Recent Updates — BCE

BCE Inc. announced that its subsidiary Bell Canada has entered into a definitive agreement with La Caisse, which will acquire a 49.9% stake in a newly formed wireless tower infrastructure company, TowerCo, for CAD $2.45 billion. The transaction values the tower company at approximately CAD $4.91 billion and allows BCE to retain a 50.1% controlling equity interest while consolidating TowerCo’s financial results. Bell will lease capacity on the transferred towers to TowerCo, which owns more than 5,000 sites across Canada. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions. BCE operates as Canada's largest communications company, providing advanced fibre and wireless networks, enterprise services, and digital media.

BCE Inc. announced that 400 of its fixed-rate Cumulative Redeemable First Preferred Shares, Series T, have been tendered for conversion into floating-rate Series S preferred shares. Additionally, 676,765 Series S shares were converted back to Series T on a one-for-one basis effective November 2, 2026. Following these conversions, BCE will have 5,474,698 Series T and 1,190,512 Series S preferred shares outstanding. The Series T shares will pay an annual fixed dividend of 5.523%, while Series S shares continue to pay a monthly floating dividend based on the prime rate. BCE is Canada’s largest communications company, providing advanced fibre and wireless networks, enterprise services, and digital media.

BCE Inc. reported second quarter 2026 financial results showing operating revenues of $6,176 million, a 1.5% increase year-over-year, driven by service revenue growth and the contribution from the Ziply Fiber acquisition. Net earnings decreased 2.3% to $629 million, with net earnings attributable to common shareholders falling 3.6% to $558 million. Adjusted EBITDA rose 1.0% to $2,702 million, while free cash flow declined 9.5% to $1,042 million due to higher capital expenditures. The company also announced the completion of a $1.6 billion Canadian medium-term note offering and a $650 million U.S. senior notes offering in June 2026, alongside tender offers repurchasing approximately $2.1 billion CAD of existing debt. BCE Inc. operates as a diversified telecommunications and media company providing wireless, wireline, and content services primarily in Canada.

BCE Inc. announced the conversion of its floating-rate Series AJ Preferred Shares into fixed-rate Series AI Preferred Shares on August 4, 2026. Following a tender process where 1,976,448 Series AJ shares were converted to Series AI and 1,875 Series AI shares were converted to Series AJ, the remaining Series AJ shares will automatically convert to Series AI because the outstanding balance would fall below 2,000,000. The resulting Series AI Preferred Shares will pay a quarterly fixed cash dividend based on an annual rate of 5.10% for a five-year period starting August 4, 2026. BCE is a Canadian communications company providing fiber, wireless, and digital media services.