Press Release
MONTRÉAL, Nov. 2, 2023– BCE Inc. (TSX: BCE) (NYSE: BCE) today reported results for the third quarter (Q3) of 2023.
“The Bell team has demonstrated continued operational excellence, delivering results that place us in a solid position as we look ahead to the end of the year,” said Mirko Bibic, President and CEO of BCE and Bell Canada.
“Bell’s Q3 results reflect the positive outcome of our significant investments in broadband networks and services, a clear preference by our customers for fibre, continued momentum in our core operations, and cost containment and discipline.
Our continued investments in building high-quality networks and delivering the services that our customers want continues to pay off with a record quarter for fibre Internet net activations of 104,159, up 7.9% over last year. We are continuing to grow in wireless with 231,212 total mobile phone and connected device net subscriber activations; 142,886 of which are postpaid net subscriber activations, representing our second highest Q3 result since 2010.
I’m pleased with our overall progress this quarter. With healthy subscriber growth across the board, consistent results and disciplined execution, I’m confident in the Bell team’s ability to continue delivering on our strategic priorities in the months ahead.”
1 Adjusted EBITDA is a total of segments measure, adjusted net earnings and free cash flow are non-GAAP financial measures and adjusted EPS is a non-GAAP ratio. Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on these measures.
2 Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on adjusted EBITDA margin.
3 Refer to the Key Performance Indicators (KPIs) section in this news release for more information on subscriber (or customer) units.
4 Baseline broadband buildout program based on planned coverage footprint of approximately 10 million residential and business locations.
5 Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, connected TV apps and out-of-home (OOH) digital assets/platforms, as well as advertising procured through Bell digital buying platforms and subscription revenue from direct-to-consumer services and video-on-demand services.
KEY BUSINESS DEVELOPMENTS
New BCE Director; BCE executive team update
BCE welcomes Johan Wibergh (opens in new window) to the Board of Directors. Mr. Wibergh is the former Chief Technology and Information Officer of Vodafone, a global telecommunications provider, and former EVP & Head of Business Unit Networks for Ericsson. Sean Cohan (opens in new window) joined BCE as President, Bell Media following the retirement of Wade Oosterman. Mr. Cohan will join BCE’s executive leadership team.
Building the best networks and providing greater access
PCMag recognized Bell as the Best Major and Best All-Around ISP in Canada in PCMag’s Best ISPs 2023 Canada report (opens in new window) .6 This achievement is based on Internet speed as well as price, coverage and customer satisfaction. Bell expanded availability of its 3 gigabits per second symmetrical Internet service (opens in new window) , Giga Hub and Wi-Fi 6E pods to Manitoba. (LINK) This achievement is based on Internet speed as well as price, coverage and customer satisfaction. As part of the Dibaajimowin Project, administered by the Grand Council Treaty #3, Bell will provide broadband fibre-optic Internet access (opens in new window) to 23 Indigenous and 13 non-Indigenous communities in Northwestern Ontario. Bell, Virgin Plus and Lucky Mobile customers now have mobile service in Toronto’s TTC (opens in new window) subway tunnels and stations with network access, with more coverage areas to come.
5G leadership and technology innovation
As a member of the 5G Future Forum, Bell partnered with Verizon, Vodafone and independent software vendor Matsuko to successfully conduct the first live transatlantic holographic collaborative meeting (opens in new window) in Canada, the U.S. and the UK using 5G and multi-access edge computing (MEC) technology.
Delivering the most compelling content
Bell Media entered into a definitive agreement to purchase the Canadian business of OUTFRONT Media (opens in new window) to bolster its out-of-home presence across the country. Bell Media and FOX Entertainment Global (opens in new window) forged a new licensing and distribution pact to support Canadian original productions for all Bell Media platforms, including CTV and Crave, and in the U.S. for FOX.
Bell Media launched Addressable Audio (opens in new window) and Addressable TV (opens in new window) , delivering tailored ads to radio and TV audiences across linear programming and on-demand content. TSN+ announced subscription options with a full slate of content (opens in new window) including NFL RedZone and PGA Tour Live. The 2023 NFL season (opens in new window) is now available across TSN, TSN+, RDS and CTV. RDS, the official French-language broadcaster of the Montréal Canadiens, Ottawa Senators, and Laval Rocket, announced 17 brand partners for the 2023-2024 Hockey Season (opens in new window) . Bell Media discontinued operations of specialty channel VRAK (opens in new window) after 23 years on the air.
Bell for Better: Better World, Better Communities, Better Workplace
To underscore Bell’s continued focus on environmental, social and governance (ESG) priorities, it has amended its existing Cdn $2.3 billion securitization program to add sustainability-linked pricing (opens in new window) . 75 electric vehicle chargers were added to workplaces across Québec (opens in new window) , advancing Bell’s plans to electrify its fleet. Bell was recognized with a 2024 Clean50 Top Project Award (opens in new window) 7 for its halocarbon free, energy-efficient computer room cooling project. To mark Mental Illness Awareness Week, Bell Let’s Talk announced the 115 recipients of the 2023 Bell Let’s Talk Community Fund (opens in new window) with a focus on organizations providing housing supports including Street Haven (opens in new window) , an emergency shelter for women in Toronto. The Bell Let’s Talk fund also gifted $1 million to IWK Health (opens in new window) in Halifax for a dedicated mental health space in the children’s hospital’s emergency department. Bell welcomed more than 120 new grads as part of its 2023 Graduate Leadership Program (opens in new window) .
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