Latest Annual report

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"> Integrated annual<br class="d-sm-none d-md-block" aria-hidden="true"/> report 2023</span> </a> </div> </li> </ul> <ul class="federal-bar-mobile"> <li> <div> <a id="languageSelector-mobile" class="js-current-language footer-header-current-language" href="#" lang ="fr" hreflang="fr" data-vanityurl="/investisseurs/rapports-financiers/documents-annuels" data-alternative="fr" role="button"> Français </a> </div> </li> <li> <div> <a href="/Accessibility_services" >Accessibility</a> </div> </li> </ul> </nav> <div class="connector-settings">   <div class="connector-search-wrap">  <div id="connector-search" class="CoveoSearchbox" data-enable-omnibox="true" data-enable-partial-match="true" data-partial-match-keywords="4" data-partial-match-threshold="75%"> </div>  </div>  </div> </div> </div> <div id="initial-lang-reigon-backdrop"></div> <div class="connector-active-lob modified-secondary-navigation mobile-secondary-navigation " role="navigation" aria-label="Secondary"> <div class="container"> <div id="msn-left" tabindex="0" class="msn-button" role="button" aria-label="Previous"></div> <a href="/investors" class="bellSlim section-link" aria-current="true"> Investors </a> <div class="link-container"> <ul class="clearfix"> <li class="" aria-current="false"> <a href="/investors/overview">Overview</a> </li> <li class="" aria-current="false"> <a href="/investors/invest-in-bce">Invest in BCE</a> </li> <li class="" aria-current="false"> <a href="/investors/shares-and-dividends">Shares and dividends</a> </li> <li class="active" aria-current="page"> <a href="/investors/financial-reports">Financial reports</a> </li> <li class="" aria-current="false"> <a href="/investors/events">Events</a> </li> <li class="" aria-current="false"> <a href="/investors/shareholder-info">Shareholder info</a> </li> <li class="" aria-current="false"> <a href="/investors/bonds">Bonds</a> </li> </ul> </div> <div id="msn-right" tabindex="0" class="msn-button" role="button" aria-label="Next"></div> </div> </div> </div> </header> <div id="accept-terms-read-report" class="modal fade scrollable-body accept-terms-read-report js-focus-modal-trap" role="dialog" tabindex="-1" data-backdrop="true" data-keyboard="true" aria-labelledby="accept-terms-read-report-title"> <div class="modal-dialog"> <div class="modal-content" role="document"> <div class="modal-header"> <h2 class="bellSlimBlack txtSize24 margin-b-0 txtBlack2" id="accept-terms-read-report-title"> Caution regarding forward-looking statements</h2> <button type="button" class="close" data-dismiss="modal" aria-label="close dialog" data-url="#"><span class="icon icon-close txtBlue txtSize20"></span></button> </div> <div class="modal-body scrollAdjust"> <p class="margin-b-30">The following webpages contain forward-looking statements including, without limitation, statements relating to BCE’s dividend growth objective, 2024 annualized common share dividend and dividend payout ratio level, and dividend payout policy target, BCE’s anticipated capital expenditures, network deployment plans and the benefits expected to result therefrom, our transformation initiatives and restructuring and the benefits expected to result therefrom, our ESG objectives and the benefits expected to result therefrom (which include, without limitation, our objectives concerning diversity, equity, inclusion and belonging (DEIB), customer experience, energy savings, circular economy and waste reduction, community investment, privacy and information security, network reliability, corporate governance and ethical business conduct leadership, reductions in the level of our GHG emissions including, without limitation, our carbon neutrality (scope 1 and 2 only) target and our science-based targets, and our carbon abatement objectives), the expected impacts on our company of various climate-related events, business opportunities that could result from climate change, BCE’s business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words <em>assumption, goal, guidance, objective, outlook, project, strategy, target, commitment</em> and other similar expressions or future or conditional verbs such as <em>aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive</em> and <em>will</em>. All such forward-looking statements are made pursuant to the safe harbour provisions of applicable Canadian securities laws and of the United States (U.S.) <em>Private Securities Litigation Reform Act of 1995</em>.</p> <p class="margin-b-30">Unless otherwise indicated by us, forward-looking statements in the following webpages describe our expectations as at March 7, 2024 and, accordingly, are subject to change after that date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in, or implied by, such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in the following webpages for the purpose of assisting readers in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.</p> <p class="margin-b-30">We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in the following webpages, which include, without limitation, the assumptions described in the subsections of the BCE 2023 Annual MD&A entitled <em>Assumptions</em>, which subsections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at March 7, 2024. If our assumptions turn out to be inaccurate, actual results or events could be materially different from what we expect.</p> <p class="margin-b-30">Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentioned forward-looking statements and other forward-looking statements contained in the following webpages, include, but are not limited to, the risks described in section 9, <em>Business risks</em> of the BCE 2023 Annual MD&A, which section is incorporated by reference in this cautionary statement.</p> <p class="margin-b-30">Forward-looking statements contained in the following webpages for periods beyond 2024 involve longer-term assumptions and estimates than forward-looking statements for 2024 and are consequently subject to greater uncertainty. They assume, unless otherwise indicated, that the relevant assumptions and risks described in the BCE 2023 Annual MD&A will remain substantially unchanged during such periods.</p> <p class="margin-b-30">We caution readers that the risk factors described in the previously-mentioned section and in other sections of the BCE 2023 Annual MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after March 7, 2024. The financial impact of these transactions and special items can be complex and depends on facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way, or in the same way we present known risks affecting our business.</p> </div> <div class="modal-footer"> <a class="btn btn-default col1-xs " role="button" href="/2023-integrated-report"> Agree and continue</a> </div> </div> </div> </div> <style> header.standard-outline .global-navigation .menu-flyout-visible .sub-nav-group.accss-focus-blue a:focus::before { border-color: #00549a !important; } </style> <main id="maincontent"> <div class="liquid-container bgGray19"> <div class="spacer45 spacer30-xs" aria-hidden="true"></div> <div class="liquid-container container"> <div class="row noMargin"> <div class="col-12 no-pad"> <h1 class="txtBlack2 txtSize32 txtSize24-xs bellSlimBlack txtBold noMargin" id="pageNavLabel">Financial reports</h1> </div> </div> </div> </div> <div class="liquid-container bgGray19"> <div class="spacer30" aria-hidden="true"></div> <div class="liquid-container container overflow-x-auto-xs bce-inpage-navigation modified-bce-inpage-navigation"> <div class="row noMargin"> <div class="col-12 no-pad bce-tablist" role="navigation" aria-labelledby="pageNavLabel"> <ul class="noBullets d-flex justify-content-start"> <li class=" pad-30-right /investors/financial-reports/annual-documents" aria-current="false" > <a href="/investors/financial-reports/quarterly-reports" target="_self" class="txtNoUnderline linkUnderline"> <span role="presentation" class="txtSize18 txtSize14-xs txtBlue padding-8-bottom">Quarterly</span> </a> </li> <li class="active pad-30-right /investors/financial-reports/annual-documents" aria-current="true" > <a href="/investors/financial-reports/annual-documents" target="_self" class="txtNoUnderline "> <span role="presentation" class="txtSize18 txtSize14-xs txtBlue padding-8-bottom">Annual</span> </a> </li> <li class=" pad-30-right /investors/financial-reports/annual-documents" aria-current="false" > <a href="/investors/financial-reports/archives" target="_self" class="txtNoUnderline linkUnderline"> <span role="presentation" class="txtSize18 txtSize14-xs txtBlue padding-8-bottom">Archives</span> </a> </li> </ul> </div> </div> </div> </div> <div class="liquid-container bgWhite"> <div class="spacer45 clear" aria-hidden="true"></div> <div class="spacer10 clear d-none d-md-block" aria-hidden="true"></div> <div class="container liquid-container no-pad-xs"> <div class="row noMargin"> <div class="col-sm-6 bgGray19-xs col-12 pad-30-xs pad-15-right"> <div class="d-flex"> <div class="iconContainer2 bgBlue border-allRound d-flex align-items-center justify-center"> <span class="icon3 icon-Download_centre_nobg txtSize32 txtWhite"></span> </div> <div class="d-flex justify-content-center flex-column pad-15-left textContainer"> <h2 class="bellSlimBlack txtSize24 txtBlack2 lineHeight-26">Latest annual documents</h2> </div> </div> <div class="spacer30 spacer15-xs clear" aria-hidden="true"></div> <div class="pad-45-left no-pad-left-sm"> <div class="col1 List_links_icons_compressed underlineLinksBlue"> <ul class="noBullets relative"> <li> <div> <span> <a href="/investors/AR-2023/2023-bce-integrated-annual-report.pdf" target="_blank" rel="noopener noreferrer" aria-label="Download BCE 2023 Integrated annual report (PDF 8 MB – March 7, 2024)"> <span class="iconContainer"><i class="icon icon-download txtSize16 pad-10-right txtBlue" aria-hidden="true" aria-expanded="false"></i></span> <span>BCE 2023 Integrated annual report (PDF 8 MB – March 7, 2024)</span> </a> </span> </div> </li> <li> <div> <span> <a href="/investors/AR-2023/2023-bce-annual-information-form.pdf" target="_blank" rel="noopener noreferrer" aria-label="Download BCE 2023 Annual information form (PDF 1 MB - 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March 7, 2024"> <span class="iconContainer"><i class="icon icon-download txtSize16 pad-10-right txtBlue" aria-hidden="true" aria-expanded="false"></i></span> <span>BCE 2023 Annual financial report (PDF 3.4 MB - March 7, 2024)</span> </a> </span> </div> </li> </ul> </div> </div> <div class="spacer30 spacer15-xs clear" aria-hidden="true"></div> <div class="spacer20 clear"></div> <p>BCE will provide to holders of its common shares and preferred shares, upon request and free of charge, a printed copy of its audited financial statements for the year ended December 31, 2023. Holders of BCE's securities may request a copy of the audited financial statements by contacting BCE Investor Relations by telephone at 1 800 339-6353, by completing the online <a href="/investors/shareholder-info/document-request-form">form</a> or in writing to 1, Carrefour Alexander-Graham-Bell, Building A, 8th Floor, Verdun (Quebec), H3E 3B3.</p> <p>To learn how to subscribe to electronic delivery, please <a href="/investors/shareholder-info/documents-request-and-electronic-delivery" aria-label="To learn how to subscribe to electronic delivery, please click here" class="txtUnderline">click here</a>.</p> <div class="spacer40 d-sm-block clear" aria-hidden="true"></div> </div> </div> </div> </div> <div id="quotedelay" class="modal fade" role="dialog" tabindex="-1" data-backdrop="static" data-keyboard="false"> <div class="modal-dialog modal-md bell-modal-md radius-10 bce-modal" role="document">  <div class="modal-content radius-10" style="max-height: 992px;"> <div class="bgGrayLight4 vPadding30 pad-15-top pad-15-bottom radius-10-top flex bce-modal-header"> <div class="modal-title bellSlimBlack sans-serif-xs txtBlack txtSize24 txtSize18-xs pad-20-right txtBold txtBlack2 flex align-items-center" title=">LEGAL DISCLAIMER">LEGAL DISCLAIMER</div> <div class="margin-auto-left flex"> <button type="button" class="bce-modal-close margin-auto pointer" data-dismiss="modal" aria-label="close"> <span class="icon icon-close txtBlue txtBold txtSize20"></span> </button> </div> </div> <div class="pad-30-xs pad-40-top pad-40-bottom pad-30-left-right bgWhite txtGray4A radius-10-bottom-sm bce-modal-body overflow-y-auto" style="max-height: 936px;"> <div> <p class="txtGray4A"> All stock price information is provided for informational purposes only, and is not intended for trading purposes. Intraday data is delayed by at least 15 minutes. All times indicated are Eastern Time. </p> <p class="txtGray4A"> BCE Inc. and its service providers do not guarantee the sequence, accuracy, or completeness of any stock price information or other data displayed, and are not liable or responsible in any way for any delays, inaccuracies, or errors in any stock price information or data or in the transmission of any stock price information or data. The stock price information or data provided is not to be relied upon for any trading, business or financial purpose. 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All rights reserved. </p> <p class="txtGray4A"> Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. </p> <p class="txtGray4A"> For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site <span><a class="txtUnderline" href="http://www.thomsonreuters.com" target="_blank" rel="noopener noreferrer" aria-label="http://www.thomsonreuters.com Thomson Reuters (opens in new window)" >http://www.thomsonreuters.com/ <span class="icon2 icon-external-link txtSize12"> </span> </a> </span>. </p> </div> </div> </div> </div> </div> <div class="spacer45 clear" aria-hidden="true"></div> <div class="spacer10 clear d-none d-md-block" aria-hidden="true"></div> <div class="liquid-container bgWhite"> <div class="spacer10 clear d-none d-md-block" aria-hidden="true"></div> <div class="container liquid-container "> <div class="row noMargin"> <div class="col1"> <h2 class="noMargin txtBlack2 txtSize24 bellSlimBlack sans-serif-xs txtBold txtSize18-xs"> FINANCIAL OUTLOOK FOR 2025 </h2> <div class="spacer10" aria-hidden="true"></div> </div> <div class="col-sm-8"> <p class="txtGray4A">The table below provides our 2025 financial guidance targets.</p> <p class="noMargin txtGray4A"> Please read our <a href="#" class="txtUnderline" data-toggle="modal" data-target="#cautionconcerning">caution concerning forward-looking statements</a> when using this information. </p> <p><br aria-hidden="true"> For additional details and explanations, please see <a href="/investors/financial-reporting/2024-Q4/2024-q4-press-release.pdf" target="_blank" rel="noopener noreferrer" rel="noopener noreferrer" class="txtUnderline">BCE’s news release dated February 6, 2025</a>. </p> <div id="cautionconcerning" class="modal fade" role="dialog" tabindex="-1" data-backdrop="static" data-keyboard="false"> <div class="modal-dialog modal-md bell-modal-md radius-10 bce-modal" role="document">  <div class="modal-content radius-10" style="max-height: 1541px;"> <div class="bgGrayLight4 vPadding30 pad-15-top pad-15-bottom radius-10-top flex bce-modal-header"> <div class="modal-title bellSlimBlack sans-serif-xs txtBlack txtSize24 txtSize18-xs pad-20-right txtBold txtBlack2 flex align-items-center" title="Forward-looking statements">Forward-looking statements</div> <div class="margin-auto-left flex"> <button type="button" class="bce-modal-close margin-auto pointer" data-dismiss="modal" aria-label="close"> <span class="icon icon-close txtBlue txtBold txtSize20"></span> </button> </div> </div> <div class="pad-30-xs pad-20-top pad-20-bottom pad-30-left-right bgWhite txtGray4A radius-10-bottom-sm bce-modal-body overflow-y-auto"> <div> <p class="noMargin txtGray4A txtBold"> CAUTION REGARDING FORWARD-LOOKING STATEMENTS </p> <div class="spacer10" aria-hidden="true"></div> <p>The statements relating to BCE’s 2025 guidance (including revenue, adjusted EBITDA, capital intensity, adjusted EPS, free cash flow and annualized common dividend per share), which are contained on this Webpage, are forward-looking statements. All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws and of the United States <em>Private Securities Litigation Reform Act of 1995</em>.</p> <div class="spacer10" aria-hidden="true"></div> <p>Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained on this Webpage describe our expectations as of February 6, 2025 and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained on this Webpage, whether as a result of new information, future events or otherwise. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after February 6, 2025. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements are presented on this Webpage for the purpose of assisting investors and others in understanding certain key elements of our expected financial results. Readers are cautioned that such information may not be appropriate for other purposes. </p> <div class="spacer10" aria-hidden="true"></div> <p><strong>Material Assumptions</strong></p> <p>A number of economic, market, operational and financial assumptions were made by BCE in preparing its forward-looking statements contained on this Webpage, including, but not limited to the following:</p> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Canadian Economic Assumptions</em></strong><br> Our forward-looking statements are based on certain assumptions concerning the Canadian economy. These assumptions do not incorporate the imposition of wide-ranging U.S. tariffs on all imports from Canada and retaliatory tariffs by the Canadian government on a wide range of goods coming from the U.S. Given the fast-evolving situation and the high degree of uncertainty around the duration of a potential trade war, it is difficult to predict how the effects would flow through the economy. New tariffs could significantly affect the outlooks for economic growth, consumer spending, inflation and the Canadian dollar. In particular, we have assumed: </p> <ul> <li>Strengthening economic growth, given the Bank of Canada’s most recent estimated growth in Canadian gross domestic product of 1.8% in 2025, representing an increase from 1.3% in 2024</li> <li>Slower population growth because of government policies designed to slow immigration</li> <li>Growth in consumer spending supported by past decreases in interest rates</li> <li>Modest growth in business investment underpinned by past declines in interest rates</li> <li>Relatively stable level of consumer price index (CPI) inflation</li> <li>Ongoing labour market softness</li> <li>Interest rates expected to remain at or near current levels</li> <li>Canadian dollar expected to remain near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices </li> </ul> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Canadian Market Assumptions</em></strong> <br> Our forward-looking statements also reflect various Canadian market assumptions. In particular, we have made the following market assumptions:</p> <ul> <li>A higher level of wireline and wireless competition in consumer, business and wholesale markets</li> <li>Higher, but slowing, wireless industry penetration</li> <li>A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative over-the-top (OTT) competitors</li> <li>The Canadian traditional TV and radio advertising market is expected to be impacted by audience declines as the advertising market growth continues to shift towards digital</li> <li>Declines in broadcasting distribution undertaking (BDU) subscribers driven by increasing competition from the continued rollout of subscription video on demand (SVOD) streaming services together with further scaling of OTT aggregators</li> </ul> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Assumptions Concerning our Bell CTS Segment</em></strong><br> Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell CTS segment:</p> <ul> <li>Stable or slight decrease in our market share of national operators' wireless mobile phone net additions as we manage increased competitive intensity and promotional activity across all regions and market segments</li> <li>Ongoing expansion and deployment of Fifth Generation (5G) and 5G+ wireless networks, offering competitive coverage and quality</li> <li>Continued diversification of our distribution strategy with a focus on expanding direct-to-consumer (DTC) and online transactions</li> <li>Slightly declining mobile phone blended average revenue per user (ARPU) due to competitive pricing pressure</li> <li>Continuing business customer adoption of advanced 5G, 5G+ and Internet of Things (IoT) solutions</li> <li>Continued scaling of technology services from recent acquisitions made in the enterprise market through leveraging our sales channels with the acquired businesses’ technical expertise </li> <li>Improving wireless handset device availability in addition to stable device pricing and margins</li> <li>Moderating deployment of direct fibre to incremental homes and businesses within our wireline footprint</li> <li>Continued growth in retail Internet subscribers</li> <li>Increasing wireless and Internet-based technological substitution</li> <li>Continued focus on the consumer household and bundled service offers for mobility, Internet and content services</li> <li>Continued large business customer migration to Internet protocol (IP)-based systems</li> <li>Ongoing competitive repricing pressures in our business and wholesale markets</li> <li>Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services</li> <li>Increasing customer adoption of OTT services resulting in downsizing of television (TV) packages and fewer consumers purchasing BDU subscriptions services </li> <li>Realization of cost savings related to operating efficiencies enabled by our direct fibre footprint, changes in consumer behaviour and product innovation, digital and AI adoption, product and service enhancements, expanding self-serve capabilities, new call centre and digital investments, other improvements to the customer service experience, management workforce reductions including attrition and retirements, and lower contracted rates from our suppliers</li> <li>No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our communication and technology services business </li> </ul> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Assumptions Concerning our Bell Media Segment</em></strong><br> Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Media segment:</p> <ul> <li>Overall digital revenue expected to reflect scaling of Connected TV, DTC advertising and subscriber growth, as well as digital growth in our out-of-home (OOH) business contributing towards the advancement of our digital-first media strategy</li> <li>Leveraging of first-party data to improve targeting, advertisement delivery including personalized viewing experience and attribution</li> <li>Continued escalation of media content costs to secure quality content</li> <li>Continued scaling of Crave, TSN, TSN+ and RDS through expanded distribution, optimized content offering and user experience improvements</li> <li>Continued support in original French content with a focus on digital platforms such as Crave, Noovo.ca and iHeartRadio Canada, to better serve our French-language customers through a personalized digital experience</li> <li>Ability to successfully acquire and produce highly-rated programming and differentiated content</li> <li>Building and maintaining strategic supply arrangements for content across all screens and platforms</li> <li>No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our media business</li> </ul> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Financial Assumptions Concerning BCE</em></strong> <br> Our forward-looking statements are also based on the following internal financial assumptions with respect to BCE for 2025: <strong> </strong></p> <ul> <li>An estimated post-employment benefit plans service cost of approximately $205 million</li> <li>An estimated net return on post-employment benefit plans of approximately $100 million</li> <li>Depreciation and amortization expense of approximately $5,100 million to $5,150 million</li> <li>Interest expense of approximately $1,775 million to $1,825 million</li> <li>Interest paid of approximately $1,850 million to $1,900 million</li> <li>An average effective tax rate of approximately 17%</li> <li>Non-controlling interest of approximately $60 million</li> <li>Contributions to post-employment benefit plans of approximately $40 million</li> <li>Payments under other post-employment benefit plans of approximately $60 million</li> <li>Income taxes paid (net of refunds) of approximately $700 million to $800 million</li> <li>Weighted average number of BCE common shares outstanding of approximately 935 million</li> <li>An annualized common share dividend of $3.99 per share</li> </ul> <div class="spacer10" aria-hidden="true"></div> <p><strong><em>Assumptions underlying expected continuing contribution holiday in 2025 in the majority of our pension plans</em></strong><br> We have made the following principal assumptions underlying the expected continuing contribution holiday in 2025 in the majority of our pension plans:</p> <ul> <li>At the relevant time, our defined benefit (DB) pension plans will remain in funded positions with going concern surpluses and maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken for applicable DB and defined contribution (DC) components</li> <li>No significant declines in our DB pension plans’ financial position due to declines in investment returns or interest rates</li> <li>No material experience losses from other events such as through litigation or changes in laws, regulations or actuarial standards</li> </ul> <div class="spacer10" aria-hidden="true"></div> <p>The foregoing assumptions, although considered reasonable by BCE on February 6, 2025, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth on this Webpage.</p> <div class="spacer10" aria-hidden="true"></div> <p><strong>Material Risks</strong></p> Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in, or implied by, our forward-looking statements, including our 2025 guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2025 guidance targets, essentially depends on our business performance, which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to: the negative effect of adverse economic conditions, including a potential trade war and potential recession, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility, and the resulting negative impact on business and customer spending and the demand for our products and services; the negative effect of adverse conditions associated with geopolitical events; the intensity of competitive activity and the failure to effectively respond to evolving competitive dynamics; the level of technological substitution and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of cloud-based, over -the-top (OTT) and other alternative solutions; advertising market pressures from economic conditions, fragmentation and non-traditional/global digital services; rising content costs and challenges in our ability to acquire or develop key content; high Canadian Internet and smartphone penetration; regulatory initiatives, proceedings and decisions, government consultations and government positions that negatively affect us and influence our business including, without limitation, concerning mandatory access to networks, spectrum auctions, the imposition of consumer-related codes of conduct, approval of acquisitions, broadcast and spectrum licensing, foreign ownership requirements, privacy and cybersecurity obligations and control of copyright piracy; the inability to implement enhanced compliance frameworks and to comply with legal and regulatory obligations; unfavourable resolution of legal proceedings; the failure to evolve and transform our networks, systems and operations using next-generation technologies while lowering our cost structure, including the failure to transition from a traditional telecommunications company to a tech services and digital media company and meet customer expectations of product and service experience; the inability to drive a positive customer experience; the inability to protect our physical and non-physical assets from events such as information security attacks, unauthorized access or entry, fire and natural disasters; the failure to implement an effective security and data governance framework; the risk that we may need to incur significant capital expenditures to provide additional capacity and reduce network congestion; service interruptions or outages due to network failures or slowdowns; events affecting the functionality of, and our ability to protect, test, maintain, replace and upgrade, our networks, information technology (IT) systems, equipment and other facilities; the failure by other telecommunications carriers on which we rely to provide services to complete planned and sufficient testing, maintenance, replacement or upgrade of their networks, equipment and other facilities, which could disrupt our operations including through network or other infrastructure failures; the complexity of our operations and IT systems and the failure to implement, maintain or manage highly effective processes and IT systems; in-orbit and other operational risks to which the satellites used to provide our satellite TV services are subject; the failure to attract, develop and retain a diverse and talented team capable of furthering our strategic imperatives and high-tech transformation; the potential deterioration in employee morale and engagement resulting from staff reductions, cost reductions or reorganizations and the de-prioritization of transformation initiatives due to staff reductions, cost reductions or reorganizations; the failure to adequately manage health and safety concerns; labour disruptions and shortages; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether our dividend payout policy will be maintained or achieved, or that the dividend on common shares will be maintained or dividends on any of BCE’s outstanding shares will be declared by BCE’s board of directors; the failure to reduce costs and adequately assess investment priorities, as well as unexpected increases in costs; the inability to manage various credit, liquidity and market risks; the failure to evolve practices to effectively monitor and control fraudulent activities; new or higher taxes due to new tax laws or changes thereto or in the interpretation thereof, and the inability to predict the outcome of government audits; the impact on our financial statements and estimates from a number of factors; pension obligation volatility and increased contributions to post-employment benefit plans; the expected timing and completion of the proposed disposition of Northwestel Inc. (Northwestel) are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, the purchaser securing financing and the completion of confirmatory due diligence, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed disposition will occur, or that it will occur on the terms and conditions, or a the time, currently contemplated, or that the potential benefits expected to result from the proposed disposition will be realized; the expected timing and completion of the proposed disposition of BCE’s ownership stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) and the planned access for Bell Media to content rights for the Toronto Maple Leafs and Toronto Raptors for the next 20 years through a long-term agreement with Rogers Communications Inc. are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, relevant sports league and other customary approvals, which may affect its completion, terms or timing, and the intended use of proceeds by BCE from the proposed disposition may vary based on timing of closing of the disposition and other factors and, as such, there can be no assurance that the proposed disposition, the anticipated use of proceeds and the potential benefits expected to result from the proposed disposition will occur or be realized, or that they will occur or be realized on the terms and conditions, or at the time, currently contemplated; the expected timing and completion of the proposed acquisition of Northwest Fiber Holdco, LLC (doing business as Ziply Fiber (Ziply Fiber)) are subject to customary closing conditions, termination rights and other risks and uncertainties, including, without limitation, relevant regulatory approvals, such as approval by the Federal Communications Commission and approvals by state Public Utilities Commissions, which may affect its completion, terms or timing and, as such, there can be no assurance that the proposed acquisition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated, or that the potential benefits expected to result from the proposed acquisition will be realized; reputational risks and the inability to meaningfully integrate environmental, social and governance (ESG) considerations into our business strategy, operations and governance; the adverse impact of various internal and external factors on our ability to achieve our ESG targets including, without limitation, those related to greenhouse gas emissions reduction, supplier engagement and diversity, equity, inclusion and belonging; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; the failure to develop and implement sufficient corporate governance practices; the inability to adequately manage social issues; health risks, including pandemics, epidemics and other health concerns, such as radio frequency emissions from wireless communications devices and equipment; our dependence on third-party suppliers, outsourcers and consultants to provide an uninterrupted supply of the products and services we need; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data governance and responsible procurement; the quality of our products and services and the extent to which they may be subject to defects or fail to comply with applicable government regulations and standards. </p> <div class="spacer10" aria-hidden="true"></div> <p>We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. We encourage investors to also read BCE’s Safe Harbour Notice Concerning Forward-Looking Statements dated February 6, 2025, for additional information with respect to certain of these and other assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available at <a href="https://www.sedarplus.ca">sedarplus.ca</a>) and with the U.S. Securities and Exchange Commission (available at <a href="https://www.sec.gov/">SEC.gov</a>). This document is also available at <a href="http://www.bce.ca/">BCE.ca</a>.</p> <div class="spacer10" aria-hidden="true"></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="liquid-container bgWhite container"> <div class="spacer20 clear" aria-hidden="true"></div> <div class="spacer5 clear" aria-hidden="true"></div> <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="table bce-table Column_Table_Container_w_captions three-column three-column-V2" aria-labelledby="financial_guidance_table_caption"> <caption id="financial_guidance_table_caption" class="sr-only"> BCE's 2025 financial guidance </caption> <thead class="flex" role="rowgroup" align="center"> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <td> <span></span> </td> <th scope="col" role="columnheader" class="" > <span>2024 results </span> </th> <th scope="col" role="columnheader" class=""> <span>2025 guidance*</span> <span class="sr-only">We expect wireless and broadband competitive pricing flowthrough pressure from 2024, lower subscriber loadings, decreased wireless product sales and higher media content and programming costs to impact revenue and adjusted EBITDA. We expect a slowdown of our fibre build in Canada and efficiencies from transformation initiatives to drive lower capital expenditures. We expect increased interest expense, higher depreciation and amortization expense, lower gains on sale of real estate and a higher number of common shares outstanding due to the implementation of a discounted dividend reinvestment plan. For 2025, we also expect lower capital expenditures to drive higher free cash flow.</span> </th> </tr> </thead> <tbody class="flex flex-wrap" role="rowgroup"> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Revenue growth </span> </td> <td align="center"> <span class="txtBold txtBlue">(1.1%)</span> </td> <td align="center"> <span class="txtBold txtBlue">(3%) to 1%</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Adjusted EBITDA growth <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[1]" class="footnote-link txtBlue-imp">(1)</a></sup></span> </td> <td align="center"> <span class="txtBold txtBlue">1.7%</span> </td> <td align="center"> <span class="txtBold txtBlue">(2%) to 2%</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Capital intensity <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[2]" class="footnote-link txtBlue-imp">(2)</a></sup></span> </td> <td align="center"> <span class="txtBold txtBlue">16.0%</span> </td> <td align="center"> <span class="txtBold txtBlue">Approx. 14%</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span> Adjusted EPS <span class="txtNoWrap"> growth <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[3]" class="footnote-link txtBlue-imp">(3)</a></sup> </span> </span> </td> <td align="center"> <span class="txtBold txtBlue">(5.3%)</span> </td> <td align="center"> <span class="txtBold txtBlue">(13%) to (8%)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span> Free cash <span class="txtNoWrap">flow growth <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[4]" class="footnote-link txtBlue-imp">(4)</a></sup> </span> </span> </td> <td align="center"> <span class="txtBold txtBlue">(8.1%)</span> </td> <td align="center"> <span class="txtBold txtBlue">11% to 19%</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span> Annualized common dividend per share </span> </td> <td align="center"> <span class="txtBold txtBlue">$3.99</span> </td> <td align="center"> <span class="txtBold txtBlue">$3.99</span> </td> </tr> </tbody> </table> </div> </div> <p><br> * We expect wireless and broadband competitive pricing flowthrough pressure from 2024, lower subscriber loadings, decreased wireless product sales and higher media content and programming costs to impact revenue and adjusted EBITDA. We expect a slowdown of our fibre build in Canada and efficiencies from transformation initiatives to drive lower capital expenditures. We expect increased interest expense, higher depreciation and amortization expense, lower gains on sale of real estate and a higher number of common shares outstanding due to the implementation of a discounted dividend reinvestment plan. For 2025, we also expect lower capital expenditures to drive higher free cash flow.</p> </div> <div class="liquid-container bgWhite container"> <div class="spacer20 clear" aria-hidden="true"></div> <div class="spacer5 clear" aria-hidden="true"></div> <h2 class="noMargin txtBlack2 txtSize24 bellSlimBlack sans-serif-xs txtBold txtSize18-xs"> 2024 Financial highlights </h2> <div class="spacer15" aria-hidden="true"></div> <div> <div class="scrollableContainerShadow-sm right"> <div class="scrollableContainer-sm js-table-tabindex-mobile"> <table class="table bce-table Column_Table_Container_w_captions five-column-auto" aria-labelledby="financial_highlights_table_caption"> <caption id="financial_highlights_table_caption" class="sr-only"> 2024 Financial highlights </caption> <thead class="flex" role="rowgroup" align="center"> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <th scope="col" role="columnheader" class="col-sm-3"> <span class=" tableHeader txtCenter middle-align-self">($ millions except per share amounts) (unaudited)</span> </th> <th scope="col" role="columnheader" class="col-3" align="center"> <span class=" tableHeader txtCenter middle-align-self">2024</span> </th> <th scope="col" role="columnheader" class="col-3" align="center"> <span class=" tableHeader txtCenter middle-align-self">2023</span> </th> <th scope="col" role="columnheader" class="col-3" align="center"> <span class=" tableHeader txtCenter txtNoWrap middle-align-self" aria-hidden="true">% change</span> <span class="sr-only">Change in dollar amount</span> </th> </tr> </thead> <tbody class="d-flex flex-wrap" role="rowgroup"> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> BCE </div> </td> <td class="col-3"><span class="sr-only">blank</span></td> <td class="col-3"><span class="sr-only">blank</span></td> <td class="col-3"><span class="sr-only">blank</span></td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Operating revenues </div> </td> <td class="col-3" align="center">24,409</td> <td class="col-3" align="center">24,673</td> <td class="col-3" align="center">(1.1%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Net earnings </div> </td> <td class="col-3" align="center">375</td> <td class="col-3" align="center">2,327</td> <td class="col-3" align="center">(83.9%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Net earnings attributable to common shareholders </div> </td> <td class="col-3" align="center">163</td> <td class="col-3" align="center">2,076</td> <td class="col-3" align="center">(92.1%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Adjusted EBITDA <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[1]" class="footnote-link txtBlue-imp">(1)</a></sup> </div> </td> <td class="col-3" align="center">10,589</td> <td class="col-3" align="center">10,417</td> <td class="col-3" align="center">1.7%</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Net earnings per common share (EPS) </div> </td> <td class="col-3" align="center">0.18</td> <td class="col-3" align="center">2.28</td> <td class="col-3" align="center">(92.1%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Adjusted EPS <sup><a href="javascript:void(0)" aria-label="Footnote[3]" class="footnote-link txtBlue-imp">(3)</a></sup> </div> </td> <td class="col-3" align="center">3.04</td> <td class="col-3" align="center">3.21</td> <td class="col-3" align="center">(5.3%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Adjusted net earnings <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[3]" class="footnote-link txtBlue-imp">(3)</a></sup> </div> </td> <td class="col-3" align="center">2,773</td> <td class="col-3" align="center">2,926</td> <td class="col-3" align="center">(5.2%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Cash flows from operating activities </div> </td> <td class="col-3" align="center">6,988</td> <td class="col-3" align="center">7,946</td> <td class="col-3" align="center">(12.1%)</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Capital expenditures </div> </td> <td class="col-3" align="center">(3,897)</td> <td class="col-3" align="center">(4,581)</td> <td class="col-3" align="center">14.9%</td> </tr> <tr class="d-flex fullWidth" role="row"> <td role="rowheader" class="col-sm-3"> <div class="middle-align-self"> Free cash flow <sup><a href="javascript:void(0)" role="button" aria-label=" Footnote[4]" class="footnote-link txtBlue-imp">(4)</a></sup> </div> </td> <td class="col-3" align="center">2,888</td> <td class="col-3" align="center">3,144</td> <td class="col-3" align="center">(8.1%)</td> </tr> </tbody> </table> </div> </div> </div> <p> </p> </div> <div class="liquid-container bgWhite container"> <div class="spacer15" aria-hidden="true"></div> <div class="accordion accordion-wrap"> <div class="accordion-group"> <div class="accordion-heading"> <a href="#" id="nonGAAPDetailsLabel" class="accordion-tog accordPanel txtSize14 txtBold txtNoUnderline" aria-expanded="false" role="button" expanded-true="Hide details" expanded-false="Non-GAAP and other financial measures disclosures "> <i class="icon txtSize20 icon-exapnd-outline-circled txtBold"></i> <span>Non-GAAP and other financial measures disclosures </span> </a> </div> <div class="collapse-accordion accordion-body collapse" style="display: none;" role="region" aria-labelledby="nonGAAPDetailsLabel"> <div class="accordion-inner"> <div class="spacer10 clear noTxt"></div> <ol> <li> <p id="nonGAAP1">Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements. The most directly comparable IFRS financial measure is net earnings. The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.</p> <div class="spacer20 clear" aria-hidden="true"></div> <div class="spacer5 clear" aria-hidden="true"></div> <p>($ millions)</p> <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="table bce-table Column_Table_Container_w_captions three-column three-column-V2"> <thead class="flex" role="rowgroup" align="center"> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <td> <span></span> </td> <th scope="col" role="columnheader" class="" align="center">2024</th> <th scope="col" role="columnheader" class="" align="center">2023</th> </tr> </thead> <tbody class="flex flex-wrap" role="rowgroup"> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Net earnings</span></td> <td align="center"> <span>375</span> </td> <td align="center"><span>2,327</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Severance, acquisition and other costs</span> </td> <td align="center"> <span>454</span> </td> <td align="center"> <span>200</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Depreciation</span> </td> <td align="center"> <span>3,758</span> </td> <td align="center"> <span>3,745</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Amortization </span> </td> <td align="center"> <span>1,283</span> </td> <td align="center"> <span>1,173</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Finance costs</span> <p style="display:block; margin: 10px 0 10px 25px; padding: 0; text-align:left;">Interest expense</p> <p style="display:block; margin: 0 0 10px 25px; padding: 0; text-align:left;">Net return on post-employment benefit plans </p> </td> <td> <span> </span><br aria-hidden="true"> <span style="display:block; margin: 10px 0 10px 0px; padding: 0; text-align:center;">1,713 </span> <span style="display:block; margin: 10px 0 10px 0px; padding: 0; text-align:center;">(66)</span> </td> <td> <span> </span><br aria-hidden="true"> <span style="display:block; margin: 10px 0 10px 0px; padding: 0; text-align:center;">1,475 </span> <span style="display:block; margin: 10px 0 10px 0px; padding: 0; text-align:center;">(108)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span> Impairment of assets </span> </td> <td align="center"> <span>2,190</span> </td> <td align="center"> <span>143</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Other expense </span> </td> <td align="center"> <span>305</span> </td> <td align="center"> <span>466</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Income taxes </span> </td> <td align="center"> <span>577</span> </td> <td align="center"> <span>996</span> </td> </tr> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <td> <span>Adjusted EBITDA</span> </td> <td align="center">10,589</td> <td align="center">10,417</td> </tr> </tbody> </table> </div> </div> <div class="spacer20" aria-hidden="true"></div> </li> <li> <p id="nonGAAP2">Capital intensity is defined as capital expenditures divided by operating revenues.</p> </li> <li> <p id="nonGAAP3">Adjusted EPS is a non-GAAP ratio and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, refer to “Adjusted net earnings” below. We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.</p> <p>Adjusted net earnings is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. The most directly comparable IFRS financial measure is net earnings attributable to common shareholders.</p> <p>The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.</p> <div class="spacer20 clear" aria-hidden="true"></div> <div class="spacer5 clear" aria-hidden="true"></div> <p>($ millions)</p> <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="table bce-table Column_Table_Container_w_captions three-column three-column-V2"> <thead class="flex" role="rowgroup" align="center"> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <td> <span></span> </td> <th scope="col" role="columnheader" class="">2024</th> <th scope="col" role="columnheader" class="">2023</th> </tr> </thead> <tbody class="flex flex-wrap" role="rowgroup"> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Net earnings attributable to common shareholders</span></td> <td align="center"> <span>163</span> </td> <td align="center"><span>2,076</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <span>Reconciling items</span> <p style="display:block; margin: 10px 0 0px 25px; padding: 0; text-align:left;">Severance, acquisition and other costs</p> </td> <td align="center"> <span> </span><br aria-hidden="true"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;" >454</span> </td> <td align="center"> <span> </span><br aria-hidden="true"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;">200</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans</p> </td> <td align="center"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;">269</span> </td> <td align="center"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;">103</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Net equity losses on investments in associates and joint ventures </p> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">247</span> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">581</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Net gains on investments</p> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">(57)</span> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">(80)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Early debt redemption costs</p> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">-</span> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">1</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Impairment of assets</p> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">2,190</span> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">143</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Income taxes for the above reconciling items</p> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">(467)</span> </td> <td align="center"> <span style="display:block; margin: 0px 0 0px 0px; padding: 0; text-align:center;">(100)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"> <p style="display:block; margin: 0 0 0px 25px; padding: 0; text-align:left;">Non-controlling interest (NCI) for the above reconciling items</p> </td> <td align="center"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;">(26)</span> </td> <td align="center"> <span style="display:block; margin: 10px 0 0px 0px; padding: 0; text-align:center;">2</span> </td> </tr> <tr class="bgBlue txtWhite flex fullWidth"> <td> <span>Adjusted net earnings</span> </td> <td align="center">2,773</td> <td align="center">2,926</td> </tr> </tbody> </table> </div> </div> <div class="spacer20" aria-hidden="true"></div> </li> <li> <p id="nonGAAP4">Free cash flow is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. We consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable IFRS financial measure is cash flows from operating activities. </p> <p>The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.</p> <div class="spacer20 clear" aria-hidden="true"></div> <div class="spacer5 clear" aria-hidden="true"></div> <p>($ millions)</p> <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="table bce-table Column_Table_Container_w_captions three-column three-column-V2"> <thead class="flex" role="rowgroup" align="center"> <tr class="bgBlue txtWhite flex fullWidth" role="row"> <td> <span></span> </td> <th scope="col" role="columnheader" class="">2024</th> <th scope="col" role="columnheader" class="">2023</th> </tr> </thead> <tbody class="flex flex-wrap" role="rowgroup"> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Cash flows from operating activities</span></td> <td align="center"> <span>6,988</span> </td> <td align="center"><span>7,946</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Capital expenditures</span></td> <td align="center"> <span>(3,897)</span> </td> <td align="center"><span>(4,581)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Cash dividends paid on preferred shares</span></td> <td align="center"> <span>(187)</span> </td> <td align="center"><span>(182)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Cash dividends paid by subsidiaries to NCI</span></td> <td align="center"> <span>(68)</span> </td> <td align="center"><span>(47)</span> </td> </tr> <tr class=" flex fullWidth" role="row"> <td role="rowheader"><span>Acquisition and other costs paid</span></td> <td align="center"> <span>52</span> </td> <td align="center"><span>8</span> </td> </tr> <tr class="bgBlue txtWhite flex fullWidth"> <td> <span>Free cash flow</span> </td> <td 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