BCE (BCE) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic vision and growth outlook

• Management is focused on executing a three-year plan targeting 2%-4% revenue growth and 2%-3% adjusted EBITDA growth through 2028, with a disciplined approach to long-term value creation.

• The strategy is anchored on four priorities: customer focus, best-in-class fiber and wireless networks, AI-powered enterprise solutions, and building a digital media powerhouse, all supported by aggressive cost reduction.

• Growth vectors are separated from legacy businesses, with emphasis on fiber and wireless for consumers and SMBs, aiming for 4%-5% compound growth in these segments.

• Execution is prioritized over short-term results, with management targeting high-value customers and product bundling to drive retention and revenue.

• The plan is designed for a low-growth environment, with upside potential as market conditions stabilize.

AI, enterprise, and digital transformation

• Targeting $1.5 billion in AI-powered solutions revenue over three years, leveraging secure networks, trusted brand, and AI infrastructure.

• AI initiatives include Bell AI Fabric, AI-powered cybersecurity (Bell Cyber), and systems integration (Ateko), offering full-stack solutions.

• Enterprise growth is driven by tightly integrated verticals, disciplined demand-led investments, and partnerships for AI infrastructure, minimizing technology risk.

• Data sovereignty is seen as a significant opportunity, especially for public sector and critical industries, potentially accelerating AI growth.

Fiber expansion and U.S. market

• Ziply Fiber acquisition expands U.S. fiber footprint, focusing on building a high-growth platform rather than traditional integration.

• U.S. fiber strategy is to allocate capital to high-growth markets, aiming for 8 million fiber locations passed long-term, with 3 million by 2028.

• Growth in the U.S. is supported by superior network, customer experience, and competitive pricing, with continued disciplined capital allocation.

• M&A outside Canada will be considered only if it accelerates targets without deviating from leverage goals.