BCE NYSE: BCE used its 2026 annual general meeting to outline its strategy for growth in artificial intelligence, fiber connectivity and digital media, while shareholders questioned management about the company’s dividend, share performance, AI risks and workforce capacity.
Gordon Nixon, chair of the board of directors, presided over what he said was his final annual meeting as chair. BCE held the meeting in a hybrid format for the first time, allowing shareholders to participate in person and through a live webcast platform.
Nixon said BCE’s strategy is built around four priorities: putting the customer first, delivering leading fiber and wireless networks, leading in enterprise with AI-powered solutions, and building a digital media and content business. He pointed to several 2025 initiatives, including the launch of Ateko, Bell Cyber and Bell AI Fabric, the acquisition of Ziply Fiber and the company’s three-year strategic plan presented at BCE’s investor day.
“BCE has done the hard work of putting the building blocks in place that we can take advantage of opportunities that lie ahead for us and achieve solid and sustainable growth,” Nixon said.
Bibic Says BCE Is “Firmly in Execution Mode”
President and Chief Executive Officer Mirko Bibic said BCE is now executing on the three-year plan it detailed to investors in October. He said the company’s objective is to deliver long-term total shareholder value by focusing on its four strategic priorities.
Bibic said BCE has more than 240 million direct customer interactions each year and is using AI to improve service, including digital tools and a 24/7 AI-powered virtual assistant, while still allowing customers to speak with employees if they prefer.
On networks, Bibic said Bell has 3 million fiber internet customers, 10.5 million wireless subscribers and 4 million TV and content subscribers. He said the completed Ziply Fiber acquisition would be “a material growth driver” as BCE expands fiber locations in the United States, supported in part by Network FiberCo, its partnership with PSP Investments.
AI Strategy Takes Center Stage
Bibic described AI as “the next wave of critical digital infrastructure” and highlighted three businesses BCE launched over the past year: Ateko, Bell AI Fabric and Bell Cyber. He said BCE’s goal is for the three businesses to become a CAD 2 billion AI-powered solutions business by 2028.
Bibic said Bell AI Fabric, launched in May 2025, combines BCE’s fiber network, data center infrastructure, software, cloud capabilities, professional services through Ateko and partner ecosystem. He said two facilities are already online, with more expected this year.
The company also discussed plans for a 300-megawatt AI data center facility in Saskatchewan, which Bibic called the largest purpose-built AI data center in Canada. He said the project is expected to generate recurring revenue, EBITDA and free cash flow growth, and estimated CAD 12 billion in long-term economic value, including tax revenues and at least 800 construction, engineering and technical jobs during development.
In response to a shareholder question from Willie Gagnon of MÉDAC about AI risks, incoming chair Louis Vachon said BCE is aware of the risks and that the board’s risk committee discusses AI regularly. He said the company has a strict internal policy on AI and that risk management is ultimately “a human factor” supported by technology.
Dividend and Share Performance Questions
Shareholders also pressed management on BCE’s dividend and stock performance. Melanie Schweizer, BCE’s senior vice president of corporate services and corporate secretary, read a question from Alan Best calling the dividend cut “painful” and asking whether restoring the dividend to former levels was a priority.
Bibic said BCE reduced the dividend in May 2025 and later told investors it intended to return approximately CAD 5 billion to shareholders through dividends over a three-year period. He said that “signals that we plan to keep the dividend at the level it’s at least for the next three years,” with excess cash flow directed toward growth and debt reduction.
Schweizer also read a question from shareholder Jeff Carlson, who asked what assurances shareholders have that BCE’s strategy and fiscal governance will improve the share price. Bibic said the company’s plan was communicated in more detail at its October investor day and remains in its early stages. He cited momentum in AI, fiber in Canada and the U.S., and Bell Media’s shift toward digital platforms.
Vachon added that he has been buying BCE shares over the last 12 months, saying he believes the stock is “a good value” and supports management’s direction.
Media, Workforce and Board Transition
Bibic said BCE’s media strategy is to deliver content to Canadians “when and how they want it,” with Crave at the center of that approach. He said Crave has 4.7 million subscribers and BCE expects that number to reach 6 million by the end of 2028. He also noted Bell Media received 202 nominations at this year’s Canadian Screen Awards.
Shareholders asked how BCE is ensuring it has the skilled workforce required to execute its data center and digital infrastructure strategy. Bibic said Ateko was built from the acquisition of FX Innovation in 2023 and that BCE has tripled Ateko’s employee base since then. He said Bell Cyber combines Bell’s network security expertise with cybersecurity specialists from Stratejm, while Bell AI Fabric is supported by internal leaders and Canadian technology partners.
Vachon, the former CEO of National Bank of Canada, addressed shareholders as incoming chair. He said BCE plays a crucial role in the Canadian economy and that secure, sovereign digital infrastructure is a strategic imperative as the economy increasingly relies on data and technology.
Shareholder Votes
Schweizer reported preliminary voting results from the meeting. All director nominees received at least 97.9% votes in favor, Ernst & Young LLP received at least 99.4% support for reappointment as auditors, and the advisory resolution on executive compensation was approved by approximately 96% of votes.
A shareholder proposal received approximately 1.84% support and was defeated. Gagnon said MÉDAC had submitted proposals related to strengthening shareholder participation at annual meetings and AI governance, but said the AI-related proposal was not brought to a vote after BCE’s response addressed some of the group’s concerns.
Nixon closed the meeting by saying the telecommunications industry has changed dramatically during his career and that BCE’s future is “incredibly exciting.”
About BCE NYSE: BCE
BCE Inc NYSE: BCE is a Canadian communications, media and entertainment company that operates through its primary subsidiaries, including Bell Canada and Bell Media. As a large integrated telecommunications provider, BCE delivers a broad range of connectivity services and content to residential, business and wholesale customers across Canada. The company combines network infrastructure with media assets to offer bundled communications and entertainment solutions.
On the services side, BCE provides fixed-line and wireless voice services, mobile data, high-speed internet, fibre and broadband access, and television services through platforms such as Bell Fibe and Bell TV.
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