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BCE预计到2028年收入增长至262 - 278亿美元，复合年增长率为2-4%，自由现金流目标为31亿美元

2025-10-14 18:35

Ahead of its Investor Day, BCE (TSX:BCE) (NYSE:BCE) unveiled its three-year strategic plan focused on delivering sustainable growth through fibre, wireless, AI-powered enterprise solutions and digital media. This growth is expected to drive total return for shareholders, supported by a disciplined capital allocation strategy tailored to a reshaped operating environment.

 

"For the past 145 years, Bell has been connecting Canadians. Connection is the foundation of our company and at the heart of our purpose: to advance how people connect with each other and the world," said Mirko Bibic, President and CEO, BCE Inc. and Bell Canada.

"As we look ahead to the next several years and connecting future generations through the infrastructure we're building today, from fibre to 5G to AI-powered solutions, I'm pleased to unveil BCE's plan to deliver total shareholder return. Our strategy, anchored by four strategic priorities – put the customer first; deliver the best fibre and wireless networks; lead in enterprise with AI-powered solutions; and build a digital media and content powerhouse – is focused on the core areas that will deliver sustainable growth for our investors."

________________

1 Free cash flow after payment of lease liabilities is a Non-GAAP financial measure. The most directly comparable financial measure for free cash flow after payment of lease liabilities ($1,746 million for 2024) under IFRS Accounting Standards is cash flows from operating activities ($6,988 million for 2024). Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on this measure.
2 Capital intensity is defined as capital expenditures divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on capital intensity.
3 Net debt used in the calculation of the net debt leverage ratio is a Non-GAAP financial measure. Net debt leverage ratio is a capital management measure. The most directly comparable financial measure for net debt ($40,299 million for 2024) under IFRS® Accounting Standards is long-term debt ($32,835 million for 2024), debt due within one year ($7,669 million for 2024) and cash ($1,572 million for 2024). Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on these measures.
4 Subject to the discretion of, and dividends being declared by, the BCE Board of Directors. Refer to the Caution Regarding Forward-Looking Statements section in this news release for more information.

BCE 2025-2028 financial outlook

Between 2025 and the end of 2028, BCE expects to deliver total shareholder return with a focus on sustainable revenue and EBITDA growth across its core operating businesses and drive operating efficiencies, including:  

  • Revenue growth at a compound annual growth rate (CAGR) of 2% to 4% 
  • $1.5 billion in cost savings through company-wide transformation and efficiency initiatives 
  • Adjusted EBITDA5 growth at 2% to 3% CAGR 
  • Free cash flow after payment of lease liabilities growth at approximately 15% CAGR
  • Approximately $5 billion in common share dividend payments, supported by a sustainable and disciplined dividend strategy 

BCE provided its financial outlook for the 2025-2028 period, as per the table below.

($ billions)


 

2025

(mid-point of

guidance)6

 2028 outlook

CAGR

2025-2028E
Revenue ~ $24.7 $26.2 - $27.8 2% - 4%
Adjusted EBITDA ~ $10.7 $11.2 - $11.7 2% - 3%
Capital intensity ~ 15% ~ 14% n.m.
Free cash flow7 ~ $3.1 ~ $3.9 ~ 7%
Free cash flow after payment of lease liabilities ~ $2.0 ~ $3.1 ~ 15%
Net debt leverage ratio ~ 3.8x <3.5x  

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