BCE Inc. BCE has drawn a new playbook for investors after years of bruising declines, announcing a sweeping C$1.5 billion cost-cutting plan and a bold push into new broadband markets across western Canada and the United States. Management laid out a path to lift free cash flow by roughly 7% a year between 2025 and 2028 and to expand revenue by as much as 4% annually over that period. RBC Capital Markets analysts described the company’s new growth roadmap as achievable, pointing to signs of a credible return to form. Still, investors hesitated. BCE shares slipped 2.2% to C$32.73 in Toronto trading and are down more than 28% over the past yeara reminder of how long the road to recovery could be.

The growth plan centers on an expansion westward, where BCE plans to launch home-internet services in British Columbia and Alberta in the coming weeks, stepping into territory long dominated by Telus and Rogers. A recent regulatory ruling requiring large telecom firms to lease their broadband networks to competitors has opened the door for BCE to enter cities like Calgary and Vancouver with minimal new infrastructure costs. The company is also scaling up in the U.S. through its acquisition of Northwest Fiber LLC, better known as Ziply Fiber, and a joint venture with the Public Sector Pension Investment Board to expand fiber infrastructure. Ziply aims to double its reach to about 3 million locations by 2028a key plank in BCE’s North American growth narrative.

The overhaul comes after a bruising three-year stretch that saw BCE’s stock drop more than 40% and its once-reliable dividend model buckle under pressure. CEO Mirko Bibic told investors the May dividend cut56%was a necessary reset for the balance sheet. BCE now expects to pay out C$5 billion in dividends through 2028, signaling that income remains part of its investor promise, just with tighter discipline. The message from management is one of controlled ambition: a leaner, more focused BCE betting that cost efficiency, cross-border fiber growth, and a restructured capital base could restore investor confidence over the next cycle.