BCE Inc.

Good morning, ladies and gentlemen. Welcome to the BCE Q4 2025 results and 2026 guidance call. I would now like to turn the meeting over to Chris Summers. Please go ahead, Mr. Summers.

Thank you, Matthew. Good morning, everyone, and thank you for joining our call. My name is Chris Summers, head of investor relations, and with me here today are Mirko Bibic, BCE's president and CEO, and Curtis Millen, our CFO. You can find all our Q4 disclosure documents, including our safe harbor notice concerning forward-looking statements on the investor relations page of the bce.ca website. Before we begin, I'd like to draw your attention to our safe harbor statement on slide two of the presentation, reminding you that today, remarks made during the call will include forward-looking information and therefore are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements except as required by law. Please refer to our publicly filed documents for more details on assumptions and risks. With that out of the way, I'll turn the call over to Mirko.

Thanks, Chris, and good morning, everyone. I'm looking forward to walking through our results and outlook with you in a short moment. First, I want to take a moment to frame where we are. In 2025, we had a pivotal year for BCE. It was a year of deliberate change. where we strengthened the balance sheet, we sharpened our capital allocation discipline, and clearly defined our long-term strategy at Investor Day in October of 2025. And over the course of 2025, we aligned the organization around four strategic priorities that leverage our unique and differentiated assets across fiber, wireless, enterprise, and media to deliver the very best for our customers. And we set clear measurable targets for the next phase of growth. So that groundwork is now in place, the strategy's clear, the priorities are set, the company's aligned, and we've begun to execute against that plan. You could see that execution translate into momentum throughout 2025, including the fourth quarter, as we focused on improving customer experience, strengthening fiber and wireless network leadership in Canada, establishing a fiber growth platform in the U.S., accelerating momentum in enterprise and digital media, and positioning the business for sustainable free cash flow growth. And I'd like to start on slide three of our deck with an overview of how we executed last year against those four strategic priorities. So putting the customer first, that remains foundational, and the results are tangible. Post-pay churn improved for the third consecutive quarter with a 17 basis point year-over-year improvement in Q4. Importantly, the magnitude of improvement accelerated throughout the year, demonstrating sustained momentum as our customer-first initiatives take hold. We made important progress in 2025 with the launch of differentiated wireless plan tiers that move beyond traditional data buckets. These plans give customers clearer choices based on the experience they value most, including network performance, video quality, roaming features, device financing, and bundled content. We expanded our lead in distribution with no-name mobile now available in all maxi stores across Quebec, extending access to affordable contract-free wireless options powered by Bell's network. This reflects our customer-first focus on accessibility and choice across segments while maintaining disciplined brand positioning. We also advanced the customer experience in 2025 with the rollout of our AI-powered voice virtual assistant across Bell, Virgin Plus, and Lucky Mobile. This simplifies interactions at scale and improves service quality. Our customer first focus is reflected in the latest CCTS report, which showed that Bell continues to have the lowest proportion of complaints among the three largest national carriers. While there's a lot more work to do, the progress made last year reinforces our focus on continued churn improvement and further gains in customer experience metrics such as NPS. In wireless, we continue to build momentum through 2025 with a clear improvement in our underlying ARPU trajectory and strong net new postpaid mobile phone additions on our main Bell brand, and that supports ARPU improvement going forward. We continue to take a disciplined approach to subscriber acquisition with a focus on quality and lifetime value rather than chasing volume. And you can see this in wireless service revenue, where the year-over-year rate of decline improved to just 0.2% in Q4, with consumer wireless service revenue stable in the quarter. Fibre continued to be a key growth driver last year with approximately 200,000 net new subscriber additions, including our US operations. This contributed to internet revenue growth of 8%. Where we have Fibre, we continue to win through superior network performance, higher customer satisfaction and stronger multi-product penetration. The acquisition of Ziply Fibre marked a key milestone in our Fibre growth strategy. giving us a strong platform for long-term growth in the rapidly expanding U.S. market. In 2025, Ziply's financial results reported in our Bell CTS U.S. segment were comfortably in line with the expectations we outlined at Investor Day. Since closing the acquisition, we've worked closely with the Ziply management team to refine and accelerate their fiber expansion plan. And with the network fiber co-partnership now in place, the build has been reprioritized toward higher growth markets with construction set to ramp meaningfully in the second half of 2026 and beyond. So this positions 2026 as an important build year for Ziply, putting us on the path toward our target of approximately 3 million fiber passings by the end of 2028 with a longer-term opportunity to reach up to 8 million locations in a capital-efficient manner. We also made continued progress on product intensity, driven by increased adoption of content subscriptions. With Crave adding more than 1 million subscribers in 2025, we're seeing clear momentum in the number of services per household. Our focus remains on growing the number of services per household through mobility, internet, and content. We also launched hardware-free 5TV, delivering a full-service experience without the need for a set-top box and allowing customers to use devices they already own. This simplifies installation and ongoing service, reduces complexity, and supports higher product intensity, while remaining highly scalable and capital-efficient. Bell PureFiber and 5G Wireless were once again recognized by Ookla as Canada's fastest networks, with Bell Pure Fiber also recognized as the fastest internet service in North America. This independent third-party validation reinforces the strength of our network leadership and customer value proposition. Now turning to slide four and our next strategic priority, which is leading an enterprise with AI-powered solutions. In 2025, Bell Business Markets delivered relatively stable revenue and EBITDA performance, which really stands out in an environment where many enterprise telecom businesses continue to face pressure. This reflects the actions we've taken over the past 18 months or so to reshape our enterprise strategy. The three AI-powered solutions businesses we launched in 2025, Ateco, Bell Cyber, and Bell AI Fabric, were key contributors. collectively growing approximately 60% year-over-year to around $700 million in revenue. Each of these is scaling as planned, and each supports our goal of reaching $1.5 billion in AI-powered solutions revenue by 2028. Importantly, this represents largely net new revenue and EBITDA for Bell, which complements rather than replaces our core connectivity and communication services. We continue to strengthen these platforms, including Ateco's recent acquisition of SDK Tech Services, which took place in December of 2025. SDK Tech adds deep data engineering and analytics expertise, helping enterprises and governments organize and use their data effectively. And that's critical to deploy AI at scale. The acquisition improves our full-stack AI solution set. Now turning to media. Our digital strategy continued to deliver in 2025, with digital revenues up 6% year over year, and now representing 44% of total media revenue. And this performance was powered by Crave, which, as I noted earlier, had an outstanding year, ending with 4.6 million subscribers, alongside continued growth in connected TV, Crave with ads, and fast channels. Our focus for Bell Media is to deliver consistent annual revenue and EBITDA growth. And we achieved that in 2025 as the business continues to shift toward higher value digital and subscription revenue streams. We also made a significant transformation to the Crave platform, expanding the content library by more than 10,000 hours and integrating live programming from CTV and Nouveau, news, select major sports and premium entertainment events, and an expanded kids collection. All of this supported by meaningful user experience enhancements. Our focus on original content was another key driver in 2025. Early in the year, Empathy became a major French language success in Canada and gained strong traction in France. More recently, heated rivalry has emerged as a global sensation, generating significant media attention and cultural impact and underscoring the strength of our investment in premium Canadian storytelling. From a strategic standpoint, Our focus is on delivering premium content to customers through digital platforms and extending its value by monetizing that content more effectively across the full value chain. And looking ahead, Bell Media is off to a strong start in 2026. NFL viewership through the playoffs has been very encouraging, and we're excited about the FIFA World Cup this summer, which presents a significant audience and monetization opportunity. So taken together, Bell Media is contributing meaningfully to growth, churn reduction, and customer lifetime value across the Bell ecosystem. Overall, therefore, across all four priorities, 2025 was about building momentum. So now I'll turn to slide five. I want to touch briefly on capital allocation because this too has been a consistent focus for us over the past year. If you go back to our February 2025 call, pretty much exactly a year ago, we were very clear about what we intended to do, and that's simplify the business, strengthen the balance sheet, focus capital on higher return opportunities, and return capital to shareholders through a sustainable dividend. And we reinforced that roadmap at Investor Day in October of 2025, providing greater transparency around our capital allocation priorities, leverage targets, and investment framework. The roadmap has not changed. Turning to slide six, this highlights the early progress we're making against the three-year targets we laid out at Investor Day. These are some of the metrics we'll use to measure progress. They include churn, Bell-branded loadings, product intensity, internet market share, U.S. fiber expansion, AI-powered solutions growth, and Crave subscriber and digital mix at Bell Media. This scorecard is how we intend to manage the company and how we expect to be measured. We're still early in the execution phase, and we're encouraged by the momentum we're seeing. Taken together, these indicators show that the strategy is translating into disciplined execution. 2025 set the foundation, and in 2026, the dedicated Bell team will continue to execute our way to the 2028 targets with a clear focus on delivering sustainable returns for our shareholders. And with that, I'll turn the call over to Curtis, and Curtis will walk you through our Q4 operating results and the 2026 financial guidance. Thanks for your attention, everyone.