Investor Presentaiton

Bell Media Revenue ($M) 825 -5.5% 780 Q1'22 Q1'23 • Adjusted EBITDA ($M) -36.5% 208 132 Q1'22 Q1'23 • • • Advertising revenue down 4.7% y/y Softer overall TV and radio advertiser demand due to current unfavourable economic conditions - Continued out of home recovery Subscriber revenue down 4.1% y/y - Q1'22 result reflected favourable one-time retroactive subscriber revenue adjustment Total digital revenues up 2% y/y Adjusted EBITDA down 36.5% y/y 5.0% growth in operating costs reflects ongoing contractual price increases for content and the normalization of hockey schedules in 2023 Advertising market expected to begin gradually improving as the year progresses Bell 10

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