BCE Inc

BCE: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$>	LOCK\|H^	LOCK\|g@!

BCE Earnings: Very Difficult Operating Environment Continues to Weigh on Results

Matthew Dolgin

Feb 5, 2026

Adjusted for its Ziply acquisition, we estimate BCE's service revenue declined 1.5% in the fourth quarter and more than 1% in 2025, while the EBITDA margin on service revenue was roughly flat in both periods. We estimate revenue guidance is roughly flat in 2026, after adjusting for Ziply.

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BCE Inc

BCE Earnings: Very Difficult Operating Environment Continues to Weigh on Results

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