BCE 40-F
Bce Inc (BCE)
40-F
2026-03-06
For: 2025-12-31
View Original
Added on
April 05, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 40-F
OR
| For the fiscal year ended: | Commission File Number: | ||||||||||
(Exact name of Registrant as specified in its charter)
(Province or other jurisdiction of incorporation or organization)
(Primary Standard Industrial Classification Code Number (if applicable))
(I.R.S. Employer Identification Number (if applicable))
(Address and telephone number of Registrant’s principal executive offices)
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Copies of all correspondence should be sent to:
| Melanie Schweizer Senior Vice-President, Corporate Services and Corporate Secretary BCE Inc. 1, carrefour Alexander-Graham-Bell Building A, 7th Floor Verdun, Québec H3E 3B3 Canada Tel: (514) 786-8424 |
Mario Schollmeyer Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004-2498 Tel: (212) 558-4000 | ||||
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 ("Exchange Act"):
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: None
For annual reports, indicate by check mark the information filed with this form:
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
| Common Shares | |||||
| First Preferred Shares | |||||
| Series R | |||||
| Series S | |||||
| Series T | |||||
| Series Y | |||||
| Series Z | |||||
| Series AA | |||||
| Series AB | |||||
| Series AC | |||||
| Series AD | |||||
| Series AE | |||||
| Series AF | |||||
| Series AG | |||||
| Series AH | |||||
| Series AI | |||||
| Series AJ | |||||
| Series AK | |||||
| Series AL | |||||
| Series AM | |||||
| Series AN | |||||
| Series AQ | |||||
| Total First Preferred Shares | |||||
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging Growth Company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
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PRIOR FILINGS MODIFIED AND SUPERSEDED
The annual report on Form 40-F of BCE Inc. (“BCE”) for the year ended December 31, 2025, at the time of filing with the U.S. Securities and Exchange Commission (the “SEC” or “Commission”), modifies and supersedes all prior documents filed pursuant to Sections 13, 14 and 15(d) of the Exchange Act for purposes of any offers or sales of any securities after the date of such filing pursuant to any registration statement or prospectus filed pursuant to the Securities Act of 1933 which incorporates by reference such annual report on Form 40-F.
ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS
AND MANAGEMENT’S DISCUSSION AND ANALYSIS
A. Annual Audited Consolidated Financial Statements
The BCE annual audited consolidated financial statements for the year ended December 31, 2025 (the “BCE 2025 Financial Statements”) are contained in Exhibit 99.3 and are incorporated herein by reference.
B. Management’s Discussion and Analysis
BCE management’s discussion and analysis for the year ended December 31, 2025 (the “BCE 2025 MD&A”) is contained in Exhibit 99.2 and is incorporated herein by reference.
DISCLOSURE CONTROLS AND PROCEDURES
Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under Canadian and U.S. securities laws is recorded, processed, summarized and reported within the time periods specified under those laws, and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE’s President and Chief Executive Officer (“CEO”) and Executive Vice-President and Chief Financial Officer (“CFO”), to allow timely decisions regarding required disclosure.
As at December 31, 2025, management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, as amended, and under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
The CEO and CFO have limited the scope of their design and evaluation of our disclosure controls and procedures to exclude the disclosure controls and procedures of Ziply Fiber, which we acquired on August 1, 2025, to the extent such disclosure controls and procedures are subsumed by internal control over financial reporting. The contribution of Ziply Fiber operations to our consolidated financial statements for the year ended December 31, 2025 was approximately 2% of consolidated revenues and (1%) of consolidated net earnings. Additionally, at December 31, 2025, the current assets and current liabilities of Ziply Fiber represented approximately 2% and 2% of our consolidated current assets and current liabilities, respectively, and the non-current assets and non-current liabilities of Ziply Fiber represented approximately 12% and 1% of our consolidated non-current assets and non-current liabilities, respectively. The design and evaluation of the disclosure controls and procedures of Ziply Fiber will be completed for the third quarter of 2026. Further details related to the acquisition of Ziply Fiber are disclosed in Note 4, Business acquisitions and disposition, in the BCE 2025 Financial Statements.
Based on that evaluation, which excluded the disclosure controls and procedures of Ziply Fiber as described above, the CEO and CFO concluded that our disclosure controls and procedures were effective as at December 31, 2025.
INTERNAL CONTROL OVER FINANCIAL REPORTING
A. Management’s report on internal control over financial reporting
The report of BCE’s management entitled “Management’s report on internal control over financial reporting” is contained in Exhibit 99.4 and is incorporated herein by reference.
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B. Auditors’ report on internal control over financial reporting
The report of independent registered public accounting firm concerning the effectiveness of BCE’s internal control over financial reporting is contained in Exhibit 99.4 and is incorporated herein by reference.
C. Changes in internal control over financial reporting
There have been no changes during the year ended December 31, 2025 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
STATEMENT REGARDING CONTROLS AND PROCEDURES
There can be no assurance that our disclosure controls and procedures will detect or uncover all failures to disclose all material information otherwise required to be set forth in our disclosure. Furthermore, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, BCE does not expect that BCE’s internal control over financial reporting will prevent or detect all errors and all fraud. BCE will continue to periodically review its disclosure controls and procedures and internal control over financial reporting and may make modifications from time to time as considered necessary or desirable.
AUDIT COMMITTEE FINANCIAL EXPERT
In respect of the current members of BCE’s Audit Committee (“Audit Committee”), the board of directors of BCE determined that the current Chair of the Audit Committee, Mr. L.P. Pagnutti, as well as Ms. K. Lee and Ms. M.F. Leroux are qualified as “audit committee financial experts”, and that all members of the Audit Committee are independent under the listing standards of the New York Stock Exchange.
CODE OF ETHICS
All employees, directors and officers must follow Bell Canada’s Code of Business Conduct (the “Code of Conduct”), which provides guidelines for ethical behaviour. The Code of Conduct includes additional guidelines for executive officers and management, including the CEO, CFO, Controller and Treasurer. The Code of Conduct is available in the governance section of BCE’s website at BCE.ca and will be provided in print at no charge to any person who sends a written request by mail to BCE Inc. addressed to the Corporate Secretary, at 1, carrefour Alexander-Graham-Bell, Building A, 7th Floor, Verdun, Québec, Canada H3E 3B3.
In 2025, amendments were made to the Code of Conduct in order to:
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| – | Streamline the document and reference additional external policies to enhance readability; | ||||
| – | Describe Bell Canada's four strategic priorities; | ||||
| – | Refine expectations for people leaders and executives (section 1.3); | ||||
| – | Improve protocols for reporting misconduct (section 1.6); | ||||
| – | Enhance guidance on identifying, disclosing, and managing conflicts of interest (including relationships with co-worker), with updated procedures and forms (section 2.3 and attachments); | ||||
| – | Add reference to the Insider Trading and Reporting Policy for additional restrictions and obligations for insiders, and confirmed restrictions related to Employees’ Savings Plan (ESP) (section 2.7.1); | ||||
| – | Expand language regarding confidentiality, privacy, and the protection of both customer and employee information (sections 2.9 and 2.10); | ||||
| – | Update the section on the prohibition on the use of confidential information for sports betting (section 2.11); | ||||
| – | Update language of the Respectful Workplace section to better align to the corresponding Bellnet site and other HR policies (section 2.17.4); and | ||||
| – | Revise Bell Canada’s objectives regarding environmental sustainability (section 2.19). | ||||
In addition to these changes, certain other technical, administrative and non-substantive amendments were made to the Code of Conduct.
A copy of the Code of Conduct, as amended, has been posted on BCE’s website at BCE.ca.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
A brief description of our pre-approval policies and procedures and information about fees and services billed to us by our principal accountant, Ernst & Young LLP (PCAOB No. 1263), for the year ended December 31, 2025, and by our former principal accountant, Deloitte LLP (PCAOB ID No. 1208 ), for the year ended December 31, 2024, can be found under the sections entitled “Pre-approval policies and procedures” and “External auditors’ fees” on pages 53 and 54 of our Annual Information Form contained in Exhibit 99.1, which sections are incorporated by reference in this annual report on Form 40-F.
In 2025 and 2024, no audit-related, tax or other services were submitted to BCE’s Audit Committee for approval pursuant to the pre-approval requirement waiver provision set out in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS
Please see the sections entitled “Contractual obligations” and “Indemnifications and guarantees” on page 78 of the BCE 2025 MD&A contained in Exhibit 99.2 (which sections are incorporated by reference in this annual report on Form 40-F) for a discussion of certain off-balance sheet arrangements and contractual obligations.
IDENTIFICATION OF THE AUDIT COMMITTEE
BCE has a separately designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act. BCE’s Audit Committee is comprised of six independent members: Mr. L.P. Pagnutti (Chair), Ms. K. Lee, Ms. M.F. Leroux, Ms. J. Tory, Mr. J. Wibergh and Mr. C. Wright.
MINE SAFETY DISCLOSURE
Not applicable.
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UNDERTAKING
BCE undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file this annual report on Form 40-F arises or transactions in said securities.
WEBSITE INFORMATION
Notwithstanding any reference to BCE’s website or other websites on the World Wide Web in this annual report on Form 40-F or in the documents attached as Exhibits hereto, the information contained in BCE’s website or any other site on the World Wide Web referred to in this annual report on Form 40-F or in the documents attached as Exhibits hereto, or referred to in BCE’s website, is not a part of this annual report on Form 40-F and, therefore, is not filed with the Commission.
SUMMARY OF SIGNIFICANT DIFFERENCES FROM NYSE CORPORATE GOVERNANCE RULES
A summary of significant differences between corporate governance practices followed by BCE and corporate governance practices required to be followed by U.S. domestic companies under the New York Stock Exchange’s Listing Standards (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available in the governance section of BCE’s website at BCE.ca.
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SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
BCE Inc. | |||||
| By: | (signed) Curtis Millen | ||||
| Curtis Millen Executive Vice-President and Chief Financial Officer | |||||
| Date: | March 6, 2026 | ||||
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| LIST OF EXHIBITS TO FORM 40-F | |||||
| BCE Inc. Policy for the recovery of erroneously awarded incentive-based compensation from executive officers | Exhibit 97 | ||||
| Annual Information Form of BCE Inc. for the year ended December 31, 2025 | Exhibit 99.1 | ||||
| Management's Discussion and Analysis of BCE Inc. for the year ended December 31, 2025 | Exhibit 99.2 | ||||
| Annual audited consolidated financial statements of BCE Inc. for the year ended December 31, 2025 | Exhibit 99.3 | ||||
| Management’s report on internal control over financial reporting and the Report of Independent Registered Public Accounting Firm thereon | Exhibit 99.4 | ||||
| Consent of Independent Registered Public Accounting Firm - Ernst & Young LLP | Exhibit 99.5 | ||||
| Consent of Independent Registered Public Accounting Firm - Deloitte LLP | Exhibit 99.6 | ||||
| Bell Canada Unaudited Selected Summary Financial Information | Exhibit 99.7 | ||||
| Earnings Coverage | Exhibit 99.8 | ||||
| Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Exhibit 99.31 | ||||
| Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Exhibit 99.32 | ||||
| Interactive Data File (formatted as Inline XBRL) | Exhibit 101 | ||||
| Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Exhibit 104 | ||||
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