Investor Presentaiton

Consolidated financial results Revenue Service Product ($M) except per share data Q1'23 Y/Y • 6,054 3.5% 5,222 0.9% 832 23.6% Adjusted EBITDA 2,538 Margin (1) 41.9% (1.8%) (2.3 pts) • Net earnings 788 (15.6%) Statutory EPS 0.79 Adjusted EPS (2) (17.7%) 0.85 (4.5%) • Capital expenditures (capex) 1,086 Capital Intensity(3) 17.9% (13.2%) (1.5 pts) • Cash flows from operating activities 1,247 (27.3%) Free cash flow (FCF) (2) 85 (88.1%) (1) Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues. (2) Adjusted EPS is a non-GAAP ratio and free cash flow (FCF) is a non-GAAP financial measure. Refer to section Non-GAAP ratios and section Non-GAAP financial measures in the Appendix to this document for more information on these measures. (3) Capital intensity is defined as capital expenditures divided by operating revenues. • • Revenue up 3.5% y/y on strong wireless and Internet growth and higher product sales In line with plan, adjusted EBITDA down 1.8% Q1'22 result reflected favourable one-time retroactive subscriber revenue adjustment at Bell Media Net earnings and statutory EPS down 15.6% and 17.7% respectively, due mainly to higher y/y interest expense, higher depreciation and lower adjusted EBITDA Adjusted EPS of $0.85, down 4.5% y/y Cash flows from operating activities and FCF down y/y, reflecting timing of working capital, cash tax instalments and capex, higher interest paid and decline in adjusted EBITDA Capex on track with planned spending of ~$4.8B for FY2023 Financial results in line with Q1 budget Bell 8

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