BCE Inc. filed its 2025 annual report on Form 40‑F with the U.S. Securities and Exchange Commission on March 6, 2026, providing audited financial statements for the year ended December 31, 2025. The filing is available on BCE’s investor‑relations website and the SEC’s public database.
The report confirms that BCE achieved record adjusted EBITDA margins, with adjusted EBITDA rising 0.7% to $10,658 million and a margin of 43.6%, the highest in more than three decades. However, adjusted net earnings fell 6.2% to $2,601 million, pushing adjusted EPS down 7.9% to $2.80, largely due to higher interest expense and increased depreciation from network investments.
In the fourth quarter, adjusted EBITDA grew 2.3% to $2,664 million and the margin expanded to 41.6%, the strongest Q4 margin in over 30 years. Net earnings rose 25.1% to $632 million, but adjusted net earnings slipped 10.6% to $643 million, causing adjusted EPS to decline 12.7% to $0.69. The quarter also saw a 0.2% dip in wireless service revenue, driven by a 20% drop in contracted device sales.
Growth drivers included a 31% jump in AI‑powered solutions revenue in Q4 and a 60% increase for the full year, reaching roughly $700 million. The acquisition of Ziply Fiber on August 1, 2025 contributed about 2% of consolidated revenues and 1% of net earnings, while Crave subscriptions grew 26% to 4.6 million. These segments helped offset headwinds in legacy wireless and media businesses.
Management emphasized the company’s strategic priorities in a statement: “Bell’s disciplined focus on its four strategic priorities – putting the customer first; delivering the best fibre and wireless networks; leading in enterprise with AI‑powered solutions; and building a digital media and content powerhouse – delivered strong results in 2025.” The CEO also noted that 2025 was about setting the plan, and that the focus for 2026 will shift decisively to execution, especially in the U.S. fibre growth strategy.
Looking ahead, BCE projects revenue growth of 1% to 5% for 2026, while adjusted EPS is expected to decline further by 5% to 11% due to higher depreciation, amortization, and interest expense. The guidance signals confidence in maintaining profitability through disciplined capital allocation, even as the company navigates competitive pressures in wireless and media.
The filing fulfills BCE’s regulatory reporting obligations and provides investors with the most recent audited financial data, enabling a comprehensive assessment of the company’s performance and strategic trajectory.
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