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 11, 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 audited consolidated financial statements for the year ended December 31, 2025 when reading this MD&A.

In preparing this MD&A, we have taken into account information available to us up to March 5, 2026, the date of this MD&A, unless otherwise stated.

You will find additional information relating to BCE, including BCE’s audited consolidated financial statements for the year ended December 31, 2025, BCE’s annual information form for the year ended December 31, 2025, dated March 5, 2026 (BCE 2025 AIF) and recent financial reports, 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 two years ended December 31, 2025 and 2024.

This MD&A and, in particular, but without limitation, section 1.3, Key corporate developments, section 1.4, Capital allocation strategy, section 1.6, Capitals and our corporate responsibility, section 2, Strategic priorities, section 3.2, Business outlook and assumptions, section 5, Business segment analysis, and section 6.7, Liquidity, contain forward-looking statements. These forward-looking statements include, without limitation, statements relating to: the proposed disposition of Northwestel Inc. (Northwestel) and the expected timing and completion thereof; the potential total number of combined Ziply Fiber-Network FiberCo fibre locations to be reached over the long term; BCE’s capital allocation priorities; our objective to create long-term value for our shareholders with strong free cash flow generation and a sustainable dividend; BCE’s common share dividend and dividend payout policy target; BCE’s expected dividend payout ratio level in the medium term; our objective to maintain investment-grade credit ratings for Bell Canada’s senior debt; BCE’s net debt leverage ratio expected by the end of 2027 and net debt leverage policy target expected by 2030; the intended use of the net proceeds of Bell Canada’s February 12, 2026 offering of junior subordinated debt securities; BCE’s network deployment plans in Canada and the United States (U.S.) and the benefits expected to result therefrom; BCE’s network reliability target; the launch of Unbreakable Internet in 2026; the successful development and implementation of artificial intelligence (AI) solutions, either by us or pursuant to certain partnerships entered into by BCE, as well as the responsible development and use of AI; our goal of $1.5 billion in cost savings by 2028 and the benefits expected to result therefrom; our projected financial performance; BCE’s planned capital expenditures; BCE’s expected post-employment benefit plans funding and the sources of liquidity we expect to use to meet our 2026 cash requirements; our sustainability objectives and the benefits expected to result therefrom, which include, without limitation, our objectives concerning customer satisfaction and service quality, privacy, information security vigilance, network reliability and energy intensity, our targeted reductions in the level of our greenhouse gas (GHG) emissions including, without limitation, our science-based targets and carbon abatement objectives, our objectives concerning reductions in waste to landfill, team member well-being and engagement, corporate governance and ethical business conduct leadership; 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 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 March 5, 2026 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 various sub-sections of this MD&A entitled Assumptions, which sub-sections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable as at March 5, 2026. If our assumptions turn out to be inaccurate, actual results or events 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 mentioned forward-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 the continuation or escalation of trade wars, recessions, U.S. tariffs and the unpredictability of future trade arrangements, inflation, the value of the Canadian dollar, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility, and the resulting negative impact on customer spending, the resulting demand for our products and services, our customers’ financial condition, and the cost and amount of funding available in the capital markets; the negative effect of adverse conditions associated with geopolitical events, including financial and capital market volatility, broader geopolitical instability and armed conflicts, higher energy prices, inflationary pressures limiting consumer and business spending and increasing our operating costs, disruptions in our supply chains, and increased information security threats; the intensity of competitive activity in Canada and the U.S. and the failure to effectively respond to evolving competitive dynamics; the level of technological advancements and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of cloud-based, over-the-top (OTT) and other alternative solutions; advertising market pressures from economic conditions, fragmentation and non-traditional/global digital services; rising content costs and challenges in our ability to acquire or develop key content; high Canadian Internet and smartphone penetration; regulatory initiatives, proceedings and decisions, government consultations and government positions that negatively affect us and influence our business in Canada 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, online streaming and digital services regulations, control of copyright piracy, and regulatory frameworks governing AI; the inability to implement enhanced compliance frameworks and to comply with legal and regulatory obligations, including the failure to monitor and comply with the U.S. legal and regulatory requirements to which Ziply Fiber is subject, which may reduce the amount of subsidies or revenues it receives,

increase its compliance burdens or constrain its ability to compete; unfavourable resolution of legal proceedings; the inability to protect our assets and data from events such as information security attacks, unauthorized access or entry, fire, natural disasters, extreme weather events linked to climate change, power loss, building cooling loss, acts of war or terrorism, geopolitical conflict, sabotage, vandalism, actions of neighbours and other events; the failure to implement effective security, data and responsible AI governance frameworks; the inability to drive a positive customer experience; the failure to evolve and transform our networks, systems and operations using next-generation technologies while lowering our cost structure, including the failure to meet customer expectations of product and service experience; the use of AI technologies in our business solutions and operations, and by our customers, business partners and third-party vendors; 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; the complexity of our operations and information technology (IT) systems and the failure to implement, maintain or manage highly effective processes and IT systems; events affecting the functionality of and our ability to protect, test, maintain, replace and upgrade our networks, 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; in-orbit and other operational risks to which the satellites used to provide our satellite television (TV) services are subject; the failure to successfully expand Ziply Fiber’s fibre network; the inability of Ziply Fiber’s current and future initiatives or programs to generate the level of returns, or to occur on the timeline, we anticipate; there can be no assurance that the potential benefits expected to result from the formation of Network FiberCo will be realized; the failure to successfully integrate Ziply Fiber as a subsidiary of BCE, and to generate the anticipated benefits from the acquisition of Ziply Fiber; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether our dividend payout policy will be maintained or achieved, or that the dividend on common shares will be maintained or dividends on any of BCE’s outstanding shares will be declared by BCE’s board of directors (BCE Board); 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 accurately anticipate fluctuations in the exchange rate between the Canadian dollar and U.S. dollar and our inability to successfully implement currency hedging strategies; the failure to evolve practices to effectively monitor and control fraudulent activities; new or higher taxes due to new tax laws, treaties, regulations or rules thereunder in Canada, the U.S. or other relevant jurisdictions, or changes thereto, or changes in their interpretation or enforcement by tax authorities, and the inability to predict the outcome of government audits; the impact on our financial statements and estimates from a number of factors; pension obligation volatility and increased contributions to post-employment benefit plans; the expected timing and completion of the proposed disposition of Northwestel are subject to closing conditions, termination rights and other risks and uncertainties, including, without limitation, the purchaser securing financing, which may affect its completion, terms or timing and, as such, there can be no assurance

that the proposed disposition will occur, or that it will occur on the terms and conditions, or at the time, currently contemplated, or that the potential benefits expected to result from the proposed disposition will be realized; the failure to attract, develop and retain a talented team capable of furthering our business strategy and operational 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; reputational risks and the inability to meaningfully integrate sustainability considerations into our business strategy, operations and governance; the adverse impact of various internal and external factors on our ability to achieve our sustainability targets including, without limitation, those related to GHG reduction and supplier engagement; the failure to take appropriate actions to adapt to current and emerging environmental impacts, including climate change; the failure to develop and implement sufficient corporate governance practices; the inability to adequately manage social issues; health risks, including pandemics, epidemics and other health concerns, such as radio frequency emissions from wireless communications devices and equipment; our dependence on third-party suppliers, outsourcers and consultants to provide an uninterrupted supply of the products and services we need and comply with various obligations; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data and AI governance, privacy 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.

These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in, or implied by, our forward-looking statements are discussed in this MD&A and, in particular, in section 9, Business risks, of this MD&A.

Forward-looking statements contained in this MD&A for periods beyond 2026 involve longer-term assumptions and estimates than forward-looking statements for 2026 and are consequently subject to greater uncertainty. Forward-looking statements for periods beyond 2026 further assume, unless otherwise indicated, that the risks described above and in section 9, Business risks, of this MD&A will remain substantially unchanged during such periods.

We caution readers that the risk factors described above and in the previously mentioned section and in other sections of this MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint arrangements and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after March 5, 2026. 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 is Canada’s largest communications company,⁽¹⁾ leading the way in advanced fibre and wireless networks, enterprise services and digital media. BCE delivers next-generation technology that leverages cloud-based and AI-driven solutions. BCE provides residential, business and wholesale customers with a wide range of solutions for all their communications needs. BCE’s shares are publicly traded on the Toronto Stock Exchange and on the New York Stock Exchange (TSX, NYSE: BCE).

On August 1, 2025, BCE acquired Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the U.S. providing wireline, Internet and TV services to residential, business and wholesale customers in this region. The results from the acquired Ziply Fiber operations are included in a new segment, Bell Communication and Technology Services (Bell CTS) U.S., from the date of acquisition.

Our results are subsequently reported in three segments: Bell CTS Canada, Bell CTS U.S. and Bell Media. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.

Bell CTS Canada provides a wide range of communication products and services to consumer, business and government customers across Canada. Wireless products and services include mobile data and voice plans, streaming services, and devices and are available nationally. Wireline products and services comprise data (including Internet access, Internet protocol television (IPTV), cloud-based services, AI-driven solutions and business solutions), voice, streaming services, and other communication services and products, which are available to our residential, small and medium-sized business and large enterprise customers primarily in Ontario, Québec, the Atlantic provinces and Manitoba, while satellite TV service and connectivity to business customers are available nationally across Canada. In addition, this segment includes our wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers, as well as, in 2024, the results of operations of our national consumer electronics retailer, The Source (Bell) Electronics Inc. (The Source). In 2024, Bell wound down The Source head office and back office operations, as well as closed 107 The Source stores.

Bell CTS U.S., comprised of Ziply Fiber, provides wireline communication products and services over a combined fibre-based and copper-based network, to residential, business and wholesale customers in the Pacific Northwest of the U.S. Wireline products and services consist of data (including broadband Internet with varying speeds and value-added features, commercial ethernet, dedicated Internet-non-switched access and other data transport networking options) and voice (traditional and voice over Internet protocol (VoIP) voice services, including local, long distance, and unified communications as a service (UCaaS) and Video (IPTV)).

Bell Media holds a portfolio of assets providing premium video, audio, out-of-home (OOH) advertising, and digital media services to customers nationally across Canada.

We also hold investments in a number of other assets, including:

BCE’s purpose is to advance how people connect with each other and the world. Our brand platform, Connection is everything, underscores our fundamental role in facilitating connections – enabling individuals and businesses to forge meaningful relationships, opportunities and experiences with each other, their communities and the wider world.

As Canada’s largest communications company, we strive to create exceptional experiences and positive, lasting impacts for the customers, businesses and communities we serve. Reliable, high-performance connectivity and digital solutions are foundational to modern life, supporting economic growth, social inclusion and innovation across the country. By continuing to invest in world-class fibre and wireless networks and by deploying cloud-based, AI-enabled technologies, we aim to help individuals, businesses and public institutions thrive in an increasingly digital and data-driven world.

Our primary business objectives are to grow our subscriber base profitably and to maximize revenues, operating profit, free cash flow and return on invested capital. We pursue these objectives by

strengthening our position as the leading provider in Canada of comprehensive communications services to residential, business and wholesale customers; as a leading fibre Internet provider in the Pacific Northwest of the U.S. through Ziply Fiber; and as Canada’s leading media and entertainment company. Across our operations, we seek to leverage our scale, networks, infrastructure, distribution channels, brand and marketing capabilities to create value for customers, shareholders and other stakeholders.

Our strategy is guided by four interconnected priorities that bring our purpose to life while strengthening customer experience, improving operational efficiency and supporting long-term value creation. These priorities are underpinned by our unique and differentiated assets across fibre, wireless, enterprise and media, and are focused on driving sustainable growth through network leadership, digital transformation and customer-focused innovation. Execution of our strategy is supported by a disciplined capital allocation approach tailored to a reshaped operating environment, reinforcing our objective to driving total shareholder return.

Following the principles of the International Integrated Reporting Framework (<IR> Framework), now part of the IFRS^® Foundation, Bell released, concurrently with this MD&A, an Integrated Annual Report which contains a strategic overview outlining our sustainable value creation process. This strategic overview discloses how we seek to generate sustainable value for our stakeholders as the result of our

business operations, guided by our strategic priorities and use of capitals. Our capitals are outlined below and serve as inputs that are transformed through our business strategy and strategic priorities resulting in outcomes that seek to create value for our stakeholders over time.

Segment description

Our brands include

We hold wireless spectrum licences across multiple spectrum bands and regions throughout Canada, totalling more than 8.6 billion megahertz per population (MHz-Pop), corresponding to an average of approximately 234 megahertz (MHz) of spectrum per Canadian.

The vast majority of our wireless cell sites are connected by fibre-based backhaul, supporting higher capacity, faster speeds and improved network reliability. In addition, we continue to enhance in-building wireless coverage to strengthen LTE and Fifth Generation (5G) service performance.

We operate a nationwide Fourth Generation (4G) Long-Term Evolution (LTE) wireless broadband network compatible with global standards, delivering high-quality and reliable voice and high-speed data services to virtually all Canadians. We also operate 5G and 5G+ wireless networks, which offer faster speeds and lower latency, and continue to expand their coverage across Canada.

We have more than 7,000 retail points of distribution across Canada, including over 1,000 Bell, Virgin Plus, Lucky Mobile, Best Buy Express and Staples locations, as well as Glentel-operated locations (WIRELESSWAVE, Tbooth wireless and The Mobile Shop) and other third-party dealer and retail locations.

Residential

Business

Segment description

Our brand

Our networks and reach

Our wireline products and services

Residential

Business

Segment description

Our brands include

Video

Audio

OOH advertising

Broadcast rights

Other assets

Our products and services

BCE also holds investments in a number of other assets, including:

At the end of 2025, our team consisted of 38,683 employees, a decrease of 1,707 employees, compared to 40,390 employees at the end of 2024, driven by workforce reductions, natural attrition and retirements, partly offset by an increase in our employee base as a result of the acquisition of Ziply Fiber on August 1, 2025 and other small acquisitions made in the year.

Approximately 39% of total BCE employees were represented by labour unions at December 31, 2025.

Bell Code of Business Conduct

The ethical business conduct of our people is core to the integrity with which we operate our business. The Bell Code of Business Conduct sets out specific expectations and accountabilities, providing employees with practical guidelines to conduct business in an ethical manner. The Bell Code of Business Conduct applies to employees and directors, setting expectations for responsible behaviour and requiring annual training and attestations.

On August 1, 2025, BCE completed its previously announced acquisition of Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the U.S., for cash consideration of $3.64 billion in U.S. dollars ($5.01 billion in Canadian dollars), and the assumption of outstanding net debt ⁽¹⁾ of approximately $1.9 billion in U.S. dollars ($2.6 billion in Canadian dollars) at closing. To accelerate expansion into the U.S. market, BCE and PSP Investments announced on May 8, 2025 the formation of Network FiberCo, a long-term strategic partnership to

accelerate the development of fibre infrastructure through Ziply Fiber, in underserved markets in the U.S. Combined with the completion of the Ziply Fiber acquisition, this long-term strategic partnership will enable Bell to potentially reach up to 8 million fibre locations in the U.S., reinforcing its position as the third-largest fibre Internet provider in North America. The results of Ziply Fiber are included in our Bell CTS U.S. segment.

On July 1, 2025, BCE completed the previously announced sale of its 37.5% ownership stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) for $4.7 billion to Rogers Communications Inc. (Rogers). BCE directed the net proceeds of this disposition towards its acquisition of

Ziply Fiber. As part of the MLSE transaction, Bell Media has secured access to content rights for the Toronto Maple Leafs and Toronto Raptors on TSN through the 2043/2044 season via a long-term agreement with Rogers.

On May 20, 2025, Mark McDonald was promoted to the role of Executive Vice-President (EVP) and Chief Technology Officer. In his new role, Mark is responsible for Bell’s network strategy and infrastructure, as well as maximizing the potential of key technologies like 5G and fibre.

Also on May 20, 2025, Hadeer Hassaan assumed an expanded role as EVP and Chief Information and Customer Experience Officer. In this role, Hadeer ensures Bell’s customer-first approach is supported by the right data and information, leveraging technology to create a seamless and positive experience for Bell’s customers. She also leads Bell’s cloud services strategy.

BCE has a long-standing objective of returning capital to shareholders through a sustainable common share dividend. Our dividend payout policy is an integral component of our capital allocation framework and is designed to balance shareholder returns with the funding requirements of our strategic priorities and the maintenance of a strong balance sheet.

In May 2025, following a comprehensive review of the macroeconomic, regulatory and competitive environments of BCE, the BCE Board established the annualized dividend at $1.75 per BCE common share effective starting from the July 15, 2025 dividend payment date. At the same time, BCE’s common share dividend payout policy was updated to target a dividend payout range of 40% to 55% of free cash flow. This revised policy reflects the BCE Board’s focus on enhancing financial flexibility, supporting accelerated deleveraging and optimizing BCE’s cost of capital in the current operating and capital market environment, while maintaining a meaningful and sustainable dividend for shareholders.

The dividend payout policy is designed to remain consistent in the long term. As a result, dividends are not automatically reduced in a year when free cash flow is lower or increased in a year when free cash flow is higher.

On February 5, 2026, the BCE Board declared a quarterly dividend of $0.4375 per common share, payable on April 15, 2026 to shareholders of record at the close of business on March 16, 2026.

For the year ended December 31, 2025, BCE’s dividend payout ratio ⁽¹⁾ was approximately 64% of free cash flow, which is above the target policy range, reflecting the transitional nature of the year following the mid-year reset of the dividend level. The dividend payout ratio is expected to trend toward the target policy range over the medium term, supported by continued free cash flow generation, disciplined capital investment and our ongoing focus on balance sheet optimization.

As announced in May 2025, BCE committed to providing, on an annual basis, the implied dividend payout ratio calculated on the basis of free cash flow after payment of lease liabilities, in addition to the dividend payout ratio assessed against our policy framework. This financial measure is provided to enhance transparency for investors regarding cash available for dividend payments after lease repayments and does not form part of BCE’s dividend payout policy, which continues to be assessed against free cash flow.

For the year ended December 31, 2025, the implied dividend payout ratio based on free cash flow after payment of lease liabilities ⁽¹⁾ was approximately 99%, reflecting the transitional nature of the year following the mid-year reset of the dividend level.

The dividend payout policy is intended to provide a long-term framework for BCE’s approach to allocating cash generated by the business, is not intended to restrict the discretion of the BCE Board in declaring dividends and does not bind BCE in declaring any set amount of dividend. BCE’s dividend policy, setting the common share dividend rate and the declaration of dividends are subject to the discretion of the BCE Board and, consequently, there can be no guarantee that BCE’s dividend payout policy will be maintained or achieved, that the dividend on common shares will be maintained, or that dividends will be declared. Dividend rates and the declaration of dividends by the BCE Board are ultimately dependent on BCE’s corporate strategy, operations, and financial results, which are, in turn, subject to various assumptions and risks, including those outlined in this MD&A.

BCE is focused on a pay-for-performance approach for all team members, including our executives. In order to attract, motivate and retain top talent, the company offers a competitive total compensation package.

The mix of vehicles awarded under BCE’s long-term incentive plan favours the execution of multiple objectives. They are structured to create sustainable value for shareholders by attracting, motivating and retaining the executive officers needed to drive the business strategy, and rewarding them for delivering on our goal of advancing how people connect with each other and the world, through the successful execution of our strategic priorities. We have strong alignment of interest between shareholders and management through our equity-based incentive plans.

Consistent with our capital markets objective to return capital to shareholders through a sustainable dividend, while maintaining appropriate levels of capital investment, investment-grade credit ratings for Bell’s senior debt and overall financial flexibility, we deploy excess free cash flow and divestiture proceeds, when available, in a balanced manner. Our capital allocation priorities include, but are not limited to, the following uses:

In 2025, excess free cash flow ⁽¹⁾ of $1,152 million, compared to negative $725 million in 2024, was deployed primarily toward acquisitions and strategic partnerships aligned with our strategic priorities, as well as the repayment of long-term debt. The year-over-year increase in excess free cash flow was attributable to lower cash dividends paid on common shares following the mid-year reset of the annualized common share dividend level, as well as higher free cash flow, primarily reflecting lower capital expenditures compared to the prior year.

This graph compares the yearly change in the cumulative annual total shareholder return of BCE common shares against the cumulative annual total return of the S&P Global Ratings Canada, a business unit of S&P Global Canada Corp. (S&P)/TSX Composite Index ⁽³⁾, for the five-year period ending December 31, 2025, assuming an initial investment of $100 on December 31, 2020 and the quarterly reinvestment of all dividends.

BCE’s balance sheet is supported by a strong liquidity position and prudent financial risk management. At December 31, 2025, available liquidity ⁽¹⁾ totalled $2.5 billion, comprised of $314 million in cash, $6 million in cash equivalents, $700 million available under our securitized receivables program, and $1.5 billion available under our $4.0 billion committed revolving and expansion credit facilities. We continue to monitor the capital markets for opportunities to lower our cost of debt

and optimize our cost of capital, while proactively managing financial risks, including foreign currency exposure on U.S. dollar denominated purchases, equity risk associated with long-term equity-based incentive plans, and interest rate and foreign currency exposure related to our debt portfolio. Maintaining investment-grade credit ratings for Bell’s senior debt remains a key financial objective.

We monitor our capital structure by using a number of measures, principally the net debt leverage ratio and dividend payout ratio.

At December 31, 2025, our net debt leverage ratio ⁽⁴⁾ was 3.78 times adjusted EBITDA, compared to 3.81 times adjusted EBITDA at December 31, 2024. This improvement occurred despite the closing of the Ziply Fiber acquisition, which was funded from the net proceeds of BCE’s divestiture of its ownership stake in MLSE, together with cash on hand. Our leverage levels remain above our internal net debt leverage policy target of approximately 3.0 times adjusted EBITDA, reflecting wireless spectrum purchases, significant capital expenditures to advance our network and transformation initiatives, and the financing of several strategic acquisitions over the past several years.

We have a target of achieving a net debt leverage ratio of approximately 3.5 times adjusted EBITDA by the end of 2027, and we intend to continue reducing leverage toward our policy level of approximately 3.0 times adjusted EBITDA by 2030, consistent with our capital allocation strategy. In addition, we intend to use the proceeds from the February 12, 2026 issuance of $1.5 billion aggregate principal amount of Fixed-to-Fixed Rate Junior Subordinated Notes in two series (D and E) (the Series D and E Notes) for the repurchase, redemption or repayment of Bell’s senior or subordinated indebtedness and for other general corporate purposes. The Series D and E Notes receive 50% equity treatment from the credit rating agencies and, consistent with their methodologies, only 50% of the principal amount is treated as debt in the calculation of our net debt leverage ratio.

Bell Canada accessed the debt capital markets in February 2025, March 2025 and August 2025, raising gross proceeds of $2,250 million in U.S. dollars (approximately $3,187 million in Canadian dollars) from the

issuance in the U.S. of Fixed-to-Fixed Rate Junior Subordinated Notes in two series (A and B) (the Series A and B Notes), $1,250 million from the issuance in Canada of Series C Fixed-to-Fixed Rate Junior Subordinated Notes (the Series C Notes), and $2.0 billion from the issuance in Canada of medium-term note (MTN) debentures. The net proceeds were used to redeem, repay or repurchase Bell Canada’s senior indebtedness, fund the redemption of Ziply Fiber’s outstanding debt securities totalling $1.96 billion in U.S. dollars (approximately $2.7 billion in Canadian dollars), and for general corporate purposes. In March 2025 and June 2025, Bell Canada repurchased, pursuant to tender offers, U.S. notes and MTN debentures with an aggregate principal face amount of $3,036 million in Canadian dollars for an aggregate cash purchase price of $2,401 million in Canadian dollars, further supporting balance sheet optimization.

In February 2025, Bell Canada amended and restated its 2024 short form base shelf prospectus to, among other things, amend the description and characteristics of the debt securities that may be issued thereunder to provide for the issuance of subordinated (including junior subordinated) debt securities in Canada and the U.S. under one or more new trust indentures.

Subsequent to year-end, on February 12, 2026, Bell Canada completed an offering of $1.5 billion aggregate principal amount of Series D and E Notes. The $750 million Series D Notes, due 2056, bear interest at an initial annual rate of 5.375%, resetting every five years beginning May 12, 2031 at a rate equal to the five-year Government of Canada yield plus 2.388%, subject to a minimum reset rate of 5.375%. The $750 million Series E Notes, due 2056, bear interest at an initial annual rate of 5.875%, resetting every five years beginning May 12, 2036 at a rate equal to the five-year Government of Canada yield plus 2.440%, subject to a minimum reset rate of 5.875%.

Bell Canada may redeem either series, in whole or in part, at a redemption price equal to 100% of the principal amount commencing on the applicable first reset dates.

The BCE Board is entrusted with the responsibility for identifying and overseeing the principal risks to which our business is exposed and seeking to ensure there are processes in place to effectively identify, monitor and manage them. These processes seek to mitigate rather than eliminate risk. A risk is the possibility that an event might happen in the future that could have a negative effect on our business, financial condition, liquidity, financial results or reputation. While the BCE Board has overall responsibility for risk, the responsibility for certain elements of the risk oversight program is delegated to BCE Board committees in order to ensure that they are treated with appropriate expertise, attention and diligence, with reporting to the BCE Board on a regular basis.

Risk information is reviewed by the BCE Board or the relevant committee throughout the year, and business leaders present regular updates on the execution of business strategies, risks and mitigation.

Risk management culture

There is a strong culture of risk management at BCE that is actively promoted by the BCE Board, the Risk and Pension Fund Committee and the President and CEO, at all levels within the organization. It is a part of how the company operates on a day-to-day basis and is woven into its structure and operating principles, guiding the implementation of the organization’s strategic priorities.

The President and CEO, selected by the BCE Board, has set his strategic focus through the establishment of four strategic priorities and focuses risk management around the factors that could impact the achievement of those strategic priorities. While the constant state of change in the economic environment and the industry creates challenges that need to be managed, clarity around strategic objectives, performance expectations, risk management and integrity in execution ensures discipline and balance in all aspects of our business.

Risk management framework

While the BCE Board is responsible for BCE’s risk oversight program, operational business units are central to the proactive identification and management of risk. They are supported by a range of corporate support functions that provide independent expertise to reinforce implementation of risk management approaches in collaboration with the operational business units. The Internal Audit function provides a further element of expertise and assurance, working to provide insight and support to the operational business units and corporate support functions, while also providing the Audit Committee, the Risk and Pension Fund Committee, and other BCE Board committees, as required, with an independent perspective on the state of risk and control within the organization. Collectively, these elements can be thought of as a “three lines” approach to risk management. Although the risk management framework described in this section 1.5 is aligned with industry practices, there can be no assurance that it will be sufficient to prevent the occurrence of events that could have a material adverse effect on our business, financial condition, liquidity, financial results or reputation.

First line – operational business units

The first line refers to management within our operational business units, who are expected to understand their operations in great detail and the financial results that underpin them. There are regular reviews of operating performance involving the organization’s executive and senior management. The discipline and precision associated with this process, coupled with the alignment and focus around performance goals, creates a high degree of accountability and transparency in support of our risk management practices.

As risks emerge in the business environment, they are discussed in a number of regular forums to share details and explore their relevance across the organization. Executive and senior management are integral to these activities in driving the identification, assessment, mitigation and reporting of risks at all levels. Formal risk reporting occurs through strategic planning sessions, management presentations to the BCE Board and formal company risk reporting, which is shared with the BCE Board and the Risk and Pension Fund Committee during the year.

Management is also responsible for maintaining effective internal controls and for executing risk and control procedures on a day-to-day basis. Each operational business unit develops its own operating controls and procedures that fit the needs of its unique environment.

Second line – corporate support functions

BCE is a very large company, with 38,683 employees as at December 31, 2025, multiple business units and a diverse portfolio of risks that is constantly evolving based on internal and external factors. In a large organization, it is common to manage certain functions centrally for efficiency, scale and consistency. While the first line is often central to identification and management of business risks, in many instances operational management works collaboratively with, and also relies on, the corporate functions that make up the second line of support in these areas. These corporate functions include Regulatory, Finance, Corporate Security, Corporate Risk Management, Legal, Corporate Responsibility, Human Resources, Real Estate and Procurement.

Legal and Regulatory function: This function is responsible for the regulatory portfolio. BCE has developed, and maintains, an enhanced Data Governance Policy that encompasses the protection and appropriate use of data across its life cycle. A significant element of the data governance program relies on the Corporate Security activities outlined below, and these two functions work jointly with data owners, data custodians and other relevant employees to seek to ensure this policy is appropriately implemented. We recognize that a strong and consistently applied approach to data governance is essential to maintaining the social licence necessary to achieve our business objectives. For more information on our approach to privacy and data security, refer to section 1.6, Capitals and our corporate responsibility, in this MD&A.

Finance function: BCE’s Finance function plays a pivotal role in seeking to identify, assess and manage risks through a number of activities, which include financial performance management, external reporting, pension management, capital management, and oversight and execution practices related to the U.S. Sarbanes-Oxley Act of 2002 and equivalent Canadian securities legislation, including the establishment and maintenance of appropriate internal control over financial reporting. BCE has also established and maintains disclosure controls and procedures to seek to ensure that the information it publicly discloses is accurately recorded, processed, summarized and reported on a timely basis. For more details concerning BCE’s internal control over financial reporting and disclosure controls and procedures, refer to the Proxy Circular and section 12, Effectiveness of internal controls, in this MD&A.

Corporate Security function: This function is responsible for all aspects of security, which requires a deep understanding of the business, the risk environment and the external stakeholder environment. Based on this understanding, Corporate Security sets the standards of performance required across the organization through security policies and directives that define requirements to protect team members, company assets and information. In high and evolving risk areas such as information security, Corporate Security leverages its experience and competence to develop strategies intended to mitigate the organization’s risks. For instance, we have implemented security awareness training, policies and directives that seek to mitigate information security threats. We further rely on security assessments to identify risks and review projects with the objective of ensuring that systems are deployed with the appropriate level of control, including access management, vulnerability management, security monitoring and testing. We evaluate and seek to adapt our security policies and directives designed to protect our information and assets in light of the continuously evolving nature and sophistication of information security threats. However, given the complexity and scale of our business, network infrastructure,

technology and IT support systems, there can be no assurance that the security policies and directives that we implement will prevent the occurrence of all potential information security breaches. In addition, although BCE has contracted an insurance policy covering information security risk, there can be no assurance that any insurance we may have will cover the costs, damages, liabilities or losses that could result from the occurrence of any information security breach.

Corporate Risk Management function: This function works across the company to gather information and report on the organization’s assessment of its principal risks and the related exposures. Annually, senior management participate in a risk survey that provides an important reference point in the overall risk assessment process.

In addition to the activities described above, the second line is also critical in building and operating the oversight mechanisms that bring focus to relevant areas of risk and reinforce the bridges between the first and second lines, thereby seeking to ensure that there is a clear understanding of emerging risks, their relevance to the organization and the proposed mitigation plans.

To further coordinate efforts between the first and second lines, BCE has established a Risk Oversight Committee (ROC), which replaced the Health & Safety, Security, Environment and Compliance Oversight Committee in 2025. A significant number of BCE’s most senior leaders are members of the ROC, the purpose of which is to oversee areas that pose potential risks to BCE’s operations identified by management, including, but not limited to, security (including information security), environmental, health and safety, compliance, AI, data governance, and privacy. This cross-functional committee seeks to ensure that relevant risks are adequately recognized and mitigation activities are well integrated and aligned across the organization and are supported with sufficient resources. The ROC co-chairs report to the Risk and Pension Fund Committee, Governance Committee and Compensation Committee of the BCE Board.

We have also established management committees reporting to the ROC: (i) the Corporate Responsibility Board (CR Board) to support the evolution of our corporate responsibility strategy, and to proactively manage sustainability topics in an integrated fashion; the CR Board also reports to the BCE Disclosure and Compliance Committee with regard to the public disclosure of sustainability information; (ii) the Energy Board to ensure oversight of Bell’s overall energy consumption and progress towards meeting our GHG emissions reduction targets (science-based targets); (iii) the Climate Resiliency Taskforce to assist in building a climate resiliency governance to address the potential impacts of climate change; (iv) the Responsible AI Office to oversee AI programs, risks, our AI ethical framework implementation, developments in AI technologies and their applications and monitor legal and regulatory developments impacting AI; and (v) the CISO Partnership Program (CPP) to drive secure behaviours across the company.

Third line – internal audit function

Internal Audit is a part of the overall management information and control system and has the responsibility to act as an independent appraisal function. Its purpose is to provide the Audit Committee, the Risk and Pension Fund Committee, and other BCE Board committees, as required, and management with objective evaluations of the company’s risk and control environment, to support management in fulfilling BCE’s strategic priorities and to maintain an audit presence throughout BCE and its subsidiaries.

Our corporate responsibility approach is informed by a set of guiding principles that support our corporate strategy and policies throughout the organization. Through our own internal processes along with stakeholder feedback, we have prioritized, and set objectives to address, sustainability issues and opportunities. We measure and report on our progress. We utilize this approach because we believe it is the right thing to do and because it creates long-term value for our stakeholders. Bell’s corporate responsibility initiatives focus on addressing social and environmental challenges, with the goal of delivering benefits for our customers, employees and the communities we serve. These benefits help support stronger operational performance, attract and retain talent, increase access to capital and strengthen risk management – ultimately seeking to generate sustainable returns for our shareholders and other stakeholders.

The Board has established clear oversight of our corporate responsibility programs and our approach to sustainability practices with primary accountability at the committee level. The Governance

Committee is responsible for oversight of our corporate responsibility strategy and disclosure. This includes the integration of corporate responsibility within our company strategy and monitoring the implementation of corporate responsibility programs, goals and key initiatives, including those related to climate change. Moreover, it is responsible for our governance practices and policies, including those concerning business conduct, ethics and AI. In addition, the Risk and Pension Fund Committee oversees risks that could impact our business, such as safety and security, business continuity, supply chain, AI and sustainability risks, while the Audit Committee monitors significant sustainability issues that could impact financial reporting, reviews audit activities in relation to corporate responsibility and approves our risks and assumptions disclosure. The Compensation Committee has oversight of human resource issues, including respectful and inclusive workplace practices, pay equity, team survey results, human rights, and health and safety.

We continue to share our performance in managing societal, environmental and business impacts following the <IR> Framework.

Reliable network infrastructure and trusted data practices are foundational to the products and services we deliver every day. Network performance, data privacy and information security are central to customer experience, operational resilience and long-term value creation.

How reliable networks create value

Highly reliable network infrastructure helps support consistent service delivery, customer satisfaction and economic participation. Resilient design and proactive operations help reduce service interruptions, protect critical communications and support digital services that rely on consistent, high-quality connectivity.

Activities and outcomes

Key metric

How protecting privacy creates value

Respecting customer privacy is essential to maintaining trust and our licence to operate. Strong privacy practices help reduce regulatory and reputational risk while enabling responsible use of data to improve products, services and customer experience.

Activities and outcomes

Key metric

How information security creates value

Strong information security practices seek to protect customer and company data, safeguards operations and supports trust in an increasingly digital environment. Effective security controls help reduce exposure to cyber threats, financial loss and service disruption.

Activities and outcomes

Key metric

Strong, ethical relationships with customers, suppliers and partners underpin our ability to operate responsibly, manage risk and create long-term value. Our approach is grounded in business ethics and responsible procurement practices that promote trust, accountability and resilience across our value chain.

How responsible relationships create value

Clear standards for ethical conduct and responsible sourcing help strengthen operational reliability, reduce compliance and reputational risk and support sustainable innovation. Embedding these principles into governance and procurement processes enhances decision-making quality and enables long-term partnerships that create shared value for stakeholders across the markets we serve.

Activities and outcomes

Key metric

Our products and services provide value to people by helping them both mitigate climate change and adapt to its impacts. Our solutions help enable customers to reduce energy needs, minimize their carbon footprint, enhance productivity and maintain services in the event of emergencies and extreme incidents.

How our products and services contributing to climate change mitigation and adaptation help create value

Bell products and services can help improve customers’ resilience to climate change and enhance business continuity while reducing their GHG emissions.

Activities and outcomes

An analysis by Groupe AGECO, a third-party consultant with expertise in GHG emissions quantification, and Bell found that Bell solutions enabled carbon abatement of nearly 1,193 kilotonnes of CO₂ equivalent for our customers in 2023, which is when our last analysis was performed. This is equal to 4.7 times Bell’s operational GHG (scope 1 and 2) emissions ⁽²⁾.

Key metric

Factor by which GHG emissions are estimated to have been avoided by our customers through the use of Bell’s products and services

We intend to manage environmental impacts in our operations and value chain through governance processes and measurable targets. Our focus is on addressing the risks posed by climate change and advancing circular economy practices to help support operational resilience, resource efficiency and long-term value creation.

Climate change

How addressing climate change creates value

Proactive climate action helps manage physical and transition risks, protect critical infrastructure, reduce energy costs and support reliable service in a changing climate.

Activities and outcomes

Key metrics

Circular economy and

environmental stewardship

How circularity and environmental stewardship create value

Circular practices aim to reduce material use and waste, improve operational efficiency and lower lifecycle environmental impacts. Strong environmental stewardship helps support compliance, reduce risk and align with stakeholder expectations for responsible resource management.

Activities and outcomes

Key metric

Our ability to deliver on our strategy depends on the engagement, skills and wellbeing of our team members. We are committed to fostering a safe, inclusive and high-performance workplace that supports continuous development, prepares employees for an AI-enabled future and empowers people to do their best work every day.

How investing in our people creates value

Engaged, healthy and future-ready teams drive service quality, innovation and operational resilience. By investing in skills development, wellbeing and leadership, we help strengthen productivity, reduce risk, support retention and build the capabilities needed to adapt in a rapidly evolving business and technology environment.

Activities and outcomes

Together, these actions help build a resilient, skilled and engaged workforce equipped to deliver strong performance today and adapt for the future.

Key metrics

Our GHG emissions reduction and supplier engagement targets are based on a number of assumptions including, without limitation, the following principal assumptions:

Scope 1, 2 and 3 GHG emissions

Scope 1 emissions are direct GHG emissions from sources that are controlled by Bell and are associated with fuel consumed by fleet vehicles, buildings, telecommunication towers and generators. Scope 2 emissions are indirect GHG emissions, and are associated with the consumption of purchased electricity, heating/cooling and steam required by Bell’s activities. We use market-based GHG accounting (emission factors are specified within the contractual agreements with the applicable supplier) to evaluate our GHG targets. Scope 1 and 2 (market-based) emissions are sometimes collectively referred to in this MD&A as “operational emissions”. Scope 3 emissions cover all indirect emissions (not included in scope 2) that occur in our value chain, including both upstream and downstream emissions. GHG emissions from scope 3 occur from sources owned or controlled by other entities in Bell’s value chain (such as our suppliers, employees and customers). As a result, measuring scope 3 emissions is more complex than measuring scope 1 and scope 2 emissions, for which we are able to obtain primary data (such as liters of fuel consumed within our vehicle fleet and kilowatt-hours of electricity consumed within our buildings). For scope 3 categories for which primary data is not available, we have to rely on secondary data (such as financial data and industry-average data from published databases). The complexity of this data collection contributes to uncertainty in scope 3 emissions measurement. Scope 3 emissions represent the majority of BCE’s GHG emissions.

Science-based targets

Science-based targets provide a clearly-defined pathway to reduce GHG emissions. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement, limiting global warming to 1.5°C above pre-industrial levels. The SBTi brings together a team of experts to provide companies with independent assessment and validation of targets.

Net zero target

Net-zero refers to the state in which an organization reduces GHG emissions in its entire value chain (i.e., scope 1, 2 and 3 GHG emissions) to as close to zero as possible (with a minimum reduction of at least 90%) and neutralizes ⁽¹⁾ any remaining emissions such that its net global GHG emissions balance to zero. As of March 2026, BCE does not have a net-zero target.

2025 progress

2026 focus

2026 focus

2026 focus

BCE’s outlook for 2026 reflects execution against the three-year strategic and financial framework presented at our 2025 Investor Day. As the first year of this framework, the outlook is focused on scaling our core growth engines of fibre, wireless, AI-powered solutions and digital media, strengthening financial performance and maintaining disciplined capital allocation, while managing declines in higher-margin legacy services.

BCE expects to continue funding strategic growth initiatives while benefiting from efficiencies associated with prior network investments that reduce ongoing run-the-business capital requirements and provide increased flexibility to allocate capital toward higher-return opportunities.

BCE remains focused on transformation initiatives and operating efficiencies across the organization and continues to expect to deliver $1.5 billion in cost savings by 2028, which are expected to help mitigate the impact of legacy revenue declines.

Assumptions about the Canadian economy

Considerable uncertainty remains around the impact of U.S. trade policy on the Canadian economy. We have assumed:

Assumptions about the U.S. economy

Canadian market assumptions

U.S. market assumptions

Assumptions underlying expected continuing contribution holiday in 2026 in the majority of our pension plans

Provided below is a summary description of certain of our principal business risks that could have a material adverse effect on all of our segments. Certain additional business segment-specific risks are reported in section 5, Business segment analysis. For a detailed description of the principal risks relating to our regulatory environment and of the other principal business risks that could have a material adverse effect on our business, financial condition, liquidity, financial results or reputation, refer to section 8, Regulatory environment, and section 9, Business risks, respectively.

General economic conditions and geopolitical events

Our business and financial results could be negatively affected by adverse economic conditions, including the continuation or escalation of trade wars and recessions. U.S. tariffs and the unpredictability of future trade arrangements could significantly affect economic growth, customer spending and confidence, inflation, and the value of the Canadian dollar. Given the high degree of uncertainty around the duration and extent of U.S. tariffs, it is difficult to predict how the effects

may impact the economy and our business. The global economic environment could further exacerbate pre-existing risk factors, including those described in this MD&A, in light of modest Canadian economic growth, reductions in immigration levels, high housing support costs relative to income, and financial and capital market volatility. All of these could negatively affect our business and financial results, including by adversely affecting customer spending, the resulting demand for our products and services, our customers’ financial condition, and the cost and amount of funding available in the financial markets.

Furthermore, risk factors could be exacerbated, or become more likely to materialize, as a result of geopolitical events, which could have an adverse impact on our business and financial results and related assumptions, the extent of which is difficult to predict. Geopolitical events could adversely impact the global economy and cause financial and capital market volatility, broader geopolitical instability and armed conflicts, higher energy prices, inflationary pressures limiting consumer and business spending and increasing our operating costs, disruptions in our supply chains, and increased information security threats.

Competitive activity in our industry is intense and competitive dynamics are evolving, contributing to disruptions in each of our business segments

Our market landscape is being reshaped by changing macroeconomic and regulatory environments, increasing global and national competition, and evolving customer preferences. As our business evolves and technological advances drive new services, delivery models, and strategic partnerships, our competitive landscape continues to intensify and expand to include new and emerging competitors – certain of which were historically our partners or suppliers – as well as global-scale competitors, including, in particular, cloud and OTT service providers, data centres, IoT hardware and software security providers, VoIP providers, and other web-based and satellite-based players that are penetrating the communications space with significant resources and a large customer base over which to amortize costs. Certain of these competitors are changing the competitive landscape by establishing a material market presence, which has accelerated in recent years, and continues to evolve rapidly particularly as AI technology adoption accelerates. Established competitors further seek to consolidate or expand their product offerings through acquisitions in order to increase scale and market opportunities in light of these changes in market dynamics. Failure to effectively respond to such evolving competitive dynamics could adversely affect our business and financial results.

Technological advancements, IP networks, and recent regulatory decisions, in particular, continue to facilitate entry in our industry. In addition, the effects of government policies that result in the acquisition of spectrum at favourable pricing by regional facilities-based wireless service providers distort market dynamics. These factors have changed industry economics and allowed competitors to launch new products and services and gain market share with far less investment than has historically been required. In particular, with CRTC decisions mandating wholesale rates for wireline Internet and mobile virtual

network operator (MVNO) access, competitors can deliver their services over our networks, leveraging regulatory obligations applicable to us, thereby limiting their need to invest in building their own networks and impacting the network-based differentiation of our services and our ability to earn an appropriate return on investment in our networks. Such lower required investment by competitors, and the impact on our return on investment, challenges the monetization of our networks and our operating model. Moreover, foreign OTT players are currently not subject to the same Canadian content investment obligations as those imposed on Canadian domestic digital suppliers, which provides them with a competitive advantage over us.

If we are unable to develop and deploy new solutions in advance of, or concurrently with, our competitors, if the market does not adopt these new technologies in pace with our deployment of new solutions, or if we fail to adequately assess and manage the risks associated with these new solutions, our business and financial results could be adversely affected.

We expect these trends to continue in the future, and the increased competition we face as a result could negatively impact our business including, without limitation, in the following ways: