BCE announces renewal of Normal Course Issuer Bid for Preferred Shares

This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Concerning Forward-Looking Statements" later in this news release.

MONTRÉAL, Nov. 6, 2025 /CNW/ - BCE Inc. (BCE) today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by BCE of its intention to renew its normal course issuer bid ("NCIB") to purchase up to 10% of the public float of each series of BCE's outstanding First Preferred Shares that are listed on the TSX (the "Preferred Shares"). The period of the NCIB will extend from November 11, 2025 to November 10, 2026, or an earlier date should BCE complete its purchases under the NCIB. BCE will pay the prevailing market price at the time of acquisition for any Preferred Shares purchased plus brokerage fees payable by BCE (except with respect to purchases made under an issuer bid exemption order, which will be at a discount to the prevailing market price), and all Preferred Shares acquired by BCE under the NCIB will be cancelled.

The actual number of Preferred Shares repurchased under the NCIB and the timing of such repurchases will be at BCE's discretion and shall be subject to the limitations set out in the TSX Company Manual.

The NCIB will be conducted through a combination of discretionary transactions and purchases under an automatic securities purchase plan through the facilities of the TSX as well as alternative trading systems in Canada, if eligible, or by such other means as may be permitted by securities regulatory authorities, including pre-arranged crosses, exempt offers, private agreements under an issuer bid exemption order issued by securities regulatory authorities and block purchases of Preferred Shares. Purchases made under an issuer bid exemption order will be at a discount to the prevailing market price.

Under the NCIB, BCE is authorized to repurchase shares of each respective series of the Preferred Shares as follows:

Series Ticker Issued and
Outstanding
Shares(1) Public Float(1) Average Daily
Trading Volume(2) Maximum Number of Shares
Subject to Purchase Total(3) Daily(4) R BCE.PR.R 7,115,900 7,115,900 6,198 711,590 1,549 S BCE.PR.S 1,882,077 1,882,077 2,435 188,207 1,000 T BCE.PR.T 5,062,433 5,062,433 5,105 506,243 1,276 Y BCE.PR.Y 5,406,887 5,406,887 7,255 540,688 1,813 Z BCE.PR.Z 2,399,248 2,399,248 1,483 239,924 1,000 AA BCE.PR.A 10,315,078 10,315,078 5,703 1,031,507 1,425 AB BCE.PR.B 6,073,339 6,073,339 3,775 607,333 1,000 AC BCE.PR.C 6,205,674 6,205,674 2,556 620,567 1,000 AD BCE.PR.D 11,001,238 11,001,238 3,081 1,100,123 1,000 AE BCE.PR.E 3,233,729 3,233,729 2,728 323,372 1,000 AF BCE.PR.F 10,576,133 10,576,133 12,579 1,057,613 3,144 AG BCE.PR.G 8,134,830 8,134,830 2,912 813,483 1,000 AH BCE.PR.H 4,202,613 4,202,613 2,703 420,261 1,000 AI BCE.PR.I 8,754,040 8,754,040 4,597 875,404 1,149 AJ BCE.PR.J 3,782,760 3,782,760 2,186 378,276 1,000 AK BCE.PR.K 19,391,141 19,391,141 17,873 1,939,114 4,468 AL BCE.PR.L 1,655,388 1,655,388 711 165,538 1,000 AM BCE.PR.M 8,987,651 8,987,651 8,473 898,765 2,118 AN BCE.PR.N 954,422 954,422 662 95,442 1,000 AQ BCE.PR.Q 7,743,909 7,743,909 3,914 774,390 1,000

(1) As of October 31, 2025. (2) For the 6 months ended October 31, 2025. (3) Represents approximately 10% of the public float in respect of each series of Preferred Shares. (4) Represents the maximum number of shares of each series of Preferred Shares that may be purchased over the TSX (or alternative
trading systems in Canada, if eligible) during the course of one trading day. This amount is equal to the greater of (i) 25% of the
average daily trading volume on the TSX calculated in accordance with the rules of the TSX, and (ii) 1,000 shares. This limitation
does not apply to purchases made pursuant to block purchase exemptions.

BCE is making this NCIB because it believes that, from time to time, the Preferred Shares may trade in price ranges that do not fully reflect their value. BCE believes that, in such circumstances, the repurchase of its Preferred Shares represents an appropriate use of its available funds.

Story Continues

As of October 31, 2025, under its current normal course issuer bid that commenced on November 11, 2024 and will expire on November 10, 2025, and for which the company received approval from the TSX, BCE purchased, through the facilities of the TSX and alternative eligible trading systems, Preferred Shares as follows:

Series Ticker Maximum Number
of Shares
Subject to Purchase Number of Shares
Purchased Weighted Average Price
Paid per Security R BCE.PR.R 762,020 504,300 $18.85 S BCE.PR.S 201,386 131,790 $16.75 T BCE.PR.T 519,303 130,600 $17.96 Y BCE.PR.Y 600,765 600,765 $18.47 Z BCE.PR.Z 266,583 266,583 $17.90 AA BCE.PR.A 1,120,233 887,253 $18.07 AB BCE.PR.B 643,213 358,800 $18.08 AC BCE.PR.C 633,067 125,000 $18.03 AD BCE.PR.D 1,188,083 879,600 $16.72 AE BCE.PR.E 586,351 158,500 $17.32 AF BCE.PR.F 900,538 900,538 $17.86 AG BCE.PR.G 841,363 278,800 $16.38 AH BCE.PR.H 466,957 466,957 $18.64 AI BCE.PR.I 905,824 304,200 $16.71 AJ BCE.PR.J 389,596 113,200 $16.54 AK BCE.PR.K 2,154,571 2,154,571 $17.42 AL BCE.PR.L 173,088 75,500 $17.68 AM BCE.PR.M 998,627 998,627 $18.67 AN BCE.PR.N 101,182 57,400 $18.35 AQ BCE.PR.Q 812,151 377,605 $23.29

BCE will enter into an automatic securities purchase plan ("ASPP") with a designated broker in relation to the NCIB on or about the commencement date of the NCIB. The ASPP will allow for the purchase of Preferred Shares, subject to certain trading parameters, at times when BCE ordinarily would not be active in the market due to applicable regulatory restrictions or self-imposed trading black-out periods. Outside of these periods, the Preferred Shares will be repurchased by BCE at its discretion under the NCIB.

About BCE

BCE is Canada's largest communications company1, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we're keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.

________________________________ 1 Based on total revenue and total combined customer connections.

Media inquiries Ellen Murphy
[email protected]

Investor inquiries Richard Bengian
[email protected]

Caution Concerning Forward-Looking Statements

Certain statements made in this news release are forward-looking statements, including statements relating to potential future purchases by BCE of its Preferred Shares pursuant to the NCIB and ASPP. 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 are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations. These statements are not guarantees of future performance or events and we caution you against relying on any of these forward-looking statements. There can be no assurance that BCE will repurchase all or any of the numbers of Preferred Shares referred to in this news release under the NCIB. In particular, the purchase by BCE of its Preferred Shares pursuant to the NCIB will depend, among other, on the prevailing market price from time to time of the Preferred Shares. The forward-looking statements contained in this news release describe our expectations at the date of this news release 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. Forward-looking statements are provided herein for the purpose of giving information about the potential future purchases of Preferred Shares by BCE pursuant to the NCIB and ASPP referred to above. Readers are cautioned that such information may not be appropriate for other purposes. For additional information on assumptions and risks underlying certain of our forward-looking statements made in this news release, please consult BCE's 2024 Annual MD&A dated March 6, 2025, BCE's 2025 First Quarter MD&A dated May 7, 2025, BCE's 2025 Second Quarter MD&A dated August 6, 2025, BCE's 2025 Third Quarter MD&A dated November 5, 2025 and BCE's news release dated November 6, 2025 announcing its financial results for the third quarter of 2025, filed by BCE with the Canadian securities regulatory authorities (available at Sedarplus.com) and with the U.S. Securities and Exchange Commission (available at SEC.gov). These documents are also available at BCE.ca.Cision

View original content:https://www.prnewswire.com/news-releases/bce-announces-renewal-of-normal-course-issuer-bid-for-preferred-shares-302606194.html

View Comments