NOTICE OF RELIANCE		.7
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102
CONTINUOUS DISCLOSURE OBLIGATIONS

 

To:

Alberta Securities Commission

British Columbia Securities Commission

Manitoba Securities Commission

Financial and Consumer Services Commission, New Brunswick

Office of the Superintendent of Securities, Newfoundland and Labrador

Nova Scotia Securities Commission

Ontario Securities Commission

Department of Justice and Public Safety, Financial and Consumer Services Division, Prince Edward Island

Autorité des marchés financiers

Financial and Consumer Affairs Authority of Saskatchewan

Toronto Stock Exchange

Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE Inc. pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102.

The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at www.sedarplus.ca.

Attached to this notice and forming part thereof is the consolidating summary financial information for BCE Inc. as required by Section 13.4 of NI 51-102.

Dated: March 6, 2026

 

 

BELL CANADA

UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION ⁽¹⁾

For the periods ended December 31, 2025 and 2024

(in millions of Canadian dollars)

BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary financial information is provided by Bell Canada in compliance with the requirements of section 13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption for certain credit support issuers. The tables below contain selected summary financial information for (i) BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated basis, (iii) BCE Inc.’s subsidiaries, other than Bell Canada, on a combined basis, (iv) consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information for BCE Inc. and Bell Canada and all other subsidiaries is intended to provide investors with meaningful and comparable financial information about BCE Inc. and its subsidiaries. This summary financial information should be read in conjunction with BCE Inc.’s audited consolidated financial statements for the year ended December 31, 2025.

For the periods ended December 31:

 

		BCE INC.  (“CREDIT SUPPORTER”) (2)				BELL CANADA CONSOLIDATED  (“CREDIT SUPPORT ISSUER”)				SUBSIDIARIES OF BCE INC.  OTHER THAN BELL CANADA (3)				CONSOLIDATING   ADJUSTMENTS (4)				BCE INC.   CONSOLIDATED
		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Operating revenues		—		—		24,468		24,409		—		—		—		—		24,468		24,409
Net earnings from continuing operations attributable to owners		6,460		344		1,839		996		109		162		(1,948)		(1,158)		6,460		344
Net earnings attributable to owners		6,460		344		1,839		996		109		162		(1,948)		(1,158)		6,460		344
As at December 31, 2025 and December 31, 2024, respectively:
		BCE INC.  (“CREDIT SUPPORTER”) (2)				BELL CANADA CONSOLIDATED  (“CREDIT SUPPORT ISSUER”)				SUBSIDIARIES OF BCE INC.  OTHER THAN BELL CANADA (3)				CONSOLIDATING ADJUSTMENTS (4)				BCE INC. CONSOLIDATED
		Dec. 31, 2025		Dec. 31,  2024		Dec. 31, 2025		Dec. 31,  2024		Dec. 31, 2025		Dec. 31,  2024		Dec. 31, 2025		Dec. 31,  2024		Dec. 31, 2025		Dec. 31,  2024
Total Current Assets		1,156		711		7,451		12,409		255		146		(1,455)		(4,343)		7,407		8,923
Total Non-current Assets		22,970		21,495		65,939		57,915		21		21		(16,172)		(14,869)		72,758		64,562
Total Current Liabilities		965		5,022		13,265		14,086		81		81		(1,455)		(4,343)		12,856		14,846
Total Non-current Liabilities		141		113		43,303		40,603		—		—		555		563		43,999		41,279

 

(1)	The summary financial information is prepared in accordance with IFRS® Accounting Standards and is in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.

 

(2)	This column accounts for investments in all subsidiaries of BCE Inc. under the equity method.

 

(3)	This column accounts for investments in all subsidiaries of BCE Inc. (other than Bell Canada) on a consolidated basis.

 

(4)	This column includes the necessary amounts to eliminate the intercompany balances between BCE Inc., Bell Canada and other subsidiaries and other adjustments to arrive at the information for BCE Inc. on a consolidated basis.