to the same periods in 2024, primarily due to:

•Higher retail residential NAS lines erosion, combined with business voice declines, driven by technological substitution to wireless and Internet-based services unfavourably impacting local & access and long distance revenues    

•Increased acquisition, retention and bundle discounts on residential services

•Flow-through of residential rate increases

Bell CTS Canada operating product revenues increased by 5.1% in Q3 2025 and by 4.3% in the first nine months of the year, compared to the same periods last year.

•Wireless operating product revenues increased by 7.2% in Q3 2025 and by 0.4% in the first nine months of the year, compared to the same periods last year, due to higher wireless device sales to consumers mainly from greater upgrade volumes and contracted activations, moderated by reduced consumer electronics sales due to permanent store closures of The Source. In the first nine months of the year, the operating product revenues were also unfavourably impacted by lower device sales in Q1 2025 to the government sector, as well as, mix shift to lower value handsets and greater discounting.

•Wireline operating product revenues declined in the quarter by 5.2%, compared to Q3 2024, attributable to reduced equipment sales to large business customers, partly offset by greater land mobile radio systems sales to the government sector. During the first nine months of the year, product revenues grew by 23.2%, compared to the same period last year, driven by Bell AI Fabric, our full-stack AI Managed Service Provider, from the delivery of our first AI facility in Kamloops, British Columbia (B.C.) in Q2 2025.

Bell CTS U.S. operating revenues were $160 million in Q3 2025 and year to date, compared with nil in the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025. The operating revenues were comprised of service revenues, mainly from wireline data and voice revenues.

•Wireline data revenues totalled $129 million in Q3 2025 and year to date, compared to nil, in the same periods last year and mainly consisted of:

•Internet revenues generated from residential, business and wholesale broadband Internet services primarily delivered over Ziply Fiber's fibre network which benefited in the quarter from the continued expansion of the fibre-to-the-premise (FTTP) footprint, along with a successful move and back-to-school period

•Internet protocol (IP) broadband revenues derived from the sale of commercial ethernet, dedicated Internet/non-switched access, and other data transport networking options. In Q3 2025, this also included non-recurring construction revenue relating to a fibre build.

•Modest TV revenues from the sale of IPTV service

•Wireline voice revenues were $29 million in Q3 2025 and year to date, compared with nil, in the same periods last year. These revenues included traditional local and long-distance wireline services, VoIP services, and a number of unified messaging services. Voice revenues were unfavourably impacted by ongoing losses due to technological substitution to wireless and Internet-based services.

Bell CTS operating costs increased by 2.5% in Q3 2025 and by 1.0% in the first nine months of the year, compared to the same periods last year, due to greater costs from Bell CTS U.S. of $89 million in the quarter and year to date, reflecting the operating expenses of Ziply Fiber as a result of the acquisition on August 1, 2025, partly offset by lower costs in Bell CTS Canada of 0.6% in Q3 2025 and 0.1% in the first nine months of the year, compared to the same periods last year.

Bell CTS Canada operating costs decreased by 0.6% in Q3 2025 and by 0.1% in the first nine months of the year, compared to the same periods last year, due to:

•Cost reduction initiatives attributable to workforce reductions, savings from our customer service centres driven by improved call placement and reduced call volumes, permanent closures of The Source stores, as well as various other cost containment initiatives across the organization including, technology and automation-enabled operating efficiencies

•Reduced TV programming costs relating to the lower revenues

•Increased cost of goods sold, bad debt and commission expense, as well as higher payments to other carriers, reflecting growth in related revenues

•Higher operating expenses from small acquisitions made in 2024 and 2025

In the first nine months of the year, costs were also unfavourably impacted by expenses related to the revenues from the delivery of our first AI facility in Kamloops, B.C and from the 2025 G7 Leader's Summit.

Bell CTS U.S. operating costs were $89 million in Q3 2025 and year to date, compared with nil in the same periods last year, reflecting the operating costs of Ziply Fiber due to the acquisition on August 1, 2025. The costs predominantly consisted of labour costs, network-related expenses, payments to other carriers, regulatory costs and various administrative and marketing costs. The expenses reflect operating efficiencies, primarily from simplification of systems and processes, as well as lower call volumes despite the expanding customer base.

Bell CTS adjusted EBITDA increased by 2.3% in Q3 2025, compared to Q3 2024, due to the contribution from Bell CTS U.S. of $71 million in the quarter, as a result of the acquisition of Ziply Fiber on August 1, 2025, partly offset by a decline in Bell CTS Canada of 0.6%. During the first nine months of the year, Bell CTS adjusted EBITDA declined by 0.4% year over year driven by a decrease in Bell CTS Canada of 1.4%, partly offset by the contribution from Bell CTS U.S. of $71 million. Bell CTS adjusted EBITDA margin of 46.7% in Q3 2025 was stable compared to Q3 2024, while in the first nine months of the year, adjusted EBITDA margin of 46.1% declined by 0.3 pts, due to reduced service revenues flow-through and a higher proportion of lower margin product sales in our total revenue base, partly offset by cost reduction initiatives and operating efficiencies. Bell CTS U.S. adjusted EBITDA margin in Q3 2025 and year to date was 44.4%.

Bell CTS Canada adjusted EBITDA decreased by 0.6% in Q3 2025, and by 1.4% year to date, compared to the same periods in 2024, due to lower operating revenues, mitigated in part by reduced operating costs. Adjusted EBITDA margin of 46.8% in Q3 2025 remained essentially stable compared to 46.7% in Q3 2024, while in the first nine months of the year, adjusted EBITDA margin of 46.1% decreased by 0.3 pts, year over year, due to lower service revenues flow-through, along with a higher proportion of lower margin product sales in our total revenue base, partly offset by cost reduction initiatives and operating efficiencies.

Bell CTS U.S. adjusted EBITDA was $71 million in Q3 2025 and year to date, compared to nil in the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025. This corresponded to an adjusted EBITDA margin of 44.4% for the quarter and year to date.

(1)In Q3 2025, Bell CTS Canada reduced its postpaid mobile phone and connected device subscriber bases by 51,541 and 7,867, respectively, following a review of a public sector customer account to eliminate subscribers with no usage.

(2)In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at December 31, 2024, as we stopped selling new plans for this service as of that date.

(3)In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base in Bell CTS Canada as at September 30, 2024, as we stopped selling new plans for this service as of that date.

Mobile phone blended ARPU of $58.04 in Q3 2025 and $57.58 in the first nine months of the year, decreased by 0.4% and 1.0%, respectively, compared to the same periods last year, however reflecting year-over-year sequential improvement. The decline in Q3 2025 and year to date, compared to the same periods last year, was driven by:

•Ongoing but abating competitive pricing pressures in the quarter, on-rate plans and greater discounting

•Lower data overages due to greater customer adoption of monthly plans with higher data thresholds, including unlimited plans

•Decrease in roaming revenues mainly due to reduced travel to the U.S.

•Flow-through of rate increases

•The favourable impact from 2024 adjustments to our mobile phone prepaid subscriber base and Q3 2025 adjustment to our mobile phone postpaid subscriber base to remove 202,187 and 51,541 subscribers, respectively

In the first nine months of the year, mobile phone blended ARPU was also favourably impacted by revenues related to the 2025 G7 Leader's Summit.

Mobile phone gross subscriber activations declined by 12.5% in Q3 2025 and by 10.6% in the first nine months of the year, compared to the same periods last year, due to both lower postpaid and prepaid gross subscriber activations.

•Mobile phone postpaid gross subscriber activations decreased by 15.6% in the quarter and by 14.4% in the first nine months of the year, compared to the same periods in 2024, driven by lower market activity, slowing population growth mainly attributable to government immigration policies, and fewer lower-valued bring-your-own-device activations, partly offset by greater contracted activations, mainly on the Bell brand, reflecting our continued focus on higher-value subscriber activations

•Mobile phone prepaid gross subscriber activations declined by 7.0% in Q3 2025 and by 2.6% in the first nine months of the year, compared to the same periods last year, due to slowing population growth, mainly from lower immigration, partly offset by effective Lucky Mobile promotional offers

28 BCE Inc. 2025 THIRD QUARTER SHAREHOLDER REPORT Mobile phone net subscriber activations decreased by 33.4% in Q3 2025, compared to the same period in 2024, due to lower postpaid and prepaid net subscriber activations. In the first nine months of the year, mobile phone net subscriber activations decreased by 37.4% due to lower postpaid net subscriber activations, partly offset by higher prepaid net subscriber activations.

•Mobile phone postpaid net subscriber activations decreased by 65.2% in the quarter and by 70.4% year to date, compared to the same periods last year, due to lower gross subscriber activations and fewer migrations from prepaid subscribers, partly offset by reduced subscriber deactivations

•Mobile phone prepaid net subscriber activations decreased by 18.2% in Q3 2025, compared to Q3 2024, due to lower gross activations and greater deactivations, partly offset by fewer migrations to postpaid subscribers. In the first nine months of the year, prepaid net subscriber activations increased by 13.6%, compared to last year, due to fewer migrations to postpaid subscribers and lower subscriber deactivations, partly offset by reduced gross activations.

Mobile phone blended churn of 1.45% in both Q3 2025 and year to date, decreased by 0.13 pts and 0.10 pts, respectively, compared to the same periods in the prior year.     

•Mobile phone postpaid churn of 1.13% in both the quarter and year to date, decreased by 0.15 pts and 0.10 pts, respectively, compared to the same periods last year, due to the benefit from our greater investment in customer retention and improvements to our customer service

•Mobile phone prepaid churn of 5.10% in Q3 2025 and 5.30% in the first nine months of the year, increased by 0.44 pts and 0.31 pts, respectively, compared to the same periods in 2024, due to greater market activity, as well as the impact of the 2024 adjustments to our mobile phone prepaid subscriber base to remove 202,187 subscribers

Mobile phone subscribers at September 30, 2025 totalled 10,398,934, an increase of 0.4%, from 10,361,720 subscribers reported at the end of Q3 2024. This consisted of 9,525,355 postpaid subscribers, an increase of 0.5% from 9,473,886 subscribers reported at the end of Q3 2024, and 873,579 prepaid subscribers, a decrease of 1.6% from 887,834 subscribers reported at the end of Q3 2024. In Q3 2025, we reduced our postpaid mobile phone subscriber base by 51,541, following a review of a public sector customer account to eliminate subscribers with no usage.

Mobile connected device net subscriber activations increased by 48.5% in Q3 2025 and by 3.1% year to date, compared to the same periods last year, mainly due to lower data devices net losses and greater Connected Car net activations, partly offset by lower business Internet of Things (IoT) net activations.

Mobile connected device subscribers at September 30, 2025 totalled 3,252,554 up 10.5% from 2,943,087 subscribers reported at the end of Q3 2024. In Q3 2025, we reduced our connected device subscriber base by 7,867, following a review of a public sector customer account to eliminate subscribers with no usage.

(1)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet subscriber base increased by 442,225 subscribers.

(2)In Q1 2025, we reduced our retail high-speed Internet subscriber base by 80,666 subscribers in Bell CTS Canada, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers in Bell CTS Canada to adjust for prior year customer deactivations following a review of customer accounts.

(3)As a result of a recent CRTC decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently, in Bell CTS Canada, we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date.

Bell CTS retail high-speed Internet net subscriber activations decreased by 38.4% in Q3 2025 and by 58.3% in the first nine months of the year, compared to the same periods last year, attributable to a decline in Bell CTS Canada, partly offset by the contribution from Bell CTS U.S.

Bell CTS Canada retail high-speed Internet net subscriber activations decreased by 49.5% in Q3 2025 and by 63.1% in the first nine months of the year, compared to the same periods last year, driven by fewer activations attributable to continued aggressive promotional offers by competitors, reduced new fibre footprint expansion, as well as slowing market growth, driven by lower immigration and slowing housing starts, mitigated in part by fewer customer deactivations, due to our focus on customer retention.

Bell CTS U.S. retail high-speed Internet net subscriber activations were 4,685 in the quarter and year to date, compared to nil last year, as a result of the acquisition of Ziply Fiber on August 1, 2025. Net activations benefited from the continued expansion of the fibre footprint, coupled with strong fibre penetration, more than offsetting non-fibre disconnects. Additionally, retail high-speed net activations were favourably impacted by a successful move and back-to-school period.

Bell CTS retail high-speed Internet subscribers totalled 4,890,297 at September 30, 2025, up 9.7% from 4,456,709 subscribers reported at the end of Q3 2024, due to the contribution from Bell CTS U.S. as a result of the acquisition of Ziply Fiber on August 1, 2025, moderated by a decline in Bell CTS Canada. In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail high-speed Internet subscriber base increased by 442,225 subscribers.

Bell CTS Canada retail high-speed Internet subscribers totalled 4,443,387 at September 30, 2025, down 0.3% from 4,456,709 subscribers reported at the end of Q3 2024.

Bell CTS U.S. retail high-speed Internet subscribers totalled 446,910 at September 30, 2025. In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, our retail high-speed Internet subscriber base increased by 442,225 subscribers.

(1)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail IPTV subscriber base increased by 6,089 subscribers.

(2)In Q1 2025, we reduced our retail IPTV subscriber base by 441 subscribers in Bell CTS Canada, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands.

(3)In Q2 2024, we increased our retail IPTV subscriber base by 40,997 in Bell CTS Canada to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service.

Bell CTS retail IPTV net subscriber losses of 16,218 in Q3 2025 and 48,040 year to date, deteriorated by 25,415 and 70,098, respectively, compared to net activations of 9,197 in Q3 2024 and 22,058 in the first nine months of 2024, driven by a deterioration in Bell CTS Canada and modest losses in Bell CTS U.S.

Bell CTS Canada retail IPTV net subscriber losses of 16,161 in Q3 2025 and 47,983 year to date, deteriorated by 25,358 in Q3 2025 and by 70,041 in the first nine months of the year, compared to the net subscriber activations of 9,197 and 22,058, respectively, in the same periods in 2024, driven by reduced pull-through on lower Internet activations, fewer activations from our Fibe TV streaming services due to our focus on growing higher-valued subscribers, increased competitive intensity and greater substitution with OTT services.

Bell CTS U.S. retail IPTV net subscriber losses were 57 in Q3 2025 and year to date, compared to nil last year, as a result of the acquisition of Ziply Fiber on August 1, 2025, reflecting greater deactivations as traditional IPTV services are challenged by customer adoption of OTT services.

Bell CTS retail IPTV subscribers at September 30, 2025 totalled 2,090,561, down 2.0% from 2,133,397 subscribers reported at the end of Q3 2024, due to a decline in Bell CTS Canada, partly offset by the contribution from Bell CTS U.S. attributable to the acquisition of Ziply Fiber on August 1, 2025, resulting in an increase to our retail IPTV subscriber base of 6,089 subscribers.

Bell CTS Canada retail IPTV subscribers at September 30, 2025 totalled 2,084,529, down 2.3% from 2,133,397 subscribers reported at the end of Q3 2024.

Bell CTS U.S. retail IPTV subscribers at September 30 2025 totalled 6,032. In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, our retail IPTV subscriber base increased by 6,089 subscribers.

(1)In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, Bell CTS U.S. retail residential NAS lines increased by 84,440 subscribers.

(2)In Q1 2025, we reduced our retail residential NAS lines by 14,150 subscribers in Bell CTS Canada, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands.

Bell CTS retail residential NAS lines net losses decreased by 3.5% in Q3 2025 and by 4.6% in the first nine months of the year, compared to the same periods last year, from lower net losses in Bell CTS Canada, partly offset by net losses in Bell CTS U.S.

Bell CTS Canada retail residential NAS lines net losses decreased by 10.1% in Q3 2025 and by 6.8% in the first nine months of the year, compared to the same periods last year, attributable to fewer customer deactivations, partly offset by lower gross activations resulting from ongoing substitution to wireless and Internet-based technologies, coupled with less pull-through on lower Internet activations.

Bell CTS U.S. retail residential NAS lines net losses were 3,124 in Q3 2025 and year to date, compared with nil in the same periods last year, due to the acquisition of Ziply Fiber on August 1, 2025. The net losses are impacted by ongoing substitution to wireless and Internet-based technologies.

Bell CTS retail residential NAS lines of 1,766,361 at September 30, 2025, declined by 5.9% from 1,876,782 lines reported at the end of Q3 2024 due to a decline in Bell CTS Canada, partly offset by the contribution from Bell CTS U.S. due to the acquisition of Ziply Fiber on August 1, 2025, resulting in an increase of 84,440 to our retail residential NAS lines.

Bell CTS Canada retail residential NAS lines of 1,685,045 at September 30, 2025, declined by 10.2% from 1,876,782 lines reported at the end of Q3 2024.

Bell CTS U.S. retail residential NAS lines were 81,316 at September 30, 2025. In Q3 2025, as a result of the acquisition of Ziply Fiber on August 1, 2025, our retail residential NAS lines increased by 84,440.

As at the date of this MD&A, our forward-looking statements set out in the BCE 2024 Annual MD&A, as updated or supplemented in the BCE 2025 First Quarter MD&A, in the BCE 2025 Second Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, the assumptions referred to in the Bell Media business segment discussion set out in section 3.2, Bell Media, of this MD&A, as well as the economic, market and other assumptions referred to in section 1.3, Assumptions of this MD&A.

•Stable or slight decrease in our market share of national operators’ wireless mobile phone net additions as we manage increased competitive intensity and promotional activity across all regions and market segments

•Ongoing expansion and deployment of fifth generation (5G) and 5G+ wireless networks, offering competitive coverage and quality

•Continued diversification of our distribution strategy with a focus on expanding DTC and online transactions

•Slightly declining mobile phone blended ARPU due to competitive pricing pressure

•Continuing business customer adoption of advanced 5G, 5G+ and IoT solutions

•Continued scaling of technology services from recent acquisitions made in the enterprise market through leveraging our sales channels with the acquired businesses’ technical expertise

•Improving wireless handset device availability in addition to stable device pricing and margins

•Moderating deployment of direct fibre to incremental homes and businesses within our wireline footprint

•Continued growth in retail Internet subscribers

•Increasing wireless and Internet-based technological substitution

•Continued focus on the consumer household and bundled service offers for mobility, Internet and content services

•Continued large business customer migration to IP-based systems

•Ongoing competitive repricing pressures in our business and wholesale markets

•Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services, which, in many cases, are also sold as a service by Bell Business Markets (BBM) to ensure continuity of customer relationships and adjacent revenue growth opportunities

•Increasing customer adoption of OTT services resulting in downsizing of TV packages and fewer consumers purchasing BDU subscriptions services

•Realization of cost savings related to operating efficiencies enabled by our direct fibre footprint, changes in consumer behaviour and product innovation, digital and AI adoption, product and service enhancements, expanding self-serve capabilities, new call centre and digital investments, other improvements to the customer service experience, management workforce reductions including attrition and retirements, and lower contracted rates from our suppliers

•No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our communication and technology services business

•Continued growth in retail Internet customers with continued deployment of direct fibre to incremental homes and businesses within our footprint

•Increasing retail Internet ARPU through continued migration of customers to higher speed tiers and rate increases

•Ongoing competitive repricing pressures in our business and wholesale markets

•Realization of cost savings related to operational efficiencies enabled by our direct fibre footprint, digital and AI adoption, expanding self service capabilities, and other improvements to the customer service experience

On August 27, 2025, Bell Media and Disney Entertainment launched new streaming bundles for the Canadian market, combining Disney+, Crave, and/or TSN. The bundles offer subscribers access to premium entertainment and sports content with packages starting at $15.75 per month for the Basic Bundle.

On October 1, 2025, Crave Standard With Ads tier became available on Prime Video for $11.99/month. This introduction of additional Crave plans on Prime Video offers advertisers new opportunities to reach Crave’s audiences.

On October 10, 2025, TSN and RDS announced a long-term agreement with the Montreal Canadiens to continue regional broadcast and streaming coverage of Montreal Canadiens games. The deal includes 50 games on TSN and 45 on RDS, available to subscribers in the team’s designated broadcast region which includes Québec and parts of Atlantic Canada.

On October 30, 2025, TSN and True North Sports + Entertainment announced a long-term rights extension for Winnipeg Jets regional broadcasts and streaming, ensuring Canada’s Sports Leader is home to Jets games for years to come. Games will continue to be available to viewers located in the team’s designated broadcast region.

On September 12, 2025, Bell Media and iHeartMedia announced a long-term extension of their exclusive partnership, continuing their collaboration on iHeartRadio Canada. The renewed agreement grants Bell Media representation of iHeartRadio’s podcast portfolio in Canada, creating opportunities for Bell Media advertisers to reach Canadian audio listeners.

On October 22, 2025, Bell Media, in partnership with Environics Analytics (EA), announced the launch of its new Outcomes Measurement solution for TV campaigns. This measurement product will give advertisers a clear, comprehensive, and privacy-first way to connect ad exposure to real-world outcomes including sales, leads, spend, and more.

On October 23, 2025, Bell Media and Tubi, Fox Corporation’s ad-supported streaming service, announced a long-term strategic partnership across ad sales and content distribution, including Canadian titles from Bell Media's market-leading on-demand catalogue and free, ad-supported streaming television (FAST) channel lineup. The partnership also includes plans to co-develop original content for distribution on Tubi globally, across Bell Media platforms in Canada, and through Sphere Abacus, Bell Media’s international content distribution company.

34 BCE Inc. 2025 THIRD QUARTER SHAREHOLDER REPORT Bell Media operating revenues decreased by 6.4% in Q3 2025, compared to the same period last year, driven by lower advertising and subscriber revenues, partly offset by higher other revenues. In the first nine months of the year, operating revenues increased by 1.3% year over year, due to higher subscriber and other revenues, partly offset by lower advertising revenues. Operating revenues included growth from digital revenues(1) of 0.8% in Q3 2025 and 7.0% year to date, compared to the same periods last year.

•Advertising revenues decreased by 11.5% in Q3 2025 and by 3.5% year to date, compared to the same periods last year, due to continued lower demand for traditional advertising, primarily impacting conventional and entertainment specialty channels, and reduced year-over-year audio advertising revenues attributable to the previously announced divestitures of 45 radio stations along with lower demand by advertisers, partly offset by greater digital video advertising revenues from growth in Connected TV and ad-supported subscription tiers on Crave, and higher digital OOH revenues. In the first nine months of the year, the decline in advertising revenues was also moderated by higher OOH revenues from the acquisition of OUTEDGE Media Canada (OUTEDGE) in June 2024.

•Subscriber revenues decreased by 5.2% in Q3 2025, compared to the same period in 2024, due to the benefit in Q3 2024 from retroactive adjustments related to contracts with Canadian TV distributors, and continued erosion in BDU subscribers, partly offset by higher DTC streaming revenues, primarily from greater Crave and sports streaming subscribers. Conversely in the first nine months of the year, subscriber revenues increased by 3.1% year over year, as the growth in DTC streaming revenues exceeded the pressures noted above.

•Other revenues increased in Q3 2025 and year to date, compared to the same periods last year, due to the acquisition of Sphere Abacus, a content distributor, in May 2025. In the first nine months of the year, the growth in other revenues was also favourably impacted by the higher revenues from the Formula 1 (F1) Canadian Grand Prix 2025.

Bell Media operating costs decreased by 6.3% in Q3 2025 and by 0.6% in the first nine months of the year, compared to the same periods last year, due to:

•Lower content costs

•Cost reduction initiatives from workforce reductions and other operating efficiencies

•Lower expenses related to the radio station divestitures

•Greater costs relating to the acquisition of Sphere Abacus

In the first nine months of the year, the year-over-year operating costs were also unfavourably impacted by higher costs related to the OUTEDGE acquisition and greater costs associated with the revenue growth from the F1 Canadian Grand Prix 2025.

Bell Media adjusted EBITDA declined by 6.7% in Q3 2025, compared to the same period last year, driven by lower operating revenues, partly offset by reduced operating costs. Conversely, in the first nine months of the year, adjusted EBITDA grew by 7.1% year over year, due to higher operating revenues and lower operating costs.

(1)Digital revenues are comprised of subscription revenue from DTC services and video on demand services and advertising revenue from digital platforms including websites, mobile apps, Connected TV apps and OOH digital assets/platforms, as well as advertising procured through Bell digital buying platforms.

As at the date of this MD&A, our forward-looking statements set out in the BCE 2024 Annual MD&A, as updated or supplemented in the BCE 2025 First Quarter MD&A, in the BCE 2025 Second Quarter MD&A and in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, the assumptions referred to in the Bell CTS business segment discussion set out in section 3.1, Bell CTS, of this MD&A, as well as the economic, market and other assumptions referred to in section 1.3, Assumptions, of this MD&A.

•Overall digital revenue expected to reflect scaling of Connected TV, DTC advertising and subscriber growth, as well as digital growth in our OOH business contributing towards the advancement of our digital-first media strategy

•Leveraging of first-party data to improve targeting, advertisement delivery including personalized viewing experience and attribution

•Strategically managing escalating content acquisition and production costs to secure high-quality, differentiated programming across all screens and platforms

•Continued scaling of Crave, TSN, TSN+ and RDS through expanded distribution, optimized content offering and user experience improvements

•Continued support in original French content with a focus on digital platforms such as Crave, Noovo.ca and iHeartRadio Canada, to better serve our French-language customers through a personalized digital experience

•No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our media business

(1)50% of junior subordinated debt at September 30, 2025 is excluded as it has been afforded equity treatment by certain credit rating agencies.

(2)50% of outstanding preferred shares of $3,338 million and $3,533 million at September 30, 2025 and December 31, 2024, respectively, are classified as debt consistent with the treatment by certain credit rating agencies.

(3)Net debt is a non-GAAP financial measure. See section 8.1, Non-GAAP financial measures in this MD&A for more information on this measure.

The decrease of $1,849 million in debt due within one year and the increase of $2,320 million in long-term debt were due to:

•the issuance by Bell Canada of Series A Fixed-to-Fixed Rate Junior Subordinated Notes (Series A Notes), with a total principal amount of $1,000 million in U.S. dollars ($1,416 million in Canadian dollars)

•the issuance by Bell Canada of Series B Fixed-to-Fixed Rate Junior Subordinated Notes (Series B Notes), with a total principal amount of $1,250 million in U.S. dollars ($1,771 million in Canadian dollars)

•the issuance by Bell Canada of Series C Fixed-to-Fixed Rate Junior Subordinated Notes (Series C Notes), with a total principal amount of $1,250 million

•the issuance by Bell Canada of Series M-64 MTN debentures, with a total principal amount of $400 million

•the issuance by Bell Canada of Series M-65 MTN debentures, with a total principal amount of $500 million

•the issuance by Bell Canada of Series M-66 MTN debentures, with a total principal amount of $600 million

•the issuance by Bell Canada of Series M-67 MTN debentures, with a total principal amount of $500 million

•an increase in outstanding loans of $376 million in U.S. dollars ($521 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement

•an increase of $1,942 million in U.S. dollars ($2,679 million in Canadian dollars) upon the acquisition of Ziply Fiber comprised of Term Notes with an outstanding principal amount of $1,594 million in U.S. dollars ($2,199 million in Canadian dollars), Funding Notes with an outstanding principal amount of $367 million in U.S. dollars ($506 million in Canadian dollars) and lease liabilities and other debt of $16 million in U.S. dollars ($23 million in Canadian dollars), partly offset by unamortized debt costs of $35 million in U.S. dollars ($49 million in Canadian dollars)

•an increase in outstanding loans of $500 million in U.S. dollars ($697 million in Canadian dollars) under a new unsecured term loan agreement

•the repayment at maturity of Series M-47 MTN debentures, with a total principal amount of $1,500 million

•the repayment at maturity of Series M-49 MTN debentures, with a total principal amount of $600 million

•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $633 million in U.S. dollars ($903 million in Canadian dollars) of:

•a principal amount of $174 million in U.S. dollars ($249 million in Canadian dollars) of its Series US-2 Notes, that had an outstanding principal amount of $600 million in U.S. dollars ($856 million in Canadian dollars)

•a principal amount of $79 million in U.S. dollars ($112 million in Canadian dollars) of its Series US-4 Notes, that had an outstanding principal amount of $500 million in U.S. dollars ($713 million in Canadian dollars)

•a principal amount of $183 million in U.S. dollars ($261 million in Canadian dollars) of its Series US-5 Notes, that had an outstanding principal amount of $600 million in U.S. dollars ($856 million in Canadian dollars)

•a principal amount of $191 million in U.S. dollars ($273 million in Canadian dollars) of its Series US-6 Notes, that had an outstanding principal amount of $650 million in U.S. dollars ($927 million in Canadian dollars)

•a principal amount of $217 million in U.S. dollars ($310 million in Canadian dollars) of its Series US-7 Notes, that had an outstanding principal amount of $750 million in U.S. dollars ($1,070 million in Canadian dollars)

•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,498 million of:

•a principal amount of $105 million of its Series M-39 MTN debentures, that had an outstanding principal amount of $500 million

•a principal amount of $100 million of its Series M-45 MTN debentures, that had an outstanding principal amount of $500 million

•a principal amount of $1,166 million of its Series M-51 MTN debentures, that had an original outstanding principal amount of $1,250 million

•a principal amount of $460 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $550 million

•a decrease in debt of $636 million due to an early debt redemption gain as a result of the tender offers described above

•the repurchase by Bell Canada, in the open market, for a cash purchase price of $6 million, of a principal amount of $7 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $90 million, following the tender offers described above

•the repayment of the outstanding loan of $600 million in U.S. dollars ($814 million in Canadian dollars) under the Bell Mobility Inc. (Bell Mobility) trade loan agreement

•the redemption, prior to maturity, of the outstanding principal amount of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) of Ziply Fiber's Term Notes

•the redemption, prior to maturity, of the outstanding principal amount of $367 million in U.S. dollars ($509 million in Canadian dollars) of Ziply Fiber's Funding Notes

•a decrease in notes payable (net of issuances) of $628 million

•a net decrease of $577 million mainly due to lower lease liabilities and other debt and foreign exchange fluctuations on U.S. debt for which we have entered into hedges. Refer to section 4.5, Financial risk management, of this MD&A for more details.

The decrease in cash of $1,112 million, the decrease in short-term investments of $400 million and the increase in cash equivalents of $5 million were mainly due to:

•$8,167 million repayment of long-term debt, excluding principal payment of lease liabilities

•$4,880 million of business acquisitions, mainly from the acquisition of Ziply Fiber

•$2,383 million of capital expenditures

•$1,618 million of dividends paid on BCE common shares

•$879 million principal payment of lease liabilities

•$628 million decrease in notes payable (net of issuances)

•$188 million paid for other financing activities which includes early debt redemption costs at Ziply Fiber

•$157 million paid for other investing activities which includes a pre-acquisition loan to Ziply Fiber

•$143 million paid for the repurchase of BCE preferred shares

•$129 million paid for the purchase on the open market of BCE common shares for the settlement of share-based payments

•$105 million of dividends paid on BCE preferred shares

•$7,653 million of issuance of long-term debt

•$5,432 million of cash flows from operating activities

•$4,686 million of decrease in investments due to the sale of our minority stake in MLSE

On May 7, 2025, the Board determined that common shares distributed under BCE's DRP will no longer be issued from treasury at a 2% discount to the average market price and will rather be purchased by BCE's agent, TSX Trust Company, on the secondary market with cash provided by BCE. The modifications became effective commencing with the dividend payable on July 15, 2025 to eligible holders of common shares as of the June 16, 2025 record date, and subsequently until further notice.

(1)Free cash flow after payment of lease liabilities is a non-GAAP financial measure. Refer to section 8.1, Non-GAAP financial measures in this MD&A for more information on this measure.

Cash flows from operating activities in the first nine months of 2025 increased by $321 million, compared to the same period last year, mainly due to lower income taxes paid and higher cash from working capital, partly offset by higher interest paid and higher severance and other costs paid.

Free cash flow in the first nine months of 2025 increased by $939 million compared to the same period last year, mainly due to lower capital expenditures and higher cash flows from operating activities, excluding cash from acquisition and other costs paid.

(1)Capital intensity is defined as capital expenditures divided by operating revenues. Refer to section 8.6, KPIs in this MD&A for more information on this measure.

BCE capital expenditures of $891 million in Q3 2025 and $2,383 million in the first nine months of the year, declined by 6.6% and 18.8%, respectively, over the same periods last year. This corresponded to a capital intensity ratio of 14.7% in Q3 2025 and 13.2% year to date, down 1.3 pts and 3.1 pts, respectively. The year-over-year declines in capital expenditures were mainly attributable to decreased investment at Bell CTS of $59 million in Q3 2025 and $548 million in the first nine months of the year, driven by reduced spending in Bell CTS Canada, partly offset by greater spending in Bell CTS U.S. following the acquisition of Ziply Fiber on August 1, 2025. The decline in the quarter and year to date reflected the following:

•Lower year-over-year capital spending in Bell CTS Canada of $187 million in Q3 2025 and $676 million year to date, aligned with the planned reduction in capital spending, primarily from slower FTTP footprint expansion, partly as a result of regulatory decisions that discourage network investment

•Increased spending in Bell CTS U.S. of $128 million in both the quarter and year to date, as a result of the acquisition of Ziply Fiber. Capital investments were focused on the continued expansion of the FTTP network.

On August 1, 2025, Bell Canada completed the acquisition of Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the U.S., for cash consideration of $3.64 billion in U.S. dollars ($5.01 billion in Canadian dollars) which was $3.52 billion in U.S. dollars net of cash acquired ($4.84 billion in Canadian dollars net of cash acquired).

On July 2, 2024, Bell Canada acquired Stratejm Inc. for cash consideration of $78 million ($73 million net of cash acquired) and additional cash consideration contingent on the achievement of certain performance objectives. This contingent consideration is expected to be settled by 2027 and the maximum amount payable is $20 million.

On June 7, 2024, Bell Media completed the acquisition of OUTFRONT Media Inc.’s Canadian OOH media business, OUTEDGE, for cash consideration of $429 million ($418 million net of cash acquired). Pursuant to a consent agreement negotiated with the Competition Bureau, in April 2025, Bell Media disposed of 669 advertising displays in Québec and Ontario for proceeds of $14 million.

On July 1, 2025, BCE completed the previously announced disposition of its minority stake in MLSE. We recorded gross proceeds of $4.7 billion.

On November 30, 2023, Bell Mobility secured the right to acquire 939 licences of 3800 Megahertz (MHz) spectrum across Canada for $518 million. On January 17, 2024, Bell made a first payment of $104 million to Innovation, Science and Economic Development Canada. The remaining balance of $414 million was paid on May 29, 2024, at which time Bell acquired the 3800 MHz spectrum licences.

•$3,065 million repayment of long-term debt comprised of:

•the redemption, prior to maturity, of the outstanding principal amount of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) of Ziply Fiber's Term Notes

•the redemption, prior to maturity, of the outstanding principal amount of $367 million in U.S. dollars ($509 million in Canadian dollars) of Ziply Fiber's Funding Notes

•the repurchase by Bell Canada, in the open market, for a cash purchase price of $6 million, of a principal amount of $7 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $90 million

•principal payment of lease liabilities of $297 million

•net payments of other debt of $61 million

•$2,898 million issuance of long-term debt comprised of:

•the issuance by Bell Canada of Series M-64 MTN debentures, with a total principal amount of $400 million

•the issuance by Bell Canada of Series M-65 MTN debentures, with a total principal amount of $500 million

•the issuance by Bell Canada of Series M-66 MTN debentures, with a total principal amount of $600 million

•the issuance by Bell Canada of Series M-67 MTN debentures, with a total principal amount of $500 million

•an increase in outstanding loans of $148 million in U.S. dollars ($206 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement

•an increase in outstanding loans of $500 million in U.S. dollars ($697 million in Canadian dollars) under a new unsecured term loan agreement

•partly offset by $5 million of discounts on our debt issuances

•$98 million issuance (net of repayments) of notes payable

In the first nine months of 2025, we repaid debt, net of issuances. This included:

•$9,046 million repayment of long-term debt comprised of:

•the repayment at maturity of Series M-47 MTN debentures with a total principal amount of $1,500 million

•the repayment at maturity of Series M-49 MTN debentures with a total principal amount of $600 million

•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $633 million in U.S. dollars ($903 million in Canadian dollars), of an aggregate principal amount of $844 million in U.S. dollars ($1,205 million in Canadian dollars), representing part of the outstanding principal amount of five of its series of U.S. notes. Refer to section 4.1, Net debt, of this MD&A for more details.

•the repurchase by Bell Canada, pursuant to tender offers, for an aggregate cash purchase price of $1,498 million, of an aggregate principal amount of $1,831 million representing part of the outstanding principal amount of four of its series of MTN debentures. Refer to section 4.1, Net Debt, of this MD&A for more details.

•the repurchase by Bell Canada, in the open market, for a cash purchase price of $6 million, of a principal amount of $7 million of its Series M-55 MTN debentures, that had an outstanding principal amount of $90 million, following the tender offers described above

•the repayment of the outstanding loan of $600 million in U.S. dollars ($814 million in Canadian dollars) under the Bell Mobility trade loan agreement

•the redemption, prior to maturity, of the outstanding principal amount of $1,594 million in U.S. dollars ($2,192 million in Canadian dollars) of Ziply Fiber's Term Notes

•the redemption, prior to maturity, of the outstanding principal amount of $367 million in U.S. dollars ($509 million in Canadian dollars) of Ziply Fiber's Funding Notes

•principal payment of lease liabilities of $879 million

•net payments of other debt of $145 million

•$628 million repayment (net of issuances) of notes payable

•$7,653 million issuance of long-term debt comprised of:

•the issuance of Series A Notes with a total principal amount of $1,000 million U.S. dollars ($1,416 million in Canadian dollars)

•the issuance of Series B Notes with a total principal amount of $1,250 million U.S. dollars ($1,771 million in Canadian dollars)

•the issuance of Series C Notes with a total principal amount of $1,250 million

•the issuance by Bell Canada of Series M-64 MTN debentures, with a total principal amount of $400 million

•the issuance by Bell Canada of Series M-65 MTN debentures, with a total principal amount of $500 million

•the issuance by Bell Canada of Series M-66 MTN debentures, with a total principal amount of $600 million

•the issuance by Bell Canada of Series M-67 MTN debentures, with a total principal amount of $500 million

•an increase in outstanding loans of $376 million in U.S. dollars ($521 million in Canadian dollars) under the Bell Canada unsecured committed term loan agreement

•an increase in outstanding loans of $500 million in U.S. dollars ($697 million in Canadian dollars) under a new unsecured term loan agreement

•the issuance of $3 million of other debt

•partly offset by $5 million of discounts on our debt issuances

In the third quarter of 2024, we issued debt, net of repayments. This included:

•$763 million issuance (net of repayments) of notes payable

•$10 million issuance of long-term debt

•$343 million repayment of long-term debt comprised of:

•principal payment of lease liabilities of $305 million

•net payments of other debt of $38 million

In the first nine months of 2024, we issued debt, net of repayments. This included:

•$3,818 million issuance of long-term debt comprised of:

•the issuance of Series US-9 Notes with a total principal amount of $700 million in U.S. dollars ($942 million in Canadian dollars)

•the issuance of Series US-10 Notes with a total principal amount of $750 million in U.S. dollars ($1,009 million in Canadian dollars)

•the issuance of Series M-61 MTN debentures with a total principal amount of $400 million

•the issuance of Series M-63 MTN debentures with a total principal amount of $1,100 million

•the increase of $324 million in outstanding loans under the Bell Mobility uncommitted trade loan agreement

•the issuance of other debt of $50 million, partly offset by $7 million of discounts on our debt issuances

•$2,146 million issuance (net of repayments) of notes payable

•$2,981 million repayment of long-term debt comprised of:

•the repayment of Series M-44 MTN debentures with a total principal amount of $1,000 million

•the repayment of Series US-3 Notes with a total principal amount of $600 million in U.S. dollars ($748 million in Canadian dollars)

•the repayment of Series 10 Notes with a total principal amount of $225 million

•principal payment of lease liabilities of $872 million

•net payments of other debt of $136 million

For the three and nine months ended September 30, 2025, BCE repurchased and canceled 3,482,011 and 7,844,542 First Preferred Shares under its NCIB for a total cost of $67 million and $143 million, respectively.

Subsequent to quarter end, BCE repurchased and canceled 1,078,447 First Preferred Shares under its NCIB for a total cost of $21 million.

For the nine months ended September 30, 2024, BCE repurchased and canceled 4,301,488 First Preferred Shares under its NCIB for a total cost of $76 million.

In the third quarter of 2025, cash dividends paid on common shares decreased by $502 million compared to Q3 2024, due to a lower dividend paid in Q3 2025 of $0.4375 per common share compared to $0.9975 per common share in Q3 2024.

In the first nine months of 2025, cash dividends paid on common shares decreased by $1,085 million compared to 2024, as 20,241,999 common shares were issued from treasury under the DRP, for $633 million, and due to a lower dividend paid in the first nine months of 2025 of $2.4325 per common share compared to $2.9625 per common share for the same period last year.

For the three months ended September 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $302 million, due to a higher-than-expected return on plan assets, partly offset by an increase in the effect of the asset limit. The discount rate of 4.8% at September 30, 2025 did not change compared to June 30, 2025.

For the nine months ended September 30, 2025, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $509 million, due to a higher-than-expected return on plan assets and an increase in the discount rate of 4.8% at September 30, 2025, compared to 4.7% at December 31, 2024, partly offset by an increase in the effect of the asset limit.

For the three months ended September 30, 2024, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $125 million, due to a higher-than-expected return on plan assets, partly offset by a decrease in the discount rate to 4.7% at September 30, 2024, compared to 5.0% at June 30, 2024 and an increase in the effect of the asset limit.

For the nine months ended September 30, 2024, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in OCI of $706 million, due to a higher-than-expected return on plan assets, and an increase in the discount rate to 4.7% at September 30, 2024, compared to 4.6% at December 31, 2023, partly offset by an increase in the effect of the asset limit.

The following table provides the fair value details of certain financial instruments measured at amortized cost in the consolidated statements of financial position (statements of financial position).

(1)We have reclassified amounts from the previous period to make them consistent with the presentation of the current period.