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.

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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.

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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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