BCE Inc. is a leading Canadian telecommunications and media company, providing services through Bell Canada and its subsidiaries. The company operates in both the wireless and wireline business sectors, delivering a wide range of telecommunications solutions to residential and business customers across the country.

In the first quarter of 2025, BCE Inc. reported a decline in operating revenues, which totaled CAD 5,930 million, down 1.3% from CAD 6,011 million in the same quarter last year. This reduction was primarily driven by a 7.4% decrease in product revenues and a 0.4% decline in service revenues. Specifically, service revenues dropped from CAD 5,192 million to CAD 5,172 million, while product revenues fell from CAD 819 million to CAD 758 million.

BCE’s net earnings showed a significant improvement, increasing 49.5% year over year to CAD 683 million, which was attributed mainly to higher other income, particularly from early debt redemption gains. Net earnings attributable to common shareholders rose by 56.7% to CAD 630 million, compared to CAD 402 million in the prior year.

Adjusted EBITDA for the first quarter of 2025 was CAD 2,558 million, representing a slight decrease of 0.3% from CAD 2,565 million in Q1 2024. This marginal decline was offset by a reduction in operating costs, which totaled CAD 3,372 million, down 2.1% from CAD 3,446 million in the previous quarter. Adjusted EBITDA margin improved to 43.1%, up 0.4 percentage points compared to the prior year period.

The company’s earnings per share for the first quarter increased to CAD 0.68 from CAD 0.44, marking a 54.5% rise. Adjusted EPS decreased by 4.2% to CAD 0.69 compared to CAD 0.72 in the same quarter of 2024.

Cash flows from operating activities also saw a notable increase, rising 38.8% to CAD 1,571 million from CAD 1,132 million in Q1 2024. Conversely, BCE’s free cash flow surged to CAD 798 million, significantly up from CAD 85 million year over year.

In terms of customer connections, BCE reported a net loss in mobile phone subscribers, with total mobile phone users standing at 10,287,978 by the end of March 2025, a 0.8% increase year over year. However, retail high-speed Internet subscribers declined by 1.8% and retail residential NAS lines decreased by 10.4%, reflecting ongoing challenges in these segments.

BCE reduced its capital expenditures by 27.2% to CAD 729 million in Q1 2025, down from CAD 1,002 million a year earlier, resulting in a capital intensity ratio of 12.3%.

For the upcoming periods, the board has announced a quarterly dividend of CAD 0.4375 per common share, payable on July 15, 2025, maintaining a dividend payout policy that aims for a range of 40% to 55% of free cash flow.

Overall, while BCE has seen significant growth in net earnings and cash flows, its operating revenues and certain subscriber metrics have experienced declines, reflecting ongoing challenges in the competitive telecommunications landscape.