BCE Beats Q3 Estimates as World Cup and AI Lift Results

Quarter snapshot and the headline numbers

BCE posted adjusted earnings of 74 Canadian cents per share, topping the 70 cents analysts expected in a Bloomberg survey. Net income landed at C$701 million, or $502 million, compared with C$4.6 billion in the prior year, when results included proceeds from selling its stake in Maple Leaf Sports & Entertainment to Rogers Communications Inc.

Revenue reached C$6.2 billion, up 2.2% and a touch ahead of estimates. BCE maintained guidance calling for 1% to 5% revenue growth and left the quarterly dividend unchanged at 43.75 Canadian cents per share. CEO Mirko Bibic told analysts the company is still early in its three-year plan outlined at the 2025 investor day and is delivering on those commitments.

What drove the beat: media, mobile, and AI

The media unit posted 9.7% revenue growth, surpassing analyst expectations. Ongoing lift from broadcasting the FIFA World Cup brought in both subscription and advertising revenue, while Crave subscriptions increased 21%. The media arm includes BNN Bloomberg Television, which maintains a content partnership with Bloomberg LP.

Wireless added 24,110 net postpaid customers, almost double the 12,599 from a year earlier and just shy of the 24,920 analysts expected. BCE cited movement from prepaid to postpaid plans and reduced churn, though slower population growth has narrowed the pool of potential new wireless customers.

Business markets advanced 9.2%, led largely by the AI segment. In September, BCE detailed plans to expand a data center campus in Saskatchewan to up to 1.2 gigawatts of capacity.

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Capital moves, contracts, and market reaction

According to Bank of Nova Scotia analyst Maher Yaghi, the company's capital recycling strategy is proceeding in "full force," and he expects proceeds from wireless and tower divestitures to back further data center buildouts.

CFO Curtis Millen said BCE aims to have all three customer contracts for the Saskatchewan data center in place before construction begins, citing "strong demand" for capacity. "We want to have all three before we actually start spending capex," he said, adding that signing the next contract would be the "go switch" to break ground.

By 10:39 a.m. in Toronto, the shares were up 3.4% to C$30.50, the highest intraday level since late September. Telecoms in Canada often trade like bond proxies given steady cash flows and dividends.

The takeaway for your portfolio

BCE's mix is working: media still riding World Cup tailwinds, streaming up, mobile adds holding, and AI lifting business markets. The company is freeing up capital through tower monetization while lining up customers before it commits to major data center spend, and it kept both guidance and the dividend steady. The bottom line: a defensive yield story with clear growth projects investors can track.

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