BCE Inc. (BCE) Earnings Call Transcripts

BCE Inc.'s Latest Earnings Call - May 18, 2026

In Q1 2026, BCE Inc. reported a revenue growth of 1% to 5% and maintained its EBITDA growth guidance of 0% to 4%. The company highlighted strong progress in its AI initiatives, with Curtis Millen stating, "AI fabric might be a faster timeline than we expected," indicating a potential acceleration in revenue recognition from this segment. BCE's strategic focus on digital transformation and fiber investments remains a key driver for future growth, although management acknowledged challenges in the wireless pricing environment impacting ARPU growth expectations, now pushed to 2027.

Reported metrics

Guidance from management

BCE maintained its revenue growth guidance of 1% to 5% and EBITDA growth of 0% to 4% for 2026, indicating confidence in operational execution despite market challenges.

What management said

It's yes, that is what we're targeting. And look, there's a dislocation between the risk/reward, where we're getting a risk-adjusted return. And at the same time, we already have contracts signed. So it's not a building and they will come. It's a -- we'll build it after we've already signed revenue contracts. And we're not spending money, as you know, on the actual chipset. So -- it is a very contractual business for...

Yes. I'm expecting it to be relatively flat. I mean AI fabric comes in at pretty high margins. The cybersecurity is solid margins ultimately, on the MSP side of the world, they offset each other. But ultimately, overall enterprise business, I expect to keep delivering margins.

What analysts pressed on

Analysts expressed concerns over the reversal in postpaid churn and the implications for future ARPU growth, which management now expects to inflect positively in 2027. There are also worries about the competitive pricing environment impacting revenue.

Main topics on the call

• AI Fabric Progress — BCE's AI Fabric initiative is progressing faster than anticipated, with management stating they are "about 40% of the way there" in monetizing 800 megawatts of power. This acceleration could enhance revenue streams soone...
• Wireless Churn Reversal — The company experienced a reversal in postpaid churn after three consecutive quarters of improvement, attributed to increased competitive offers. However, management remains optimistic about future churn reduction, citin...
• Fiber Subscriber Growth — BCE added approximately 43,000 residential fiber-to-the-home subscribers in Q1, maintaining a strong market share where fiber is available. Management noted that "where we have fiber, we capture 50% plus of the market," ...
• Capital Allocation Strategy — BCE is focused on balancing growth investments with deleveraging targets, aiming for a leverage ratio of 3.5x by 2027. Millen emphasized, "We will be deleveraging 3.5 by 2027, we're going to hit that target," showcasing ...

Read the full BCE Inc. transcript (May 18, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 45 BCE Inc. earnings call transcripts on record, spanning February 6, 2020 to May 18, 2026. Based on this history, BCE Inc. reports quarterly. The most recent call on file is dated May 18, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BCE

Exchange

TSX

Country

CA

Sector

Communication Services

Industry

Diversified Telecommunication Services

Calls on record

45

First call

February 6, 2020

Most recent

May 18, 2026

Reporting cadence

quarterly