THX
EPS of 79c beat estimates of 71c; revenue of $6.04B marginally missed estimates of $6.09B. EBITDA of $2.76B beat estimates by 1.3%. BCE's 3Q results were mixed, but its focus on profitable wireless growth can soon yield higher-value net additions. Bell is emphasizing its premium brand to improve pricing and retention while reducing volume in low-end flanker brands, which contributed to a decline in 3Q postpaid phone adds. This also led to a 0.4% drop in wireless service revenue, though new Bell Mobile plans have been well received, suggesting stronger growth lies ahead. Wireline sales rose 3.2% from the Ziply Fiber acquisition, while Canadian revenue slipped 2.3% amid a slower fiber rollout. BCE plans to boost fiber penetration in eastern Canada via bundling and a targeted resale push in the west. Rising digital engagement and contributions from Ateko and AI solutions should yield steadier growth as these platforms scale up. Overall, decent results in our view.