Financials BCE Inc.

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-06-19 EDT			5-day change	1st Jan Change
29.93 ^CAD	+0.13%		-4.22%	-10.17%

06-18	BCE Inc., Q1 2025 Earnings Call, May 08, 2025
06-16	National Bank Notes Bell Sale of Northwestel to SNU Continues to Drag	MT

Projected Income Statement: BCE Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	22,883	23,449	24,174	24,673	24,409	24,190	24,732	24,901
Change	-	2.47%	3.09%	2.06%	-1.07%	-0.9%	2.24%	0.68%
EBITDA ¹	9,607	9,893	10,199	10,417	10,589	10,484	10,711	10,806
Change	-	2.98%	3.09%	2.14%	1.65%	-0.99%	2.17%	0.89%
EBIT ¹	4,615	5,284	5,476	5,499	5,548	5,214	5,298	5,435
Change	-	14.5%	3.63%	0.42%	0.89%	-6.02%	1.62%	2.58%
Interest Paid ¹	-1,110	-1,082	-1,146	-1,475	-1,713	-1,822	-1,797	-1,712
Earnings before Tax (EBT) ¹	3,265	3,936	3,893	3,323	952	3,282	3,429	3,634
Change	-	20.55%	-1.09%	-14.64%	-71.35%	244.75%	4.48%	5.98%
Net income ¹	2,498	2,709	2,716	2,076	163	2,297	2,289	2,696
Change	-	8.45%	0.26%	-23.56%	-92.15%	1,309.18%	-0.36%	17.79%
Announcement Date	2/4/21	2/3/22	2/2/23	2/8/24	2/6/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	5,354	5,787	6,102	5,706	5,698	5,836	6,209	5,850	5,861	6,024	6,439	6,054	6,066	6,080	6,473	6,011	6,005	5,971	6,422	5,930	5,914	5,923	6,435
Change	-	8.09%	5.44%	-6.49%	-0.14%	2.42%	6.39%	-5.78%	0.19%	2.78%	6.89%	-5.98%	0.2%	0.23%	6.46%	-7.14%	-0.1%	-0.57%	7.55%	-7.66%	-0.27%	0.15%	8.65%
EBITDA ¹	2,331	2,454	2,404	2,429	2,476	2,558	2,430	2,584	2,590	2,588	2,437	2,538	2,645	2,667	2,567	2,565	2,697	2,722	2,605	2,558	2,656	2,681	2,612
Change	-	5.28%	-2.04%	1.04%	1.93%	3.31%	-5%	6.34%	0.23%	-0.08%	-5.83%	4.14%	4.22%	0.83%	-3.75%	-0.08%	5.15%	0.93%	-4.3%	-1.8%	3.84%	0.94%	-2.59%
EBIT ¹	1,206	1,316	1,235	1,207	1,316	1,361	1,254	1,420	1,351	1,385	1,245	1,337	1,413	1,435	1,314	1,303	1,427	1,463	1,355	1,286	1,373	1,376	1,302
Change	-	9.12%	-6.16%	-2.27%	9.03%	3.42%	-7.86%	13.24%	-4.86%	2.52%	-10.11%	7.39%	5.68%	1.56%	-8.43%	-0.84%	9.52%	2.52%	-7.38%	-5.09%	6.74%	0.24%	-5.4%
Charge d'intérêts ¹	-280	-279	-274	-267	-268	-272	-275	-260	-269	-298	-319	-344	-359	-373	-399	-416	-426	-440	-431	-423	-467	-467	-462
Earnings before Tax (EBT) ¹	390	996	912	940	970	1,119	907	1,269	886	949	789	1,058	670	950	645	623	835	-1,186	680	940	827.5	834.1	737.8
Change	-	155.38%	-8.43%	3.07%	3.19%	15.36%	-18.95%	39.91%	-30.18%	7.11%	-16.86%	34.09%	-36.67%	41.79%	-32.11%	-3.41%	34.03%	-242.04%	157.34%	38.24%	-11.97%	0.8%	-11.55%
Net income ¹	237	686	889	642	685	757	625	877	596	715	528	725	329	640	382	402	537	-1,237	461	630	625.6	649.6	482.8
Change	-	189.45%	29.59%	-27.78%	6.7%	10.51%	-17.44%	40.32%	-32.04%	19.97%	-26.15%	37.31%	-54.62%	94.53%	-40.31%	5.24%	33.58%	-330.35%	137.27%	36.66%	-0.7%	3.83%	-25.68%
Announcement Date	8/6/20	11/5/20	2/4/21	4/29/21	8/5/21	11/4/21	2/3/22	5/5/22	8/4/22	11/3/22	2/2/23	5/4/23	8/2/23	11/2/23	2/8/24	5/2/24	8/1/24	11/7/24	2/6/25	5/8/25	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: BCE Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	28,101	29,466	31,771	34,405	40,299	40,682	39,591	38,470
Change	-	4.86%	7.82%	8.29%	17.13%	0.95%	-2.68%	-2.83%
Announcement Date	2/4/21	2/3/22	2/2/23	2/8/24	2/6/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: BCE Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	4,202	4,837	5,133	4,581	3,897	3,493	3,894	3,882
Change	-	15.11%	6.12%	-10.75%	-14.93%	-10.37%	11.47%	-0.3%
Free Cash Flow (FCF) ¹	3,348	2,995	3,067	3,144	2,888	3,334	3,516	3,591
Change	-	-10.54%	2.4%	2.51%	-8.14%	15.44%	5.46%	2.14%
Announcement Date	2/4/21	2/3/22	2/2/23	2/8/24	2/6/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: BCE Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	41.98%	42.19%	42.19%	42.22%	43.38%	43.34%	43.31%	43.4%
EBIT Margin (%)	20.17%	22.53%	22.65%	22.29%	22.73%	21.55%	21.42%	21.83%
EBT Margin (%)	14.27%	16.79%	16.1%	13.47%	3.9%	13.57%	13.86%	14.59%
Net margin (%)	10.92%	11.55%	11.24%	8.41%	0.67%	9.5%	9.25%	10.83%
FCF margin (%)	14.63%	12.77%	12.69%	12.74%	11.83%	13.78%	14.22%	14.42%
FCF / Net Income (%)	134.03%	110.56%	112.92%	151.45%	1,771.78%	145.14%	153.63%	133.21%
Profitability
ROA	4.14%	4.25%	3.99%	4.14%	3.81%	3.14%	3.04%	3.36%
ROE	11.88%	12.42%	12.12%	13.8%	14.88%	14.89%	13.38%	13.3%
Financial Health
Leverage (Debt/EBITDA)	2.93x	2.98x	3.12x	3.3x	3.81x	3.88x	3.7x	3.56x
Debt / Free cash flow	8.39x	9.84x	10.36x	10.94x	13.95x	12.2x	11.26x	10.71x
Capital Intensity
CAPEX / Current Assets (%)	18.36%	20.63%	21.23%	18.57%	15.97%	14.44%	15.74%	15.59%
CAPEX / EBITDA (%)	43.74%	48.89%	50.33%	43.98%	36.8%	33.32%	36.35%	35.92%
CAPEX / FCF (%)	125.51%	161.5%	167.36%	145.71%	134.94%	104.77%	110.74%	108.1%
Items per share
Cash flow per share ¹	8.567	8.824	9.172	8.711	7.66	8.15	7.844	-
Change	-	3%	3.95%	-5.03%	-12.07%	6.4%	-3.76%	-
Dividend per Share ¹	3.33	3.5	3.68	3.87	3.99	2.31	1.76	1.76
Change	-	5.11%	5.14%	5.16%	3.1%	-42.11%	-23.81%	0%
Book Value Per Share ¹	23.21	24.9	24.32	22.17	18.68	16.57	17.79	18.99
Change	-	7.29%	-2.34%	-8.82%	-15.74%	-11.3%	7.34%	6.75%
EPS ¹	2.76	2.99	2.98	2.28	0.18	2.542	2.44	2.847
Change	-	8.33%	-0.33%	-23.49%	-92.11%	1,312%	-4%	16.68%
Nbr of stocks (in thousands)	904,375	908,850	911,955	912,274	912,283	921,825	921,825	921,825
Announcement Date	2/4/21	2/3/22	2/2/23	2/8/24	2/6/25	-	-	-