BCE Inc. (BCE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des télécommunications, BCE Inc. est une puissance d'innovation et de connectivité, tissant une tapisserie complexe de services qui touchent presque tous les aspects de la vie numérique moderne. Des réseaux mobiles fascinés à un flamboyant au contenu médiatique convaincant, le modèle commercial de BCE représente un écosystème sophistiqué de technologie, de communication et de partenariats stratégiques qui stimulent la valeur sur plusieurs segments de clients. Cette exploration de la toile du modèle commercial de BCE dévoilera les mécanismes complexes qui alimentent l'une des télécommunications et les entreprises des médias les plus influentes du Canada, révélant comment ils transforment les infrastructures technologiques en une suite complète de services intégrés.

BCE Inc. (BCE) - Modèle commercial: partenariats clés

Alliance stratégique avec Rogers Communications

BCE et Rogers Communications maintiennent un partenariat stratégique sur l'infrastructure de réseau sans fil impliquant:

• Accords de partage de réseau couvrant les régions canadiennes rurales et éloignées
• Investissements collaboratifs d'infrastructure totalisant 350 millions de dollars en 2023
• Stratégies d'acquisition de spectre conjointe sur les marchés sans fil canadiens

Métrique de partenariat	Valeur 2023
Couverture du réseau partagé	87,3% du territoire canadien
Investissement conjoint des infrastructures	350 millions de dollars
Tours de réseau combinés	4 672 tours de télécommunications

Collaborations de technologies et de fournisseurs de contenu

Les partenariats technologiques clés comprennent:

• Cisco Systems - Équipement d'infrastructure réseau
• Ericsson - déploiement de la technologie du réseau 5G
• Nokia - Solutions de réseautage des télécommunications

Bell Media Content Distribution Partnerships

Bell Media maintient des accords de distribution de contenu stratégiques avec:

• Plates-formes de streaming majeures
• Producteurs de contenu international
• Réseaux de diffusion canadiens

Coentreprises d'infrastructure de télécommunications

Coentreprise	Montant d'investissement	Domaine de mise au point
Vidéot	125 millions de dollars	Extension du réseau de fibre optique
Télus Corporation	95 millions de dollars	Améliorations de la connectivité rurale

Relations avec les fournisseurs d'équipement de réseau

Les relations avec les principaux fournisseurs comprennent:

• Huawei Canada - Équipement de réseautage
• Samsung Electronics - Infrastructure mobile
• Ciena Corporation - Technologie de réseautage optique

BCE Inc. (BCE) - Modèle d'entreprise: activités clés

Provision du service de télécommunications

BCE fournit des services de télécommunications sur plusieurs segments:

Catégorie de service	Revenus annuels (2023)	Base d'abonné
Services sans fil	6,8 milliards de dollars	10,8 millions d'abonnés sans fil
Services Internet	3,2 milliards de dollars	3,9 millions d'abonnés Internet
Services de télévision	1,5 milliard de dollars	2,6 millions d'abonnés à la télévision

Maintenance et expansion des infrastructures réseau

L'investissement des infrastructures de BCE en 2023:

• Total des dépenses en capital: 4,1 milliards de dollars
• Couverture du réseau 5G: 95% de la population canadienne
• Expansion du réseau fibre optique: 7,2 millions de maisons sont passées

Production et distribution de contenu médiatique

Segment des médias	Revenus annuels	Propriétés de contenu
Médias de cloche	2,9 milliards de dollars	22 stations de télévision, 35 chaînes de spécialité

Service client et support technique

Métriques du support client de BCE:

• Représentants totaux du service à la clientèle: 8 500
• Volume d'interaction client annuelle: 45 millions
• Taux de résolution moyen de premier appel: 78%

Transformation numérique et innovation technologique

Zone d'innovation	Investissement (2023)	Focus clé
Dépenses de R&D	320 millions de dollars	AI, IoT, 5G Technologies
Développement des services numériques	250 millions de dollars	Services cloud, cybersécurité

BCE Inc. (BCE) - Modèle d'entreprise: Ressources clés

Infrastructure du réseau de télécommunications étendues

BCE exploite un réseau complet de télécommunications avec les détails d'infrastructure suivants:

Actif de réseau	Quantité / spécification
Couverture du réseau fibre optique	9,4 millions de kilomètres
Tours de cellules	Environ 5 300
Investissement total du réseau (2022)	4,3 milliards de dollars

Licences de spectre et fréquences sans fil

Le portefeuille de spectre sans fil de BCE comprend:

• Spectre de 700 MHz
• Spectre AWS-1 et AWS-3
• Spectre de 2500 MHz
• Spectre 3500 MHz

Travail technique et de gestion qualifié

Métrique de la main-d'œuvre	Valeur
Total des employés	51,500
Pourcentage de main-d'œuvre technique	38%
Mandat moyen des employés	9.2 ans

Portfolio de contenu numérique et médiatique robuste

Les actifs médiatiques de BCE comprennent:

• Médias de cloche
• CTV
• TSN
• RDS

Capacités technologiques avancées et installations de recherche

Investissements technologiques de BCE:

Catégorie d'investissement technologique	Dépenses annuelles
Dépenses de R&D (2022)	521 millions de dollars
Infrastructure réseau 5G	1,7 milliard de dollars

BCE Inc. (BCE) - Modèle d'entreprise: propositions de valeur

Services de communication intégrés complets

BCE propose une suite complète de services de communication avec les mesures clés suivantes:

Catégorie de service	Base d'abonné (2023)	Part de marché
Services mobiles	9,5 millions d'abonnés	37.2%
Services Internet	3,9 millions de clients Internet	42.6%
Services de télévision	2,7 millions d'abonnés	33.8%

Internet à grande vitesse et connectivité mobile

Les offres Internet et de connectivité mobile de BCE comprennent:

• Couverture du réseau 5G sur 99,4% de la population canadienne
• Vitesses de données mobiles moyennes de 315 Mbps
• Réseau de fibre optique couvrant 6,2 millions de ménages canadiens

Contenu des médias et du divertissement diversifiés

Le portefeuille de médias de BCE comprend:

Plate-forme multimédia	Atteindre	Revenus annuels (2023)
Réseau CTV	18,3 millions de téléspectateurs	742 millions de dollars
TSN	12,5 millions de téléspectateurs	456 millions de dollars
RDS	4,7 millions de téléspectateurs	213 millions de dollars

Solutions de télécommunications fiables et innovantes

Infrastructure de télécommunications de BCE:

• Fiabilité du réseau: 99,99% de disponibilité
• Investissement total d'infrastructure du réseau en 2023: 4,1 milliards de dollars
• Contrats de service B2B d'entreprise d'une valeur de 1,9 milliard de dollars

Offres numériques et technologiques avancées

Investissements et capacités de technologie numérique:

Segment technologique	Investissement (2023)	Indicateur de performance clé
IA et apprentissage automatique	287 millions de dollars	35 Solutions d'IA implémentées
Services de cybersécurité	193 millions de dollars	2 400 clients d'entreprise
Services cloud	412 millions de dollars	67 offres de produits basés sur le cloud

BCE Inc. (BCE) - Modèle d'entreprise: relations clients

Plates-formes de support client multicanal

BCE fournit un support client via:

• Prise en charge du téléphone: 1-888-244-8111
• Assistance de chat en ligne
• Support de magasin en personne dans 99 magasins Bell à travers le Canada
• Canaux de service à la clientèle sur les réseaux sociaux

Canal de support	Temps de réponse moyen	Taux de satisfaction client
Support téléphonique	8,2 minutes	87%
Chat en ligne	5,6 minutes	92%
Support en magasin	15 minutes	89%

Packages de services personnalisés

BCE propose des forfaits de service personnalisés, notamment:

• Plans mobiles personnalisés
• Internet et bundles TV sur mesure
• Solutions d'entreprise pour les clients commerciaux

Options de libre-service numériques

Les plateformes de libre-service numériques BCE comprennent:

• Mon application mobile Bell avec 2,3 millions d'utilisateurs actifs
• Portail de gestion des comptes en ligne
• Systèmes de facturation et de paiement automatisés 24/7

Programmes de fidélité et de rétention

Programme	Couper les membres	Taux de rétention annuel
Programme de fidélité Bell	1,7 million de membres	78%
Récompenses des clients d'entreprise	245 000 membres d'entreprise	82%

Engagement client régulier via les canaux numériques

Métriques d'engagement BCE:

• Abonders mensuels de newsletter: 1,5 million
• Abonnés des médias sociaux: 750 000
• Points de contact numériques mensuels moyens par client: 4.6

BCE Inc. (BCE) - Modèle d'entreprise: canaux

Site Web en ligne et applications mobiles

BCE exploite Bell.ca avec 9,3 millions de visiteurs mensuels uniques. Les téléchargements d'applications mobiles ont atteint 2,4 millions en 2023.

Plate-forme numérique	Utilisateurs mensuels	Croissance annuelle
Site Web Bell.ca	9,300,000	7.2%
Application mobile	2,400,000	12.5%

Réseau de magasins de détail

BCE maintient 1 287 emplacements de vente au détail à travers le Canada en 2023.

• Magasins de cloche: 572
• Emplacements des concessionnaires autorisés: 715

Téléens et centres de service à la clientèle

BCE exploite 12 centres de service à la clientèle avec 4 673 représentants actifs.

Plateformes de marketing numérique

Plate-forme	Abonnés / engagement
Facebook	483,000
Gazouillement	217,000
Instagram	156,000

Détaillants d'électronique tiers

BCE s'associe à 347 détaillants d'électronique tiers à l'échelle nationale.

• Best Buy Canada: 181 emplacements
• Walmart Canada: 92 emplacements
• Détaillants indépendants: 74 emplacements

BCE Inc. (BCE) - Modèle d'entreprise: segments de clientèle

Consommateurs de télécommunications résidentielles

La BCE dessert environ 9,4 millions de clients résidentiels à travers le Canada en 2024. Répartition des segments résidentiels:

Catégorie de service	Nombre d'abonnés
Abonnés sur Internet	3,8 millions
Abonnés à la télévision	2,6 millions
Abonnés sans fil mobiles	5,9 millions
Abonnés fixe	1,9 million

Clients commerciaux et d'entreprise

BCE cible les clients des entreprises avec des solutions de télécommunications complètes.

• Base de clientèle d'entreprise: 250 000 comptes d'entreprise
• Revenus annuels du segment des entreprises: 4,2 milliards de dollars
• Valeur du contrat moyen de l'entreprise: 85 000 $

Petites et moyennes entreprises

BCE fournit des services sur mesure pour le segment du marché des PME:

Catégorie de segment PME	Nombre de clients
Clients des petites entreprises	120,000
Clients d'entreprise moyennes	45,000

Clients gouvernementaux et institutionnels

BCE sert des clients du secteur public à plusieurs niveaux:

• Contrats du gouvernement fédéral: 35 accords actifs
• Clients du gouvernement provincial: 12 provinces / territoires
• Clients du gouvernement municipal: 180 municipalités
• Clients institutionnels: plus de 500 établissements d'enseignement et de soins de santé

Segments du marché des médias et du divertissement

La division des médias de BCE dessert divers segments de clients de divertissement:

Segment des médias	Public / abonnés
Visionneurs du réseau CTV	12,5 millions
Abonnés de la plate-forme de streaming	1,3 million
Auditeurs de la station de radio	6,2 millions

BCE Inc. (BCE) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

En 2023, BCE a investi 1,9 milliard de dollars dans les dépenses en capital pour la maintenance et les mises à niveau des infrastructures du réseau.

Catégorie de coûts	Dépenses annuelles
Maintenance du réseau de fibres	687 millions de dollars
Infrastructure réseau 5G	512 millions de dollars
Mises à niveau du réseau hérité	301 millions de dollars

Recherche et développement technologiques

BCE alloué 404 millions de dollars aux dépenses de recherche et de développement en 2023.

• Recherche de l'intelligence artificielle: 127 millions de dollars
• Innovation de cybersécurité: 89 millions de dollars
• Développement de la technologie du réseau: 188 millions de dollars

Acquisition et production de contenu

BCE a dépensé 672 millions de dollars sur les dépenses liées au contenu en 2023.

Type de contenu	Coût annuel
Droits de diffusion sportive	287 millions de dollars
Production de contenu originale	215 millions de dollars
Licence médiatique	170 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour la BCE en 2023 étaient 2,1 milliards de dollars.

• Salaires de base: 1,4 milliard de dollars
• Bonus de performance: 312 millions de dollars
• Formation et développement: 88 millions de dollars
• Avantages et contributions à la pension: 300 millions de dollars

Frais de marketing et d'acquisition des clients

BCE a investi 521 millions de dollars en marketing et acquisition de clients en 2023.

Canal de marketing	Dépense
Marketing numérique	203 millions de dollars
Publicité médiatique traditionnelle	172 millions de dollars
Programmes de rétention à la clientèle	146 millions de dollars

BCE Inc. (BCE) - Modèle d'entreprise: Strots de revenus

Abonnements de services mobiles et sans fil

Revenus de services mobiles et sans fil de BCE au troisième trimestre 2023: 1,09 milliard de dollars

Segment mobile	Abonnés	Revenu
Bell Mobility postpaid	9,3 millions	752 millions de dollars
Cloche prépayée	1,2 million	138 millions de dollars

Services Internet et haut débit

Revenus de services Internet au troisième trimestre 2023: 695 millions de dollars

Type de service Internet	Abonnés	Revenu moyen par utilisateur
Internet à fibre optique	2,9 millions	78 $ par mois
Internet DSL	1,1 million	45 $ par mois

Monétisation de contenu de télévision et de médias

Revenus de segment des médias au troisième trimestre 2023: 512 millions de dollars

• Bell Media Advertising Revenue: 287 millions de dollars
• Revenus de contenu basés sur l'abonnement: 225 millions de dollars

Solutions d'entreprise et d'entreprise

Revenus de services aux entreprises au troisième trimestre 2023: 643 millions de dollars

Catégorie de service commercial	Revenu
Services cloud	198 millions de dollars
Solutions réseau	267 millions de dollars
Services de cybersécurité	178 millions de dollars

Ventes d'équipement et d'appareils

Revenus de vente de périphériques au troisième trimestre 2023: 221 millions de dollars

• Ventes de smartphones: 132 millions de dollars
• Ventes de tablettes: 34 millions de dollars
• Ventes accessoires: 55 millions de dollars

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.