Q1 2024 Shareholder report

Table of contents
Management's discussion and analysis	3
1	Overview	7
2	Consolidated financial analysis	11
3	Business segment analysis	19
4	Financial and capital management	28
5	Quarterly financial information	35
6	Regulatory environment	36
7	Accounting policies	37
8	Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)	38
9	Controls and procedures	44
Financial statements
1	Consolidated financial statements	45
2	Notes to consolidated financial statements	51

• BCE Inc. 2024 FIRST QUARTER SHAREHOLDER REPORT

Management's discussion and analysis
Table of contents
1 Overview	7
1.1	Financial highlights	7
1.2	Key corporate and business developments	9
1.3 Assumptions	10
2 Consolidated financial analysis	11
2.1	BCE consolidated income statements	11
2.2	Customer connections	12
2.3	Operating revenues	13
2.4	Operating costs	14
2.5	Net earnings	15
2.6	Adjusted EBITDA	16
2.7	Severance, acquisition and other costs	16
2.8	Depreciation and amortization	17
2.9	Finance costs	17
2.10 Impairment of assets	17
2.11 Other (expense) income	17
2.12 Income taxes	18
2.13 Net earnings attributable to common shareholders and EPS	18
3 Business segment analysis	19
3.1	Bell CTS	19
3.2	Bell Media	26
4 Financial and capital management	28
4.1	Net debt	28
4.2	Outstanding share data	29
4.3	Cash flows	29
4.4	Post-employmentbenefit plans	31
4.5	Financial risk management	32
4.6	Credit ratings	34
4.7	Liquidity	34
5 Quarterly financial information	35
6 Regulatory environment	36
7 Accounting policies	37
8 Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)	38
8.1	Non-GAAPfinancial measures	38
8.2	Non-GAAPratios	41
8.3	Total of segments measures	41
8.4 Capital management measures	42
8.5	Supplementary financial measures	43
8.6	KPIs	43
9 Controls and procedures	44

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Management's discussion and analysis

In this management's discussion and analysis (MD&A), we, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. Bell means, as the context may require, either Bell Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements and associates.

All amounts in this MD&A are in millions of Canadian dollars, except where noted. Please refer to section 8, Non- GAAP financial measures, other financial measures and key performance indicators (KPIs) for a list of defined non-GAAP financial measures, other financial measures and KPIs.

Please refer to BCE's unaudited consolidated financial statements for the first quarter of 2024 (Q1 2024 Financial Statements) when reading this MD&A. We also encourage you to read BCE's MD&A for the year ended December 31, 2023 dated March 7, 2024 (BCE 2023 Annual MD&A). In preparing this MD&A, we have taken into account information available to us up to May 1, 2024, the date of this MD&A, unless otherwise stated.

You will find additional information relating to BCE, including BCE's annual information form for the year ended December 31, 2023 dated March 7, 2024 and recent financial reports, including the BCE 2023 Annual MD&A, on BCE's website at BCE.ca, on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Documents and other information contained in BCE's website or in any other site referred to in BCE's website or in this MD&A are not part of this MD&A and are not incorporated by reference herein.

This MD&A comments on our business operations, performance, financial position and other matters for the three months (Q1) ended March 31, 2024 and 2023.

Caution regarding forward-looking statements

This MD&A and, in particular, but without limitation, section 1.2, Key corporate and business developments, section 3.1, Bell CTS, the section and sub-sections entitled Assumptions and section 4.7, Liquidity, contain forward-looking statements. These forward-looking statements include, without limitation, statements relating to BCE's 2024 annualized common share dividend, the intended use of the net proceeds of Bell Canada's February 2024 public offering, the sources of liquidity we expect to use to meet our 2024 cash requirements, 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 assumption, goal, guidance, objective, outlook, project, strategy, target, commitment and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. 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.) Private Securities Litigation Reform Act of 1995.

Unless otherwise indicated by us, forward-looking statements in this MD&A describe our expectations as at May 1, 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 this MD&A for the purpose of assisting investors and others 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.

We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in this MD&A and, in particular, but without limitation, the forward-looking statements contained in the previously mentioned sections of this MD&A. These assumptions include, without limitation, the assumptions described in the section and sub-sections of this MD&A entitled Assumptions, which section and

• BCE Inc. 2024 FIRST QUARTER SHAREHOLDER REPORT

sub-sections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at May 1, 2024. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect.

Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentionedforward-looking statements and other forward-looking statements contained in this MD&A, include, but are not limited to: the negative effect of adverse economic conditions, including a potential recession, elevated inflation, high interest rates 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; 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 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; 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 data governance framework; 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 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 or maintain highly effective processes and IT systems; in-orbit and other operational risks to which the satellites used to provide our satellite television (TV) services are subject; 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 dividends will be declared or the dividend on common shares will be increased 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; 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; reputational risks and the inability to meaningfully integrate environmental, social and governance (ESG) considerations into our business strategy and operations; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; pandemics, epidemics and other health risks, including health concerns about radio frequency emissions from wireless communications devices and equipment; the inability to adequately manage social issues; the failure to develop and implement sufficient corporate governance practices; the adverse impact

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of various internal and external factors on our ability to achieve our ESG targets including, without limitation, those related to greenhouse gas emissions reduction and diversity, equity, inclusion and belonging.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also materially adversely affect us. Please see section 9, Business risks of the BCE 2023 Annual MD&A for a more complete description of the above-mentioned and other risks, which section, and the other sections of the BCE 2023 Annual MD&A referred to therein, are incorporated by reference in this cautionary statement. Please also see section 6, Regulatory environment in this MD&A for an update to the regulatory initiatives and proceedings described in the BCE 2023 Annual MD&A, which section 6 is incorporated by reference in this cautionary statement. Any of those risks could cause actual results or events to differ materially from our expectations expressed in, or implied by, the forward-looking statements set out in this MD&A. Except for the updates set out in section 6, Regulatory environment in this MD&A, the risks described in the BCE 2023 Annual MD&A remain substantially unchanged.

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 May 1, 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.

• BCE Inc. 2024 FIRST QUARTER SHAREHOLDER REPORT

1 Overview

1.1 Financial highlights

BCE Q1 2024 selected quarterly information

Operating revenues

$6,011

million

(0.7%) vs. Q1 2023

Net earnings

$457

million

(42.0%) vs. Q1 2023

Adjusted EBITDA(1)

$2,565

million

+1.1% vs. Q1 2023

Net earnings attributable	Adjusted net earnings(1)
to common shareholders
$402	$654
million	million
(44.6%) vs. Q1 2023	(15.3%) vs. Q1 2023

Cash flows from operating activities

$1,132

million

(9.2%) vs. Q1 2023

Free cash flow(1)

$85

million

Flat vs. Q1 2023

BCE customer connections(6)

Total mobile phones(2)

+3.1%

10.2 million subscribers at March 31, 2024

Retail high-speed

Internet(3)(4)(5)

+5.1%

4.5 million subscribers at March 31, 2024

Retail internet protocol television (IPTV)(5)

+4.3%

2.1 million subscribers at March 31, 2024

Retail residential network access services (NAS) lines(5)

(7.8%)

2.0 million subscribers at March 31, 2024

1. Adjusted EBITDA is a total of segments measure, and adjusted net earnings and free cash flow are non-GAAP financial measures. See section 8.3, Total of segments measures and section 8.1, Non-GAAPfinancial measures in this MD&A for more information on these measures.
2. In Q1 2024, we adjusted our mobile phone postpaid subscriber base to remove very low to non-revenue generating business market subscribers of 105,802.
3. In Q1 2024, we removed 11,645 turbo hubs subscribers from our retail high-speed Internet subscriber base as we are no longer actively marketing this product in our wireless-to-the-home footprint.
4. In Q1 2024, our retail high-speed Internet subscriber base increased by 3,850 business subscribers as a result of a small acquisition.
5. In Q2 2023, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small acquisitions.
6. As of Q1 2024, we are no longer reporting retail satellite TV subscribers as this no longer represents a significant proportion of our revenues. As a result, satellite TV subscribers have been removed from our retail TV subscriber base, and we now report exclusively retail IPTV subscribers.

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BCE income statements - selected information

	Q1 2024	Q1 2023	$ change	% change
Operating revenues
Service	5,192	5,222	(30)	(0.6%)
Product	819	832	(13)	(1.6%)
Total operating revenues	6,011	6,054	(43)	(0.7%)
Operating costs	(3,446)	(3,516)	70	2.0%
Adjusted EBITDA	2,565	2,538	27	1.1%
Adjusted EBITDA margin(1)	42.7%	41.9%		0.8 pts
Net earnings attributable to:
Common shareholders	402	725	(323)	(44.6%)
Preferred shareholders	47	46	1	2.2%
Non-controlling interest	8	17	(9)	(52.9%)
Net earnings	457	788	(331)	(42.0%)
Adjusted net earnings	654	772	(118)	(15.3%)
Net earnings per common share (EPS)	0.44	0.79	(0.35)	(44.3%)
Adjusted EPS(2)	0.72	0.85	(0.13)	(15.3%)

1. Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.
2. Adjusted EPS is a non-GAAP ratio. Refer to section 8.2, Non-GAAPratios in this MD&A for more information on this measure.

BCE statements of cash flows - selected information

	Q1 2024	Q1 2023	$ change	% change
Cash flows from operating activities	1,132	1,247	(115)	(9.2%)
Capital expenditures	(1,002)	(1,086)	84	7.7%
Free cash flow	85	85	-	-

Q1 2024 financial highlights

BCE operating revenues declined by 0.7% in Q1 2024, compared to the same period last year, driven by lower service revenues of 0.6% year over year, due to a decline in Bell Media of 7.1%, partly offset by higher service revenues in Bell CTS (Bell Communication and Technology Services) of 0.5%. This reflected lower media subscriber revenues, due to the benefit last year from a retroactive revenue adjustment related to a contract with a Canadian TV distributor, and a highly competitive market in the quarter impacting Bell CTS, as well as ongoing erosion in legacy voice, data and satellite TV revenues. The decrease in service revenues was partly mitigated by higher wireless, Internet and business solutions services revenues, the contribution from acquisitions, along with a modest increase in media advertising revenues, despite ongoing traditional broadcast TV and radio advertising market softness. Product revenues declined by 1.6% year over year, mainly driven by lower wireline equipment sales to large enterprise customers due to exceptionally strong sales in Q1 2023 as a result of the recovery from the global supply chain disruptions experienced in 2022, partly offset by greater wireless product revenues.

Net earnings and net earnings attributable to common shareholders in the first quarter of 2024 decreased by $331 million and $323 million, respectively, compared to the same period last year, mainly due to higher severance, acquisition and other costs, higher other expense, higher interest expense and higher depreciation and amortization, partly offset by lower income taxes, higher adjusted EBITDA and lower impairment of assets.

BCE's adjusted EBITDA grew by 1.1% in Q1 2024, compared to the same period last year, driven by growth from our Bell CTS segment, moderated by a decline in our Bell Media segment. The year-over-year increase in adjusted EBITDA was attributable to reduced operating costs, reflecting lower cost of revenues, including lower timing-related programming and content costs at Bell Media, along with the favourable impact of various cost reduction initiatives including workforce reductions and other operating efficiencies, partly offset by the decline in operating revenues. This drove an adjusted EBITDA margin of 42.7% in Q1 2024, up 0.8 pts year over year.

• BCE Inc. 2024 FIRST QUARTER SHAREHOLDER REPORT

BCE's EPS of $0.44 in Q1 2024 decreased by $0.35 compared to the same period last year.

In the first quarter of 2024, adjusted net earnings, which excludes the impact of severance, acquisition and other costs, net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans, net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on investments, early debt redemption costs and impairment of assets, net of tax and NCI, was $654 million, or $0.72 per common share, compared to $772 million, or $0.85 per common share, for the same period last year.

Cash flows from operating activities in the first quarter of 2024 decreased by $115 million, compared to the same period last year, mainly due to higher income taxes paid, partly offset by higher cash from working capital.

Free cash flow in the first quarter of 2024 of $85 million was equivalent to the same period last year, as lower cash flows from operating activities, excluding cash from acquisition and other costs paid, were offset by lower capital expenditures in Q1 2024.

1.2 Key corporate and business developments

This section contains forward-looking statements, including relating to BCE's 2024 annualized common share dividend and the intended use of the net proceeds of Bell Canada's February 2024 public offering. Refer to the section Caution regarding forward-lookingstatements at the beginning of this MD&A.

Common share dividend increase

On February 7, 2024, BCE's board of directors (the BCE Board) approved a 3.1%, or 12 cents per share, increase in the annualized common share dividend from $3.87 per share to $3.99 per share, effective with BCE's 2024 first quarter dividend paid on April 15, 2024 to common shareholders of record on March 15, 2024.

Public debt offering

On February 15, 2024, Bell Canada completed a public offering in the United States of US $1.45 billion (Cdn $1.95 billion) principal amount of notes in two series (the Notes). The US $700 million (Cdn $942 million) Series US-9 Notes will mature on February 15, 2034 and carry an annual interest rate of 5.200%. The US $750 million (Cdn $1,009 million) Series US-10 Notes will mature on February 15, 2054 and carry an annual interest rate of 5.550%. The Notes are fully and unconditionally guaranteed by BCE Inc. A portion of the net proceeds of the offering was used to fund the repayment at maturity of Bell Canada's US $600 million Series US-3 Notes due on March 17, 2024. The remainder of the net proceeds of the offering is intended to be used to fund the remaining payment for the 3800 megahertz (MHz) spectrum licences secured by Bell Mobility Inc. (Bell Mobility) through the Canadian government's 3800 MHz spectrum auction and other general corporate purposes, which may include the repayment of short-term debt.

Change of auditor for fiscal 2025

The BCE Board selected Ernst & Young LLP as its external auditor for fiscal 2025 following the completion of a comprehensive request for proposal process for the 2025 external audit engagement (the RFP) by the Audit Committee of the BCE Board. In keeping with its focus on best corporate governance practices and given the long tenure of Deloitte LLP as BCE's external auditor, the Audit Committee had initiated the RFP in 2023. After careful consideration, on the advice of the Audit Committee, the BCE Board selected Ernst & Young LLP, subject to shareholder approval at BCE's 2025 annual shareholder meeting. Ernst & Young LLP was selected based on the qualifications of its audit team, staffing model, technology and independence. Deloitte LLP will continue as external auditor through the financial year ending December 31, 2024, subject to shareholder approval at the 2024 annual shareholder meeting.

Bell recognized as most sustainable telecom in the world

Bell was ranked the most sustainable communications company in the world in the Corporate Knights Global 100 2024 ranking(1). Bell scored high in the sustainable revenue and investment categories, driven by our continued investments in fleet electrification, electric vehicle charging stations and sustainable broadband services. Transitioning away from copper cable and towards fibre is helping Bell lower its environmental footprint. We also scored strongly in the sustainability pay link category, which connects sustainability targets with senior executive pay.

1. According to the global rankings of Corporate Knights Inc., a sustainable-economy media and research company, released on January 17, 2024. BCE was ranked #51 overall and #1 in our sector and industry, in its 2024 ranking of the world's 100 most sustainable corporations. The ranking is based on an assessment of more than 6,000 public companies with revenue over US $1 billion. All companies are scored on applicable metrics relative to their peers, with 50% of the weight assigned to sustainable revenue and sustainable investment.

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1.3 Assumptions

As at the date of this MD&A, our forward-looking statements set out in the BCE 2023 Annual MD&A, as updated or supplemented in this MD&A, are based on certain assumptions including, without limitation, the following assumptions, as well as the various assumptions referred to under the sub-sections entitled Assumptions set out in section 3, Business segment analysis of this MD&A.

Assumptions about the Canadian economy

We have made certain assumptions concerning the Canadian economy. In particular, we have assumed:

• Improving economic growth, given the Bank of Canada's most recent estimated growth in Canadian gross domestic product of 1.5% in 2024, representing an increase from the earlier estimate of 0.8%
• Easing, but still elevated, consumer price index (CPI) inflation as monetary policy works to reduce inflationary pressures
• Easing labour market conditions
• Growth in consumer spending driven mainly by strong population growth
• Business investment growth underpinned by the diminishing impact of past increases in interest rates, easing financial conditions and the overall growth of the economy
• Prevailing high interest rates expected to remain at or near current levels
• Population growth resulting from strong immigration
• 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.

Market assumptions

• A higher level of wireline and wireless competition in consumer, business and wholesale markets
• Higher, but slowing, wireless industry penetration
• A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative OTT competitors
• The Canadian traditional broadcast TV and radio advertising market is experiencing a slowdown consistent with trends in the global advertising market, with improvement expected in the medium term, although visibility to the specific timing and pace remains limited
• 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

Assumptions underlying expected continuing contribution holiday in 2024 in the majority of our pension plans

• 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
• No significant declines in our DB pension plans' financial position due to declines in investment returns or interest rates
• No material experience losses from other events such as through litigation or changes in laws, regulations or actuarial standards

10 BCE Inc. 2024 FIRST QUARTER SHAREHOLDER REPORT