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2024 financial performance

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In preparing this webpage, we have considered the information available until March 6, 2025.

Financial and operational highlights

The Bell team provided communications technologies in 2024 that enhanced the connectivity of Canadians. These connections form the foundation for BCE’s long-term success

2024 financial performance

2024 financial performance Actual Target footnote 1
Revenue growth growth † (1.1%) Approx. (1.5%)
Adjusted EBITDA footnote 2 growth growth † 1.7% 1.5% to 4.5%
Net earnings growth growth † (83.9%) No target provided
Capital intensity footnote 3 16.0% Below 16.5%
Net earnings per share (EPS) growth growth † (92.1%) No target provided
Adjusted net earnings per share (adjusted EPS) footnote 2 growth growth † (5.3%) (7%) to (2%)
Cash flows from operating activities growth growth † (12.1%) No target provided
Free cash flow footnote 2 growth growth † (8.1%) (11%) to (3%)

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 the resiliency and capacity of our world-class fibre broadband, television and wireless services and on making it easier to do business with Bell enabled solid subscriber growth in retail Internet, Internet Protocol television (IPTV) and wireless in 2024.

BCE retail subscribers (millions) 2024 2023 Change
Mobile phone footnote 4 footnote 5 footnote 6 10.29 10.29 -
Mobile connected device 3.04 2.73 11.4%
Internet footnote 5 footnote 6 footnote 7 footnote 8 4.49 4.47 0.4%
IPTV footnote 7 2.13 2.07 3.0%
Residential telephone services footnote 7 footnote 8 footnote 9 1.83 2.02 (9.3%)
Totalfootnote 6 21.79 21.58 1.0%
24.66millions
Total Bell consumer, business and wholesale customer connections

† Compared to 2023.

1 As announced in a news release issued on November 7, 2024, and available on SEDAR+ at sedarplus.ca, we revised our revenue guidance for 2024 downward from a range of 0% to 4%, previously announced on February 8, 2024, to a decline of approximately 1.5%. All other financial guidance targets remained unchanged.

2Adjusted 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 IFRS® Accounting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We defi ne 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 2024 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 financial measure under IFRS Accounting Standards and for free cash flow, a reconciliation to cash flows from operating activities as being the most directly comparable financial measure under IFRS Accounting Standards.

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

4 In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from our prepaid mobile phone subscriber base as at December 31, 2024, as we stopped selling new plans for this service as of that date.

5 In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers from our prepaid mobile phone subscriber base as at September 30, 2024, as we stopped selling new plans for this service as of that date. Additionally, as a result of a recent CRTC decision on wholesale high-speed Internet access services, we are no longer able to resell cable Internet services to new customers in our wireline footprint as of September 12, 2024, and consequently we removed all of the existing 106,259 cable subscribers in our wireline footprint from our retail high-speed Internet subscriber base as of that date.

6 In Q1 2024, we adjusted our mobile phone postpaid subscriber base to remove very low to non-revenue generating business market subscribers of 105,802. Additionally, in Q1 2024 our retail high-speed Internet subscriber base increased by 3,850 business subscribers as a result of a small acquisition. We also removed 11,645 turbo hub subscribers from our retail high-speed Internet subscriber base in Q1 2024, as we are no longer actively marketing this product in our wireless-to-the-home footprint. Lastly, as of Q1 2024, we are no longer reporting retail satellite TV subscribers as this no longer represents a significant proportion of our revenues. As a result, satellite TV subscribers have been removed from our retail TV subscriber base, and we now report exclusively retail IPTV subscribers.

7 In Q2 2024, we increased our retail IPTV subscriber base by 40,997 to align the deactivation policy for our Fibe TV streaming services to our traditional Fibe TV service. While in Q2 2023, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small acquisitions.

8 Excludes wholesale customers.

9 Excludes business telephone services.