BCE (BCE) Barclays Communications and Content Symposium 2026 summary

Strategic priorities and outlook

• Focus remains on balanced capital allocation, deleveraging, and funding strategic growth, with continued emphasis on digital transformation and AI to enhance customer experience and operational efficiency.

• Execution on three-year financial targets is a key priority, with no major changes in strategy despite increased promotional activity in wireless.

• Long-term industry growth is expected to settle in the low single-digit range, with tailwinds from increased wireless penetration, immigration, and ARPU repricing.

• Fiber remains a core growth driver, with ongoing expansion and significant room for increased penetration, especially in newer footprints.

• U.S. fiber investments, particularly through Ziply, are guided by IRR, ARPU potential, and market competition, with a ramp-up in build pace expected through 2028.

Competitive landscape and operational performance

• Wireless market remains competitive, but focus is on acquiring and retaining high-value, bundled, and fiber customers to reduce churn.

• Churn improvement is attributed to enhanced customer experience, digital engagement, and omnichannel capabilities, rather than hardware upgrades.

• Fixed wireless is a niche product, mainly relevant in rural or copper-only areas, with fiber seen as the superior offering.

• Cost efficiency initiatives leverage technology and AI to reduce manual work, streamline processes, and improve both customer service and internal operations.

• Enterprise revenue is stable, with growth driven by AI solutions and a balanced approach to legacy and new business segments.

Financial management and capital allocation

• Capital allocation prioritizes deleveraging, maintaining leverage targets, funding growth, and paying dividends, with asset sales (including towers) considered if they accelerate free cash flow growth.

• Dividend increases are not expected in the near term, with focus on deleveraging and growth investments.

• AI-powered solutions (Bell Cyber, Ateko, AI Fabric) are complementary, with strong demand and disciplined investment tied to contract wins.

• Guidance ranges are influenced by both macroeconomic factors and core industry drivers, with upside potential from improved churn and ARPU.

• Device financing is managed as a lever for customer retention, with a shift away from subsidies and a focus on long-term value.