BCE Inc.: Exploring the AI opportunity at BCE

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BCE Inc.: Exploring the AI opportunity at BCE

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BCE Inc.

Exploring the AI opportunity at BCE

Maintain Rating: UNDERPERFORM | PO: 34.00 CAD | Price: 34.10 CAD

Growing Enterprise revenues 26 May 2026

BCE’s main growth drivers have shifted to its Ziply and Enterprise segments from its Equity

Canadian consumer & small business segments. Based on 2028E guidance, revenue

growth is driven by Ziply (36%), Enterprise (30%), and then consumer and small business Matthew Griffiths, CFA >> Research Analyst

(25%). As a result, we are examining BCE’s AI-powered solutions growth and strategy Merrill Lynch (Canada)

more carefully in this first take at a deeper dive. +1matthew.griffiths1@bofa.com416 369 8492

Enterprise pieces provide end-to-end solutions MichaelResearch J.AnalystFunk

BCE’s AI powered revenues consist of three elements: 1) BCE AI Fabric, 2) Bell Cyber, BofASmichael.j.funk@bofa.com

and 3) Ateko. Recent announcements have centered on Fabric which we examine in this

report. BCE is leveraging its access to power to build a national data-centre platform

ready for sovereign AI. The Bell AI Fabric model avoids owning GPUs while securing

Stock Datalong-term infrastructure contracts. With 73MW under construction and ~800MW of

power secured, initial projects are expected to generate $900mn of annual revenue on Price (TOR / NYS) 34.10 CAD / 24.60 USD

~$1.7bn of capex—with minimal risk. Price Objective 34.00 CAD / 24.50 USD

Date Established 8-May-2025 / 8-May-2025

Scale improves consolidated earnings Investment Opinion A-3-7 / B-3-7

BCE has 427MW of additional power to develop. Assuming similar economics to 52-Week Range 29.17 CAD - 36.26 CAD

Sherwood, this implies capex of $2.4bn, revenue of $700mn and adjusted EBITDA of Market Value (mn) 31,799 CAD

$560mn.