BCE Inc. (BCE): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo dinámico de las telecomunicaciones, BCE Inc. se erige como una potencia de innovación y conectividad, uniendo un complejo tapiz de servicios que tocan casi todos los aspectos de la vida digital moderna. Desde redes móviles más rápidas hasta el contenido de medios convincentes, el modelo de negocio de BCE representa un ecosistema sofisticado de tecnología, comunicación y asociaciones estratégicas que generan valor en múltiples segmentos de clientes. Esta exploración del modelo de modelo de negocio de BCE presentará los intrincados mecanismos que impulsan uno de las telecomunicaciones y empresas de medios más influyentes de Canadá, revelando cómo transforman la infraestructura tecnológica en un conjunto integral de servicios integrados.

BCE Inc. (BCE) - Modelo de negocio: asociaciones clave

Alianza estratégica con Rogers Communications

BCE y Rogers Communications mantienen una asociación estratégica de infraestructura de red inalámbrica que involucra:

• Acuerdos de intercambio de redes que cubren regiones canadienses rurales y remotas
• Inversiones de infraestructura colaborativa por un total de $ 350 millones en 2023
• Estrategias de adquisición de espectro conjunto en los mercados inalámbricos canadienses

Métrico de asociación	Valor 2023
Cobertura de red compartida	87.3% del territorio canadiense
Inversión de infraestructura conjunta	$ 350 millones
Torres de red combinadas	4.672 torres de telecomunicaciones

Colaboraciones de tecnología y proveedor de contenido

Las asociaciones de tecnología clave incluyen:

• Cisco Systems - Equipo de infraestructura de red
• Ericsson - implementación de tecnología de red 5G
• Nokia - Soluciones de redes de telecomunicaciones

Asociaciones de distribución de contenido de Bell Media

Bell Media mantiene acuerdos de distribución de contenido estratégico con:

• Plataformas de transmisión importantes
• Productores de contenido internacional
• Redes de transmisión canadienses

Venturas conjuntas de infraestructura de telecomunicaciones

Socio de empresa conjunta	Monto de la inversión	Área de enfoque
Videotrón	$ 125 millones	Expansión de la red de fibra óptica
Corporación Telus	$ 95 millones	Mejoras de conectividad rural

Relaciones de proveedores de equipos de red

Las relaciones principales de los proveedores incluyen:

• Huawei Canadá - Equipo de redes
• Samsung Electronics - Infraestructura móvil
• Ciena Corporation - Tecnología de redes ópticas

BCE Inc. (BCE) - Modelo de negocio: actividades clave

Provisión del servicio de telecomunicaciones

BCE ofrece servicios de telecomunicaciones en múltiples segmentos:

Categoría de servicio	Ingresos anuales (2023)	Base de suscriptores
Servicios inalámbricos	$ 6.8 mil millones	10.8 millones de suscriptores inalámbricos
Servicios de internet	$ 3.2 mil millones	3.9 millones de suscriptores de Internet
Servicios de televisión	$ 1.5 mil millones	2.6 millones de suscriptores de TV

Mantenimiento y expansión de la infraestructura de red

Inversión de infraestructura de BCE en 2023:

• Gastos de capital total: $ 4.1 mil millones
• Cobertura de red 5G: 95% de la población canadiense
• Expansión de la red de fibra óptica: 7.2 millones de viviendas aprobadas

Producción y distribución de contenido de medios

Segmento de medios	Ingresos anuales	Propiedades de contenido
Bell Media	$ 2.9 mil millones	22 estaciones de televisión, 35 canales especializados

Servicio al cliente y soporte técnico

Métricas de atención al cliente de BCE:

• Representantes de servicio al cliente total: 8,500
• Volumen anual de interacción con el cliente: 45 millones
• Tasa promedio de resolución de primer llamado: 78%

Transformación digital e innovación tecnológica

Área de innovación	Inversión (2023)	Enfoque clave
Gasto de I + D	$ 320 millones	AI, IoT, 5G Technologies
Desarrollo de servicios digitales	$ 250 millones	Servicios en la nube, ciberseguridad

BCE Inc. (BCE) - Modelo de negocio: recursos clave

Infraestructura extensa de la red de telecomunicaciones

BCE opera una red integral de telecomunicaciones con los siguientes detalles de la infraestructura:

Activo de red	Cantidad/especificación
Cobertura de red de fibra óptica	9.4 millones de kilómetros
Torres celulares	Aproximadamente 5.300
Inversión de red total (2022)	$ 4.3 mil millones

Licencias de espectro y frecuencias inalámbricas

La cartera de espectro inalámbrico de BCE incluye:

• Espectro de 700 MHz
• Espectro de AWS-1 y AWS-3
• Espectro de 2500 MHz
• Spectrum de 3500 MHz

Fuerza laboral técnica y de gestión calificada

Métrica de la fuerza laboral	Valor
Total de empleados	51,500
Porcentaje de la fuerza laboral técnica	38%
Promedio de la tenencia del empleado	9.2 años

Cartera robusta de contenido digital y multimedia

Los activos de medios de BCE incluyen:

• Bell Media
• CTV
• Tsn
• RDS

Capacidades tecnológicas e instalaciones de investigación avanzadas

Inversiones tecnológicas de BCE:

Categoría de inversión tecnológica	Gasto anual
Gasto de I + D (2022)	$ 521 millones
Infraestructura de red 5G	$ 1.7 mil millones

BCE Inc. (BCE) - Modelo de negocio: propuestas de valor

Servicios integrales de comunicación integrada

BCE ofrece un conjunto integral de servicios de comunicación con las siguientes métricas clave:

Categoría de servicio	Base de suscriptores (2023)	Cuota de mercado
Servicios móviles	9.5 millones de suscriptores	37.2%
Servicios de internet	3.9 millones de clientes de Internet	42.6%
Servicios de televisión	2.7 millones de suscriptores	33.8%

Internet de alta velocidad y conectividad móvil

Las ofertas de Internet y de conectividad móvil de BCE incluyen:

• Cobertura de red 5G en el 99.4% de la población canadiense
• Velocidades promedio de datos móviles de 315 Mbps
• Red de fibra óptica que cubre 6.2 millones de hogares canadienses

Contenido diverso de medios y entretenimiento

La cartera de medios de BCE incluye:

Plataforma de medios	Alcanzar	Ingresos anuales (2023)
Red CTV	18.3 millones de espectadores	$ 742 millones
Tsn	12.5 millones de espectadores	$ 456 millones
RDS	4.7 millones de espectadores	$ 213 millones

Soluciones de telecomunicaciones confiables e innovadoras

Infraestructura de telecomunicaciones de BCE:

• Confiabilidad de red: 99.99% de tiempo de actividad
• Inversión total de infraestructura de red en 2023: $ 4.1 mil millones
• Contratos de servicio B2B Enterprise valorados en $ 1.9 mil millones

Ofertas digitales y tecnológicas avanzadas

Inversiones y capacidades de tecnología digital:

Segmento tecnológico	Inversión (2023)	Indicador de rendimiento clave
AI y aprendizaje automático	$ 287 millones	35 soluciones de IA implementadas
Servicios de ciberseguridad	$ 193 millones	2.400 clientes empresariales
Servicios en la nube	$ 412 millones	67 Ofertas de productos basadas en la nube

BCE Inc. (BCE) - Modelo de negocios: relaciones con los clientes

Plataformas de soporte al cliente multicanal

BCE proporciona atención al cliente a través de:

• Soporte telefónico: 1-888-244-8111
• Soporte de chat en línea
• Soporte de la tienda en persona en 99 tiendas Bell en todo Canadá
• Canales de servicio al cliente de las redes sociales

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	8.2 minutos	87%
Chat en línea	5.6 minutos	92%
Soporte en la tienda	15 minutos	89%

Paquetes de servicio personalizados

BCE ofrece paquetes de servicio personalizados que incluyen:

• Planes móviles personalizados
• Paquetes de Internet y TV a medida
• Soluciones empresariales para clientes comerciales

Opciones de autoservicio digital

Las plataformas de autoservicio digital de BCE incluyen:

• Mi aplicación móvil Bell con 2.3 millones de usuarios activos
• Portal de gestión de cuentas en línea
• Sistemas de facturación y pago automatizados 24/7

Programas de lealtad y retención

Programa	Miembro Count	Tasa de retención anual
Programa de lealtad de Bell	1.7 millones de miembros	78%
Recompensas de clientes comerciales	245,000 miembros comerciales	82%

Compromiso regular del cliente a través de canales digitales

BCE Métricas de compromiso:

• Suscriptores mensuales de boletín de correo electrónico: 1.5 millones
• Seguidores de redes sociales: 750,000
• Puntos de contacto digitales mensuales promedio por cliente: 4.6

BCE Inc. (BCE) - Modelo de negocio: canales

Sitio web en línea y aplicaciones móviles

BCE opera Bell.ca con 9.3 millones de visitantes mensuales únicos. Las descargas de aplicaciones móviles alcanzaron 2.4 millones en 2023.

Plataforma digital	Usuarios mensuales	Crecimiento anual
Sitio web de Bell.ca	9,300,000	7.2%
Aplicación móvil	2,400,000	12.5%

Red de tiendas minoristas

BCE mantiene 1.287 ubicaciones minoristas en Canadá a partir de 2023.

• Tiendas de campana: 572
• Ubicaciones autorizadas del concesionario: 715

Telesales y centros de servicio al cliente

BCE opera 12 centros de servicio al cliente con 4.673 representantes activos.

Plataformas de marketing digital

Plataforma	Seguidores/compromiso
Facebook	483,000
Gorjeo	217,000
Instagram	156,000

Minoristas de electrónica de terceros

BCE se asocia con 347 minoristas de electrónica de terceros en todo el país.

• Best Buy Canada: 181 ubicaciones
• Walmart Canadá: 92 ubicaciones
• Minoristas independientes: 74 ubicaciones

BCE Inc. (BCE) - Modelo de negocio: segmentos de clientes

Consumidores de telecomunicaciones residenciales

BCE atiende a aproximadamente 9.4 millones de clientes residenciales en Canadá en 2024. Desglose del segmento residencial:

Categoría de servicio	Número de suscriptores
Suscriptores de Internet	3.8 millones
Suscriptores de TV	2.6 millones
Suscriptores inalámbricos móviles	5.9 millones
Suscriptores de línea fija	1.9 millones

Clientes empresariales y empresariales

BCE se dirige a clientes corporativos con soluciones integrales de telecomunicaciones.

• Base de clientes empresariales: 250,000 cuentas comerciales
• Ingresos anuales del segmento de negocios: $ 4.2 mil millones
• Valor promedio de contrato empresarial: $ 85,000

Empresas pequeñas y medianas

BCE ofrece servicios a medida para el segmento de mercado de las PYME:

Categoría de segmento de PYME	Número de clientes
Clientes de pequeñas empresas	120,000
Clientes empresariales medianos	45,000

Clientes gubernamentales e institucionales

BCE sirve a clientes del sector público en múltiples niveles:

• Contratos del gobierno federal: 35 acuerdos activos
• Clientes del gobierno provincial: 12 provincias/territorios
• Clientes del gobierno municipal: 180 municipios
• Clientes institucionales: más de 500 instituciones educativas y de salud

Segmentos del mercado de medios y entretenimiento

La división de medios de BCE atiende a diversos segmentos de clientes de entretenimiento:

Segmento de medios	Audiencia/suscriptores
Avistadores de redes de CTV	12.5 millones
Suscriptores de la plataforma de transmisión	1.3 millones
Oyentes de la estación de radio	6.2 millones

BCE Inc. (BCE) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

En 2023, BCE invirtió $ 1.9 mil millones en gastos de capital para mantenimiento y actualizaciones de infraestructura de red.

Categoría de costos	Gasto anual
Mantenimiento de la red de fibra	$ 687 millones
Infraestructura de red 5G	$ 512 millones
Actualizaciones de la red heredada	$ 301 millones

Investigación y desarrollo de tecnología

BCE asignado $ 404 millones A los gastos de investigación y desarrollo en 2023.

• Investigación de inteligencia artificial: $ 127 millones
• Innovación de ciberseguridad: $ 89 millones
• Desarrollo de tecnología de red: $ 188 millones

Adquisición y producción de contenido

BCE gastado $ 672 millones en gastos relacionados con el contenido en 2023.

Tipo de contenido	Costo anual
Derechos de transmisión de deportes	$ 287 millones
Producción de contenido original	$ 215 millones
Licencia de medios	$ 170 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para BCE en 2023 fueron $ 2.1 mil millones.

• Salarios base: $ 1.4 mil millones
• Bonos de rendimiento: $ 312 millones
• Capacitación y desarrollo: $ 88 millones
• Beneficios y contribuciones de pensiones: $ 300 millones

Gastos de marketing y adquisición de clientes

BCE invertido $ 521 millones en marketing y adquisición de clientes en 2023.

Canal de marketing	Gasto
Marketing digital	$ 203 millones
Publicidad de medios tradicional	$ 172 millones
Programas de retención de clientes	$ 146 millones

BCE Inc. (BCE) - Modelo de negocios: flujos de ingresos

Suscripciones de servicios móviles e inalámbricos

Ingresos de servicio móvil e inalámbricos de BCE en el tercer trimestre 2023: $ 1.09 mil millones

Segmento móvil	Suscriptores	Ganancia
Bell Mobility Postpaid	9.3 millones	$ 752 millones
Campana prepago	1.2 millones	$ 138 millones

Servicios de Internet y banda ancha

Ingresos del servicio de Internet en el tercer trimestre 2023: $ 695 millones

Tipo de servicio de Internet	Suscriptores	Ingresos promedio por usuario
Internet de fibra óptica	2.9 millones	$ 78 por mes
DSL Internet	1.1 millones	$ 45 por mes

Monetización de contenido de televisión y medios

Ingresos del segmento de medios en el tercer trimestre 2023: $ 512 millones

• Ingresos publicitarios de Bell Media: $ 287 millones
• Ingresos de contenido basados ​​en suscripción: $ 225 millones

Soluciones empresariales y comerciales

Ingresos de servicios empresariales en el tercer trimestre 2023: $ 643 millones

Categoría de servicio comercial	Ganancia
Servicios en la nube	$ 198 millones
Soluciones de red	$ 267 millones
Servicios de ciberseguridad	$ 178 millones

Venta de equipos y dispositivos

Ingresos de ventas de dispositivos en el tercer trimestre 2023: $ 221 millones

• Ventas de teléfonos inteligentes: $ 132 millones
• Ventas de tabletas: $ 34 millones
• Ventas de accesorios: $ 55 millones

BCE Inc. (BCE) - Canvas Business Model: Value Propositions

You're looking at the core value BCE Inc. is promising its customers as of late 2025. It's a mix of network superiority, content exclusivity, and enterprise modernization.

Best-in-class pure fiber Internet and 5G+ wireless network speeds

BCE Inc. is pushing its fibre-to-the-premises (FTTP) network as a key differentiator. As of Q3 2025, Bell CTS retail high-speed Internet subscribers totaled 4,890,297, up 9.7% compared to Q3 2024, reflecting the inclusion of Ziply Fiber. The company expects to reach 3 million total fibre Internet subscribers by the end of 2025. The fibre footprint leads the Canadian market with more than double the locations passed versus the next leading competitor. For wireless, Bell is emphasizing 5G+ performance; for instance, its latest spectrum deployment delivered speeds up to 65% faster for customers in key Ontario markets. Wireless service quality is also quantified by churn improvement, with postpaid mobile phone churn down 15 basis points year-over-year in Q3 2025, settling at 1.13%.

Here's a look at the network growth and performance metrics:

Metric	Value/Period	Date/Context
Total Bell CTS Retail High-Speed Internet Subscribers	4,890,297	End of Q3 2025
Retail FTTH Internet Customers	3 million	End of 2024
Q3 2025 Total Retail High-Speed Internet Net Additions	26,111	Q3 2025
Postpaid Churn	1.13%	Q3 2025
U.S. FTTP Network Capital Investment	$128 million	Q3 2025, for Ziply Fiber

Comprehensive content bundles via Bell Media, including exclusive streaming on Crave

Bell Media is driving value through content aggregation and its exclusive streaming service, Crave. Total Crave subscriptions reached 4.3 million as of early October 2025. This represents growth from 3.64 million subscribers reported at the end of Q4 2024. The direct-to-consumer (DTC) segment is a major growth driver; Crave's DTC subscribers increased by 64% in Q3 2025. Sports DTC streaming subscribers saw a 38% increase in the same quarter. Bell is actively bundling, launching a Crave, Netflix, and Disney+ streaming bundle in select markets.

Crave subscriber metrics show clear momentum:

• Total Crave Subscriptions: 4.3 million (as of early October 2025)
• Crave DTC Subscriber Growth (Q3 2025): 64% year-over-year increase
• Bell Media Digital Revenue Growth (Q2 2025): 9% year-over-year
• Bell Media Digital Revenue Mix Expectation: Approaching 60% of Bell Media revenue by 2028, up from 45% in 2025

Advanced business technology solutions: cybersecurity, managed services, and sovereign AI

BCE Inc. is positioning its enterprise segment, Bell Business Markets, as a growth engine, particularly in AI-powered solutions. The enterprise segment reported 34% revenue growth in Q3 2025, which was almost entirely organic. This follows a strong 18% business solutions revenue growth achieved in the full year 2024. The value proposition here centers on three key offerings: the IT service provider Ateko, the cybersecurity tech Bell Cyber, and the AI compute project Bell AI Fabric.

Accessible mobile options through the new 'ahlo' smartphone brand

The 'ahlo' brand is positioned as a sleek and affordable smartphone alternative. Specific financial or subscriber numbers for 'ahlo' aren't public yet, but the hardware value proposition includes a 6.58-inch HD+ display and a 5,000mAh battery. This offering supports the broader mobile segment, which saw mobile connected device net activations increase by 48.5% in Q3 2025 to 83,505.

High network reliability and service continuity (e.g., future 'Unbreakable Internet')

BCE Inc. is promising enhanced network resilience with the planned introduction of Unbreakable Internet in Spring 2026. This feature is designed to keep Internet service working during power outages by using wireless backups enabled by Bell Mobility 5G smartphones and the fibre network's passive optical technology. This focus on continuity is a direct response to the need for reliable service, especially given the planned reduction in capital spending on FTTP footprint expansion in Canada due to regulatory decisions.

BCE Inc. (BCE) - Canvas Business Model: Customer Relationships

BCE Inc. has made putting the customer first a core strategic priority for its next era, aiming to improve experience while driving operational efficiencies. This focus is evident in their pursuit of digital transformation and specific performance improvements across their brands.

Customer-first strategy focused on digital self-service and reducing complaints

The commitment to a customer-first approach is reflected in measurable improvements in complaint handling. According to the 2024-2025 Complaints for Telecom-television Services (CCTS) mid-year report, the overall BCE group of companies saw its share of industry complaints decrease by 1%. This strategy is heavily supported by a push toward digital channels. BCE has a stated goal to more than double its digital transaction mix by 2028. This digital shift is already impacting the media segment, where digital revenues reached 42% of total Bell Media revenue in 2024, up from 35% in 2023, with digital revenue growing by 19% over the last year (2024).

Dedicated account management and consultative sales for enterprise clients

For business customers, BCE is emphasizing leadership in enterprise through AI-powered solutions, which requires a more consultative relationship structure. The enterprise segment demonstrated significant growth, posting 34% revenue growth in Q3 2025, with nearly all of that growth being organic. Bell Business Markets revenue growth in Q2 2025 was specifically driven by managed services from Ateko, cybersecurity offerings, and the Bell AI Fabric. BCE projects around $1.5 billion in revenue from these AI-powered enterprise solutions over the three-year period spanning 2025 through 2028.

Automated and AI-driven customer service tools for efficiency

Efficiency in customer service is being driven by technology integration, which supports the customer-first goal by reducing costs and improving response quality. Cost savings are explicitly tied to digital adoption and expanding self-serve capabilities. AI-powered tools are central to enhancing the customer experience and operational efficiency across the organization. This technological focus helps drive down key operational metrics, such as the postpaid churn rate for the main Bell brand, which improved year-over-year in Q2 2025 to 1.06%, the first such improvement since Q3 2022. By Q3 2025, postpaid churn further improved to 1.13%.

Brand-specific relationships for different segments (e.g., Virgin Plus, Bell)

BCE Inc. manages distinct customer relationships through its portfolio of brands, each tailored to a specific market segment. Virgin Plus operates as the flanker post-paid mobility brand, while Lucky Mobile serves the prepaid segment. The performance of these brands directly impacts overall customer metrics; for instance, Virgin Plus showed a strong performance in complaint reduction, with a 5.7% decrease in its complaints and a 16% decrease in its share of industry complaints in Q2 2025. For the core Bell brand, all new postpaid customer net activations in 2024 occurred on this main brand. Furthermore, the company is expanding its reach through partnerships, such as the expansion of the no name™ mobile prepaid service to all Maxi® store locations across Québec, powered by Bell's wireless network (as of November 2025).

Here's a quick look at some of the key customer-related performance indicators and targets:

Metric/Target Area	Value/Data Point	Period/Context
Share of Industry Complaints (BCE Group)	Decrease of 1%	2024-2025 CCTS mid-year report
Virgin Plus Complaints	Decrease of 5.7%	Q2 2025
Digital Transaction Mix Target	More than double by 2028	Strategic Goal
Bell Media Digital Revenue Share	42%	2024
Postpaid Churn (Bell Brand)	1.06%	Q2 2025
Enterprise Segment Revenue Growth	34%	Q3 2025
AI-Powered Enterprise Revenue Projection	Around $1.5 billion	2025 to 2028

If onboarding new enterprise clients takes longer than expected, the risk to achieving the projected 34% growth rate rises.

Finance: draft 13-week cash view by Friday.

BCE Inc. (BCE) - Canvas Business Model: Channels

You're looking at how BCE Inc. gets its products and services to the customer base as of late 2025. The channel mix shows a clear push toward digital self-service and high-value enterprise solutions, even as physical retail undergoes strategic realignment.

Bell and Virgin Plus branded retail stores and kiosks remain a touchpoint, though the physical footprint has seen changes. For instance, in Q1 2025, part of the channel strategy involved permanent closures of The Source stores, which was linked to a strategic distribution partnership. This suggests a channel optimization effort away from that specific retail presence.

The strategic retail partner locations, notably Best Buy Canada, are part of this evolving physical presence. While direct store counts aren't public, the strategy is evident in the shift away from certain owned/partnered retail formats. The success of the overall retail channel is reflected in the performance of bundled services; as of Q3 2025, approximately 50% of internet households subscribe to both mobility and internet service bundles, showing the importance of the in-store sales interaction for cross-selling.

Digital platforms: BCE.ca, mobile apps, and direct-to-consumer streaming (Crave) are clearly a major focus for customer acquisition and engagement. Crave, in particular, shows significant direct channel strength:

Metric	Period End	Value	Context/Change
Total Crave Subscriptions	Q2 2025	4.1 million	Total subscriptions.
Total Crave Subscriptions	Early October 2025 (Q3 End)	4.3 million	Total subscriptions.
Direct-to-Consumer Streaming Subscribers Growth	Q2 2025 vs. Prior Year	72% increase	Year-over-year growth in the direct digital channel.
Direct-to-Consumer (DTC) Subscribers Growth	Q3 2025 Quarter	64% increase	Quarterly growth in the direct digital channel.
DTC Sports Subscribers Growth	Q3 2025 Quarter	38% increase	Quarterly growth for sports streaming DTC.

The wireline segment also relies heavily on digital/direct sales for high-speed internet activations, with 26,111 total retail high-speed Internet net subscriber activations reported in Q3 2025.

For Bell Business Markets (BBM), the direct sales force is critical for its enterprise focus, which is showing strong top-line momentum. The business solutions revenue growth for the full year 2024 was 18%. This growth trajectory continued into Q3 2025, where the enterprise segment saw 34% revenue growth, largely organic, driven by AI-powered solutions like Ateko managed services and Bell AI Fabric.

Regarding wholesale network access to Mobile Virtual Network Operators (MVNOs), specific revenue or subscriber volume data for this channel is not explicitly detailed in the latest public reports available as of late 2025. However, the overall wireless segment shows a total mobile phone customer base of 10,287,978 subscribers at the end of Q1 2025, which includes postpaid and prepaid customers.

Finance: review the Q4 2025 capital expenditure forecast against the Q3 2025 capital intensity of 14.7% by next Tuesday.

BCE Inc. (BCE) - Canvas Business Model: Customer Segments

You're looking at the core customer groups BCE Inc. serves as of late 2025. It's a mix of massive residential scale and targeted business solutions, all underpinned by network access.

Canadian Residential Consumers: Mobile, Internet, TV, and Smart Home Subscribers

This segment forms the bedrock of BCE Inc.'s revenue base, heavily focused on bundling services to increase customer stickiness. The focus is clearly on fibre penetration and streaming adoption.

• Mobile Phone Customer Base: Totaled 10,382,457 at the end of Q2 2025.
• Postpaid Mobile Subscribers: Stood at 9,565,385 at the end of Q2 2025, showing a postpaid churn rate of 1.13% in Q3 2025.
• Retail High-Speed Internet Subscribers: The combined base (Bell CTS Canada and U.S.) was 4,890,297 at the end of Q3 2025.
• Fibre Internet Target: BCE expected to have 3 million fibre Internet subscribers by the end of 2025.
• Retail IPTV Base: Experienced a net loss of 16,161 subscribers in Q3 2025.
• Crave Subscribers: Reached 4.2 million total subscriptions by the end of Q3 2025.

The strategy here involves driving convergence; in areas with fibre access, 39 percent of households subscribe to both Bell's mobility and Internet services, compared to only 18 percent in non-fibre regions.

Canadian Enterprises and Government: Large and Small-to-Medium Business Solutions

This group is served primarily through Bell Communication and Technology Services (Bell CTS) Canada, with a growing emphasis on advanced, AI-powered solutions. The enterprise segment is a key growth vector.

For full-year 2024, Bell Business Markets saw revenue growth driven by managed cybersecurity and digital workflow automation acquisitions like Stratejm and CloudKettle. In Q3 2025, BCE reported 34% revenue growth in the enterprise segment, largely organic.

Metric	Period Ending Q3 2025	Comparison/Context
Bell CTS Canada Service Revenue	$4,528 million	Down 1.5% year-over-year
Bell CTS Adjusted EBITDA YoY Change	Down 0.6%	Reflecting declines in the Canadian segment
AI Power Solutions Growth	34%	Reported for Q3 2025, mainly organic growth

U.S. Residential and Business Customers: Through the Ziply Fiber Acquisition

The acquisition of Ziply Fiber, completed on August 1, 2025, for C$5.0 billion (U.S. $3.65 billion) plus debt assumption, established a significant U.S. foothold. This move positions BCE as the third-largest fibre Internet provider in North America.

• Ziply Fiber Footprint Passed: Currently 1.4 million American homes.
• Ziply Fiber Net Adds (Aug/Sep 2025): Added 9,000 net new fibre customers in its first two months under BCE ownership.
• Bell CTS U.S. Retail High-Speed Net Activations (Q3 2025): Totaled 4,685.
• Long-Term U.S. Target: Potential to reach up to 8 million fiber locations via the Network FiberCo partnership.

The integration of Ziply Fiber contributed to a 5.1% increase in Bell CTS product revenue in Q3 2025.

Advertisers: National and Local Businesses Utilizing Bell Media Platforms

Bell Media serves advertisers through its portfolio of broadcast, digital, and streaming assets, including Crave, CTV, and radio properties. This segment faces headwinds in traditional advertising but sees growth in digital.

In Q3 2025, Bell Media operating revenue was $732 million, a 6.4% decrease year-over-year from $782 million in Q3 2024. The advertising revenue component saw an 11.5% decrease in Q3 2025, mainly impacting linear TV and radio.

• Q3 2025 Bell Media Advertising Revenue Change: Down 11.5% year-over-year.
• Q1 2025 Bell Media Operating Revenue: Reached $775 million.
• Digital Revenue Mix Target: Expected to increase from 45% of Bell Media revenue in 2025 to approximately 60% in 2028.

The Q1 2025 results showed Bell Media's digital revenues grew 12% from Q1 2024 and comprised 43% of the segment's top line. Finance: draft 13-week cash view by Friday.

BCE Inc. (BCE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive BCE Inc.'s operations as of late 2025. This structure is heavily weighted toward infrastructure investment, content acquisition, and servicing a substantial debt load. Honestly, managing these costs is key to hitting their 2025 targets.

Capital Expenditures (CapEx) for Network Build-out

BCE Inc. executed a planned reduction in capital spending for 2025. The company stated a goal to reduce capital expenditures by $500 million in 2025 compared to 2024. This reduction was largely tied to a slower Fiber-to-the-Premises (FTTP) footprint expansion in Canada, partly due to regulatory environments discouraging network investment. The company maintained a 2025 capital intensity guidance of approximately 15%.

Here's how the CapEx looked through the third quarter of 2025:

Metric	Q3 2025 Amount	Year-over-Year Change	Year-to-Date Savings (vs. 2024)
Consolidated CapEx	$891 million	Down 6.6%	$551 million
Capital Intensity	14.7%	Down from 16.0% in Q3 2024	N/A
Ziply Fiber Investment (U.S.)	$128 million (Q3 2025)	N/A	N/A

The year-to-date savings of $551 million through Q3 2025 put BCE well on track to meet its $500 million reduction target for the full year.

High Content and Programming Costs for Bell Media Properties

The Bell Media segment faced revenue headwinds, with Q3 2025 revenue declining 6.4% to $732 million. However, operating costs saw moderation, as reflected in the Adjusted EBITDA margin remaining relatively stable at 32.4% in Q3 2025, down only slightly from 32.5% in Q3 2024. This stability was achieved despite the revenue drop because operating costs decreased by 6.3%, which was explicitly attributed to lower content costs, alongside decreased labor costs and other efficiencies.

Network Operating Expenses, Maintenance, and Spectrum License Fees

Overall consolidated operating expenses in Q3 2025 were up 1.2% year-over-year. This increase was moderated by technology and automation efficiencies and reduced labor costs. Specific figures for total network operating expenses, maintenance, or spectrum license fees for the full year 2025 are not explicitly broken out in the latest reports, but the cost management focus is clear across the organization.

Significant Interest Expense on Long-Term Debt

Servicing debt remains a major cost component. BCE's publicly issued debt securities carry an average term of approximately 12.8 years, with an average after-tax cost of 3.2%. Interest expense was a notable cost in 2024, totaling $1.71 billion, and management anticipated increased interest expense for 2025. The net debt leverage ratio stood at approximately 3.8x as of September 30, 2025.

Debt/Interest Metric	Value	Period/Context
Average Term of Publicly Issued Debt	12.8 years	As of early 2025
Average After-Tax Cost of Debt	3.2%	As of early 2025
Interest Expense	$1.71 billion	2024 Actual
Net Debt Leverage Ratio	Approx. 3.8x	As of September 30, 2025

Labor and Severance Costs from Workforce Reduction Initiatives

Workforce reduction initiatives were a factor in cost moderation. Q3 2025 operating expenses were moderated by decreased labor costs attributable to workforce reductions across the organization. Furthermore, the strong free cash flow growth in Q3 2025 was supported by lower severance payments compared to the prior year. However, cash flows from operating activities in Q2 2025 were negatively impacted by higher severance and other costs paid.

• Decreased labor costs contributed to Q3 2025 operating expense moderation.
• Lower severance payments helped Q3 2025 free cash flow increase.
• Higher severance costs paid negatively impacted Q2 2025 cash flows from operating activities.

Finance: draft 13-week cash view by Friday.

BCE Inc. (BCE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how BCE Inc. brings in cash as of late 2025. This is where the rubber meets the road, translating service offerings into actual dollars.

Wireless Service Revenue remains a core pillar, though ARPU pressures are evident. For the second quarter of 2025, the mobile phone blended ARPU settled at $57.61. This figure reflected the impact of competition, discounting, and a shift to larger data plans. Subscriber additions show a mix of trends: postpaid mobile phone net subscriber activations in Q2 2025 were 44,547, while prepaid mobile phone net subscriber activations totaled 49,932 in the same period. By the end of Q2 2025, the total mobile phone customer base reached 10,382,457. The wireless segment showed improvement into Q3 2025, adding 68,018 net mobile phone subscribers, and postpaid churn improved to 1.13%.

Wireline Service Revenue is increasingly tied to fiber deployment. In Q2 2025, consumer fibre Internet net subscriber activations were 26,583. By the end of that quarter, the total high-speed retail Internet subscriber base stood at 4.42 million. The retail IPTV customer base was 2.10 million, representing a 1.1% year-over-year decrease. The momentum continued into Q3 2025, with 65,239 retail fiber-to-the-home (FTTH) net additions reported, contributing to an 11% Internet revenue growth.

Business Solutions Revenue is showing strength in specialized, high-value areas. Bell Business Markets saw revenue growth in Q2 2025, specifically driven by Ateko managed services, cybersecurity, and the launch of Bell AI Fabric. This enterprise momentum carried into Q3 2025, where the enterprise segment reported a 34% revenue growth.

Media Revenue shows a bifurcation between digital growth and traditional advertising softness. Bell Media revenue grew 3.8% and adjusted EBITDA climbed 7.8% in Q2 2025. Direct-to-consumer streaming subscriptions for Crave were a highlight; total Crave subscriptions reached 4.2 million by the end of Q3 2025, fueled by a 67% increase in Crave direct-to-consumer streaming subscribers and a 38% increase in sports direct-to-consumer streaming subscribers. However, advertising revenue remained a drag, sliding 3.1% in Q2 2025, and facing an 11.5% decline in advertising revenue in Q3 2025.

Product Revenue, which includes wireless device sales, saw a significant jump in Q2 2025, increasing by 17.4% to $818 million. This was attributed to higher upgrade volumes and contracted activations. By Q3 2025, product revenue was C$720 million, marking a 5.1% year-over-year rise.

Here's a quick look at the top-line revenue components for the two most recent quarters:

Revenue Component	Q2 2025 Amount (CAD)	Q2 2025 YoY Change	Q3 2025 Amount (CAD)	Q3 2025 YoY Change
Total Operating Revenues	C$6,085 million	1.3% increase	C$6.05 billion	1.3% increase
Total Service Revenue	C$5,267 million	0.8% dip	C$5.33 billion	0.8% increase
Product Revenue	C$818 million	17.4% increase	C$720 million	5.1% increase

You can see the clear shift in revenue mix, with product sales boosting the top line in Q2, while service revenue growth, albeit small, returned in Q3, partly due to the Ziply Fiber acquisition.

Further detail on the Bell CTS segment, which houses most wireless and wireline services, shows:

• Bell CTS Operating Revenues (Q2 2025): $5,334 million
• Bell CTS Operating Revenues (Q3 2025): $5,408 million
• Bell CTS U.S. Segment EBITDA (Q3 2025): $71 million with a 44.4% margin

Finance: draft 13-week cash view by Friday.