BCE Inc.

BCE consolidated statements of cash flows selected information Q1 2026 Q1 2025 $ change % change Cash flows from operating activities 1,149 1,571 (422) (26.9 %) Capital expenditures (841) (729) (112) (15.4 %) Free cash flow 804 798 6 0.8 % Q1 2026 financial highlights BCE operating revenues grew by 4.0% in Q1 2026, compared to the same period last year, driven by both higher service and product revenues of 3.4% and 7.9%, respectively.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

Net earnings of $667 million and net earnings attributable to common shareholders of $616 million in the first quarter of 2026 decreased by $16 million and $14 million, respectively, compared to the same period last year, mainly due to lower other income primarily resulting from net early debt redemption gains in 2025 and higher depreciation and amortization, partly offset by lower severance, acquisition and other costs, as well as higher adjusted EBITDA.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

2026 FIRST QUARTER SHAREHOLDER REPORT In the first quarter of 2026, 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, net early debt redemption gains (costs) and impairment of assets, net of tax and NCI, was $589 million, or $0.63 per common share, compared to $633 million, or $0.69 per common share, for the same period last year.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

Free cash flow in the first quarter of 2026 increased by $6 million compared to the same period last year, mainly due to higher cash flows from operating activities, excluding cash from income taxes paid on significant divestitures and acquisition and other costs paid, partly offset by higher capital expenditures.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

The Saskatchewan AI data centre project is expected to require approximately $1.7 billion of incremental capital expenditures, with approximately $1.3 billion incurred in 2026, funded through a combination of debt financing and cash on hand.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

Public debt offering On March 30, 2026, Bell Canada completed a public offering in Canada of $750 million principal amount of MTN debentures.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

) and the benefits expected to result therefrom the strategic partnership between Bell and Coveo to support the modernization of digital services for customers and the benefits expected to result therefrom the sources of liquidity we expect to use to meet our 2026 cash requirements and to fund the development of our Saskatchewan AI data centre and BCE s business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

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 .

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

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.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

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.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

dollar and our inability to successfully implement currency hedging strategies the failure to evolve practices to effectively monitor and control fraudulent activities new or higher taxes due to new tax laws, treaties, regulations or rules thereunder in Canada, the U.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

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.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

(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 the BCE Inc.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

We caution that the foregoing list of risk factors is not exhaustive and other factors could also materially adversely affect us.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

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.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

markets Higher consumer price index (CPI) inflation, primarily driven by higher energy prices resulting from the war in the Middle East Ongoing labour market softness Interest rates expected to remain at or near current levels, although the outlook is subject to uncertainty depending on the evolution of inflation Canadian dollar expected to remain near current levels.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026

Acquisition and other costs Acquisition and other costs consist of transaction costs, such as legal and financial advisory fees, related to completed or potential acquisitions, employee severance costs related to the purchase of a business, the costs to integrate acquired companies into our operations, costs relating to litigation and regulatory decisions, when they are significant, and other costs.

SEC original ↗BCE Inc. — Earnings release (6-K exhibit)EX-99May 7, 2026