BCE (NYSE: BCE) posted its second-quarter 2026 financial results, reporting a 1.5% increase in revenue and 1% growth in adjusted EBITDA, while generating over C$1 billion in free cash flow. The telecommunications giant is currently pivoting its capital toward U.S. fiber expansion and large-scale AI data-center infrastructure.
Strategic Execution and Deleveraging
President and CEO Mirko Bibic attributed the quarterly performance to the company’s commitment to the strategy unveiled during last year’s investor day. The approach emphasizes strict cost discipline within core Canadian operations while aggressively funding high-growth platforms. BCE’s net debt leverage ratio improved to approximately 3.7x by the end of the quarter, with management maintaining its target of 3.5x by the close of 2027.
Wireless Performance and Market Dynamics
BCE added 41,594 postpaid mobile-phone subscribers this quarter. While this number reflects a softening market and reduced promotional activity, the company saw a positive shift in churn, which improved by four basis points to 1.02%—the lowest level since Q2 2023.
CFO Curtis Millen noted that wireless average revenue per user (ARPU) dipped roughly 0.2% year-over-year, excluding prior-year G7-related revenue. However, monthly recurring charges actually climbed 0.7%, driven by higher-quality customer acquisitions. Bibic indicated that industry pricing trends improved through July, and the company plans to prioritize device trade-in programs over heavy handset discounting to maintain affordability.
Operational Wins in Video and Fiber
The company reported a significant turnaround in its video segment, with 8,741 net additions compared to a loss of 15,851 in the same period last year, largely credited to new streaming bundles and hardware-free TV options. Meanwhile, Ziply Fiber recorded its strongest residential performance since the acquisition, adding 99,600 net subscribers.
Construction at Ziply is slated to ramp up in the second half of 2026. With permit submissions quadrupling between April and June and engineering for the 2026–2027 funnel largely complete, BCE remains on track to hit its goal of 3 million fiber locations by the end of 2028.
Investing in the AI Fabric Platform
BCE continues to scale its “Bell AI Fabric,” an integrated platform offering data-center infrastructure, cloud, cybersecurity, and AI services. Revenue for the combined Ateko and Bell Cyber units surged 29% year-over-year.
The company’s data-center expansion is progressing, with the 300-megawatt Saskatchewan facility currently under structural construction and expected to launch its first phase in the first half of 2027. BCE currently holds 335 megawatts of contracted capacity and is targeting 800 megawatts, already reaching 90% of its medium-term 2028 target.
Financial Outlook and Media Reach
Capital expenditures rose by C$317 million, reflecting heavy investments in the Ziply buildout and AI infrastructure. Despite these costs, BCE reaffirmed all 2026 financial guidance. Management also highlighted the progress of non-core asset sales, having generated C$6.6 billion toward its C$7 billion target.
On the media front, BCE’s coverage of the World Cup proved to be a major engagement driver, reaching 30.5 million Canadians. The tournament final became the most-watched World Cup match in the country’s history, averaging 6.4 million viewers across the company’s platforms.
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