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BCE Inc.: Transforming into a U.S. Fiber Powerhouse Through the Ziply Growth Engine!

BCE Inc. exited 2025 having met its consolidated financial guidance, with service revenue up 0.6%, adjusted EBITDA up 0.7%, and margin expanding 20 basis points to 43.6%, the strongest annual level in over three decades. Free cash flow increased 10% to $3.2 billion, supported by lower capital expenditures and improved working capital, while capital intensity declined to 15.1%. However, adjusted EPS fell 7.9%, primarily reflecting higher depreciation and amortization tied to broadband investment and incremental interest expense following the Ziply Fiber acquisition. Net debt leverage remained elevated at approximately 3.8x adjusted EBITDA, although nominal net debt was slightly lower year over year, and management reiterated a path toward 3.5x by 2027. In Canadian wireless, postpaid net additions were stable year over year at 56,124 in the fourth quarter, with churn improving 17 basis points to 1.49% for a third consecutive quarter of year over year improvement.