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Exhibit 99.2
Consolidated financial statements
Table of contents

Consolidated income statements | 50
Consolidated statements of comprehensive income | 51
Consolidated statements of financial position | 52
Consolidated statements of changes in equity | 53
Consolidated statements of cash flows | 54
Notes to consolidated financial statements | 55
Note 1 Corporate information | 55
Note 2 Basis of presentation and material accounting policies | 55
Note 3 Segmented information | 56
Note 4 Business acquisitions and disposition | 59
Note 5 Operating costs | 60
Note 6 Severance, acquisition and other costs | 60
Note 7 Impairment of assets | 60
Note 8 Other expense | 61
Note 9 Earnings per share | 61
Note 10 Acquisition of spectrum licences | 62
Note 11 Debt | 62
Note 12 Post-employment benefit plans | 62
Note 13 Financial assets and liabilities | 63
Note 14 Share capital | 65
Note 15 Share-based payments | 65

49

Consolidated income statements

For the period ended June 30 (in millions of Canadian dollars, except share amounts) (unaudited) |  |  | Three months | Six months
Note | 2024 | 2023 | 2024 | 2023
Operating revenues |  | 3 | 6,005 |  | 6,066 |  | 12,016 |  | 12,120 |
Operating costs | 3, | 5 | (3,308) |  | (3,421) |  | (6,754) |  | (6,937) |
Severance, acquisition and other costs |  | 6 | (22) |  | (100) |  | (251) |  | (149) |
Depreciation |  |  | (945) |  | (936) |  | (1,891) |  | (1,854) |
Amortization |  |  | (325) |  | (296) |  | (641) |  | (579) |
Finance costs |  |  |  |  |  |
Interest expense |  |  | (426) |  | (359) |  | (842) |  | (703) |
Net return on post-employment benefit plans |  | 12 | 17 |  | 27 |  | 33 |  | 54 |
Impairment of assets |  | 7 | (60) |  | — |  | (73) |  | (34) |
Other expense |  | 8 | (101) |  | (311) |  | (139) |  | (190) |
Income taxes |  |  | (231) |  | (273) |  | (397) |  | (543) |
Net earnings |  |  | 604 |  | 397 |  | 1,061 |  | 1,185 |
Net earnings attributable to: |  |  |  |  |  |
Common shareholders |  |  | 537 |  | 329 |  | 939 |  | 1,054 |
Preferred shareholders |  |  | 46 |  | 46 |  | 93 |  | 92 |
Non-controlling interest |  |  | 21 |  | 22 |  | 29 |  | 39 |
Net earnings |  |  | 604 |  | 397 |  | 1,061 |  | 1,185 |
Net earnings per common share - basic and diluted |  | 9 | 0.59 |  | 0.37 | 1.03 |  | 1.16
Weighted average number of common shares outstanding - basic (millions) |  |  | 912.3 |  | 912.2 |  | 912.3 |  | 912.2 |

50 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Consolidated statements of comprehensive income

For the period ended June 30 (in millions of Canadian dollars) (unaudited) |  | Three months | Six months
Note | 2024 | 2023 | 2024 | 2023
Net earnings |  | 604 |  | 397 |  | 1,061 |  | 1,185 |
Other comprehensive income (loss), net of income taxes |  |  |  |  |
Items that will be subsequently reclassified to net earnings |  |  |  |  |
Net change in value of derivatives designated as cash flow hedges, net of income taxes of $30 million and $29 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $8 million for the six months ended June 30, 2024 and 2023, respectively |  | (82) |  | (80) |  | (4) |  | (22) |
Items that will not be reclassified to net earnings |  |  |  |  |
Actuarial gains (losses) on post-employment benefit plans, net of income taxes of ($41) million and $51 million for the three months ended June 30, 2024 and 2023, respectively, and ($156) million and $98 million for the six months ended June 30, 2024 and 2023, respectively(1) | 12 | 111 |  | (136) |  | 425 |  | (263) |
Net change in value of publicly-traded and privately-held investments, net of income taxes of nil for the three months ended June 30, 2024 and 2023, and nil and ($3) million for the six months ended June 30, 2024 and 2023, respectively |  | 12 |  | (1) |  | 3 |  | 16 |
Net change in value of derivatives designated as cash flow hedges, net of income taxes of ($2) million and $8 million for the three months ended June 30, 2024 and 2023, respectively, and ($8) million and $6 million for the six months ended June 30, 2024 and 2023, respectively |  | 6 |  | (23) |  | 22 |  | (17) |
Other comprehensive income (loss) |  | 47 |  | (240) |  | 446 |  | (286) |
Total comprehensive income |  | 651 |  | 157 |  | 1,507 |  | 899 |
Total comprehensive income attributable to: |  |  |  |  |
Common shareholders |  | 583 |  | 92 |  | 1,383 |  | 771 |
Preferred shareholders |  | 46 |  | 46 |  | 93 |  | 92 |
Non-controlling interest |  | 22 |  | 19 |  | 31 |  | 36 |
Total comprehensive income |  | 651 |  | 157 |  | 1,507 |  | 899 |

(1)The discount rate used to value our post-employment benefit obligations at June 30, 2024 was 5.0% compared to 4.9% at March 31, 2024 and 4.6% at December 31, 2023. The discount rate used to value our post-employment benefit obligations at June 30, 2023 and March 31, 2023 was 5.0% compared to 5.3% at December 31, 2022.
51

Consolidated statements of financial position

(in millions of Canadian dollars) (unaudited) | Note | June 30, 2024 | December 31, 2023 |
ASSETS |  |  |  |  |
Current assets |  |  |  |  |
Cash |  |  | 1,398 |  | 547 |  |
Cash equivalents |  |  | 250 |  | 225 |  |
Short-term investments |  |  | 750 |  | 1,000 |  |
Trade and other receivables |  |  | 3,909 |  | 4,031 |  |
Inventory |  |  | 410 |  | 465 |  |
Contract assets |  |  | 418 |  | 443 |  |
Contract costs |  |  | 683 |  | 633 |  |
Prepaid expenses |  |  | 405 |  | 230 |  |
Other current assets |  |  | 274 |  | 264 |  |
Assets held for sale |  |  | 85 |  | 60 |  |
Total current assets |  |  | 8,582 |  | 7,898 |  |
Non-current assets |  |  |  |  |
Contract assets |  |  | 261 |  | 292 |  |
Contract costs |  |  | 804 |  | 779 |  |
Property, plant and equipment |  |  | 30,060 |  | 30,352 |  |
Intangible assets |  | 10 | 17,628 |  | 16,609 |  |
Deferred tax assets |  |  | 121 |  | 96 |  |
Investments in associates and joint ventures |  |  | 322 |  | 323 |  |
Post-employment benefit assets |  | 12 | 3,405 |  | 2,935 |  |
Other non-current assets |  |  | 1,706 |  | 1,714 |  |
Goodwill |  | 4 | 11,358 |  | 10,942 |  |
Total non-current assets |  |  | 65,665 |  | 64,042 |  |
Total assets |  |  | 74,247 |  | 71,940 |  |
LIABILITIES |  |  |  |  |
Current liabilities |  |  |  |  |
Trade payables and other liabilities |  |  | 4,342 |  | 4,729 |  |
Contract liabilities |  |  | 749 |  | 811 |  |
Interest payable |  |  | 397 |  | 332 |  |
Dividends payable |  |  | 937 |  | 910 |  |
Current tax liabilities |  |  | 75 |  | 268 |  |
Debt due within one year |  | 11 |  | 6,587 |  | 5,042 |  |
Liabilities held for sale |  |  | 35 |  | 15 |  |
Total current liabilities |  |  | 13,122 |  | 12,107 |  |
Non-current liabilities |  |  |  |  |
Contract liabilities |  |  | 297 |  | 277 |  |
Long-term debt |  | 11 |  | 32,918 |  | 31,135 |  |
Deferred tax liabilities |  |  | 5,271 |  | 4,869 |  |
Post-employment benefit obligations |  | 12 | 1,202 |  | 1,278 |  |
Other non-current liabilities |  |  | 1,427 |  | 1,717 |  |
Total non-current liabilities |  |  | 41,115 |  | 39,276 |  |
Total liabilities |  |  | 54,237 |  | 51,383 |  |
EQUITY |  |  |  |  |
Equity attributable to BCE shareholders |  |  |  |  |
Preferred shares |  | 14 | 3,559 |  | 3,667 |  |
Common shares |  |  | 20,860 |  | 20,859 |  |
Contributed surplus |  | 14 | 1,263 |  | 1,258 |  |
Accumulated other comprehensive loss |  |  | (15) |  | (42) |  |
Deficit |  |  | (5,974) |  | (5,513) |  |
Total equity attributable to BCE shareholders |  |  | 19,693 |  | 20,229 |  |
Non-controlling interest |  |  | 317 |  | 328 |  |
Total equity |  |  | 20,010 |  | 20,557 |  |
Total liabilities and equity |  |  | 74,247 |  | 71,940 |  |

52 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Consolidated statements of changes in equity

|  | Attributable to BCE shareholders |  |
For the period ended June 30, 2024 (in millions of Canadian dollars) (unaudited) | Note | Preferred shares | Common shares | Contri-buted surplus | Accum-ulated other compre-hensive (loss) income | Deficit | Total | Non-controlling interest | Total equity
Balance at December 31, 2023 |  | 3,667 |  | 20,859 |  | 1,258 |  | (42) |  | (5,513) |  | 20,229 |  | 328 |  | 20,557 |
Net earnings |  | — |  | — |  | — |  | — |  | 1,032 |  | 1,032 |  | 29 |  | 1,061 |
Other comprehensive income |  | — |  | — |  | — |  | 19 |  | 425 |  | 444 |  | 2 |  | 446 |
Total comprehensive income |  | — |  | — |  | — |  | 19 |  | 1,457 |  | 1,476 |  | 31 |  | 1,507 |
Other share-based compensation |  | — |  | 1 |  | (27) |  | — |  | (5) |  | (31) |  | — |  | (31) |
Repurchase of preferred shares | 14 |  | (108) |  | — |  | 32 |  | — |  | — |  | (76) |  | — |  | (76) |
Dividends declared on BCE common and preferred shares |  | — |  | — |  | — |  | — |  | (1,913) |  | (1,913) |  | — |  | (1,913) |
Dividends declared by subsidiaries to non-controlling interest |  | — |  | — |  | — |  | — |  | — |  | — |  | (42) |  | (42) |
Settlement of cash flow hedges transferred to the cost basis of hedged items |  | — |  | — |  | — |  | 8 |  | — |  | 8 |  | — |  | 8 |
Balance at June 30, 2024 |  | 3,559 |  | 20,860 |  | 1,263 |  | (15) |  | (5,974) |  | 19,693 |  | 317 |  | 20,010 |

|  | Attributable to BCE shareholders |  |
For the period ended June 30, 2023 (in millions of Canadian dollars) (unaudited) |  | Preferred shares | Common shares | Contri-buted surplus | Accum-ulated other compre-hensive loss | Deficit | Total | Non-controlling interest | Total equity
Balance at December 31, 2022 |  | 3,870 |  | 20,840 |  | 1,172 |  | (55) |  | (3,649) |  | 22,178 |  | 337 |  | 22,515 |
Net earnings |  | — |  | — |  | — |  | — |  | 1,146 |  | 1,146 |  | 39 |  | 1,185 |
Other comprehensive loss |  | — |  | — |  | — |  | (20) |  | (263) |  | (283) |  | (3) |  | (286) |
Total comprehensive (loss) income |  | — |  | — |  | — |  | (20) |  | 883 |  | 863 |  | 36 |  | 899 |
Common shares issued under employee stock option plan |  | — |  | 19 |  | (1) |  | — |  | — |  | 18 |  | — |  | 18 |
Other share-based compensation |  | — |  | — |  | 7 |  | — |  | (12) |  | (5) |  | — |  | (5) |
Repurchase of preferred shares |  | (89) |  | — |  | 26 |  | — |  | — |  | (63) |  | — |  | (63) |
Dividends declared on BCE common and preferred shares |  | — |  | — |  | — |  | — |  | (1,857) |  | (1,857) |  | — |  | (1,857) |
Dividends declared by subsidiaries to non-controlling interest |  | — |  | — |  | — |  | — |  | — |  | — |  | (22) |  | (22) |
Settlement of cash flow hedges transferred to the cost basis of hedged items |  | — |  | — |  | — |  | (13) |  | — |  | (13) |  | — |  | (13) |
Disposition of production studios |  | — |  | — |  | — |  | — |  | — |  | — |  | (23) |  | (23) |
Other |  | — |  | — |  | — |  | (17) |  | 17 |  | — |  | — |  | — |
Balance at June 30, 2023 |  | 3,781 |  | 20,859 |  | 1,204 |  | (105) |  | (4,618) |  | 21,121 |  | 328 |  | 21,449 |

53

Consolidated statements of cash flows

For the period ended June 30 (in millions of Canadian dollars) (unaudited) |  | Three months | Six months
Note | 2024 | 2023 | 2024 | 2023
Cash flows from operating activities |  |  |  |  |
Net earnings |  | 604 |  | 397 |  | 1,061 |  | 1,185 |
Adjustments to reconcile net earnings to cash flows from operating activities |  |  |  |  |
Severance, acquisition and other costs | 6 | 22 |  | 100 |  | 251 |  | 149 |
Depreciation and amortization |  | 1,270 |  | 1,232 |  | 2,532 |  | 2,433 |
Post-employment benefit plans cost | 12 | 31 |  | 21 |  | 75 |  | 52 |
Net interest expense |  | 401 |  | 346 |  | 785 |  | 676 |
Impairment of assets | 7 | 60 |  | — |  | 73 |  | 34 |
Losses (gains) on investments | 8 | 2 |  | (79) |  | 8 |  | (79) |
Net equity losses from investments in associates and joint ventures | 8 | 93 |  | 377 |  | 93 |  | 377 |
Income taxes |  | 231 |  | 273 |  | 397 |  | 543 |
Contributions to post-employment benefit plans |  | (10) |  | (13) |  | (28) |  | (28) |
Payments under other post-employment benefit plans |  | (15) |  | (17) |  | (31) |  | (32) |
Severance and other costs paid |  | (98) |  | (39) |  | (144) |  | (64) |
Interest paid |  | (387) |  | (270) |  | (835) |  | (709) |
Income taxes paid (net of refunds) |  | (131) |  | (200) |  | (466) |  | (364) |
Acquisition and other costs paid |  | (11) |  | (5) |  | (26) |  | (5) |
Change in contract assets |  | 28 |  | 33 |  | 56 |  | 78 |
Change in wireless device financing plan receivables |  | 50 |  | 24 |  | 107 |  | 65 |
Net change in operating assets and liabilities |  | (3) |  | 185 |  | (639) |  | (699) |
Cash flows from operating activities |  | 2,137 |  | 2,365 |  | 3,269 |  | 3,612 |
Cash flows used in investing activities |  |  |  |  |
Capital expenditures |  | (978) |  | (1,307) |  | (1,980) |  | (2,393) |
(Decrease) increase in short-term investments |  | (50) |  | — |  | 250 |  | — |
Business acquisitions | 4 | (435) |  | (196) |  | (517) |  | (221) |
Business dispositions |  | — |  | 208 |  | — |  | 208 |
Spectrum licences | 10 | (414) |  | (145) |  | (518) |  | (156) |
Other investing activities |  | (11) |  | (16) |  | (21) |  | 15 |
Cash flows used in investing activities |  | (1,888) |  | (1,456) |  | (2,786) |  | (2,547) |
Cash flows from (used in) financing activities |  |  |  |  |
Increase (decrease) in notes payable |  | 404 |  | (101) |  | 1,383 |  | (184) |
Decrease in securitized receivables |  | — |  | (500) |  | — |  | — |
Issue of long-term debt | 11 | 1,617 |  | 1,199 |  | 3,808 |  | 2,703 |
Repayment of long-term debt |  | (525) |  | (346) |  | (2,638) |  | (645) |
Repurchase of a financial liability |  | — |  | — |  | — |  | (149) |
Issue of common shares |  | — |  | 8 |  | — |  | 18 |
Purchase of shares for settlement of share-based payments |  | (40) |  | (42) |  | (144) |  | (135) |
Repurchase of preferred shares | 14 | (38) |  | (32) |  | (76) |  | (63) |
Cash dividends paid on common shares |  | (910) |  | (882) |  | (1,793) |  | (1,721) |
Cash dividends paid on preferred shares |  | (45) |  | (46) |  | (91) |  | (101) |
Cash dividends paid by subsidiaries to non-controlling interest |  | (28) |  | (1) |  | (42) |  | (22) |
Other financing activities |  | 4 |  | (7) |  | (14) |  | (15) |
Cash flows from (used in) financing activities |  | 439 |  | (750) |  | 393 |  | (314) |
Net increase (decrease) in cash |  | 609 |  | (201) |  | 851 |  | 351 |
Cash at beginning of period |  | 789 |  | 651 |  | 547 |  | 99 |
Cash at end of period |  | 1,398 |  | 450 |  | 1,398 |  | 450 |
Net increase in cash equivalents |  | 79 |  | 360 |  | 25 |  | 400 |
Cash equivalents at beginning of period |  | 171 |  | 90 |  | 225 |  | 50 |
Cash equivalents at end of period |  | 250 |  | 450 |  | 250 |  | 450 |

54 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Notes to consolidated financial statements
These consolidated interim financial statements (financial statements) should be read in conjunction with BCE’s 2023 annual consolidated financial statements, approved by BCE’s board of directors on March 7, 2024.
These notes are unaudited.
We, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates.

Note 1 Corporate information
BCE is incorporated and domiciled in Canada. BCE’s head office is located at 1, Carrefour Alexander-Graham-Bell, Verdun, Québec, Canada. BCE is a communications company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale customers in Canada. Our Bell Media segment provides conventional TV, specialty TV, pay TV, streaming services, digital media services, radio broadcasting services and out-of-home advertising services to customers in Canada.

Note 2 Basis of presentation and material accounting policies
These financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), under International Accounting Standard (IAS) 34 - Interim Financial Reporting and were approved by BCE’s board of directors on July 31, 2024. These financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Material accounting policies in our consolidated financial statements for the year ended December 31, 2023.
These financial statements do not include all of the notes required in annual financial statements.
All amounts are in millions of Canadian dollars, except where noted.
Future changes to accounting standards
The following accounting standard and amendments to accounting standards issued by the IASB have not yet been adopted by BCE.

Standard | Description | Impact | Effective date
IFRS 18 – Presentation and Disclosure in Financial Statements | Sets out requirements and guidance on presentation and disclosure in financial statements, including: •presentation in the income statements of income and expenses within defined categories - operating, investing, financing, income taxes and discontinued operations •presentation in the income statements of new defined subtotals - operating profit and profit before financing and income taxes •disclosure of explanations of management-defined performance measures that are related to the income statements •enhanced guidance on aggregation and disaggregation of information and whether to provide information in the financial statements or in the notes •disclosure of specified expenses by nature IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many of the requirements from IAS 1 unchanged. | We are currently assessing the impact of this standard. | Annual reporting periods beginning on or after January 1, 2027. Early application is permitted.
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 | In particular, the amendments clarify: •the classification of financial assets with environmental, social and corporate governance (ESG) and similar features •the derecognition date for financial liabilities and introduce an accounting policy option for financial liabilities settled using an electronic payment system if certain conditions are met The amendments also require additional disclosures for financial instruments with contractual terms that reference a contingent event and equity instruments classified at fair value through other comprehensive income. | We are currently assessing the impact of these amendments. | Annual reporting periods beginning on or after January 1, 2026. Early application is permitted.

55

Note 3 Segmented information
Our results are reported in two segments: Bell Communication and Technology Services (Bell CTS) and Bell Media. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.
The following tables present financial information by segment for the three month periods ended June 30, 2024 and 2023.

For the three month period ended June 30, 2024 | Note |  | Bell CTS | Bell Media | Intersegment eliminations | BCE
Operating revenues |  |  |  |  |  |
External service revenues |  |  | 4,578 |  | 730 |  | — |  | 5,308 |
Inter-segment service revenues |  |  | 8 |  | 82 |  | (90) |  | — |
Operating service revenues |  |  | 4,586 |  | 812 |  | (90) |  | 5,308 |
External/Operating product revenues |  |  | 697 |  | — |  | — |  | 697 |
Total external revenues |  |  | 5,275 |  | 730 |  | — |  | 6,005 |
Total inter-segment revenues |  |  | 8 |  | 82 |  | (90) |  | — |
Total operating revenues |  |  | 5,283 |  | 812 |  | (90) |  | 6,005 |
Operating costs | 5 |  | (2,804) |  | (594) |  | 90 |  | (3,308) |
Adjusted EBITDA (1) |  |  | 2,479 |  | 218 |  | — |  | 2,697 |
Severance, acquisition and other costs | 6 |  |  |  |  | (22) |
Depreciation and amortization |  |  |  |  |  | (1,270) |
Finance costs |  |  |  |  |  |
Interest expense |  |  |  |  |  | (426) |
Net return on post-employment benefit plans | 12 |  |  |  |  | 17 |
Impairment of assets | 7 |  |  |  |  | (60) |
Other expense | 8 |  |  |  |  | (101) |
Income taxes |  |  |  |  |  | (231) |
Net earnings |  |  |  |  |  | 604 |

(1)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.

For the three month period ended June 30, 2023 | Note |  | Bell CTS | Bell Media | Intersegment eliminations | BCE
Operating revenues |  |  |  |  |  |
| External service revenues |  |  | 4,584 |  | 719 |  | — |  | 5,303 |
| Inter-segment service revenues |  |  | 7 |  | 86 |  | (93) |  | — |
Operating service revenues |  |  | 4,591 |  | 805 |  | (93) |  | 5,303 |
External/Operating product revenues |  |  | 763 |  | — |  | — |  | 763 |
| Total external revenues |  |  | 5,347 |  | 719 |  | — |  | 6,066 |
| Total inter-segment revenues |  |  | 7 |  | 86 |  | (93) |  | — |
Total operating revenues |  |  | 5,354 |  | 805 |  | (93) |  | 6,066 |
Operating costs | 5 |  | (2,923) |  | (591) |  | 93 |  | (3,421) |
Adjusted EBITDA (1) |  |  | 2,431 |  | 214 |  | — |  | 2,645 |
Severance, acquisition and other costs | 6 |  |  |  |  | (100) |
Depreciation and amortization |  |  |  |  |  | (1,232) |
Finance costs |  |  |  |  |  |
| Interest expense |  |  |  |  |  | (359) |
| Net return on post-employment benefit plans | 12 |  |  |  |  | 27 |
Impairment of assets | 7 |  |  |  |  | — |
Other expense | 8 |  |  |  |  | (311) |
Income taxes |  |  |  |  |  | (273) |
Net earnings |  |  |  |  |  | 397 |

(1)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
56 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

The following tables present financial information by segment for the six month periods ended June 30, 2024 and 2023.

For the six month period ended June 30, 2024 | Note |  | Bell CTS | Bell Media | Intersegment eliminations | BCE
Operating revenues |  |  |  |  |  |
External service revenues |  |  | 9,128 |  | 1,372 |  | — |  | 10,500 |
Inter-segment service revenues |  |  | 14 |  | 165 |  | (179) |  | — |
Operating service revenues |  |  | 9,142 |  | 1,537 |  | (179) |  | 10,500 |
External/Operating product revenues |  |  | 1,516 |  | — |  | — |  | 1,516 |
Total external revenues |  |  | 10,644 |  | 1,372 |  | — |  | 12,016 |
Total inter-segment revenues |  |  | 14 |  | 165 |  | (179) |  | — |
Total operating revenues |  |  | 10,658 |  | 1,537 |  | (179) |  | 12,016 |
Operating costs | 5 |  | (5,731) |  | (1,202) |  | 179 |  | (6,754) |
Adjusted EBITDA (1) |  |  | 4,927 |  | 335 |  | — |  | 5,262 |
Severance, acquisition and other costs | 6 |  |  |  |  | (251) |
Depreciation and amortization |  |  |  |  |  | (2,532) |
Finance costs |  |  |  |  |  |
Interest expense |  |  |  |  |  | (842) |
Net return on post-employment benefit plans | 12 |  |  |  |  | 33 |
Impairment of assets | 7 |  |  |  |  | (73) |
Other expense | 8 |  |  |  |  | (139) |
Income taxes |  |  |  |  |  | (397) |
Net earnings |  |  |  |  |  | 1,061 |

(1)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.

For the six month period ended June 30, 2023 | Note |  | Bell CTS | Bell Media | Intersegment eliminations | BCE
Operating revenues |  |  |  |  |  |
| External service revenues |  |  | 9,112 |  | 1,413 |  | — |  | 10,525 |
| Inter-segment service revenues |  |  | 14 |  | 172 |  | (186) |  | — |
Operating service revenues |  |  | 9,126 |  | 1,585 |  | (186) |  | 10,525 |
External/Operating product revenues |  |  | 1,595 |  | — |  | — |  | 1,595 |
| Total external revenues |  |  | 10,707 |  | 1,413 |  | — |  | 12,120 |
| Total inter-segment revenues |  |  | 14 |  | 172 |  | (186) |  | — |
Total operating revenues |  |  | 10,721 |  | 1,585 |  | (186) |  | 12,120 |
Operating costs | 5 |  | (5,884) |  | (1,239) |  | 186 |  | (6,937) |
Adjusted EBITDA (1) |  |  | 4,837 |  | 346 |  | — |  | 5,183 |
Severance, acquisition and other costs | 6 |  |  |  |  | (149) |
Depreciation and amortization |  |  |  |  |  | (2,433) |
Finance costs |  |  |  |  |  |
| Interest expense |  |  |  |  |  | (703) |
| Net return on post-employment benefit plans | 12 |  |  |  |  | 54 |
Impairment of assets | 7 |  |  |  |  | (34) |
Other expense | 8 |  |  |  |  | (190) |
Income taxes |  |  |  |  |  | (543) |
Net earnings |  |  |  |  |  | 1,185 |

(1)The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
57

Revenues by services and products

| Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
Services(1) |  |  |  |
Wireless | 1,788 |  | 1,766 |  | 3,562 |  | 3,489 |
Wireline data | 2,034 |  | 2,021 |  | 4,046 |  | 4,022 |
Wireline voice | 677 |  | 722 |  | 1,360 |  | 1,448 |
Media | 730 |  | 719 |  | 1,372 |  | 1,413 |
Other wireline services | 79 |  | 75 |  | 160 |  | 153 |
Total services | 5,308 |  | 5,303 |  | 10,500 |  | 10,525 |
Products(2) |  |  |  |
Wireless | 568 |  | 626 |  | 1,252 |  | 1,252 |
Wireline | 129 |  | 137 |  | 264 |  | 343 |
Total products | 697 |  | 763 |  | 1,516 |  | 1,595 |
Total operating revenues | 6,005 |  | 6,066 |  | 12,016 |  | 12,120 |

(1)Our service revenues are generally recognized over time.
(2)Our product revenues are generally recognized at a point in time.
58 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Note 4 Business acquisitions and disposition
Acquisition of OUTFRONT Media’s Canadian out-of-home media business
On June 7, 2024, Bell Media completed the previously announced acquisition of OUTFRONT Media Inc.’s Canadian out-of-home media business, OUTEDGE Media Canada (OUTEDGE), for cash consideration of $429 million ($418 million net of cash acquired). The acquisition of OUTEDGE is expected to support Bell Media’s digital media strategy and to deliver multi-channel marketing solutions across Canada. Pursuant to a consent agreement negotiated with the Competition Bureau, Bell Media must dispose of 669 advertising displays in Québec and Ontario. The results of OUTEDGE are included in our Bell Media segment.
The allocation of the purchase price includes provisional estimates, in particular for finite-life intangible assets.
The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities.

|  | 2024
Cash consideration paid | 429 |
Total cost to be allocated | 429 |
| Trade and other receivables | 39 |
| Other non-cash working capital | 7 |
| Assets held for sale | 12 |
| Property, plant and equipment | 162 |
| Finite-life intangible assets | 62 |
| Other non-current assets | 16 |
| Trade payables and other liabilities | (12) |
| Contract liabilities | (1) |
| Debt due within one year | (20) |
| Liabilities held for sale | (9) |
| Long-term debt | (86) |
| Deferred tax liabilities | (75) |
| Other non-current liabilities | (7) |
|  | 88 |
Cash and cash equivalents | 11 |
Fair value of net assets acquired | 99 |
Goodwill (1) | 330 |

(1)Goodwill arises principally from expected synergies and future growth and is not deductible for tax purposes. Goodwill was allocated to our Bell Media group of cash-generating units (CGUs).
Operating revenues of $8 million from OUTEDGE are included in the consolidated income statements (income statements) for the six months ended June 30, 2024. BCE’s operating revenues for the six months ended June 30, 2024 would have been $12,064 million had the acquisition of OUTEDGE occurred on January 1, 2024. The transaction did not have a significant impact on our net earnings for the six months ended June 30, 2024 and the impact on our net earnings would not have been significant had the acquisition occurred on January 1, 2024.
Disposition of Northwestel
On June 10, 2024, Bell Canada entered into an agreement with Sixty North Unity, a consortium of Indigenous communities from the Yukon, the Northwest Territories and Nunavut, to dispose of Northwestel Inc. (Northwestel), the largest telecommunications provider in Canada’s North, for up to $1 billion, subject to adjustments. Closing of the transaction is subject to certain closing conditions, including securing financing by Sixty North Unity, the completion of confirmatory due diligence, and receipt of the Competition Bureau's approval and, as such, there can be no assurances that the transaction will ultimately be consummated. The results of Northwestel are included in our Bell CTS segment.
Acquisition of Stratejm
Subsequent to quarter end, on July 2, 2024, Bell Canada acquired Stratejm Inc. (Stratejm) for cash consideration of $78 million. Additional cash consideration of up to $20 million is payable within three years, contingent on the achievement of certain performance objectives. Stratejm leverages artificial intelligence through end-to-end Security-as-a-Service solutions, real-time threat detection and response, and streamlining incident management processes. The results of Stratejm will be included in our Bell CTS segment. The fair values of Stratejm’s assets and liabilities have not yet been determined.
59

Note 5 Operating costs

|  |  | Three months | Six months
For the period ended June 30 | Note | 2024 | 2023 | 2024 | 2023
Labour costs |  |  |  |  |
| Wages, salaries and related taxes and benefits |  | (1,040) |  | (1,116) |  | (2,122) |  | (2,218) |
| Post-employment benefit plans service cost (net of capitalized amounts) | 12 | (48) |  | (48) |  | (108) |  | (106) |
| Other labour costs (1) |  | (248) |  | (265) |  | (494) |  | (524) |
Less: |  |  |  |  |
| Capitalized labour |  | 296 |  | 324 |  | 587 |  | 627 |
Total labour costs |  | (1,040) |  | (1,105) |  | (2,137) |  | (2,221) |
Cost of revenues (2) |  | (1,808) |  | (1,836) |  | (3,683) |  | (3,790) |
Other operating costs (3) |  | (460) |  | (480) |  | (934) |  | (926) |
Total operating costs |  | (3,308) |  | (3,421) |  | (6,754) |  | (6,937) |

(1)Other labour costs include contractor and outsourcing costs.
(2)Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.
(3)Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, information technology costs, professional service fees and rent.

Note 6 Severance, acquisition and other costs

| Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
Severance | 4 |  | (80) |  | (230) |  | (109) |
Acquisition and other | (26) |  | (20) |  | (21) |  | (40) |
Total severance, acquisition and other costs | (22) |  | (100) |  | (251) |  | (149) |

Severance costs
Severance costs consist of charges related to involuntary and voluntary employee terminations, including the estimated costs of the previously announced workforce reductions incurred up to June 30, 2024.
Acquisition and other costs
Acquisition and other costs consist of transaction costs, such as legal and financial advisory fees, related to completed or potential acquisitions, employee severance costs related to the purchase of a business, the costs to integrate acquired companies into our operations, costs relating to litigation and regulatory decisions, when they are significant, and other costs.

Note 7 Impairment of assets
2024
Impairment charges for the three and six months ended June 30, 2024 of $60 million and $73 million, respectively, relate mainly to right-of-use assets for certain office spaces we ceased using as part of our real estate optimization strategy as a result of our hybrid work policy.
2023
Impairment charges for the six months ended June 30, 2023 of $34 million relate mainly to right-of-use assets for certain office spaces we ceased using as part of our real estate optimization strategy as a result of our hybrid work policy.
60 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Note 8 Other expense

|  |  | Three months | Six months
For the period ended June 30 |  | 2024 | 2023 | 2024 | 2023
Net mark-to-market (losses) gains on derivatives used to economically hedge equity settled share-based compensation plans |  | (23) |  | 1 |  | (113) |  | 19 |
(Losses) gains on retirements and disposals of property, plant and equipment and intangible assets |  | (19) |  | (19) |  | (26) |  | 28 |
Equity (losses) income from investments in associates and joint ventures |  |  |  |  |
| Loss on investment |  | (93) |  | (377) |  | (93) |  | (377) |
| Operations |  | 6 |  | 8 |  | 21 |  | 26 |
(Losses) gains on investments |  | (2) |  | 79 |  | (8) |  | 79 |
Interest income |  | 25 |  | 13 |  | 57 |  | 27 |
Early debt redemption costs |  | — |  | (1) |  | — |  | (1) |
Other |  | 5 |  | (15) |  | 23 |  | 9 |
Total other expense |  | (101) |  | (311) |  | (139) |  | (190) |

Gains on disposals of property, plant and equipment
In Q1 2023, we sold land for total proceeds of $54 million and recorded a gain of $53 million as part of our real estate optimization strategy.
Equity (losses) income from investments in associates and joint ventures
We recorded a loss on investment of $93 million for the three and six months ended June 30, 2024, related to equity losses on our share of an obligation to repurchase at fair value the minority interest in one of BCE's joint ventures. The obligation is marked to market each reporting period and the gain or loss on investment is recorded as equity income or losses from investments in associates and joint ventures.
We recorded a loss on investment of $377 million for the three and six months ended June 30, 2023, related to equity losses on our share of an obligation to repurchase at fair value the minority interest in one of BCE's joint ventures. The obligation is marked to market each reporting period and the gain or loss on investment is recorded as equity income or losses from investments in associates and joint ventures.
Gains on investments
In Q2 2023, we completed the sale of our 63% ownership in certain production studios. We recorded net cash proceeds of $211 million and a gain on investment of $79 million.

Note 9 Earnings per share
The following table shows the components used in the calculation of basic and diluted net earnings per common share for earnings attributable to common shareholders.

|  | Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
Net earnings attributable to common shareholders - basic | 537 |  | 329 |  | 939 |  | 1,054 |
Dividends declared per common share (in dollars) | 0.9975 | 0.9675 | 1.9950 | 1.9350
Weighted average number of common shares outstanding (in millions) |  |  |  |
| Weighted average number of common shares outstanding - basic | 912.3 |  | 912.2 |  | 912.3 |  | 912.2 |
| Assumed exercise of stock options (1) | — |  | 0.3 |  | — |  | 0.3 |
Weighted average number of common shares outstanding - diluted (in millions) | 912.3 |  | 912.5 |  | 912.3 |  | 912.5 |

(1)The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the exercise price is higher than the average market value of a BCE common share. The number of excluded options was 6,554,350 for the second quarter of 2024 and for the first half of 2024, compared to 3,157,969 for the second quarter of 2023 and for the first half of 2023.
61

Note 10 Acquisition of spectrum licences
On November 30, 2023, Bell Mobility secured the right to acquire 939 licences of 3800 MHz spectrum across Canada for $518 million. On January 17, 2024, Bell made a first payment of $104 million to Innovation, Science and Economic Development Canada (ISED). The remaining balance of $414 million was paid on May 29, 2024, at which time Bell acquired the 3800 MHz spectrum licences.

Note 11 Debt
On May 24, 2024, Bell Canada issued, under its 1997 trust indenture, 5.60% Series M-61 medium-term note (MTN) debentures, with a principal amount of $400 million, which mature on August 11, 2053. The Series M-61 debentures were issued pursuant to a re-opening of an existing series of MTN debentures. Additionally, on the same date, Bell Canada issued, under its 1997 trust indenture, 5.15% Series M-63 MTN debentures, with a principal amount of $1.1 billion, which mature on August 24, 2034.
On February 15, 2024, Bell Canada issued, under its 2016 trust indenture, 5.200% Series US-9 Notes, with a principal amount of $700 million in U.S. dollars ($942 million in Canadian dollars), which mature on February 15, 2034. The Series US-9 Notes have been hedged for foreign currency fluctuations through cross currency interest rate swaps. Additionally, on the same date, Bell Canada issued, under its 2016 trust indenture, 5.550% Series US-10 Notes, with a principal amount of $750 million in U.S. dollars ($1,009 million in Canadian dollars), which mature on February 15, 2054. The Series US-10 Notes have been hedged for foreign currency fluctuations with cross currency interest rate swaps and in addition, $336 million in Canadian dollars have been hedged for changes in fair value with interest rate swaps. See Note 13, Financial assets and liabilities, for additional details.
The Series M-61 and M-63 MTN debentures and the Series US-9 and US-10 Notes are fully and unconditionally guaranteed by BCE.
In Q1 2024, Bell Canada reclassified its 2.75% Series M-49 MTN debentures with a total principal amount of $600 million and its 3.35% Series M-47 MTN debentures with a total principal amount of $1,500 million, which mature on January 29, 2025 and March 12, 2025, respectively, from long-term debt to debt due within one year.
In Q2 2024, Bell Canada extended the term of its $2.5 billion committed revolving credit facility from May 2028 to May 2029 and the term of its $1 billion committed expansion credit facility from May 2026 to May 2027.

Note 12 Post-employment benefit plans
Post-employment benefit plans cost
We provide pension and other benefits for most of our employees. These include defined benefit (DB) pension plans, defined contribution (DC) pension plans and other post-employment benefits (OPEBs).
Components of post-employment benefit plans service cost

|  | Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
DB pension | (33) |  | (32) |  | (66) |  | (64) |
DC pension | (31) |  | (29) |  | (74) |  | (68) |
OPEBs | (1) |  | — |  | (1) |  | — |
Less: |  |  |  |
| Capitalized benefit plans cost | 17 |  | 13 |  | 33 |  | 26 |
Total post-employment benefit plans service cost | (48) |  | (48) |  | (108) |  | (106) |

62 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

Components of post-employment benefit plans financing income

|  | Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
DB pension | 25 |  | 37 |  | 49 |  | 74 |
OPEBs | (8) |  | (10) |  | (16) |  | (20) |
Total net return on post-employment benefit plans | 17 |  | 27 |  | 33 |  | 54 |

Note 13 Financial assets and liabilities
Fair value
The following table provides the fair value details of certain financial instruments measured at amortized cost in the consolidated statements of financial position (statements of financial position).

|  |  | June 30, 2024 | December 31, 2023
| Classification | Fair value methodology | Carrying value | Fair value | Carrying value | Fair value
Debt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 31,504 |  | 29,828 |  | 29,049 |  | 28,225 |

The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.

|  |  | Fair value
| Classification | Carrying value of asset (liability) | Quoted prices in active markets for identical assets (level 1) | Observable market data (level 2)(1) | Non-observable market inputs (level 3)(2)
June 30, 2024 |  |  |  |  |
Publicly-traded and privately-held investments (3) | Other non-current assets | 599 |  | 19 |  | — |  | 580 |
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (331) |  | — |  | (331) |  | — |
Other | Trade payables and other liabilities and other non-current assets | 148 |  | — |  | 220 |  | (72) |
December 31, 2023 |  |  |  |  |
Publicly-traded and privately-held investments (3) | Other non-current assets | 587 |  | 10 |  | — |  | 577 |
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (488) |  | — |  | (488) |  | — |
Other | Other non-current assets and liabilities | 147 |  | — |  | 216 |  | (69) |

(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows and revenue and earnings multiples. For certain privately-held investments and other financial liabilities, changes in our valuation assumptions may result in a significant increase (decrease) in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income (loss) in the statements of comprehensive income and are reclassified from Accumulated other comprehensive loss to the Deficit in the statements of financial position when realized.
Market risk
Currency exposures
In 2024, we entered into cross currency interest rate swaps with a notional amount of $700 million in U.S. dollars ($942 million in Canadian dollars) to hedge the U.S. currency exposure of our US-9 Notes maturing in 2034. The fair value of
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the cross currency interest rate swaps at June 30, 2024 was a net liability of $5 million recognized in Other current assets and Other non-current liabilities in the statements of financial position. See Note 11, Debt, for additional details.
In 2024, we entered into cross currency interest rate swaps with a notional amount of $750 million in U.S. dollars ($1,009 million in Canadian dollars) to hedge the U.S. currency exposure of our US-10 Notes maturing in 2054. In connection with these swaps, cross currency basis rate swaps outstanding at December 31, 2023 with a notional amount of $644 million were settled. The fair value of the cross currency interest rate swaps at June 30, 2024 was a net liability of $7 million recognized in Other current assets, Other non-current assets, and Other non-current liabilities in the statements of financial position. See Note 11, Debt, for additional details.
In 2024, we entered into cross currency interest rate swaps with a notional amount of $240 million in U.S. dollars ($324 million in Canadian dollars) to hedge the U.S. currency exposure of outstanding loans maturing in 2026 under our Bell Mobility uncommitted trade loan agreement. The fair value of the cross currency interest rate swaps at June 30, 2024 was a net asset of $4 million recognized in Other current assets and Other non-current assets in the statements of financial position.
A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a gain of $12 million (loss of $44 million) recognized in net earnings at June 30, 2024 and a gain of $130 million (loss of $119 million) recognized in Other comprehensive income (loss) at June 30, 2024, with all other variables held constant.
The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2024.

Type of hedge | Buy currency | Amount to receive | Sell currency | Amount to pay | Maturity | Hedged item
Cash flow (1) | USD | 1,174 |  | CAD | 1,607 |  | 2024 | Loans
Cash flow | USD | 1,180 |  | CAD | 1,601 |  | 2024 | Commercial paper
Cash flow | USD | 359 |  | CAD | 459 |  | 2024 | Anticipated purchases
Cash flow | PHP | 1,470 |  | CAD | 35 |  | 2024 | Anticipated purchases
Cash flow | USD | 608 |  | CAD | 793 |  | 2025 | Anticipated purchases
Cash flow | PHP | 3,193 |  | CAD | 75 |  | 2025 | Anticipated purchases
Cash flow | USD | 280 |  | CAD | 377 |  | 2026 | Anticipated purchases
Economic | USD | 90 |  | CAD | 118 |  | 2024 | Anticipated purchases
Economic - call options | USD | 124 |  | CAD | 151 |  | 2024 | Anticipated purchases
Economic - call options | CAD | 112 |  | USD | 78 |  | 2024 | Anticipated purchases
Economic - put options | USD | 335 |  | CAD | 437 |  | 2024 | Anticipated purchases
Economic | USD | 120 |  | CAD | 158 |  | 2025 |  | Anticipated purchases
Economic | CAD | 137 |  | USD | 100 |  | 2025 |  | Anticipated purchases
Economic - options (2) | USD | 60 |  | CAD | 78 |  | 2025 |  | Anticipated purchases
Economic - call options | USD | 270 |  | CAD | 345 |  | 2025 |  | Anticipated purchases
Economic - put options | USD | 360 |  | CAD | 466 |  | 2025 |  | Anticipated purchases
Economic | USD | 100 |  | CAD | 136 |  | 2026 |  | Anticipated purchases

(1) Forward contracts to hedge loans secured by receivables under our securitization program.
(2) Foreign currency options with a leverage provision and a profit cap limitation.
Interest rate exposures
In 2024, we entered into forward starting interest rate swaps, effective from 2026, with a notional amount of $336 million to hedge the fair value of our US-10 Notes maturing in 2054. The fair value of the interest rate swaps at June 30, 2024 was an asset of $2 million recognized in Other non-current assets in the statements of financial position. See Note 11, Debt, for additional details.
In 2024, we sold interest rate swaptions, expiring in 2024, with a notional amount of $300 million to hedge economically the fair value of our M-17 MTN debentures maturing in 2035. The fair value of the interest rate swaptions at June 30, 2024 was a liability of $3 million recognized in Trade payables and other liabilities in the statements of financial position.
In 2024, we sold interest rate swaptions, expiring in 2024, with a notional amount of $750 million for $3 million to hedge economically the fair value of our M-53 MTN debentures maturing in 2027. The fair value of the interest rate swaptions at June 30, 2024 was a liability of $3 million recognized in Trade payables and other liabilities in the statements of financial position.
In 2024, we sold interest rate floors, maturing in 2029, with a notional amount of $350 million and purchased interest rate options, expiring in 2026, with a notional amount of $440 million to hedge economically the interest cost of our M-62 MTN debentures maturing in 2029. The fair value of the interest rate floors and interest rate options is a net asset of $5 million
64 BCE Inc. 2024 SECOND QUARTER SHAREHOLDER REPORT

recognized in Other current assets, Other non-current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position.
A 1% increase (decrease) in interest rates would result in a loss of $28 million (gain of $8 million) recognized in net earnings for the six months ended June 30, 2024, with all other variables held constant.
Equity price exposures
We use equity forward contracts on BCE’s common shares to hedge economically the cash flow exposure related to the settlement of equity settled share-based compensation plans. The fair value of our equity forward contracts at June 30, 2024 and December 31, 2023 was a net liability of $266 million and $162 million, respectively, recognized in Other current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position. A loss of $23 million and $113 million for the three and six months ended June 30, 2024, respectively, relating to these equity forward contracts is recognized in Other expense in the income statements.
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $24 million recognized in net earnings at June 30, 2024, with all other variables held constant.

Note 14 Share capital
Normal course issuer Bid for BCE First Preferred Shares
For the three and six months ended June 30, 2024, BCE repurchased and canceled 2,187,900 and 4,301,488 First Preferred Shares with a stated capital of $55 million and $108 million for a total cost of $38 million and $76 million, respectively. The remaining $17 million and $32 million were recorded to contributed surplus for the three and six months ended June 30, 2024, respectively.

Note 15 Share-based payments
The following share-based payment amounts are included in the income statements as operating costs.

| Three months | Six months
For the period ended June 30 | 2024 | 2023 | 2024 | 2023
Restricted share units (RSUs) and performance share units (PSUs) | (10) |  | (10) |  | (35) |  | (44) |
Employee savings plan and deferred share units | (8) |  | (8) |  | (17) |  | (17) |
Total share-based payments | (18) |  | (18) |  | (52) |  | (61) |

The following tables summarize the change in outstanding RSUs/PSUs and stock options for the period ended June 30, 2024.
RSUs/PSUs

| Number of RSUs/PSUs
Outstanding, January 1, 2024 | 3,412,812 |
Granted | 1,130,718 |
Dividends credited | 134,118 |
Settled | (1,269,886) |
Forfeited | (35,204) |
Outstanding, June 30, 2024 | 3,372,558 |

Stock options

|  | Number of options | Weighted average exercise price ($)
Outstanding, January 1, 2024 |  | 7,484,561 |  | 61 |
Forfeited or expired |  | (930,211) |  | 59 |
Outstanding and exercisable, June 30, 2024 |  | 6,554,350 |  | 61 |

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