QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR THIRD QUARTER 2025

Executive Summary

• Quebecor reported Q3 2025 consolidated revenue of C$1.41 billion, up 1.1% YoY, and adjusted EBITDA of C$628.1 million, a 5.7% increase.
• Net income attributable to shareholders rose 24.9% YoY to C$236.1 million ($1.03 per basic share); adjusted net income increased 25.7% to C$241.6 million ($1.05 per basic share).
• Consolidated net‑debt leverage ratio improved to 3.03×, the lowest among Canada’s major telecoms; cash flow from operations reached C$581.8 million.

Key Details

• Revenue: C$1,405.5 M (Q3) vs. C$1,389.7 M (Q3 2024).
• Telecommunications: C$1,216.2 M (+1.1%).
• Media: C$152.1 M (‑1.9%).
• Sports & Entertainment: C$68.3 M (+6.7%).
• Adjusted EBITDA: C$628.1 M (up C$34.0 M YoY).
• Telecom: C$602.5 M (+2.8%).
• Media: C$23.4 M (+59.2%).
• Sports & Entertainment: C$15.0 M (+28.2%).
• Net Income (shareholder‑attributable): C$236.1 M, $1.03/share (up C$47.1 M YoY).
• Adjusted Net Income: C$241.6 M, $1.05/share (up C$49.4 M YoY).
• Cash Flow: Operating cash flow C$581.8 M (+C$35.6 M YoY); adjusted cash flow from operations C$462.4 M.
• Capital Expenditures: C$165.7 M (Telecom C$162.1 M).
• Debt & Leverage: Total long‑term debt C$7,117.9 M; net‑debt leverage ratio 3.03× vs. 3.31× prior year.
• Share Repurchases: 3.74 M Class B shares repurchased for $140.0 M in first nine months of 2025.
• Dividend: Quarterly dividend declared at $0.35 per share, payable Dec 16 2025.
• Financing Activity: Pricing of $800 M aggregate principal amount of 3.950% Senior Notes due Oct 15 2032 (closing expected ~Nov 20 2025); proceeds to redeem US$600 M senior notes due Apr 15 2027 and settle related hedging contracts.
• Operational Highlights:
• Mobile connections up 113,800 (+2.7%); Internet subscriptions up 10,500 (+0.6%).
• Helix Internet/TV services expanded to >180,000 additional households in Québec regions.
• Wireless coverage extended in Haute‑Mauricie (≈10,000 new residents) and Freedom Mobile service area added in Chatham‑Kent, Ontario.
• Management Comment: CEO Pierre Karl Péladeau highlighted a 18.7% increase in free cash flow from operations, continued debt reduction (>C$300 M Q3, ≈C$700 M YoY), and the lowest leverage among peers.

Notable Quotes

“Quebecor continues to demonstrate strong financial performance… we were able to reduce our consolidated net debt by more than $300 million in the third quarter of 2025 and nearly $700 million over the past 12 months.” – Pierre Karl Péladeau, President & CEO.