Equibles

6-K

BCE INC (BCE)

6-K 2022-02-03 For: 2022-02-03
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Added on April 05, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of: February 2022 Commission File Number: 1-8481

BCE Inc.

(Translation of Registrant’s name into English)

1, Carrefour Alexander-Graham-Bell, Verdun, Québec, Canada H3E 3B3,

(514) 870-8777

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form<br>20-F Form<br>40-F              X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No<br>              X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-         .

Notwithstanding any reference to BCE Inc.’s Web site on the World Wide Web in the documents attached hereto, the information contained in BCE Inc.’s site or any other site on the World Wide Web referred to in BCE Inc.’s site is not a part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BCE Inc.
(signed) Glen LeBlanc
Glen LeBlanc<br><br><br>Executive Vice-President and Chief Financial Officer
February 3, 2022

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EXHIBIT INDEX

99.1 News Release
99.2 Supplementary Financial Information – Fourth Quarter 2021

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NEWS RELEASE

Exhibit 99.1

This news release contains forward-looking statements. For adescription of the related risk factors and assumptions, please see the section entitled “Caution Regarding Forward-Looking Statements” later in this news release. The information contained in this news release is unaudited.****

BCE reports fourth quarter and full-year 2021 results

Announces 2022 financial targets, 5.1% dividend increase and second year of capital

expenditure acceleration program that will extend fibre to up to 900,000 more new locations

● Q4 consolidated adjusted EBITDA^1^ growth of 1.1% on 3.0% higherservice revenue; reached 99% of pre-COVID 2019 revenue and adjusted EBITDA levels in 2021
● Net earnings of $658 million, down 29.4%, with net earnings attributable to common shareholders of$625 million, or $0.69 per common share down 29.6%; adjusted net earnings^1^ of $692 million generated adjustedEPS^1^ of $0.76, down 6.2%
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● Q4 cash flows from operating activities up 6.9% to $1,743 million, driving higher year-over-year freecash flow^1^ of $236 million
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● Leading wireless financial results with service revenue growth of 6.3%, 5.3% higher adjusted EBITDA and 3.3% increase inmobile phone blended ARPU^2^ as we welcomed 109,726 new net mobile phone subscriber activations, up 77.8%
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● Best annual retail residential net subscriber performance in 10 years; 47,618 total retail Internet net activations, up7.0%; IPTV net activations increased 38.3% to 29,191
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● Bell Media digital revenue^3^ up 36%, contributing to 7.3% totalmedia revenue growth
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● Surpassed upsized 2021 network expansion targets, delivering approximately 1.1 million new direct fibre andWireless Home Internet (WHI) locations and mobile 5G to more than 70% of Canadians; WHI buildout completed with 1 million households reached one year earlier than plan
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MONTRÉAL, February 3, 2022 – BCE Inc. (TSX, NYSE: BCE) today reported results for the fourth quarter (Q4) and full-year 2021, provided financial guidance for 2022 and announced a 5.1%, or $0.18 per share, increase in the BCE annual common share dividend to $3.68.

“At Bell, we have been singularly focused on our purpose to advance how Canadians connect with each other and the world, and our strong execution and operational discipline to deliver on this purpose is paying off. Bell’s solid performance in Q4 and throughout 2021 reflect the steady demand for fast, reliable and innovative services to keep residents and businesses connected, informed and productive with net new mobile phone and mobile connected device, retail Internet and IPTV subscriber additions of 225,533 in Q4, and our best annual retail residential net

^1^ Adjusted net earnings and free cash flow are non-GAAP financial measures, adjusted EPS is non-GAAP ratio, and adjusted EBITDA is a total of segments measure. Refer to the Non-GAAP and Other Financial Measures section in this news release for more information on these measures.

^2^ Effective Q4 2021, we are no longer reporting mobile phone blended average billing per user (ABPU). Instead, we are reporting mobile phone blended ARPU in order to align with industry peers. Mobile phone blended ARPU is calculated by dividing wireless operating service revenues by the average mobile phone subscriber base for the specified period and is expressed as a dollar unit per month. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on blended ARPU.

^3^ Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, connected TV apps and OOH digital assets/platforms, as well as advertising procured through Bell digital buying platforms and subscription revenue from direct-to-consumer services and Video on Demand services.

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subscriber performance in 10 years,” said Mirko Bibic, President and CEO of BCE Inc. and Bell Canada.

“A key part of our strategy has been to champion the customer experience. I’m proud of the gains we made this past year, leading the industry in reducing customer complaints, and enhancing our digital tools and self-serve apps so that our customers have a choice in how they interact with us. It’s clear that our historic network capital expenditure acceleration program to connect more Canadians faster and continue delivering on our purpose is the right path forward as Canada builds back from the impacts of COVID-19. We surpassed our 2021 network expansion targets reaching 1 million households with Wireless Home Internet one year ahead of schedule. We expanded our direct fibre footprint to communities across the country, and our 5G network now covers over 70% of the Canadian population.

As we look ahead to 2022, we plan to reach up to 900,000 more homes and businesses with direct fibre connections and expand the reach of our 5G network to meet our growing customer needs. And in every interaction, we will continue to build on the gains we made in making it easier for our customers to do business with us, and keep them at the centre of everything we do.”

KEY BUSINESS DEVELOPMENTS

Connecting rural Canadians ahead of schedule

Bell surpassed its accelerated network expansion targets in 2021, passing 1 million locations with Wireless Home Internet (WHI) one year ahead of schedule and expanding its direct fibre footprint to communities large and small across the country. Bell also was named the Best Gaming Internet Provider of Canada’s major providers in the PCMag Best Gaming ISPs 2022 report.

5G leadership

Bell continues to be the most awarded 5G network in Canada, winning Canada’s Fastest 5G Network award for the second time in a row in the Ookla 2021 Speedtest Awards. In Q4, Bell expanded its 5G service to Prince Edward Island, meeting its objective to cover more than 70% of the Canadian population by the end of 2021. Bell became a Founding Partner and exclusive telecommunications provider of The PIER at the Halifax Seaport, deploying a 5G-ready wireless private network to enable a living lab that will shape the future of the transportation, supply chain and logistics industries in Canada. Bell continues to elevate the mobile experience with the introduction of its new unlimited Ultimate plans to make the most of 5G with more data at max speeds, international messaging, hotspot capability and HD video quality.

Champion customer experience

Bell led the industry for a sixth consecutive year in significantly reducing customer complaints according to the annual report from the Commission for Complaints for Telecom-television Services (CCTS). Bell had a decline of 8% overall while complaints across the industry saw an increase of 9%. The MyBell app was named Best Telecommunication Mobile Application of the Year at the 2021 Mobile Web Awards.

Delivering the mostcompelling content

TSN and RDS remained the top-ranked sports TV channels in Q4, cementing their position as leaders for the 2021 calendar year. On TSN, the Grey Cup was the most-watched broadcast of the quarter, and NFL primetime viewership has seen significant increases. Noovo outpaced its two main competitors in A25-54 viewership growth in 2021 and launched noovo.info, a digital

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news platform, the final element for Noovo’s multi-platform news division. MuchMusic, recently revitalized as a digital-first network, surpassed 1 million followers on TikTok and is the most followed Canadian entertainment broadcast brand on the platform.

Bell Let’s Talk Day

Bell Let’s Talk Day 2022 saw a record 164,298,820 messages of support across multiple channels, which generated $8,214,941 in new mental health funding. Bell’s total mental health funding commitment has now reached $129,588,747.75 towards our $155 million target by 2025. Leaders and influencers from Canada and around the world joined the conversation. More than 200 universities and colleges took part in this year’s Bell Let’s Talk Campus Campaign, featuring a digital toolkit to help post-secondary institutions engage safely with students across the country. Communities and partners across Canada raised the Bell Let’s Talk flag, including Canadian Armed Forces members at CFS Alert near the North Pole and sailors onboard the HMCS Montréal.

As part of our ongoing commitment to improve access to mental health supports and services in communities across Canada, Bell Let’s Talk announced six recipients of the Bell Let’s Talk Diversity Fund, the Bell Let’s Talk Post-Secondary Fund awarded $1 million in grants to 16 Canadian colleges, universities and cégeps to support mental health initiatives, and the 2022 Bell Let’s Talk Community Fund is now open for applications. Bell Let’s Talk and the Canadian Red Cross announced a $250,000 partnership for the expansion of the Friendly Calls program for Indigenous communities. The Bell-Graham Boeckh Foundation Partnership donated $1.5 million to St. Paul’s Foundation in support of Foundry to further transform youth mental health in BC and across the country. The Bell Let’s Talk - Brain Canada Mental Health Research Program has awarded more than $4 million to mental health research, and Bell Let’s Talk also announced a $250,000 donation to the Cervo Foundation in Québec’s National Capital Region for new avenues in mental health care.

Bell for Better ESG and workplace initiatives

Bell was ranked “Leadership Band” by CDP for our carbon disclosure for the sixth consecutive year. Bell was named one of Canada’s top 100 employers 2022 and one of Canada’s top employers for young people by Mediacorp. Bell employees raised $2.5 million for 1,868 Canadian charities during its 2021 Employee Giving Campaign, matched by a further $1.7 million from Bell. To support the mental health and well-being of its employees, Bell announced that it is rolling out unlimited mental health benefit coverage for team members and their eligible family members.

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BCE RESULTS

FinancialHighlights

($ millions except per<br><br><br>share amounts)<br> <br>(unaudited) Q4 2021 Q4 2020 % change 2021 2020 % change
BCE
Operating revenues 6,209 6,102 1.8% 23,449 22,883 2.5%
Net earnings 658 932 (29.4%) 2,892 2,699 7.2%
Net earnings attributable to<br>common shareholders 625 889 (29.7%) 2,709 2,498 8.4%
Adjusted net earnings 692 731 (5.3%) 2,895 2,730 6.0%
Adjusted EBITDA 2,430 2,404 1.1% 9,893 9,607 3.0%
Net earnings per common share<br>(EPS) 0.69 0.98 (29.6%) 2.99 2.76 8.3%
Adjusted EPS 0.76 0.81 (6.2%) 3.19 3.02 5.6%
Cash flows from operating<br>activities 1,743 1,631 6.9% 8,008 7,754 3.3%
Capital expenditures (1,459) (1,494) 2.3% (4,837) (4,202) (15.1%)
Free cash flow 236 92 n.m. 2,995 3,348 (10.5%)

n.m.: not meaningful

“The fourth quarter capped off a successful year of financial performance, reflecting excellent operational execution led by continued strong residential Internet results and our best wireless service revenue growth in 4 years, as we nearly recovered from the impacts of COVID, reaching approximately 99% of 2019 consolidated revenue and adjusted EBITDA in 2021,” said Glen LeBlanc, Chief Financial Officer for BCE and Bell Canada.

“Looking ahead to 2022, our financial guidance is underpinned by a positive financial profile for all three Bell operating segments that reflects sound industry fundamentals and our consistent execution in a competitive marketplace as we build on the favourable financial performance, significant broadband investments and operating momentum we delivered in 2021. Moreover, given the strong valuation position of our major defined benefit pension plans, we anticipate taking contribution holidays starting this year that will effectively reduce our annual cash funding, supporting ongoing fibre and 5G acceleration and a 5.1% increase in BCE’s common share dividend for 2022.”

● BCE operating revenue in Q4 was $6,209 million, up 1.8% compared to Q4 2020, driven by a 3.0% increase in service<br>revenue to $5,243 million reflecting strong wireless, residential Internet and media growth. Product revenue decreased 4.5% to $966 million, due to fewer mobile device transactions and lower business wireline data equipment sales. For<br>full-year 2021, BCE operating revenue grew 2.5% to $23,449 million with year-over-year increases of 2.6% in service revenue and 1.6% in product revenue.
● Net earnings in Q4 declined 29.4% to $658 million and net earnings attributable to common shareholders totalled<br>$625 million, or $0.69 per share, down 29.7% and 29.6% respectively. The year-over-year decreases were due to a one-time gain realized on the sale of Bell data centres to Equinix in Q4 2020 totalling<br>$211 million, higher depreciation and amortization expense and higher income taxes, partly offset by adjusted EBITDA growth and higher other income. For full-year 2021, net earnings increased 7.2% to $2,892 million and net earnings<br>
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<br>attributable to common shareholders were $2,709 million, or $2.99 per share, up 8.4% and 8.3% respectively.
● Adjusted net earnings in Q4 2021 were $692 million, or $0.76 per common share, down 5.3% and 6.2% respectively, from<br>$731 million, or $0.81 per common share, in Q4 2020. For full-year 2021, adjusted net earnings increased 6.0% to $2,895 million, delivering 5.6% higher adjusted EPS of $3.19.
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● Adjusted EBITDA grew 1.1% in Q4 to $2,430 million, reflecting increases of 5.3% in wireless and 1.1% in wireline,<br>partly offset by a 19.0% decrease in media. BCE’s consolidated adjusted EBITDA margin^1^decreased 0.3 percentage points to 39.1% from 39.4% in Q4 2020, due to operating cost growth of 2.2%<br>driven by higher year-over-year service revenue. For full-year 2021, adjusted EBITDA increased 3.0% to $9,893 million, while BCE’s adjusted EBITDA margin increased 0.2 percentage points to 42.2% from 42.0% in 2020.
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● BCE capital expenditures were $1,459 million, compared to $1,494 million in Q4 2020, corresponding to a capital<br>intensity^2^of 23.5%, down from 24.5% in Q4 2020. This brought total 2021 capital expenditures to $4,837 million, up from $4,202 million the year before, for a capital intensity of 20.6%<br>compared to 18.4% in 2020. The year-over-year increase in capital spending is consistent with our 2-year program to accelerate the rollout of Bell’s 5G, fibre and rural Wireless Home Internet networks.<br>
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● BCE cash flows from operating activities in Q4 were $1,743 million, up 6.9% from Q4 2020, reflecting higher adjusted<br>EBITDA, lower income taxes paid due to the timing of instalment payments and lower interest paid, partly offset by higher severance and other costs paid. For full-year 2021, BCE cash flows from operating activities totalled $8,008 million, up<br>3.3% compared to 2020.
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● Free cash flow increased 156.5% to $236 million, compared to $92 million in Q4 2020, due to higher cash flows<br>from operating activities, excluding acquisition and other costs paid, and lower capital expenditures. For full-year 2021, BCE free cash flow decreased 10.5% to $2,995 million, mainly as a result of higher capital expenditures.<br>
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OPERATING RESULTS BY SEGMENT

Bell Wireless

● Total wireless operating revenue in Q4 2021 increased 2.8% to $2,475 million, due to strong service revenue growth,<br>partly offset by lower year-over-year product revenue. For full-year 2021, wireless operating revenue was up 3.6% to $8,999 million on both higher service and product revenues.
● Service revenue increased 6.3% in Q4 to $1,652 million, and by 3.7% to $6,400 million for 2021, driven by<br>continued healthy mobile phone postpaid subscriber base growth and higher blended ARPU, reflecting our focus on higher-value smartphone loadings. Although roaming revenue increased over Q4 2020, due to increased travel with the easing of COVID-19 restrictions, it remained well below seasonal pre-pandemic levels.
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● Product revenue decreased 3.6% to $823 million in Q4 2021, due to a reduction in sales transaction volumes<br>attributable to lower mobile device upgrades and a greater mix of bring-your-own-device customer activations, as well as to lower year-over-year consumer electronics<br>sales at The Source. Mobile device and consumer electronics inventory has
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^1^ Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. Refer to the Key Performance Indicators (KPIs) section in this news release for more information on adjusted EBITDA margin.

^2^ Capital intensity is defined as capital expenditures divided by operating revenues. Refer to the Key PerformanceIndicators (KPIs) section in this news release for more information on capital intensity.

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been constrained since Q3 2021, due to global COVID-related supply chain challenges. For full-year 2021, product revenue was up 3.4% to $2,599 million, driven by increased mobile phone transaction volumes as retail stores re-opened, higher year-over-year direct and digital channel sales, as well as a greater sales mix of premium mobile phones.

● Wireless adjusted EBITDA increased 5.3% in Q4 to $951 million, and by 5.1% to $3,853 million in 2021 on the<br>strong flow-through of service revenue growth. This delivered margin increases of 0.9 and 0.6 percentage points to 38.4% and 42.8% respectively.
● Bell added 109,726 total net new postpaid and prepaid mobile phone<br>subscribers^1^, up 77.8% from 61,716 in Q4 2020. For full-year 2021, total postpaid and prepaid mobile phone net additions increased 54.6% to 294,842.
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● Postpaid mobile phone net subscriber activations were up 49.2% to 109,527 from 73,388 in Q4 2020. The increase reflects a<br>13.9% increase in gross subscriber activations, reflecting pent-up customer demand as consumer traffic in 2020 was impacted by COVID-19 restrictions; successful<br>promotions, including the bundling of Bell residential services with mobility; as well as higher direct and digital sales volumes enabled by enhanced capabilities. This was moderated by a 2 basis-point increase in postpaid mobile phone customer<br>churn^1^to 1.08%, consistent with the pick-up in overall market activity compared to the year before. For full-year 2021, postpaid mobile phone net additions<br>were 301,706, nearly double the 152,693 reported in 2020, while customer churn was essentially stable at 0.93% compared to 0.92% in 2020.
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● Bell’s prepaid mobile phone customer base increased by 199 net subscribers in Q4, compared to a net loss of 11,672 in<br>Q4 2020. The improvement was the result of 3.6% higher gross activations from increased market activity with the easing of COVID-19 restrictions and lower customer churn, which improved 37 basis points to<br>4.42%. For full-year 2021, we incurred a net loss of 6,864 prepaid mobile phone customers, compared to a net gain of 37,982 in 2020, reflecting 13.0% fewer gross activations, partly offset by a lower churn rate of 4.31%.
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● Bell’s mobile phone customer base totalled 9,459,185 at the end of 2021, a 3.2% increase over 2020, comprising<br>8,630,045 postpaid subscribers, up 3.6%, and 829,140 prepaid customers, down 0.8%.
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● Blended mobile phone ARPU was up 3.3% to $58.61 in Q4 2021, driven by a greater mix of customers on higher-value rate<br>plans, including unlimited mobile data plans, and higher roaming revenues from increased international travel as COVID-19 restrictions lessened. For full-year 2021, blended ARPU increased 1.2% to $57.66.<br>
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● Mobile connected device net subscriber^1^ activations were down 60.6% to<br>38,998 in Q4 and decreased 15.1% to 193,641 in 2021, despite strong growth in Bell’s business IoT net connections. This was due to higher data device net losses consistent with our strategic decision to de-emphasize unprofitable, low-ARPU tablet transactions. Mobile connected device subscribers totalled 2,249,794 at the end of the year, an increase of 9.4% over 2020.
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^1^ Refer to the Key Performance Indicators (KPIs) section in this news release for more information on churn and subscriber units.

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Bell Wireline

● Total wireline operating revenue in Q4 decreased 0.5% to $3,079 million, compared to Q4 2020, and by 0.2% to<br>$12,178 million in full-year 2021.
● Wireline service revenue was stable in Q4, as strong residential Internet revenue growth and higher year-over-year business<br>service solutions revenue^1^ driven by our expanded cloud and security offerings were offset by ongoing declines in legacy voice, data and satellite TV services, and the non-recurrence of heightened business customer demand in Q4 2020 for conferencing services, remote collaboration tools and voice connectivity stemming from work-at-home protocols enacted by Canadian enterprises because of COVID-19 restrictions. For full-year 2021, wireline service revenue increased by 0.1% to<br>$11,672 million, despite a $44 million retroactive regulatory charge in Q2 2021 related to the CRTC’s decision on final aggregated rates for wholesale Internet access, due to an 11% increase in residential Internet revenue.<br>
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● Product revenue decreased 10.5% to $145 million in Q4, due to lower sales of data equipment to enterprise business<br>customers as a result of delayed spending because of COVID and global supply chain challenges. For full-year 2021, wireline product revenue declined 7.0% to $506 million, due to higher sales of data equipment in 2020 as large enterprise and<br>government sector customers spent on capacity and network facilities to connect more employees working remotely.
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● Wireline adjusted EBITDA grew 1.1% to $1,326 million, reflecting a 1.7% reduction in operating costs that contributed<br>to a 0.7 percentage-point improvement in margin to 43.1%. For full-year 2021, wireline adjusted EBITDA increased 1.3% to $5,315 million on 1.4% lower operating costs that drove a higher year-over year margin of 43.6%, up from 43.0% in 2020.<br>
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● Bell added 47,618 net new retail Internet subscribers^2^ in Q4, up 7.0%<br>from 44,512 in Q4 2020, driven by the accelerated buildout of Bell’s all-fibre and Wireless Home Internet service footprints, and fewer deactivations. For full-year 2021, total retail Internet net additions grew 2.2% to 152,285. Retail Internet<br>subscribers totalled 3,861,653 at the end of 2021, a 4.2% year-over-year increase.
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● Bell TV added 29,191 net new retail IPTV subscribers^2^, up 38.3% from<br>21,106 in Q4 2020. The increase was driven by the success of our multi-brand strategy, including standalone Fibe TV subscriptions and Fibe TV app streaming services, more typical sales activity and more live sports programming compared to last year,<br>as well as lower customer churn, particularly in our IPTV fibre footprint. For full-year 2021, retail IPTV net additions totalled 76,068, up 94.1% compared to 39,191 in 2020. At the end of 2021, Bell served 1,882,441 retail IPTV subscribers, up 4.2%<br>over 2020.
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● Retail satellite TV net subscriber^2^ losses increased 12.5% to 23,142,<br>due to lower gross activations compared to Q4 2020. For full-year 2021, retail satellite TV net losses increased 0.7% to 73,538. Bell’s retail satellite TV customer base totalled 852,569 at the end of 2021, down 8.5% from 2020.<br>
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● Retail residential NAS^2^ net losses improved 25.2% to 40,211,<br>reflecting fewer customer deactivations during COVID-19. For full-year 2021, retail residential NAS net losses totalled 185,327, a 13.2% reduction in losses compared to 2020 that resulted in an overall 7.5%<br>year-over-year decline in Bell’s retail residential NAS customer base to 2,298,605.
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^1^ Business service solutions revenues are comprised of managed services, which include network management, voice management, hosting and security, and professional services, which include consulting, integration and resource services.

^2^ Refer to the Key Performance Indicators (KPIs) section in this news release for more information on subscriber units, NAS and customers.

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Bell Media

● Media operating revenue increased 7.3% in Q4 to $849 million, and by 10.4% to $3,036 million for 2021, driven<br>primarily by increased TV advertiser spending and higher subscriber revenue.
● Advertising revenue increased 11.8% in Q4, driven by stronger conventional and specialty TV performance, due to the return<br>to a more regular sports schedule and fuller fall TV programming line-up compared to Q4 2020, higher year-over-year out of home advertiser demand as leisure and travel activity resumed with the easing of COVID-19 restrictions, and continued digital media growth. For full-year 2021, advertising revenue was up 16.3%.
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● Subscriber revenue was up 1.9% in Q4 and 4.8% in 2021, driven by Crave subscriber growth over the past year. Crave<br>subscribers increased 6% in 2021 to more than 2.9 million subscribers.
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● Digital revenue increased 36% in Q4 and 35% in 2021, due to Crave direct-to-consumer growth, continued scaling of our strategic audience management (SAM) TV media sales tool and growth in TV digital advertising including with CTV advertising-based video-on-demand (AVOD). Digital revenues represented 20% of total Bell Media revenue in 2021, up from 16% in 2020.
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● Adjusted EBITDA decreased 19.0% in Q4 to $153 million, resulting in a 5.9 percentage point margin decline to 18.0%.<br>Despite higher revenue, the year-over-year decrease in adjusted EBITDA was the result of a 15.6% increase in operating costs, due to an acceleration in programming costs and broadcast rights reflecting the return to a regular sports schedule in 2021<br>and a higher volume of original TV productions compared to 2020 when cancellations and delays had a favourable impact on operating costs. For full-year 2021, media adjusted EBITDA was up 4.3% to $725 million, yielding a margin of 23.9% compared<br>to 25.3% in 2020.
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● TSN and RDS remained Canada’s top-ranked English and French-language sports<br>networks in Q4.
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● Noovo had the largest primetime viewership growth in 2021 among adults A25-54<br>versus its two main competitors.
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COMMON SHARE DIVIDEND

BCE’s Board of Directors has declared a quarterly dividend of $0.92 per common share, payable on April 15, 2022 to shareholders of record at the close of business on March 15, 2022.

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OUTLOOK FOR 2022

The table below provides our 2022 financial guidance targets. These ranges are based on our current outlook for 2022 taking into account the impact of COVID-19 on our 2021 consolidated financial results.

2021 Results 2022 Guidance
Revenue growth 2.5% 1% – 5%
Adjusted EBITDA growth 3.0% 2% – 5%
Capital intensity 20.6% 21%
Adjusted EPS growth 5.6% 2% – 7%
Free cash flow growth (10.5%) 2% – 10%
Annualized common dividend per share $3.50 $3.68

For the full-year 2022, we expect growth in adjusted EBITDA, a reduction in contributions to post-employment benefit plans and payments under other post-employment benefit plans, and lower cash income taxes, will drive higher free cash flow.

Our financial and operating performance in 2021 has largely recovered from the effects of COVID-19, due to our operational execution and the easing of government restrictions put in place to combat the pandemic, which allowed many businesses to resume some level of, or increase, commercial activities during the course of 2021. Additionally, since the pandemic began in the first quarter of 2020, we have adapted many aspects of our business to better operate in this environment.

Due to uncertainties relating to the severity and duration of the COVID-19 pandemic, including the number and intensity of resurgences in the number of COVID-19 cases, and various potential outcomes, it is difficult at this time to estimate the impacts of COVID-19 on our business or future financial results and related assumptions. Our business and financial results could continue to be unfavourably impacted, and could again become more significantly and negatively impacted, in future periods. The effects of COVID-19 are expected to continue to unfavourably impact Bell Wireless product and roaming revenues, Bell Wireline business markets revenues, as well as Bell Media advertising revenues in 2022. Accordingly, there can be no certainty that any of our 2022 financial guidance targets will be achieved. The extent to which COVID-19 will continue to adversely impact our business will depend on future developments that are difficult to predict, including the prevalence of COVID-19 variants that are more contagious and may lead to increased health risks, the timely distribution of vaccines and treatments and their long-term effectiveness, the potential development and distribution of new vaccines and treatments, vaccination hesitancy and the population level that chooses to remain unvaccinated, the time required to achieve broad immunity, as well as new information which may emerge concerning the severity and duration of the COVID-19 pandemic, including the number and intensity of resurgences in COVID-19 cases, and the actions required to contain the coronavirus or remedy its impacts, among others. Please see the section entitled “Caution Regarding Forward-Looking Statements” later in this news release for a description of the principal assumptions on which BCE’s 2022 financial guidance targets are based, as well as the principal related risk factors.

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CALL WITH FINANCIAL ANALYSTS

BCE will hold a conference call for financial analysts to discuss Q4 2021 results and 2022 financial guidance on Thursday, February 3 at 8:00 am eastern. Media are welcome to participate on a listen-only basis. To participate, please dial toll-free 1-800-806-5484 or 416-340-2217 and enter passcode 7641843#. A replay will be available until midnight on March 6, 2022 by dialing 1-800-408-3053 or 905-694-9451 and entering passcode 3315188#.

A live audio webcast of the conference call will be available on BCE’s website at BCE Q4-2021 conference call.

NON-GAAPAND OTHER FINANCIAL MEASURES

BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP) while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP financial measures, provide readers with a better understanding of how management assesses BCE’s performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure, prescribes disclosure requirements that apply to the following specified financial measures:

● Non-GAAP financial measures;
● Non-GAAP ratios;
--- ---
● Total of segments measures;
--- ---
● Capital management measures; and
--- ---
● Supplementary financial measures.
--- ---

This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this news release to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures’ labelling is not sufficiently descriptive.

Non-GAAP Financial Measures

A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE’s consolidated primary financial statements. We believe that non-GAAP financial measures are more reflective of our on-going operating results and provide readers with a better understanding of management’s perspective on and analysis of our performance.

Below are descriptions of the non-GAAP financial measures that we use in this news release to explain our results as well as reconciliations to the most comparable IFRS financial measures.

Adjusted net earnings – Adjusted net earnings is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

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We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI.

We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

The most directly comparable IFRS financial measure is net earnings attributable to common shareholders.

The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.

($ millions)

Q4 2021 Q4 2020 2021 2020
Net earnings attributable to<br>common shareholders 625 889 2,709 2,498
Reconciling items
Severance, acquisition and other costs 63 52 209 116
Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans (57) 1 (278) 51
Net equity losses (gains) on investments in<br>associates and joint ventures 35 - 49 (43)
Net losses (gains) on investments 6 (3) 6 (3)
Early debt redemption costs - 12 53 50
Impairment of assets 30 12 197 472
Income taxes for the above reconciling items (9) (21) (48) (185)
Non-controlling interest (NCI) for the above reconciling items (1) - (2) -
Net earnings from<br>discontinued operations (net of income taxes) - (211) - (226)
Adjusted net earnings 692 731 2,895 2,730

Free cash flow – Free cash flow is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the

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comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

We consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable IFRS financial measure is cash flows from operating activities.

The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.

($ millions)

Q4 2021 Q4 2020 2021 2020
Cash flows from operating activities 1,743 1,631 8,008 7,754
Capital expenditures (1,459) (1,494) (4,837) (4,202)
Cash dividends paid on preferred shares (32) (31) (125) (132)
Cash dividends paid by subsidiaries to NCI (45) (16) (86) (53)
Acquisition and other costs paid 29 2 35 35
Cash from discontinued operations (included in cash flows from operating activities) - - - (54)
Free cash flow 236 92 2,995 3,348

Non-GAAP Ratios

A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.

Below are descriptions of the non-GAAP ratios that we use in this news release to explain our results.

Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings refer to Non-GAAP Financial Measures above.

We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could

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potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

Total of Segments Measures

A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE’s consolidated primary financial statements.

Below is a description of the total of segments measure that we use in this news release to explain our results as well as a reconciliation to the most comparable IFRS financial measure.

Adjusted EBITDA – Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements.

The most directly comparable IFRS financial measure is net earnings. The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.

($ millions)

Q4 2021 Q4 2020 2021 2020
Net earnings 658 932 2,892 2,699
Severance, acquisition and other<br>costs 63 52 209 116
Depreciation 925 872 3,627 3,475
Amortization 251 233 982 929
Finance costs
Interest expense 275 274 1,082 1,110
Interest on post-employment<br>benefit obligations 5 11 20 46
Impairment of assets 30 12 197 472
Other (income) expense (26) 38 (160) 194
Income taxes 249 191 1,044 792
Net earnings from discontinued operations (net of income taxes) - (211) - (226)
Adjusted EBITDA **** 2,430 **** 2,404 **** 9,893 **** 9,607

Supplementary Financial Measures

A supplementary financial measure is a financial measure that is not reported in BCE’s consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.

An explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures’ labelling is not sufficiently descriptive.

KEY PERFORMANCE INDICATORS (KPIs)

We use adjusted EBITDA margin, blended ARPU, capital intensity, churn and subscriber units (or customers or NAS) to measure the success of our strategic imperatives. These key performance indicators are not accounting measures and may not be comparable to similar measures presented by other issuers.

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CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to BCE’s financial guidance (including revenues, adjusted EBITDA, capital intensity, adjusted EPS and free cash flow), BCE’s 2022 annualized common share dividend, our network deployment plans and anticipated capital expenditures, including our two-year increased capital expenditure acceleration program for the deployment of our direct fibre, WHI and 5G networks, our anticipated pension cash funding including expected contribution holidays starting in 2022, the potential impacts on our business, financial condition, liquidity and financial results of the COVID-19 pandemic, our objectives for investment in mental health initiatives, BCE’s business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, targetand 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 United States Private Securities Litigation Reform Act of 1995.

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. The forward-looking statements contained in this news release describe our expectations as of February 3, 2022 and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. From time to time, we consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures 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 February 3, 2022. The financial impact of these transactions and special items can be complex and depends on the 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. Forward-looking statements are presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our expected financial results, as well as our objectives, strategic priorities and business outlook, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

Material Assumptions

A number of economic, market, operational and financial assumptions were made by BCE in preparing its forward-looking statements contained in this news release, including, but not limited to the following:

Canadian Economic Assumptions

Our forward-looking statements are based on certain assumptions concerning the Canadian economy, which in turn depend on important assumptions about the evolution of the COVID-19 pandemic, including the progress of the vaccination rollout. Notably, it is assumed that most

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public health restrictions in Canada are eased in the first quarter of 2022 and pandemic-related effects on demand diminish gradually over time. In particular, we have assumed:

● Strong economic growth as demand remains robust and supply recovers from the effects of the pandemic, given the Bank of<br>Canada’s most recent estimated growth in Canadian gross domestic product of around 4% on average in 2022
● Strong household consumption growth supported by improving confidence and some spending of accumulated savings<br>
--- ---
● Robust business investment outside the oil and gas sector due to growing demand, improving business confidence and the<br>gradual easing of supply constraints
--- ---
● Strong labour market
--- ---
● Higher immigration levels
--- ---
● Interest rates expected to increase in 2022
--- ---
● Elevated consumer price index (CPI) inflation from strong demand, supply shortages and high energy prices over the first<br>half of 2022. Inflation is anticipated to decline by the end of 2022 as these pandemic-related pressures dissipate.
--- ---
● Canadian dollar expected to remain at or near current levels. Further movements may be impacted by the degree of strength<br>of the U.S. dollar, interest rates and changes in commodity prices
--- ---

Canadian Market Assumptions

Our forward-looking statements also reflect various Canadian market assumptions. In particular, we have made the following market assumptions:

● A consistently high level of wireline and wireless competition in consumer, business and wholesale markets<br>
● Higher, but slowing, wireless industry penetration
--- ---
● A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions<br>or alternative over-the-top (OTT) competitors
--- ---
● While the advertising market continues to be adversely impacted by cancelled or delayed advertising campaigns from many<br>sectors due to the economic downturn during the COVID-19 pandemic, we do expect gradual recovery in 2022
--- ---
● Declines in broadcasting distribution undertakings (BDU) subscribers driven by increasing competition from the continued<br>rollout of subscription video on demand streaming services together with further scaling of OTT aggregators
--- ---

Assumptions Concerning our BellWireless Segment

Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Wireless segment:

● Maintain our market share of national operators’ wireless postpaid mobile phone net additions and growth of our<br>prepaid subscriber base
● Continued strong competitive intensity and promotional activity across all regions and market segments<br>
--- ---
● Ongoing expansion and deployment of 5G wireless networks, offering competitive coverage and quality
--- ---
● Continued diversification of our distribution strategy with a focus on expanding direct-to-consumer and online transactions
--- ---
● Growth in mobile phone blended ARPU, driven by growth in 5G subscriptions, increased outbound roaming revenue from the<br>easing of travel restrictions implemented as a result of the COVID-19 pandemic, partly offset by reduced overage revenue due to the continued adoption of unlimited plans
--- ---
● Accelerating business customer adoption of advanced 5G and IoT solutions
--- ---

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● Improving wireless handset device availability in addition to stable device pricing and margins
● Realization of cost savings related to operational efficiencies enabled by changes in consumer behavior, digital adoption,<br>product and service enhancements, new call center and digital investments and other improvements to the customer service experience
--- ---
● No adverse material financial, operational or competitive consequences of changes in or implementation of regulations<br>affecting our wireless business
--- ---

Assumptions Concerning our Bell Wireline Segment

Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Wireline segment:

● Further deployment of direct fibre to more homes and businesses within our wireline footprint and fixed WTTP technology in<br>rural communities
● Continued growth in retail Internet and IPTV subscribers
--- ---
● Increasing wireless and Internet-based technological substitution
--- ---
● Continued aggressive residential service bundle offers from cable TV competitors in our local wireline areas, moderated by<br>growing our share of competitive residential service bundles
--- ---
● Continued large business customer migration to IP-based systems<br>
--- ---
● Ongoing competitive repricing pressures in our business and wholesale markets
--- ---
● Continued competitive intensity in our small and medium-sized business markets as<br>cable operators and other telecommunications competitors continue to intensify their focus on business customers
--- ---
● Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data<br>solutions expanding into Canada with on-demand services
--- ---
● Accelerating customer adoption of OTT services resulting in downsizing of TV packages
--- ---
● Growing consumption of OTT TV services and on-demand streaming video, as well as<br>the proliferation of devices, such as tablets, that consume large quantities of bandwidth, will require ongoing capital investment
--- ---
● Realization of cost savings related to management workforce reductions including attrition and retirements, lower<br>contracted rates from our suppliers, operating efficiencies enabled by a growing direct fibre footprint, changes in consumer behaviour and product innovation, expanding self-serve capabilities, and other improvements to the customer service<br>experience
--- ---
● No adverse material financial, operational or competitive consequences of changes in or implementation of regulations<br>affecting our wireline business
--- ---

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Assumptions Concerning our Bell Media Segment

Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Media segment:

● Overall revenue expected to reflect continued strong demand in TV advertising revenue including scaling of our Strategic<br>Audience Management (SAM) TV and Bell demand-side-platform (DSP) buying platforms, a gradual recovery in radio and out-of-home advertisements, as well as direct-to-consumer subscriber growth.
● Continued escalation of media content costs to secure quality programming, as well as the continued return to normal<br>volumes of entertainment programming
--- ---
● Continued scaling of Crave through broader content offering, user experience improvements and Crave Mobile<br>
--- ---
● Continued investment in Noovo original programming to better serve our French-language customers with a wider array of<br>content, in the language of their choice, on their preferred platforms
--- ---
● Leveraging of first-party data to improve targeting, advertisement delivery and attribution
--- ---
● Ability to successfully acquire and produce highly rated programming and differentiated content
--- ---
● Building and maintaining strategic supply arrangements for content across all screens and platforms
--- ---
● No adverse material financial, operational or competitive consequences of changes in or implementation of regulations<br>affecting our media business
--- ---

Financial Assumptions Concerning BCE

Our forward-looking statements are also based on the following internal financial assumptions with respect to BCE for 2021:

● An estimated post-employment benefit plans service cost of approximately $255 million
● An estimated interest on post-employment benefit obligations of approximately ($70) million
--- ---
● Depreciation and amortization expense of approximately $4,700 million to $4,750 million
--- ---
● Interest expense of approximately $1,075 million to $1,125 million
--- ---
● Interest paid of approximately $1,125 million to $1,175 million
--- ---
● An average effective tax rate of approximately 27%
--- ---
● NCI of approximately $60 million
--- ---
● Contributions to post-employment benefit plans of approximately $200 million
--- ---
● Payments under other post-employment benefit plans of approximately $75 million
--- ---
● Income taxes paid (net of refunds) of approximately $800 million to $900 million
--- ---
● Weighted average number of BCE common shares outstanding of approximately 911 million
--- ---
● An annual common share dividend of $3.68 per share
--- ---

Assumptions underlying our estimated cash post-employment benefit plans funding savings

Our estimated cash post-employment benefit plans funding savings from a potential contribution holiday on some of our defined benefit pension plans starting in 2022 are based on the following principal assumptions:

● At the relevant time, our defined benefit pension plans will remain in funded positions with going concern surpluses and<br>maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken
● No significant declines in investment returns or interest rates
--- ---

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● No material experience losses from other unforeseen events such as through litigation or changes in laws, regulations or<br>actuarial standards

The foregoing assumptions, although considered reasonable by BCE on February 3, 2022, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.

Material Risks

Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in, or implied by, our forward-looking statements, including our 2022 financial guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2022 financial guidance targets, essentially depends on our business performance, which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to: the adverse effects of the COVID-19 pandemic including from the restrictive measures implemented or to be implemented as a result thereof and supply chain disruptions; adverse economic and financial market conditions, a declining level of retail and commercial activity, and the resulting negative impact on the demand for, and prices of, our products and services; the intensity of competitive activity including from new and emerging competitors; the level of technological substitution 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 OTT TV and other alternative service providers, as well as the fragmentation of, and changes in, the advertising market; rising content costs and challenges in our ability to acquire or develop key content; the proliferation of content piracy; higher Canadian smartphone penetration and reduced or slower immigration flow; regulatory initiatives, proceedings and decisions, government consultations and government positions that affect us and influence our business including, without limitation, concerning the conditions and prices at which access to our networks may be mandated and spectrum may be acquired in auctions; the inability to protect our physical and non-physical assets from events such as information security attacks, unauthorized access or entry, fire and natural disasters; the failure to implement effective data governance; the failure to evolve and transform our networks, systems and operations using next-generation technologies, while lowering our cost structure; the inability to drive a positive customer experience; the failure to attract, develop and retain a diverse and talented team capable of furthering our strategic imperatives; labour disruptions and shortages; the failure to maintain operational networks; the risk that we may need to incur significant unplanned capital expenditures to provide additional capacity and reduce network congestion; the complexity in our operations; the failure to implement or maintain highly effective processes and information technology (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; in-orbit and other operational risks to which the satellites used to provide our satellite TV services are subject; our dependence on third-party suppliers, outsourcers, and consultants to provide an uninterrupted supply of the products and services we need; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data governance 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; 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 dividends will be declared by BCE’s board of directors or whether the dividend on common shares will be increased; the inability to manage various credit, liquidity and market risks; new or higher taxes

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due to new tax laws or changes thereto or in the interpretation thereof, and the inability to predict the outcome of government audits; the failure to reduce costs, as well as unexpected increases in costs, and the inability to generate anticipated benefits from acquisitions and corporate restructurings; the failure to evolve practices to effectively monitor and control fraudulent activities; pension obligation volatility and increased contributions to post-employment benefit plans; unfavourable resolution of legal proceedings and, in particular, class actions; the failure to develop and implement strong corporate governance practices and compliance frameworks and to comply with legal and regulatory obligations; the failure to recognize and adequately respond to climate change and other environmental concerns and expectations; pandemics, epidemics and other health risks, including health concerns about radio frequency emissions from wireless communication devices and equipment; the inability to adequately manage social issues; and internal factors, such as the failure to implement sufficient corporate and business initiatives, as well as various external factors which could challenge our ability to achieve our ESG targets including, without limitation, those related to greenhouse gas emissions reduction and diversity, equity and inclusion.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. We encourage investors to also read BCE’s Safe Harbour Notice Concerning Forward-Looking Statements dated February 3, 2022 for additional information with respect to certain of these and other assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available at Sedar.com) and with the U.S. Securities and Exchange Commission (available at SEC.gov). This document is also available at BCE.ca.

BCE’s Safe Harbour Notice Concerning Forward-Looking Statements dated February 3, 2022 is incorporated by reference in this news release.

About BCE

BCE is Canada’s largest communications company, providing advanced Bell broadband wireless, Internet, TV, media and business communications services. To learn more, please visit Bell.ca or BCE.ca.

Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let’s Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let’s Talk Day and significant Bell funding of community care and access, research and workplace initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.

Media inquiries:

Marie-Eve Francoeur

514-391-5263

marie-eve.francoeur@bell.ca

Investor inquiries:

Richard Bengian

514-786-8219

richard.bengian@bell.ca

19/19

SUPPLEMENTARY FINANCIAL INFORMATION - FOURTH QUARTER 2021

Exhibit 99.2

Q4 Supplementary<br><br><br>Financial Information<br> <br><br><br><br>Fourth Quarter 2021
BCE Investor Relations<br> <br>Thane Fotopoulos<br><br><br>514-870-4619<br><br><br>thane.fotopoulos@bell.ca LOGO

BCE ^(1)^

Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited) Q4<br> <br>2021 Q4<br><br><br>2020 change % change TOTAL 2021 TOTAL<br>2020 change % change
Operating revenues
Service **** 5,243 **** 5,090 3.0% **** 20,350 **** 19,832 2.6%
Product **** 966 **** 1,012 ) (4.5%) **** 3,099 **** 3,051 1.6%
Total operating revenues **** 6,209 **** 6,102 1.8% **** 23,449 **** 22,883 2.5%
Operating costs **** (3,779 ) (3,698 ) ) (2.2%) **** (13,556 ) (13,276 ) ) (2.1%)
Adjusted EBITDA ^(A)^ **** 2,430 **** 2,404 1.1% **** 9,893 **** 9,607 3.0%
Adjusted EBITDA margin ^(B)(3)^ **** 39.1% **** 39.4% (0.3) pts **** 42.2% **** 42.0% 0.2 pts
Severance, acquisition and other costs **** (63 ) (52 ) ) (21.2%) **** (209 ) (116 ) ) (80.2%)
Depreciation **** (925 ) (872 ) ) (6.1%) **** (3,627 ) (3,475 ) ) (4.4%)
Amortization **** (251 ) (233 ) ) (7.7%) **** (982 ) (929 ) ) (5.7%)
Finance costs
Interest expense **** (275 ) (274 ) ) (0.4%) **** (1,082 ) (1,110 ) 2.5%
Interest on post-employment benefit obligations **** (5 ) (11 ) 54.5% **** (20 ) (46 ) 56.5%
Impairment of assets **** (30 ) (12 ) ) n.m. **** (197 ) (472 ) 58.3%
Other income (expense) **** 26 **** (38 ) n.m. **** 160 **** (194 ) n.m.
Income taxes **** (249 ) (191 ) ) (30.4%) **** (1,044 ) (792 ) ) (31.8%)
Net earnings from continuing operations **** 658 **** 721 ) (8.7%) **** 2,892 **** 2,473 16.9%
Net earnings from discontinued operations **** - **** 211 ) (100.0%) **** - **** 226 ) (100.0%)
Net earnings **** 658 **** 932 ) (29.4%) **** 2,892 **** 2,699 7.2%
Net earnings from continuing operations attributable to:
Common shareholders **** 625 **** 678 ) (7.8%) **** 2,709 **** 2,272 19.2%
Preferred shareholders **** 33 **** 32 3.1% **** 131 **** 136 ) (3.7%)
Non-controlling interest **** - **** 11 ) (100.0%) **** 52 **** 65 ) (20.0%)
Net earnings from continuing operations **** 658 **** 721 ) (8.7%) **** 2,892 **** 2,473 16.9%
Net earnings attributable to:
Common shareholders **** 625 **** 889 ) (29.7%) **** 2,709 **** 2,498 8.4%
Preferred shareholders **** 33 **** 32 3.1% **** 131 **** 136 ) (3.7%)
Non-controlling interest **** - **** 11 ) (100.0%) **** 52 **** 65 ) (20.0%)
Net earnings **** 658 **** 932 ) (29.4%) **** 2,892 **** 2,699 7.2%
Net earnings per common share - basic and diluted
Continuing operations $ 0.69 **** $ 0.75 ) (8.0%) $ 2.99 **** $ 2.51 19.1%
Discontinued operations $ - **** $ 0.23 ) (100.0%) $ - **** $ 0.25 ) (100.0%)
Net earnings per common share - basic and diluted $ 0.69 **** $ 0.98 ) (29.6%) $ 2.99 **** $ 2.76 8.3%
Dividends per common share $ 0.8750 **** $ 0.8325 5.1% $ 3.5000 **** $ 3.3300 5.1%
Weighted average number of common shares outstanding - basic (millions) **** 908.8 **** 904.4 **** 906.3 **** 904.3
Weighted average number of common shares outstanding - diluted (millions) **** 909.6 **** 904.4 **** 906.7 **** 904.4
Number of common shares outstanding (millions) **** 909.0 **** 904.4 **** 909.0 **** 904.4
Adjusted net earnings and adjusted EPS
Net earnings attributable to common shareholders **** 625 **** 889 ) (29.7%) **** 2,709 **** 2,498 8.4%
Reconciling items:
Severance, acquisition and other costs **** 63 **** 52 21.2% **** 209 **** 116 80.2%
Net mark-to-market (gains)<br>losses on derivatives used to economically hedge equity settled share-based compensation plans **** (57 ) 1 ) n.m. **** (278 ) 51 ) n.m.
Net equity losses (gains) on investment in associates and joint ventures **** 35 **** - n.m. **** 49 **** (43 ) n.m.
Net losses (gains) on investments **** 6 **** (3 ) n.m. **** 6 **** (3 ) n.m.
Early debt redemption costs **** - **** 12 ) (100.0%) **** 53 **** 50 6.0%
Impairment of assets **** 30 **** 12 n.m. **** 197 **** 472 ) (58.3%)
Income taxes for the above reconciling items **** (9 ) (21 ) 57.1% **** (48 ) (185 ) 74.1%
Non-controlling interest (NCI) for the above reconciling<br>items **** (1 ) - ) n.m. **** (2 ) - ) n.m.
Net earnings from discontinued operations (net of income taxes) **** - **** (211 ) 100.0% **** - **** (226 ) 100.0%
Adjusted net earnings ^(A)^ **** 692 **** 731 ) (5.3%) **** 2,895 **** 2,730 6.0%
Adjusted EPS ^(A)^ $ 0.76 **** $ 0.81 ) (6.2%) $ 3.19 **** $ 3.02 5.6%

All values are in US Dollars.

n.m. : not meaningful

^(A)^ Adjusted EBITDA is a total of segments measure, adjusted net earnings is a<br>non-GAAP financial measure and adjusted EPS is a non-GAAP ratio. Refer to note 2.3, Total of segments measures, note 2.1,<br>Non-GAAP financial measures and note 2.2, Non-GAAP ratios in the Accompanying Notes to this report for more information on these measures.<br>
^(B)^ Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.
--- ---

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 2

BCE

Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited) **** TOTAL2021 **** **** Q4 21 **** Q3 21 Q2 21 Q1 21 TOTAL<br>2020 Q4 20 Q3 20 Q2 20 Q1 20
Operating revenues
Service **** 20,350 **** **** 5,243 **** 5,099 5,040 4,968 19,832 5,090 4,924 4,800 5,018
Product **** 3,099 **** **** 966 **** 737 658 738 3,051 1,012 863 554 622
Total operating revenues **** 23,449 **** **** 6,209 **** 5,836 5,698 5,706 22,883 6,102 5,787 5,354 5,640
Operating costs **** (13,556 ) **** (3,779 ) (3,278 ) (3,222 ) (3,277 ) (13,276 ) (3,698 ) (3,333 ) (3,023 ) (3,222 )
Adjusted EBITDA **** 9,893 **** **** 2,430 **** 2,558 2,476 2,429 9,607 2,404 2,454 2,331 2,418
Adjusted EBITDA margin **** 42.2% **** **** 39.1% **** 43.8% 43.5% 42.6% 42.0% 39.4% 42.4% 43.5% 42.9%
Severance, acquisition and other costs **** (209 ) **** (63 ) (50 ) (7 ) (89 ) (116 ) (52 ) (26 ) (22 ) (16 )
Depreciation **** (3,627 ) **** (925 ) (902 ) (905 ) (895 ) (3,475 ) (872 ) (876 ) (869 ) (858 )
Amortization **** (982 ) **** (251 ) (245 ) (248 ) (238 ) (929 ) (233 ) (232 ) (234 ) (230 )
Finance costs
Interest expense **** (1,082 ) **** (275 ) (272 ) (268 ) (267 ) (1,110 ) (274 ) (279 ) (280 ) (277 )
Interest on post-employment benefit obligations **** (20 ) **** (5 ) (5 ) (5 ) (5 ) (46 ) (11 ) (12 ) (11 ) (12 )
Impairment of assets **** (197 ) **** (30 ) - (164 ) (3 ) (472 ) (12 ) (4 ) (449 ) (7 )
Other income (expense) **** 160 **** **** 26 **** 35 91 8 (194 ) (38 ) (29 ) (80 ) (47 )
Income taxes **** (1,044 ) **** (249 ) (306 ) (236 ) (253 ) (792 ) (191 ) (262 ) (96 ) (243 )
Net earnings from continuing operations **** 2,892 **** **** 658 **** 813 734 687 2,473 721 734 290 728
Net earnings from discontinued operations **** - **** **** - **** - - - 226 211 6 4 5
Net earnings **** 2,892 **** **** 658 **** 813 734 687 2,699 932 740 294 733
Net earnings from continuing operations attributable to:
Common shareholders **** 2,709 **** **** 625 **** 757 685 642 2,272 678 686 233 675
Preferred shareholders **** 131 **** **** 33 **** 34 32 32 136 32 32 34 38
Non-controlling interest **** 52 **** **** - **** 22 17 13 65 11 16 23 15
Net earnings from continuing operations **** 2,892 **** **** 658 **** 813 734 687 2,473 721 734 290 728
Net earnings attributable to:
Common shareholders **** 2,709 **** **** 625 **** 757 685 642 2,498 889 692 237 680
Preferred shareholders **** 131 **** **** 33 **** 34 32 32 136 32 32 34 38
Non-controlling interest **** 52 **** **** - **** 22 17 13 65 11 16 23 15
Net earnings **** 2,892 **** **** 658 **** 813 734 687 2,699 932 740 294 733
Net earnings per common share - basic and diluted
Continuing operations $ 2.99 **** $ 0.69 **** $ 0.83 $ 0.76 $ 0.71 $ 2.51 $ 0.75 $ 0.76 $ 0.26 $ 0.74
Discontinued operations $ - **** $ - **** $ - $ - $ - $ 0.25 $ 0.23 $ 0.01 $ - $ 0.01
Net earnings per common share - basic and diluted $ 2.99 **** $ 0.69 **** $ 0.83 $ 0.76 $ 0.71 $ 2.76 $ 0.98 $ 0.77 $ 0.26 $ 0.75
Dividends per common share $ 3.5000 **** $ 0.8750 **** $ 0.8750 $ 0.8750 $ 0.8750 $ 3.3300 $ 0.8325 $ 0.8325 $ 0.8325 $ 0.8325
Weighted average number of common shares outstanding - basic (millions) **** 906.3 **** **** 908.8 **** 906.9 905.0 904.5 904.3 904.4 904.3 904.3 904.1
Weighted average number of common shares outstanding - diluted (millions) **** 906.7 **** **** 909.6 **** 907.6 905.3 904.5 904.4 904.4 904.4 904.4 904.5
Number of common shares outstanding (millions) **** 909.0 **** **** 909.0 **** 908.8 905.7 904.6 904.4 904.4 904.3 904.3 904.3
Adjusted net earnings and adjusted EPS
Net earnings attributable to common shareholders **** 2,709 **** **** 625 **** 757 685 642 2,498 889 692 237 680
Reconciling items:
Severance, acquisition and other costs **** 209 **** **** 63 **** 50 7 89 116 52 26 22 16
Net mark-to-market (gains) losses on derivatives<br>used to economically hedge<br>equity settled share-based compensation plans **** (278 ) **** (57 ) (61 ) (100 ) (60 ) 51 1 13 9 28
Net equity losses (gains) on investment in associates and joint ventures **** 49 **** **** 35 **** - 14 - (43 ) - (22 ) (11 ) (10 )
Net losses (gains) on investments **** 6 **** **** 6 **** - - - (3 ) (3 ) - - -
Early debt redemption costs **** 53 **** **** - **** - - 53 50 12 21 - 17
Impairment of assets **** 197 **** **** 30 **** - 164 3 472 12 4 449 7
Income taxes for the above reconciling items **** (48 ) **** (9 ) 2 (18 ) (23 ) (185 ) (21 ) (16 ) (129 ) (19 )
NCI for the above reconciling items **** (2 ) **** (1 ) - (1 ) - - - - - -
Net earnings from discontinued operations (net of income taxes) **** - **** **** - **** - - - (226 ) (211 ) (6 ) (4 ) (5 )
Adjusted net earnings **** 2,895 **** **** 692 **** 748 751 704 2,730 731 712 573 714
Adjusted EPS $ 3.19 **** $ 0.76 **** $ 0.82 $ 0.83 $ 0.78 $ 3.02 $ 0.81 $ 0.79 $ 0.63 $ 0.79

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 3

BCE ^(1)^

Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) Q4        2021 Q4<br>2020 change % change TOTAL2021 TOTAL<br>2020 change % change
Operating revenues
Bell Wireless **** 2,475 **** 2,408 2.8% **** 8,999 **** 8,683 3.6%
Bell Wireline **** 3,079 **** 3,095 ) (0.5%) **** 12,178 **** 12,206 ) (0.2%)
Bell Media **** 849 **** 791 7.3% **** 3,036 **** 2,750 10.4%
Inter-segment eliminations **** (194 ) (192 ) ) (1.0%) **** (764 ) (756 ) ) (1.1%)
Total **** 6,209 **** 6,102 1.8% **** 23,449 **** 22,883 2.5%
Operating costs
Bell Wireless **** (1,524 ) (1,505 ) ) (1.3%) **** (5,146 ) (5,017 ) ) (2.6%)
Bell Wireline **** (1,753 ) (1,783 ) 1.7% **** (6,863 ) (6,960 ) 1.4%
Bell Media **** (696 ) (602 ) ) (15.6%) **** (2,311 ) (2,055 ) ) (12.5%)
Inter-segment eliminations **** 194 **** 192 1.0% **** 764 **** 756 1.1%
Total **** (3,779 ) (3,698 ) ) (2.2%) **** (13,556 ) (13,276 ) ) (2.1%)
Adjusted EBITDA
Bell Wireless **** 951 **** 903 5.3% **** 3,853 **** 3,666 5.1%
Margin **** 38.4% **** 37.5% 0.9 pts **** 42.8% **** 42.2% 0.6 pts
Bell Wireline **** 1,326 **** 1,312 1.1% **** 5,315 **** 5,246 1.3%
Margin **** 43.1% **** 42.4% 0.7 pts **** 43.6% **** 43.0% 0.6 pts
Bell Media **** 153 **** 189 ) (19.0%) **** 725 **** 695 4.3%
Margin **** 18.0% **** 23.9% (5.9) pts **** 23.9% **** 25.3% (1.4) pts
Total **** 2,430 **** 2,404 1.1% **** 9,893 **** 9,607 3.0%
Margin **** 39.1% **** 39.4% (0.3) pts **** 42.2% **** 42.0% 0.2 pts
Capital expenditures
Bell Wireless **** 274 **** 392 30.1% **** 1,120 **** 916 ) (22.3%)
Capital intensity ^(A)(3)^ **** 11.1% **** 16.3% 5.2 pts **** 12.4% **** 10.5% (1.9) pts
Bell Wireline **** 1,133 **** 1,053 ) (7.6%) **** 3,597 **** 3,161 ) (13.8%)
Capital intensity **** 36.8% **** 34.0% (2.8) pts **** 29.5% **** 25.9% (3.6) pts
Bell Media **** 52 **** 49 ) (6.1%) **** 120 **** 125 4.0%
Capital intensity **** 6.1% **** 6.2% 0.1 pts **** 4.0% **** 4.5% 0.5 pts
Total **** 1,459 **** 1,494 2.3% **** 4,837 **** 4,202 ) (15.1%)
Capital intensity **** 23.5% **** 24.5% 1.0 pts **** 20.6% **** 18.4% (2.2) pts

All values are in US Dollars.

^(A)^ Capital intensity is defined as capital expenditures divided by operating revenues.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 4

BCE

Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) TOTAL2021 Q4 21 Q3 21 Q2 21 Q1 21 TOTAL<br>2020 Q4 20 Q3 20 Q2 20 Q1 20
Operating revenues
Bell Wireless **** 8,999 **** **** 2,475 **** 2,296 2,128 2,100 8,683 2,408 2,318 1,922 2,035
Bell Wireline **** 12,178 **** **** 3,079 **** 3,015 3,003 3,081 12,206 3,095 3,032 3,043 3,036
Bell Media **** 3,036 **** **** 849 **** 719 755 713 2,750 791 628 579 752
Inter-segment eliminations **** (764 ) **** (194 ) (194 ) (188 ) (188 ) (756 ) (192 ) (191 ) (190 ) (183 )
Total **** 23,449 **** **** 6,209 **** 5,836 5,698 5,706 22,883 6,102 5,787 5,354 5,640
Operating costs
Bell Wireless **** (5,146 ) **** (1,524 ) (1,286 ) (1,159 ) (1,177 ) (5,017 ) (1,505 ) (1,362 ) (1,043 ) (1,107 )
Bell Wireline **** (6,863 ) **** (1,753 ) (1,682 ) (1,710 ) (1,718 ) (6,960 ) (1,783 ) (1,712 ) (1,764 ) (1,701 )
Bell Media **** (2,311 ) **** (696 ) (504 ) (541 ) (570 ) (2,055 ) (602 ) (450 ) (406 ) (597 )
Inter-segment eliminations **** 764 **** **** 194 **** 194 188 188 756 192 191 190 183
Total **** (13,556 ) **** (3,779 ) (3,278 ) (3,222 ) (3,277 ) (13,276 ) (3,698 ) (3,333 ) (3,023 ) (3,222 )
Adjusted EBITDA
Bell Wireless **** 3,853 **** **** 951 **** 1,010 969 923 3,666 903 956 879 928
Margin **** 42.8% **** **** 38.4% **** 44.0% 45.5% 44.0% 42.2% 37.5% 41.2% 45.7% 45.6%
Bell Wireline **** 5,315 **** **** 1,326 **** 1,333 1,293 1,363 5,246 1,312 1,320 1,279 1,335
Margin **** 43.6% **** **** 43.1% **** 44.2% 43.1% 44.2% 43.0% 42.4% 43.5% 42.0% 44.0%
Bell Media **** 725 **** **** 153 **** 215 214 143 695 189 178 173 155
Margin **** 23.9% **** **** 18.0% **** 29.9% 28.3% 20.1% 25.3% 23.9% 28.3% 29.9% 20.6%
Total **** 9,893 **** **** 2,430 **** 2,558 2,476 2,429 9,607 2,404 2,454 2,331 2,418
Margin **** 42.2% **** **** 39.1% **** 43.8% 43.5% 42.6% 42.0% 39.4% 42.4% 43.5% 42.9%
Capital expenditures
Bell Wireless **** 1,120 **** **** 274 **** 254 306 286 916 392 212 182 130
Capital intensity **** 12.4% **** **** 11.1% **** 11.1% 14.4% 13.6% 10.5% 16.3% 9.1% 9.5% 6.4%
Bell Wireline **** 3,597 **** **** 1,133 **** 880 877 707 3,161 1,053 792 694 622
Capital intensity **** 29.5% **** **** 36.8% **** 29.2% 29.2% 22.9% 25.9% 34.0% 26.1% 22.8% 20.5%
Bell Media **** 120 **** **** 52 **** 25 24 19 125 49 27 24 25
Capital intensity **** 4.0% **** **** 6.1% **** 3.5% 3.2% 2.7% 4.5% 6.2% 4.3% 4.1% 3.3%
Total **** 4,837 **** **** 1,459 **** 1,159 1,207 1,012 4,202 1,494 1,031 900 777
Capital intensity **** 20.6% **** **** 23.5% **** 19.9% 21.2% 17.7% 18.4% 24.5% 17.8% 16.8% 13.8%

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 5

Bell Wireless ^(1)^

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) Q4<br> <br>2021 **** <br><br><br>**** Q4<br> <br>2020 % change TOTAL2021 **** TOTAL<br>2020 % change
Bell Wireless
Operating revenues
External service revenues 1,641 **** 1,543 6.4% 6,355 **** 6,122 3.8%
Inter-segment service revenues 11 **** 11 - 45 **** 47 (4.3%)
Operating service revenues 1,652 **** 1,554 6.3% 6,400 **** 6,169 3.7%
External product revenues 821 **** 851 (3.5%) 2,593 **** 2,508 3.4%
Inter-segment product revenues 2 **** 3 (33.3%) 6 **** 6 -
Operating product revenues 823 **** 854 (3.6%) 2,599 **** 2,514 3.4%
Total external revenues 2,462 **** 2,394 2.8% 8,948 **** 8,630 3.7%
Total operating revenues 2,475 **** 2,408 2.8% 8,999 **** 8,683 3.6%
Operating costs (1,524 ) (1,505 ) (1.3%) (5,146 ) (5,017 ) (2.6%)
Adjusted EBITDA 951 **** 903 5.3% 3,853 **** 3,666 5.1%
Adjusted EBITDA margin 38.4% **** 37.5% 0.9 pts 42.8% **** 42.2% 0.6 pts
Capital expenditures 274 **** 392 30.1% 1,120 **** 916 (22.3%)
Capital intensity 11.1% **** 16.3% 5.2 pts 12.4% **** 10.5% (1.9) pts
Mobile phone subscribers^(A)(3)^
Gross subscriber activations 495,076 **** 445,322 11.2% 1,653,771 **** 1,545,173 7.0%
Postpaid 373,621 **** 328,051 13.9% 1,201,659 **** 1,025,748 17.1%
Prepaid 121,455 **** 117,271 3.6% 452,112 **** 519,425 (13.0%)
Net subscriber activations (losses) 109,726 **** 61,716 77.8% 294,842 **** 190,675 54.6%
Postpaid 109,527 **** 73,388 49.2% 301,706 **** 152,693 97.6%
Prepaid 199 **** (11,672 ) n.m. (6,864 ) 37,982 n.m.
Subscribers end of period (EOP) 9,459,185 **** 9,164,343 3.2% 9,459,185 **** 9,164,343 3.2%
Postpaid 8,630,045 **** 8,328,339 3.6% 8,630,045 **** 8,328,339 3.6%
Prepaid 829,140 **** 836,004 (0.8%) 829,140 **** 836,004 (0.8%)
Blended average revenue per user (ARPU) ($/month)^(B)(3)^ 58.61 **** 56.75 3.3% 57.66 **** 56.97 1.2%
Blended churn (%) (average per month)^(3)^ 1.37% **** 1.40% 0.03 pts 1.23% **** 1.26% 0.03 pts
Postpaid 1.08% **** 1.06% (0.02) pts 0.93% **** 0.92% (0.01) pts
Prepaid 4.42% **** 4.79% 0.37 pts 4.31% **** 4.60% 0.29 pts
Mobile connected device subscribers ^(A)(3)^
Net subscriber activations 38,998 **** 98,949 (60.6%) 193,641 **** 227,981 (15.1%)
Subscribers EOP 2,249,794 **** 2,056,153 9.4% 2,249,794 **** 2,056,153 9.4%

n.m. : not meaningful

^(A)^ Effective January 1, 2021, we changed our wireless operating metrics to reflect our revised approach to reporting<br>wireless subscriber units. Consequently, we are now reporting in two categories, mobile phone subscriber units and mobile connected device subscriber units (e.g. tablets, wearables and mobile Internet devices). Additionally, mobile connected device<br>subscribers now include previously undisclosed Internet of Things (IoT) units (e.g. connected telematics services, monitoring devices, connected cars and fleet management solutions). These changes are consistent with the way we manage our business,<br>reflect our focus on mobile phone subscribers and align to industry peers. As a result, previously reported 2020 subscribers and associated operating metrics (gross and net activations (losses) and churn) have been restated for comparability.<br>
^(B)^ Effective Q4 2021, we are no longer reporting mobile phone blended average billing per user (ABPU). Instead, we are<br>reporting mobile phone blended ARPU in order to align with industry peers. Mobile phone blended ARPU is calculated by dividing wireless operating service revenues by the average mobile phone subscriber base for the specified period and is expressed<br>as a dollar unit per month.
--- ---

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except whereotherwise indicated) (unaudited) Q4 21 Q3 21 Q2 21 Q1 21 TOTAL<br>2020 Q4 20 Q3 20 Q2 20 Q1 20
Bell Wireless
Operating revenues
External service revenues 6,355 **** **** 1,641 **** 1,642 1,569 1,503 6,122 1,543 1,563 1,481 1,535
Inter-segment service revenues 45 **** **** 11 **** 12 11 11 47 11 12 12 12
Operating service revenues 6,400 **** **** 1,652 **** 1,654 1,580 1,514 6,169 1,554 1,575 1,493 1,547
External product revenues 2,593 **** **** 821 **** 642 546 584 2,508 851 742 428 487
Inter-segment product revenues 6 **** **** 2 **** - 2 2 6 3 1 1 1
Operating product revenues 2,599 **** **** 823 **** 642 548 586 2,514 854 743 429 488
Total external revenues 8,948 **** **** 2,462 **** 2,284 2,115 2,087 8,630 2,394 2,305 1,909 2,022
Total operating revenues 8,999 **** **** 2,475 **** 2,296 2,128 2,100 8,683 2,408 2,318 1,922 2,035
Operating costs (5,146 ) **** (1,524 ) (1,286 ) (1,159 ) (1,177 ) (5,017 ) (1,505 ) (1,362 ) (1,043 ) (1,107 )
Adjusted EBITDA 3,853 **** **** 951 **** 1,010 969 923 3,666 903 956 879 928
Adjusted EBITDA margin 42.8% **** **** 38.4% **** 44.0% 45.5% 44.0% 42.2% 37.5% 41.2% 45.7% 45.6%
Capital expenditures 1,120 **** **** 274 **** 254 306 286 916 392 212 182 130
Capital intensity 12.4% **** **** 11.1% **** 11.1% 14.4% 13.6% 10.5% 16.3% 9.1% 9.5% 6.4%
Mobile phone subscribers(A)
Gross subscriber activations 1,653,771 **** **** 495,076 **** 470,165 348,403 340,127 1,545,173 445,322 457,161 309,133 333,557
Postpaid 1,201,659 **** **** 373,621 **** 336,328 242,720 248,990 1,025,748 328,051 308,558 179,589 209,550
Prepaid 452,112 **** **** 121,455 **** 133,837 105,683 91,137 519,425 117,271 148,603 129,544 124,007
Net subscriber activations (losses) 294,842 **** **** 109,726 **** 136,464 46,247 2,405 190,675 61,716 119,345 12,110 (2,496 )
Postpaid 301,706 **** **** 109,527 **** 114,821 44,433 32,925 152,693 73,388 78,706 (960 ) 1,559
Prepaid (6,864 ) **** 199 **** 21,643 1,814 (30,520 ) 37,982 (11,672 ) 40,639 13,070 (4,055 )
Subscribers EOP 9,459,185 **** **** 9,459,185 **** 9,349,459 9,212,995 9,166,748 9,164,343 9,164,343 9,102,627 8,983,282 8,971,172
Postpaid 8,630,045 **** **** 8,630,045 **** 8,520,518 8,405,697 8,361,264 8,328,339 8,328,339 8,254,951 8,176,245 8,177,205
Prepaid 829,140 **** **** 829,140 **** 828,941 807,298 805,484 836,004 836,004 847,676 807,037 793,967
Blended ARPU (/month) (B) 57.66 **** **** 58.61 **** 59.47 57.36 55.17 56.97 56.75 58.09 55.49 57.55
Blended churn (%) (average per month) 1.23% **** **** 1.37% **** 1.21% 1.10% 1.23% 1.26% 1.40% 1.25% 1.11% 1.26%
Postpaid 0.93% **** **** 1.08% **** 0.93% 0.83% 0.89% 0.92% 1.06% 0.98% 0.76% 0.89%
Prepaid 4.31% **** **** 4.42% **** 4.15% 3.98% 4.68% 4.60% 4.79% 3.98% 4.63% 5.03%
Mobile connected device subscribers(A)
Net subscriber activations 193,641 **** **** 38,998 **** 33,035 47,449 74,159 227,981 98,949 41,225 38,843 48,964
Subscribers EOP 2,249,794 **** **** 2,249,794 **** 2,210,796 2,177,761 2,130,312 2,056,153 2,056,153 1,957,204 1,915,979 1,877,136

All values are in US Dollars.

^(A)^ Effective January 1, 2021, we changed our wireless operating metrics to reflect our revised approach to reporting<br>wireless subscriber units. Consequently, we are now reporting in two categories, mobile phone subscriber units and mobile connected device subscriber units (e.g. tablets, wearables and mobile Internet devices). Additionally, mobile connected device<br>subscribers now include previously undisclosed IoT units (e.g. connected telematics services, monitoring devices, connected cars and fleet management solutions). These changes are consistent with the way we manage our business, reflect our focus on<br>mobile phone subscribers and align to industry peers. As a result, previously reported 2020 subscribers and associated operating metrics (gross and net activations (losses) and churn) have been restated for comparability.
^(B)^ Effective Q4 2021, we are no longer reporting mobile phone blended ABPU. Instead, we are reporting mobile phone blended<br>ARPU in order to align with industry peers.
--- ---

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 7

Bell Wireline ^(1)^

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) Q4<br><br><br>2021 Q4<br><br><br>2020 % change TOTAL2021 TOTAL<br>2020 % change
Bell Wireline
Operating revenues
Data **** 1,986 **** 1,953 1.7% **** 7,871 **** 7,691 2.3%
Voice **** 779 **** 828 (5.9%) **** 3,154 **** 3,402 (7.3%)
Other services **** 75 **** 67 11.9% **** 289 **** 248 16.5%
External service revenues **** 2,840 **** 2,848 (0.3%) **** 11,314 **** 11,341 (0.2%)
Inter-segment service revenues **** 94 **** 85 10.6% **** 358 **** 321 11.5%
Operating service revenues **** 2,934 **** 2,933 - **** 11,672 **** 11,662 0.1%
Data **** 132 **** 148 (10.8%) **** 463 **** 494 (6.3%)
Equipment and other **** 13 **** 13 - **** 43 **** 49 (12.2%)
External product revenues **** 145 **** 161 (9.9%) **** 506 **** 543 (6.8%)
Inter-segment product revenues **** - **** 1 (100.0%) **** - **** 1 (100.0%)
Operating product revenues **** 145 **** 162 (10.5%) **** 506 **** 544 (7.0%)
Total external revenues **** 2,985 **** 3,009 (0.8%) **** 11,820 **** 11,884 (0.5%)
Total operating revenues **** 3,079 **** 3,095 (0.5%) **** 12,178 **** 12,206 (0.2%)
Operating costs **** (1,753 ) (1,783 ) 1.7% **** (6,863 ) (6,960 ) 1.4%
Adjusted EBITDA **** 1,326 **** 1,312 1.1% **** 5,315 **** 5,246 1.3%
Adjusted EBITDA margin **** 43.1% **** 42.4% 0.7 pts **** 43.6% **** 43.0% 0.6 pts
Capital expenditures **** 1,133 **** 1,053 (7.6%) **** 3,597 **** 3,161 (13.8%)
Capital intensity **** 36.8% **** 34.0% (2.8) pts **** 29.5% **** 25.9% (3.6) pts
Retail high-speed Internet subscribers^(3)^
Retail net subscriber activations **** 47,618 **** 44,512 7.0% **** 152,285 **** 148,989 2.2%
Retail subscribers EOP^(A)^ **** 3,861,653 **** 3,704,590 4.2% **** 3,861,653 **** 3,704,590 4.2%
Retail TV subscribers ^(3)^
Retail net subscriber activations (losses) **** 6,049 **** 536 n.m. **** 2,530 **** (33,859 ) n.m.
Internet protocol television (IPTV) **** 29,191 **** 21,106 38.3% **** 76,068 **** 39,191 94.1%
Satellite **** (23,142 ) (20,570 ) (12.5%) **** (73,538 ) (73,050 ) (0.7%)
Total retail subscribers EOP^(B)^ **** 2,735,010 **** 2,738,605 (0.1%) **** 2,735,010 **** 2,738,605 (0.1%)
IPTV **** 1,882,441 **** 1,806,373 4.2% **** 1,882,441 **** 1,806,373 4.2%
Satellite^(B)^ **** 852,569 **** 932,232 (8.5%) **** 852,569 **** 932,232 (8.5%)
Retail residential network access services (NAS)^(3)^
Retail residential NAS lines net losses **** (40,211 ) (53,759 ) 25.2% **** (185,327 ) (213,551 ) 13.2%
Retail residential NAS lines **** 2,298,605 **** 2,483,932 (7.5%) **** 2,298,605 **** 2,483,932 (7.5%)

n.m. : not meaningful

^(A)^ At the beginning of Q1 2021, our retail high-speed Internet subscriber base was increased by 4,778 subscribers due to the<br>transfer of fixed wireless Internet subscribers from our mobiled connected devices subscriber base.
^(B)^ At the beginning of Q1 2021, we adjusted our satellite TV subscriber base to remove 6,125<br>non-revenue generating units.
--- ---

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) TOTAL2021 Q4 21 Q3 21 Q2 21 Q1 21 TOTAL<br>2020 Q4 20 Q3 20 Q2 20 Q1 20
Bell Wireline
Operating revenues
Data **** 7,871 **** **** 1,986 **** 1,976 1,944 1,965 7,691 1,953 1,931 1,916 1,891
Voice **** 3,154 **** **** 779 **** 778 794 803 3,402 828 839 863 872
Other services **** 289 **** **** 75 **** 73 67 74 248 67 61 58 62
External service revenues **** 11,314 **** **** 2,840 **** 2,827 2,805 2,842 11,341 2,848 2,831 2,837 2,825
Inter-segment service revenues **** 358 **** **** 94 **** 93 86 85 321 85 80 80 76
Operating service revenues **** 11,672 **** **** 2,934 **** 2,920 2,891 2,927 11,662 2,933 2,911 2,917 2,901
Data **** 463 **** **** 132 **** 86 101 144 494 148 110 113 123
Equipment and other **** 43 **** **** 13 **** 9 11 10 49 13 11 13 12
External product revenues **** 506 **** **** 145 **** 95 112 154 543 161 121 126 135
Inter-segment product revenues **** - **** **** - **** - - - 1 1 - - -
Operating product revenues **** 506 **** **** 145 **** 95 112 154 544 162 121 126 135
Total external revenues **** 11,820 **** **** 2,985 **** 2,922 2,917 2,996 11,884 3,009 2,952 2,963 2,960
Total operating revenues **** 12,178 **** **** 3,079 **** 3,015 3,003 3,081 12,206 3,095 3,032 3,043 3,036
Operating costs **** (6,863 ) **** (1,753 ) (1,682 ) (1,710 ) (1,718 ) (6,960 ) (1,783 ) (1,712 ) (1,764 ) (1,701 )
Adjusted EBITDA **** 5,315 **** **** 1,326 **** 1,333 1,293 1,363 5,246 1,312 1,320 1,279 1,335
Adjusted EBITDA margin **** 43.6% **** **** 43.1% **** 44.2% 43.1% 44.2% 43.0% 42.4% 43.5% 42.0% 44.0%
Capital expenditures **** 3,597 **** **** 1,133 **** 880 877 707 3,161 1,053 792 694 622
Capital intensity **** 29.5% **** **** 36.8% **** 29.2% 29.2% 22.9% 25.9% 34.0% 26.1% 22.8% 20.5%
Retail high-speed Internet subscribers
Retail net subscriber activations **** 152,285 **** **** 47,618 **** 65,779 17,680 21,208 148,989 44,512 62,859 19,023 22,595
Retail subscribers EOP^(A)^ **** 3,861,653 **** **** 3,861,653 **** 3,814,035 3,748,256 3,730,576 3,704,590 3,704,590 3,660,078 3,597,219 3,578,196
Retail TV subscribers
Retail net subscriber activations (losses) **** 2,530 **** **** 6,049 **** 10,521 (4,928 ) (9,112 ) (33,859 ) 536 (296 ) (15,544 ) (18,555 )
IPTV **** 76,068 **** **** 29,191 **** 31,641 4,540 10,696 39,191 21,106 18,837 (3,604 ) 2,852
Satellite **** (73,538 ) **** (23,142 ) (21,120 ) (9,468 ) (19,808 ) (73,050 ) (20,570 ) (19,133 ) (11,940 ) (21,407 )
Total retail subscribers EOP^(B)^ **** 2,735,010 **** **** 2,735,010 **** 2,728,961 2,718,440 2,723,368 2,738,605 2,738,605 2,738,069 2,738,365 2,753,909
IPTV **** 1,882,441 **** **** 1,882,441 **** 1,853,250 1,821,609 1,817,069 1,806,373 1,806,373 1,785,267 1,766,430 1,770,034
Satellite^(B)^ **** 852,569 **** **** 852,569 **** 875,711 896,831 906,299 932,232 932,232 952,802 971,935 983,875
Retail residential NAS
Retail residential NAS lines net losses **** (185,327 ) **** (40,211 ) (42,755 ) (51,292 ) (51,069 ) (213,551 ) (53,759 ) (49,792 ) (48,405 ) (61,595 )
Retail residential NAS lines **** 2,298,605 **** **** 2,298,605 **** 2,338,816 2,381,571 2,432,863 2,483,932 2,483,932 2,537,691 2,587,483 2,635,888
^(A)^ At the beginning of Q1 2021, our retail high-speed Internet subscriber base was increased by 4,778 subscribers due to the<br>transfer of fixed wireless Internet subscribers from our mobiled connected devices subscriber base.
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^(B)^ At the beginning of Q1 2021, we adjusted our satellite TV subscriber base to remove 6,125<br>non-revenue generating units.
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BCE Supplementary Financial Information - Fourth Quarter 2021 Page 9

BCE

Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
December 312021 September 30<br>2021 June 30<br>2021 March 31<br>2021 December 31<br>2020
Long-term debt **** 27,048 **** 27,070 25,422 23,906
Debt due within one year **** 2,625 **** 1,994 2,304 2,417
50% of preferred shares **** 2,002 **** 2,002 2,002 2,002
Cash **** (207 ) (2,086 ) (1,752 ) ) (224 )
Cash equivalents **** - **** (81 ) - ) -
Net debt ^(A)^ **** 31,468 **** 28,899 27,976 28,101
Net debt leverage ratio ^(A)^ **** 3.18 **** 2.93 2.87 2.93
Adjusted EBITDA /adjusted interest expense ratio ^(A)^ **** 8.77 **** 8.75 8.62 8.32
Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited) Q4        2021 Q4<br>2020 change % change TOTAL<br><br><br>2021 TOTAL<br>2020 change % change
Free cash flow (FCF) ^(A)^
Cash flows from operating activities **** 1,743 **** 1,631 6.9% **** 8,008 **** 7,754 3.3%
Capital expenditures **** (1,459 ) (1,494 ) 2.3% **** (4,837 ) (4,202 ) ) (15.1%)
Cash dividends paid on preferred shares **** (32 ) (31 ) ) (3.2%) **** (125 ) (132 ) 5.3%
Cash dividends paid by subsidiaries to non-controlling interest **** (45 ) (16 ) ) n.m. **** (86 ) (53 ) ) (62.3%)
Acquisition and other costs paid **** 29 **** 2 n.m. **** 35 **** 35 -
Cash from discontinued operations<br>(included in cash flows from operating activities) **** - **** - - **** - **** (54 ) 100.0%
FCF **** 236 **** 92 n.m. **** 2,995 **** 3,348 ) (10.5%)
Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited) TOTAL2021 Q42021 Q3<br><br><br>2021 Q2<br>2021 Q1<br>2021 TOTAL<br><br><br>2020 Q4<br><br><br>2020 Q3<br>2020 Q2<br>2020 Q1<br><br><br>2020
FCF
Cash flows from operating activities **** 8,008 **** **** 1,743 **** 1,774 2,499 7,754 1,631 2,110 1,451
Capital expenditures **** (4,837 ) **** (1,459 ) **** (1,159 ) (1,207 ) ) (4,202 ) (1,494 ) (1,031 ) ) (777 )
Cash dividends paid on preferred shares **** (125 ) **** (32 ) **** (31 ) (31 ) ) (132 ) (31 ) (32 ) ) (36 )
Cash dividends paid by subsidiaries to non-controlling interest **** (86 ) **** (45 ) **** (13 ) (15 ) ) (53 ) (16 ) (11 ) ) (14 )
Acquisition and other costs paid **** 35 **** **** 29 **** - 2 35 2 13 9
Cash from discontinued operations (included in cash<br>flows from operating activities) **** - **** - - - (54 ) - (15 ) ) (22 )
FCF **** 2,995 **** **** 236 **** 571 1,248 3,348 92 1,034 611

All values are in US Dollars.

n.m. : not meaningful
^(A)^ Net debt and free cash flow are non-GAAP financial measures and net debt leverage<br>ratio and adjusted EBITDA to adjusted net interest expense ratio are capital management measures. Refer to note 2.1, Non-GAAP financial measures and note 2.4, Capital management measures in the<br>Accompanying Notes to this report for more information on these measures.
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BCE Supplementary Financial Information - Fourth Quarter 2021 Page 10

BCE

Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) December 312021 September 30<br>2021 June 30<br>2021 March 31<br>2021 December 31<br>2020
ASSETS
Current assets
Cash **** 207 **** 2,086 1,752 1,907 224
Cash equivalents **** - **** 81 - 700 -
Trade and other receivables **** 3,949 **** 3,498 3,244 3,247 3,528
Inventory **** 482 **** 418 418 459 439
Contract assets **** 414 **** 410 467 563 687
Contract costs **** 507 **** 464 441 424 402
Prepaid expenses **** 254 **** 292 346 345 209
Other current assets **** 335 **** 292 278 244 199
Assets held for sale **** 50 **** - - - -
Total current assets **** 6,198 **** 7,541 6,946 7,889 5,688
Non-current assets
Contract assets **** 251 **** 235 230 236 256
Contract costs **** 387 **** 373 364 344 362
Property, plant and equipment **** 28,235 **** 27,825 27,554 27,370 27,513
Intangible assets **** 15,570 **** 13,367 13,263 13,227 13,102
Deferred tax assets **** 105 **** 124 118 107 106
Investments in associates and joint ventures **** 668 **** 697 725 745 756
Post-employment benefit assets **** 3,441 **** 3,785 3,185 2,601 1,277
Other non-current assets **** 1,306 **** 1,811 1,167 1,124 1,001
Goodwill **** 10,572 **** 10,578 10,579 10,606 10,604
Total non-current assets **** 60,535 **** 58,795 57,185 56,360 54,977
Total assets **** 66,733 **** 66,336 64,131 64,249 60,665
LIABILITIES
Current liabilities
Trade payables and other liabilities **** 4,455 **** 4,131 3,904 3,723 3,935
Contract liabilities **** 799 **** 748 767 762 717
Interest payable **** 247 **** 159 228 181 222
Dividends payable **** 811 **** 810 806 804 766
Current tax liabilities **** 141 **** 162 344 271 214
Debt due within one year **** 2,625 **** 1,994 2,304 3,786 2,417
Liabilities held for sale **** 35 **** - - - -
Total current liabilities **** 9,113 **** 8,004 8,353 9,527 8,271
Non-current liabilities
Contract liabilities **** 246 **** 245 242 242 242
Long-term debt **** 27,048 **** 27,070 25,422 24,965 23,906
Deferred tax liabilities **** 4,671 **** 4,824 4,530 4,285 3,810
Post-employment benefit obligations **** 1,734 **** 1,672 1,734 1,723 1,962
Other non-current liabilities **** 1,003 **** 1,012 1,081 1,141 1,145
Total non-current liabilities **** 34,702 **** 34,823 33,009 32,356 31,065
Total liabilities **** 43,815 **** 42,827 41,362 41,883 39,336
EQUITY
Equity attributable to BCE shareholders
Preferred shares **** 4,003 **** 4,003 4,003 4,003 4,003
Common shares **** 20,662 **** 20,646 20,467 20,400 20,390
Contributed surplus **** 1,157 **** 1,151 1,156 1,154 1,174
Accumulated other comprehensive income **** 213 **** 320 204 163 103
Deficit **** (3,423 ) (2,962 ) (3,401 ) (3,693 ) (4,681 )
Total equity attributable to BCE shareholders **** 22,612 **** 23,158 22,429 22,027 20,989
Non-controlling interest **** 306 **** 351 340 339 340
Total equity **** 22,918 **** 23,509 22,769 22,366 21,329
Total liabilities and equity **** 66,733 **** 66,336 64,131 64,249 60,665
Number of common shares outstanding (millions) **** 909.0 **** 908.8 905.7 904.6 904.4

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 11

BCE

Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) Q4        2021 Q4<br>        2020 change TOTAL2021 TOTAL<br>2020 change
Net earnings from continuing operations **** 658 **** 721 ) **** 2,892 **** 2,473
Adjustments to reconcile net earnings from continuing operations to cash flows from operating<br>activities
Severance, acquisition and other costs **** 63 **** 52 **** 209 **** 116
Depreciation and amortization **** 1,176 **** 1,105 **** 4,609 **** 4,404
Post-employment benefit plans cost **** 69 **** 76 ) **** 286 **** 315 )
Net interest expense **** 269 **** 269 **** 1,063 **** 1,087 )
Impairment of assets **** 30 **** 12 **** 197 **** 472 )
Losses (gains) on investments **** 6 **** (3 ) **** 6 **** (3 )
Income taxes **** 249 **** 191 **** 1,044 **** 792
Contributions to post-employment benefit plans **** (69 ) (78 ) **** (282 ) (297 )
Payments under other post-employment benefit plans **** (18 ) (17 ) ) **** (65 ) (61 ) )
Severance and other costs paid **** (55 ) (19 ) ) **** (208 ) (78 ) )
Interest paid **** (192 ) (235 ) **** (1,080 ) (1,112 )
Income taxes paid (net of refunds) **** (302 ) (383 ) **** (913 ) (846 ) )
Acquisition and other costs paid **** (29 ) (2 ) ) **** (35 ) (35 )
Change in contract assets **** (21 ) 132 ) **** 278 **** 704 )
Change in wireless device financing plan receivables **** (121 ) (319 ) **** (365 ) (867 )
Net change in operating assets and liabilities **** 30 **** 129 ) **** 372 **** 636 )
Cash from discontinued operations **** - **** - **** - **** 54 )
Cash flows from operating activities **** 1,743 **** 1,631 **** 8,008 **** 7,754
Capital expenditures **** (1,459 ) (1,494 ) **** (4,837 ) (4,202 ) )
Cash dividends paid on preferred shares **** (32 ) (31 ) ) **** (125 ) (132 )
Cash dividends paid by subsidiaries to non-controlling<br>interest **** (45 ) (16 ) ) **** (86 ) (53 ) )
Acquisition and other costs paid **** 29 **** 2 **** 35 **** 35
Cash from discontinued operations (included in cash flows from<br>operating activities) **** - **** - **** - **** (54 )
Free cash flow **** 236 **** 92 **** 2,995 **** 3,348 )
Cash from discontinued operations (included in cash flows from operating activities) **** - **** - **** - **** 54 )
Business acquisitions **** - **** (42 ) **** (12 ) (65 )
Acquisition and other costs paid **** (29 ) (2 ) ) **** (35 ) (35 )
Acquisition of spectrum licences **** (1,664 ) - ) **** (2,082 ) (86 ) )
Other investing activities **** (23 ) (12 ) ) **** (72 ) (79 )
Cash from discontinued operations (included in cash flows from investing activities) **** - **** 913 ) **** - **** 892 )
Increase (decrease) in notes payable and bank advances **** 719 **** (524 ) **** 351 **** (1,641 )
(Decrease) increase in securitized trade receivables **** (130 ) 23 ) **** (150 ) - )
Issue of long-term debt **** - **** - **** 4,985 **** 6,006 )
Repayment of long-term debt **** (235 ) (1,094 ) **** (2,751 ) (5,003 )
Issue of common shares **** 16 **** 4 **** 261 **** 26
Purchase of shares for settlement of share-based payments **** (52 ) (54 ) **** (297 ) (263 ) )
Cash dividends paid on common shares **** (795 ) (753 ) ) **** (3,132 ) (2,975 ) )
Other financing activities **** (3 ) (6 ) **** (78 ) (93 )
Cash used in discontinued operations (included in cash flows from financing activities) **** - **** - **** - **** (7 )
**** (2,196 ) (1,547 ) ) **** (3,012 ) (3,269 )
Net (decrease) increase in cash **** (1,879 ) (1,258 ) ) **** (17 ) 83 )
Cash at beginning of period **** 2,086 **** 1,482 **** 224 **** 141
Cash at end of period **** 207 **** 224 ) **** 207 **** 224 )
Net decrease in cash equivalents **** (81 ) (197 ) **** - **** (4 )
Cash equivalents at beginning of period **** 81 **** 197 ) **** - **** 4 )
Cash equivalents at end of period **** - **** - **** - **** -

All values are in US Dollars.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 12

BCE

Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited) TOTAL2021 Q4 21 Q3 21 Q2 21 Q1 21 TOTAL<br>2020 Q4 20 Q3 20 Q2 20 Q1 20
Net earnings from continuing operations 2,892 658 813 734 687 2,473 721 734 290 728
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities
Severance, acquisition and other costs 209 63 50 7 89 116 52 26 22 16
Depreciation and amortization 4,609 1,176 1,147 1,153 1,133 4,404 1,105 1,108 1,103 1,088
Post-employment benefit plans cost 286 69 70 68 79 315 76 77 75 87
Net interest expense 1,063 269 268 263 263 1,087 269 273 275 270
Impairment of assets 197 30 - 164 3 472 12 4 449 7
Losses (gains) on investments 6 6 - - - (3 ) (3 ) - - -
Income taxes 1,044 249 306 236 253 792 191 262 96 243
Contributions to post-employment benefit plans (282 ) (69 ) (64 ) (70 ) (79 ) (297 ) (78 ) (69 ) (71 ) (79 )
Payments under other post-employment benefit plans (65 ) (18 ) (16 ) (16 ) (15 ) (61 ) (17 ) (15 ) (12 ) (17 )
Severance and other costs paid (208 ) (55 ) (31 ) (79 ) (43 ) (78 ) (19 ) (11 ) (13 ) (35 )
Interest paid (1,080 ) (192 ) (352 ) (230 ) (306 ) (1,112 ) (235 ) (321 ) (240 ) (316 )
Income taxes paid (net of refunds) (913 ) (302 ) (407 ) (95 ) (109 ) (846 ) (383 ) (236 ) 6 (233 )
Acquisition and other costs paid (35 ) (29 ) - (2 ) (4 ) (35 ) (2 ) (13 ) (11 ) (9 )
Change in contract assets 278 (21 ) 53 102 144 704 132 178 239 155
Change in wireless device financing plan receivables (365 ) (121 ) (92 ) (61 ) (91 ) (867 ) (319 ) (322 ) (150 ) (76 )
Net change in operating assets and liabilities 372 30 29 325 (12 ) 636 129 420 487 (400 )
Cash from discontinued operations - - - - - 54 - 15 17 22
Cash flows from operating activities 8,008 1,743 1,774 2,499 1,992 7,754 1,631 2,110 2,562 1,451
Capital expenditures (4,837 ) (1,459 ) (1,159 ) (1,207 ) (1,012 ) (4,202 ) (1,494 ) (1,031 ) (900 ) (777 )
Cash dividends paid on preferred shares (125 ) (32 ) (31 ) (31 ) (31 ) (132 ) (31 ) (32 ) (33 ) (36 )
Cash dividends paid by subsidiaries to non-controlling interest (86 ) (45 ) (13 ) (15 ) (13 ) (53 ) (16 ) (11 ) (12 ) (14 )
Acquisition and other costs paid 35 29 - 2 4 35 2 13 11 9
Cash from discontinued operations (included in cash flows from operating<br>activities) - - - - - (54 ) - (15 ) (17 ) (22 )
Free cash flow 2,995 236 571 1,248 940 3,348 92 1,034 1,611 611
Cash from discontinued operations (included in cash flows from operating activities) - - - - - 54 - 15 17 22
Business acquisitions (12 ) - (1 ) (11 ) - (65 ) (42 ) - (23 ) -
Acquisition and other costs paid (35 ) (29 ) - (2 ) (4 ) (35 ) (2 ) (13 ) (11 ) (9 )
Acquisition of spectrum licences (2,082 ) (1,664 ) (418 ) - - (86 ) - (85 ) - (1 )
Other investing activities (72 ) (23 ) (11 ) (17 ) (21 ) (79 ) (12 ) (49 ) (13 ) (5 )
Cash from (used in) discontinued operations (included in cash flows from investing activities) - - - - - 892 913 (6 ) (8 ) (7 )
Increase (decrease) in notes payable and bank advances 351 719 (322 ) 311 (357 ) (1,641 ) (524 ) 317 (1,204 ) (230 )
(Decrease) increase in securitized trade receivables (150 ) (130 ) (7 ) - (13 ) - 23 (23 ) (400 ) 400
Issue of long-term debt 4,985 - 1,570 500 2,915 6,006 - 750 1,975 3,281
Repayment of long-term debt (2,751 ) (235 ) (249 ) (2,041 ) (226 ) (5,003 ) (1,094 ) (979 ) (2,221 ) (709 )
Issue of common shares 261 16 172 63 10 26 4 - - 22
Purchase of shares for settlement of share-based payments (297 ) (52 ) (83 ) (71 ) (91 ) (263 ) (54 ) (40 ) (75 ) (94 )
Cash dividends paid on common shares (3,132 ) (795 ) (793 ) (791 ) (753 ) (2,975 ) (753 ) (753 ) (753 ) (716 )
Other financing activities (78 ) (3 ) (14 ) (44 ) (17 ) (93 ) (6 ) (32 ) (25 ) (30 )
Cash used in discontinued operations (included in cash flows from financing activities) - - - - - (7 ) - (4 ) (2 ) (1 )
(3,012 ) (2,196 ) (156 ) (2,103 ) 1,443 (3,269 ) (1,547 ) (902 ) (2,743 ) 1,923
Net (decrease) increase in cash (17 ) (1,879 ) 334 (155 ) 1,683 83 (1,258 ) 185 354 802
Cash at beginning of period 224 2,086 1,752 1,907 224 141 1,482 1,297 943 141
Cash at end of period 207 207 2,086 1,752 1,907 224 224 1,482 1,297 943
Net (decrease) increase in cash equivalents - (81 ) 81 (700 ) 700 (4 ) (197 ) (53 ) (1,486 ) 1,732
Cash equivalents at beginning of period - 81 - 700 - 4 197 250 1,736 4
Cash equivalents at end of period - - 81 - 700 - - 197 250 1,736

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 13

Accompanying Notes
(1) Our results are reported in three segments: Bell Wireless, Bell Wireline and Bell Media. Our segments reflect how we<br>manage our business and how we classify our operations for planning and measuring performance.
--- ---

Throughout this report, 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.

(2) Non-GAAP and other financial measures

BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP) while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP financial measures, provide readers with a better understanding of how management assesses BCE’s performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure, prescribes disclosure requirements that apply to the following specified financial measures:

● Non-GAAP financial measures;
● Non-GAAP ratios;
--- ---
● Total of segments measures;
--- ---
● Capital management measures; and
--- ---
● Supplementary financial measures.
--- ---

This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this report to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures’ labelling is not sufficiently descriptive.

(2.1) Non-GAAP financial measures

A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE’s consolidated primary financial statements. We believe that non-GAAP financial measures are more reflective of our on-going operating results and provide readers with a better understanding of management’s perspective on and analysis of our performance.

Below are descriptions of the non-GAAP financial measures that we use in this report to explain our results. Except for adjusted net interest expense, for which a reconciliation is provided below, reconciliations to the most directly comparable IFRS financial measures are set out earlier in this report.

Adjusted net earnings

The term adjusted net earnings does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 14

We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI.

We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

The most directly comparable IFRS financial measure is net earnings attributable to common shareholders. Refer to pages 2 and 3 of this report for a reconciliation of net earnings attributable to common shareholders to adjusted net earnings.

Free cash flow

The term free cash flow does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

We consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable IFRS financial measure is cash flows from operating activities. Refer to pages 10, 12 and 13 of this report for a reconciliation of cash flows from operating activities to free cash flow.

Net debt

The term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash and cash equivalents, as shown in BCE’s consolidated statements of financial position. We include 50% of outstanding preferred shares in our net debt as it is consistent with the treatment by certain credit rating agencies.

We consider net debt to be an important indicator of the company’s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use net debt to determine a company’s financial leverage.

Net debt is calculated using several asset and liability categories from the statements of financial position. The most directly comparable IFRS financial measure is long-term debt. Refer to page 10 of this report for a reconciliation of long-term debt to net debt.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 15

Adjusted net interest expense

The term adjusted net interest expense does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define adjusted net interest expense as twelve-month trailing net interest expense as shown in our consolidated statements of cash flows, plus 50% of twelve-month trailing net earnings attributable to preferred shareholders as shown in our consolidated income statements.

We use adjusted net interest expense as a component in the calculation of the adjusted EBITDA to adjusted net interest expense ratio, which is a capital management measure. For further details on the adjusted EBITDA to adjusted net interest expense ratio, see note 2.4, Capital management measures below. We use and believe that certain investors and analysts use the adjusted EBITDA to adjusted net interest expense ratio, among other measures, to evaluate the financial health of the company.

The most directly comparable IFRS financial measure is net interest expense. The following table is a reconciliation of net interest expense to adjusted net interest expense on a consolidated basis.

2021 2020
Net interest expense 1,063 1,087
50% of net earnings attributable to preferred shareholders 66 68
Adjusted net interest expense 1,129 1,155
(2.2) Non-GAAP ratios
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A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.

Adjusted EPS

The term adjusted EPS does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, see note 2.1 – Non-GAAP financial measures above.

We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 16

(2.3) Total of segments measures

A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE’s consolidated primary financial statements.

Adjusted EBITDA

We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements.

The most directly comparable IFRS financial measure is net earnings. The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.

2021 2020
Net<br>earnings 2,892 2,699
Severance,<br>acquisition and other costs 209 116
Depreciation 3,627 3,475
Amortization 982 929
Finance<br>costs
Interest<br>expense 1,082 1,110
Interest on<br>post-employment benefit obligations 20 46
Impairment of<br>assets 197 472
Other (income)<br>expense (160) 194
Income<br>taxes 1,044 792
Net earnings from discountinued operations (net of income taxes) - (226)
Adjusted EBITDA 9,893 9,607
(2.4) Capital management measures
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A capital management measure is a financial measure that is intended to enable a reader to evaluate our objectives, policies and processes for managing our capital and is disclosed within the Notes to BCE’s consolidated financial statements.

The financial reporting framework used to prepare the financial statements requires disclosure that helps readers assess the company’s capital management objectives, policies, and processes, as set out in IFRS in IAS – 1 – Presentation of Financial Statements. BCE has its own methods for managing capital and liquidity, and IFRS does not prescribe any particular calculation method.

Net debt leverage ratio

The net debt leverage ratio represents net debt divided by adjusted EBITDA. Net debt used in the calculation of the net debt leverage ratio is a non-GAAP financial measure. For further details on net debt, see note 2.1, Non-GAAP financial measures above. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.

We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage.

BCE Supplementary Financial Information - Fourth Quarter 2021 Page 17

Adjusted EBITDA to adjusted net interest expense ratio

The adjusted EBITDA to adjusted net interest expense ratio represents adjusted EBITDA divided by adjusted net interest expense. For the purposes of calculating our adjusted EBITDA to adjusted net interest expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. Adjusted net interest expense used in the calculation of the adjusted EBITDA to adjusted net interest expense ratio is a non-GAAP financial measure defined as twelve-month trailing net interest expense as shown in our consolidated statements of cash flows, plus 50% of twelve-month trailing net earnings attributable to preferred shareholders as shown in our consolidated income statements. For further details on adjusted net interest expense, see note 2.1, Non-GAAP financial measures above.

We use, and believe that certain investors and analysts use, the adjusted EBITDA to adjusted net interest expense ratio, among other measures, to evaluate the financial health of the company.

(2.5) Supplementary financial measures

A supplementary financial measure is a financial measure that is not reported in BCE’s consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.

An explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures’ labelling is not sufficiently descriptive.

(3) Key performance indicators (KPIs)

In addition to the non-GAAP financial measures and other financial measures described previously, we use the following KPIs to measure the success of our strategic imperatives. These KPIs are not accounting measures and may not be comparable to similar measures presented by other issuers. ****

Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.

Capital intensity is defined as capital expenditures divided by operating revenues.

Mobile phone blended ARPU is calculated by dividing wireless operating service revenues by the average mobile phone subscriber base for the specified period and is expressed as a dollar unit per month.

Mobile phone churn is the rate at which existing mobile phone subscribers cancel their services. It is a measure of our ability to retain our customers. Mobile phone churn is calculated by dividing the number of mobile phone deactivations during a given period by the average number of mobile phone subscribers in the base for the specified period and is expressed as a percentage per month.

Mobile phone subscriber unit is comprised of a recurring revenue generating portable unit (e.g. smartphones and feature phones) on an active service plan, that has access to our wireless networks and includes voice, text and/or data connectivity. We report mobile phone subscriber units in two categories: postpaid and prepaid. Prepaid mobile phone subscriber units are considered active for a period of 90 days following the expiry of the subscriber’s prepaid balance.

Mobile connected device subscriber unit is comprised of a recurring revenue generating portable unit (e.g. tablets, wearables, mobile Internet devices and Internet of Things) on an active service plan, that has access to our wireless networks and is intended for limited or no cellular voice capability. ****

Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including retail Internet, satellite TV, IPTV, and/or residential NAS. A subscriber is included in our subscriber base when the service has been installed and is operational at the customer premise and a billing relationship has been established.

● Retail Internet, IPTV and satellite TV subscribers have access to stand-alone services, and are primarily represented by a<br>dwelling unit
● Retail residential NAS subscribers are based on a line count and are represented by a unique telephone number<br>
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BCE Supplementary Financial Information - Fourth Quarter 2021 Page 18

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