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Our financial performance

Our financial performance

Financial and operational highlights

The Bell team provided communications technologies in 2023 that enhanced the connectivity of Canadians. These connections form the foundation for BCE’s long-term success

2023 financial performance

2023 financial performance Actual Target
Revenue growth growth † 2.1% 1% to 5%
Adjusted EBITDA footnote 2 growth growth † 2.1% 2% to 5%
Net earnings growth growth † (20.5%) not available
Capital intensity footnote 3 18.6% 19% to 20%
Net earnings per share (EPS) growth growth † (23.5%) not available
Adjusted net earnings per share (adjusted EPS) footnote 2 growth growth † (4.2%) (7%) to (3%)
Cash flows from operating activities growth growth † (5.0%) not available
Free cash flow footnote 2 growth growth † 2.5% 2% to 10%
7.4% Dividend yield in 2023
3.1% Increase in dividend common share for 2024
16 Consecutive years of dividend growth

Connecting Canadians with advanced technology services and media

Bell team members continue to champion the customer experience as we deliver advanced networks, technology services and compelling content to individuals, families, communities, businesses and governments across Canada. Our strong focus on expanding the availability and capabilities of our fibre broadband, television and wireless services and making it easier to do business with Bell enabled solid subscriber growth in retail Internet, Internet Protocol television (IPTV) and wireless in 2023

BCE retail subscribers (millions) 2023 2022 Change
Mobile phone footnote 4 10.29 9.95 3.4%
Mobile connected device footnote 4 2.73 2.45 11.4%
Satellite TV footnote 8 0.65 0.76 (14.2%)
Residential telephone services footnote 5 footnote 6 footnote 8 footnote 9 2.02 2.19 (7.7%)
Total 22.24 21.60 3.0%
24.72 Million Total Bell consumer, business and wholesale customer connections

 Compared to 2022.

1 Annualized dividend per BCE common share divided by BCE’s share price at the end of the year.

2 Adjusted EBITDA is a total of segments measure, adjusted EPS is a non-GAAP ratio and free cash flow is a non-GAAP financial measure. These financial measures do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define adjusted EPS as adjusted net earnings per BCE common share. Refer to section 11, Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) of the BCE 2023 Annual MD&A for more information on these measures including, in the case of adjusted EBITDA, a reconciliation to net earnings as being the most directly comparable IFRS financial measure and for free cash flow, a reconciliation to cash flows from operating activities as being the most directly comparable IFRS financial measure.

3 Capital intensity is defined as capital expenditures divided by operating revenues.

4 In Q1 2023, we adjusted our mobile phone and mobile connected device subscriber bases to remove older non-revenue generating business subscribers of 73,229 and 12,577, respectively.

5 Excludes wholesale customers.

6 In Q2 2023, our Internet, IPTV and residential telephone services subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small acquisitions.

7 In Q1 2023, subsequent to a review of customer account records, our Internet subscriber base was reduced by 7,347 subscribers.

8 In Q4 2022, as a result of the acquisition of Distributel, our Internet, IPTV and residential telephone services subscriber bases increased by 128,065, 2,315 and 64,498 subscribers, respectively.

9 Excludes business telephone services.