SEDAR Interim Financial Statements

Condensed consolidated financial statements of QUEBECOR INC. Three-month and nine-month periods ended September 30, 2025 and 2024 QUEBECOR INC. CONSOLIDATED STATEMENTS OF INCOME (in millions of Canadian dollars, except for earnings per share data) (unaudited) Note Revenues 2 $ 1,405.5 $ 1,389.7 $ 4,129.0 $ 4,139.4 Employee costs 3 180.2 195.1 573.9 571.5 Purchase of goods and services 3 597.2 600.5 1,772.3 1,789.4 Depreciation and amortization 213.6 232.9 642.7 706.7 Financial expenses 4 85.0 100.6 263.5 317.6 Restructuring, impairment of assets and other 5 8.0 5.1 18.7 14.3 Gain on valuation and translation of financial instruments - - - (15.5) Income before income taxes 321.5 255.5 857.9 755.4 Income taxes (recovery): Current 57.0 55.3 215.3 202.1 Deferred 25.8 10.3 3.4 (10.8) 82.8 65.6 218.7 191.3 Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1 Net income (loss) attributable to Shareholders $ 236.1 $ 189.0 $ 644.5 $ 569.8 Non-controlling interests 2.6 0.9 (5.3) (5.7) Earnings per share attributable to shareholders Basic $ 1.03 $ 0.81 $ 2.80 $ 2.46 Diluted 1.02 0.81 2.78 2.46 Weighted average number of shares outstanding (in millions) 229.3 234.3 230.2 231.9 Weighted average number of diluted shares (in millions) 231.2 234.7 232.1 232.3 2025 2025 2024 See accompanying notes to condensed consolidated financial statements. September 30 Three months ended Nine months ended 2024 September 30 1 QUEBECOR INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions of Canadian dollars) (unaudited) Note Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1 Other comprehensive (loss) income: 12 Items that may be reclassified to income: Gain (loss) on valuation of derivative financial instruments 0.9 (15.2) 46.9 (21.0) Deferred income taxes (1.5) 4.7 (4.0) 4.6 (0.3) (0.7) (3.4) (2.6) Items that will not be reclassified to income: Defined benefit plans: Re-measurement (loss) gain - (5.7) - 58.0 Deferred income taxes - 1.5 - (15.2) (Loss) gain on revaluation of equity investments (6.9) (3.8) 15.1 (0.1) Deferred income taxes 0.9 0.5 (2.0) - (6.9) (18.7) 52.6 23.7 Comprehensive income $ 231.8 $ 171.2 $ 691.8 $ 587.8 Comprehensive income (loss) attributable to Shareholders $ 229.2 $ 169.9 $ 697.1 $ 589.3 Non-controlling interests 2.6 1.3 (5.3) (1.5) 2024 September 30 Equity investments: 2025 Loss on translation of investments in foreign associates See accompanying notes to condensed consolidated financial statements. 2024 Cash flow hedges: Three months ended Nine months ended September 30 2025 2 QUEBECOR INC. SEGMENTED INFORMATION (in millions of Canadian dollars) (unaudited) Sports Head and office Telecommuni- Enter- and Inter- cations Media tainment segments Total Revenues $ 1,216.2 $ 152.1 $ 68.3 $ (31.1) $ 1,405.5 Employee costs 111.6 38.1 12.5 18.0 180.2 Purchase of goods and services 502.1 90.6 40.8 (36.3) 597.2 Adjusted EBITDA1 602.5 23.4 15.0 (12.8) 628.1 Depreciation and amortization 213.6 Financial expenses 85.0 Restructuring, impairment of assets and other 8.0 Income before income taxes $ 321.5 Cash flows used for capital expenditures $ 131.7 $ 5.2 $ 1.2 $ 0.2 $ 138.3 Sports Head and office Telecommuni- Enter- and Inter- cations Media tainment segments Total Revenues $ 1,203.2 $ 155.1 $ 64.0 $ (32.6) $ 1,389.7 Employee costs 121.3 42.2 12.1 19.5 195.1 Purchase of goods and services 496.0 98.2 40.2 (33.9) 600.5 Adjusted EBITDA1 585.9 14.7 11.7 (18.2) 594.1 Depreciation and amortization 232.9 Financial expenses 100.6 Restructuring, impairment of asset --- s and other 5.1 Income before income taxes $ 255.5 Cash flows used for capital expenditures $ 161.7 $ 8.7 $ 1.5 $ 0.3 $ 172.2 Three months ended September 30, 2024 Three months ended September 30, 2025 3 QUEBECOR INC. SEGMENTED INFORMATION (continued) (in millions of Canadian dollars) (unaudited) Sports Head and office Telecommuni- Enter- and Inter- cations Media tainment segments Total Revenues $ 3,563.1 $ 491.1 $ 169.5 $ (94.7) $ 4,129.0 Employee costs 349.4 128.4 38.6 57.5 573.9 Purchase of goods and services 1,420.3 348.6 107.7 (104.3) 1,772.3 Adjusted EBITDA1 1,793.4 14.1 23.2 (47.9) 1,782.8 Depreciation and amortization 642.7 Financial expenses 263.5 Restructuring, impairment of assets and other 18.7 Income before income taxes $ 857.9 Cash flows used for capital expenditures $ 467.2 $ 13.3 $ 3.8 $ 0.2 $ 484.5 Sports Head and office Telecommuni- Enter- and Inter- cations Media tainment segments Total Revenues $ 3,569.6 $ 508.3 $ 156.1 $ (94.6) $ 4,139.4 Employee costs 366.7 134.7 34.3 35.8 571.5 Purchase of goods and services 1,433.4 356.7 105.2 (105.9) 1,789.4 Adjusted EBITDA1 1,769.5 16.9 16.6 (24.5) 1,778.5 Depreciation and amortization 706.7 Financial expenses 317.6 Restructuring, impairment of assets and other 14.3 Gain on valuation and translation of financial instruments (15.5) Income before income taxes $ 755.4 Cash flows used for capital expenditures $ 482.7 $ 21.7 $ 4.8 $ 0.5 $ 509.7 Acquisition of spectrum licences 298.9 - - - 298.9 1 See accompanying notes to condensed consolidated financial statements. Nine months ended September 30, 2025 Nine months ended September 30, 2024 The Chief Executive Officer uses adjusted EBITDA as the measure of profit to assess the performance of each segment. Adjusted EBITDA is a non-IFRS measure and is defined as net income before depreciation and amortization, financial expenses, restructuring, impairment of assets and other, gain on valuation and translation of financial instruments and income taxes. 4 QUEBECOR INC. (in millions of Canadian dollars) (unaudited) Equity Accumulated attributable other com- to non- Capital Contributed Retained prehensive controlling Total stock earnings income (loss) interests equity (note 10) (note 12) Balance as of December 31, 2023 $ 914.6 $ 17.4 $ 789.1 $ 5.8 $ 110.8 $ 1,837.7 Net income (loss) - - 569.8 - (5.7) 564.1 Other comprehensive income - - - 19.5 4.2 23.7 Dividends - - (226.0) - (0.2) (226.2) Repurchase of Class B Shares (14.0) - (54.8) - - (68.8) Issuance of Class B Shares 150.0 - - - - 150.0 Balance as of September 30, 2024 1,050.6 17.4 1,078.1 25.3 109.1 2,280.5 Net income (loss) - - 177.7 - (0.3) 177.4 Other comprehensive loss - - - (70.3) (1.3) (71.6) Dividends - - (75.7) - - (75.7) Repurchase of Class B Shares (9.4) - (36.5) - - (45.9) Balance as of December 31, 2024 1,041.2 17.4 1,143.6 (45.0) 107.5 2,264.7 Net income (loss) - - 644.5 - (5.3) 639.2 Other comprehensive income - - - 52.6 - 52.6 Dividends - - (241.5) - (0.4) (241.9) Repurchase of Class B Shares (24.6) - (115.4) - - (140.0) Issuance of Class B Shares 6.6 2.2 - - - 8.8 Balance as of September 30, 2025 $ 1,023.2 $ 19.6 $ 1,431.2 $ 7.6 $ 101.8 $ 2,583.4 CONSOLIDATED STATEMENTS OF EQUITY surplus Equity attributable to shareholders See accompanying notes to condensed consolidated financial statements 5 QUEBECOR INC. (in millions of Canadian dollars) (unaudited) Note Cash flows related to operating activities Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1 Adjustments for: Depreciatio --- n of property, plant and equipment 127.9 139.4 381.4 423.3 Amortization of intangible assets 52.3 62.1 164.0 190.1 Depreciation of right-of-use assets 33.4 31.4 97.3 93.3 Gain on valuation and translation of financial instruments - - - (15.5) Impairment of assets 3.6 1.4 5.1 11.8 Amortization of financing costs 4 2.1 2.4 6.8 7.1 Share of results in associates (0.1) (0.7) (8.7) (8.5) Deferred income taxes 25.8 10.3 3.4 (10.8) Other 0.5 (0.6) (1.5) (0.6) 484.2 435.6 1,287.0 1,254.3 Net change in non-cash balances related to operating activities 97.6 110.6 253.0 72.3 Cash flows provided by operating activities 581.8 546.2 1,540.0 1,326.6 Cash flows related to investing activities Capital expenditures 14 (138.3) (172.2) (484.5) (509.7) Deferred subsidies (used) received to finance capital expenditures 6 (4.6) - 10.3 37.0 Acquisition of spectrum licences 7 - - - (298.9) Business acquisition - - - (7.0) Proceeds from disposals of assets 0.4 - 1.1 0.5 Acquisitions of investments and other 0.8 (17.6) 2.0 (33.0) Cash flows used in investing activities (141.7) (189.8) (471.1) (811.1) Cash flows related to financing activities Net change in bank indebtedness (3.4) 3.6 (6.7) 3.0 Net change under revolving facilities, net of financing costs (59.4) (163.6) - (380.8) Issuance of long-term debt, net of financing costs 8 - - - 992.6 Repayment of long-term debt 8 - - (400.0) (825.3) Settlement of hedging contracts 8 - - - 163.0 Repayment of lease liabilities (33.3) (32.8) (93.5) (92.7) Issuance of Class B Shares 10 5.3 - 6.6 - Repurchase of Class B Shares 10 (49.3) (41.1) (140.0) (68.8) Dividends (80.7) (76.2) (241.9) (226.2) Cash flows used in financing activities (220.8) (310.1) (875.5) (435.2) Net change in cash, cash equivalents and restricted cash 219.3 46.3 193.4 80.3 Cash, cash equivalents and restricted cash at beginning of period 70.1 45.1 96.0 11.1 Cash, cash equivalents and restricted cash at end of period 14 $ 289.4 $ 91.4 $ 289.4 $ 91.4 See accompanying notes to condensed consolidated financial statements. 2024 CONSOLIDATED STATEMENTS OF CASH FLOWS September 30 2025 Three months ended September 30 Nine months ended 2024 2025 6 QUEBECOR INC. (in millions of Canadian dollars) (unaudited) September 30 December 31 Note Assets Current assets Cash and cash equivalents $ 244.9 $ 61.8 Restricted cash 6 44.5 34.2 Accounts receivable 1,076.6 1,208.9 Contract assets 107.3 139.6 Income taxes 26.6 32.6 Inventories 400.5 440.1 Other current assets 180.2 185.1 2,080.6 2,102.3 Non-current assets Property, plant and equipment 3,270.9 3,302.7 Intangible assets 3,443.1 3,486.9 Right-of-use assets 362.4 376.7 Goodwill 2,713.4 2,713.4 Derivative financial instruments 97.1 148.4 Deferred income taxes 39.7 24.7 Other assets 784.7 843.6 10,711.3 10,896.4 Total assets $ 12,791.9 $ 12,998.7 Liabilities and equity Current liabilities Bank indebtedness $ - $ 6.7 Accounts payable, accrued charges and provisions 1,048.9 1,167.0 Deferred revenue 381.5 376.7 Deferred subsidies 6 44.5 34.2 Income taxes 77.8 46.5 Current portion of long-term debt 8 707.1 400.0 Current portion of lease liabilities 108.6 107.2 2,368.4 2,138.3 Non-current liabilities Long-term debt 8 6,379.9 7,182.2 Lease liabilities 290.0 302.5 Derivative financial instruments 10.9 7.2 Deferred income taxes 839.6 814.7 Other liabilities 319.7 289.1 7,840.1 8,595.7 Equity Capital stock 10 1,023.2 1,041.2 Contributed surplus 19.6 17.4 Retained earnings 1,431.2 1,143.6 Accumulated other comprehensive income (loss --- ) 12 7.6 (45.0) Equity attributable to shareholders 2,481.6 2,157.2 Non-controlling interests 101.8 107.5 2,583.4 2,264.7 Subsequent event 15 Total liabilities and equity $ 12,791.9 $ 12,998.7 See accompanying notes to condensed consolidated financial statements. CONSOLIDATED BALANCE SHEETS 2025 2024 7 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) Quebecor Inc. (“Quebecor” or the “Corporation”) is incorporated under the laws of Québec. The Corporation’s head office and registered office is located at 612 rue Saint-Jacques, Montréal, Québec, Canada. Quebecor is a holding corporation with a 100% interest in Quebecor Media Inc. (“Quebecor Media”). Unless the context otherwise requires, Quebecor or the Corporation refers to Quebecor Inc. and its subsidiaries, and Quebecor Media refers to Quebecor Media Inc. and its subsidiaries. The Corporation operates, through its subsidiaries, in the following industry segments: Telecommunications, Media, and Sports and Entertainment. The Telecommunications segment offers Internet access, television distribution, mobile and wireline telephony, business solutions and over-the-top (OTT) video services in Canada. The operations of the Media segment in Québec include the operation of an over-the-air television network and specialty television services, the operation of soundstage and equipment rental and postproduction services for the film and television industries, the printing, publishing and distribution of daily newspapers, the operation of news and entertainment digital platforms, the publishing and distribution of magazines, the production and distribution of audiovisual content, and the operation of an out-of-home advertising business. The activities of the Sports and Entertainment segment in Québec encompass the operation and management of the Videotron Centre in Québec City, show production, sporting and cultural event management, the publishing and distribution of books, the production of music, and the operation of a Quebec Maritimes Junior Hockey League team. The Media segment experiences significant seasonality due, among other factors, to seasonal advertising patterns and influences on people’s viewing, reading and listening habits. Given that the Media segment depends on advertising sales for a significant portion of its revenue, operating results are also sensitive to prevailing economic conditions, as they may affect the advertising expenditures of corporations. Accordingly, the interim-period results of operations for the Media segment should not necessarily be considered indicative of its full-year results due to the seasonality of certain of its operations. 1. BASIS OF PRESENTATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (IASB). However, they do not include all disclosures required under IFRS for annual consolidated financial statements. In particular, these consolidated financial statements were prepared in accordance with IAS 34, Interim Financial Reporting, and, accordingly, they are condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the Corporation’s 2024 annua --- l consolidated financial statements, which contain a description of the material accounting policies used in the preparation of these condensed consolidated financial statements. These condensed consolidated financial statements were approved for issue by the Board of Directors of Quebecor on November 5, 2025. Comparative figures for previous periods have been restated to conform to the presentation adopted for the three-month and nine-month periods ended September 30, 2025. 8 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 2. REVENUES Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Telecommunications: Mobile telephony $ 449.1 $ 422.0 $ 1,313.7 $ 1,241.4 Internet 311.1 307.8 934.9 944.0 Television 185.7 191.8 563.4 586.9 Wireline telephony 57.0 61.4 175.5 188.9 Mobile equipment sales 168.3 177.1 445.6 456.0 Other 45.0 43.1 130.0 152.4 Media: Advertising 56.9 60.3 213.8 213.5 Subscription 47.9 45.5 138.1 146.4 Other 47.3 49.3 139.2 148.4 Sports and Entertainment 68.3 64.0 169.5 156.1 Inter-segments (31.1) (32.6) (94.7) (94.6) $ 1,405.5 $ 1,389.7 $ 4,129.0 $ 4,139.4 3. EMPLOYEE COSTS AND PURCHASE OF GOODS AND SERVICES Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Employee costs $ 234.6 $ 235.5 $ 742.3 $ 703.3 Less employee costs capitalized to property, plant and equipment and to intangible assets (54.4) (40.4) (168.4) (131.8) 180.2 195.1 573.9 571.5 Purchase of goods and services: Cost of products sold 241.7 222.8 645.2 634.9 Royalties, rights and creation costs 131.9 165.2 497.9 532.5 Service contracts 52.8 39.4 133.1 110.5 Marketing, circulation and distribution expenses 32.8 31.4 84.6 86.4 Other 138.0 141.7 411.5 425.1 597.2 600.5 1,772.3 1,789.4 $ 777.4 $ 795.6 $ 2,346.2 $ 2,360.9 9 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 4. FINANCIAL EXPENSES Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Interest on long-term debt and on debentures $ 76.0 $ 91.9 $ 240.9 $ 287.3 Amortization of financing costs 2.1 2.4 6.8 7.1 Interest on lease liabilities 5.3 5.5 16.4 15.7 Loss (gain) on foreign currency translation on short-term monetary items 0.9 (0.3) (1.3) 1.8 Other 0.7 1.1 0.7 5.7 $ 85.0 $ 100.6 $ 263.5 $ 317.6 5. RESTRUCTURING, IMPAIRMENT OF ASSETS AND OTHER Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Restructuring1 $ 4.8 $ 2.3 $ 15.4 $ 7.9 Impairment of assets2 3.6 1.4 5.1 11.8 Share of results in associates (0.1) (0.7) (8.7) (8.5) Other3 (0.3) 2.1 6.9 3.1 $ 8.0 $ 5.1 $ 18.7 $ 14.3 1 Includes workforce reduction costs, mainly in the Media segment, and various other cost reduction initiatives, mainly in the Telecommunications segment. 2 Includes mainly charges of impairment of assets in connection with initiatives to integrate the Freedom business into the Telecommunications segment. Also includes in 2024 a goodwill impairment charge of $7.8 million in the Media segment that resulted from an impairment test performed on the production and distribution cash-generating unit d --- ue to the competitive industry environment and the slowdown in the volume of its activities. 3 Includes mainly the retroactive costs relating to an appeal court decision made in the second quarter of 2025 on tariffs for the retransmission of distant television signals in the Telecommunications segment and other items. 6. RESTRICTED CASH AND DEFERRED SUBSIDIES As part of the government’s initiative to improve wireless coverage in outlying regions of Québec, Videotron Ltd. (“Videotron”) received an advance payment of $18.3 million in 2025 ($37.0 million in 2024) for the construction of new cell towers in certain regions. The unused balance of subsidies received in advance is presented as restricted cash and as deferred subsidies on the consolidated balance sheets ($44.5 million as of September 30, 2025 and $34.2 million as of December 31, 2024). 10 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 7. SPECTRUM LICENCES On May 29, 2024, Videotron acquired 305 blocks of spectrum in the 3800 MHz band across the country for a total price of $298.9 million (of which $59.8 million was paid in January 2024 and $239.1 million was paid in May 2024). Approximately 61% of the 305 blocks of wireless spectrum are located outside Québec, mainly in southern Ontario, Alberta and British Columbia. 8. LONG-TERM DEBT Components of long-term debt are as follows: September 30, 2025 December 31, 2024 Total long-term debt $ 7,117.9 $ 7,619.7 Financing costs, net of amortization (30.9) (37.5) 7,087.0 7,582.2 Less current portion (707.1) (400.0) $ 6,379.9 $ 7,182.2 As of September 30, 2025, the carrying value of long-term debt denominated in U.S. dollars, excluding financing costs, was $3,919.3 million ($4,021.2 million as of December 31, 2024) while the net fair value of related hedging derivative instruments was in an asset position of $94.9 million ($141.5 million as of December 31, 2024). 2025 On February 26, 2025, Videotron amended and restated its credit agreement to, among other things, amend its existing revolving credit facility by creating two tranches: (i) a first tranche in the amount of $250.0 million maturing in February 2030, and (ii) a second tranche in the amount of $250.0 million maturing in February 2026 and providing for a conversion option into a term facility maturing in February 2027. On May 27, 2025, each of the two tranches of the revolving credit facility were subsequently increased from $250.0 million to $400.0 million. On April 15, 2025, Quebecor Media terminated its $300.0 million secured revolving credit facility. On June 16, 2025, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of $400.0 million, bearing interest at 5.625%. 2024 On June 17, 2024, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of US$600.0 million, bearing interest at 5.375%, and unwound the related hedging contracts for a total cash consideration of $662.3 million. On June 21, 2024, Videotron issued $600.0 million aggregate principal amount of Senior Notes bearing interest at 4.650% and maturing on July 15, 2029, and $400.0 million aggregate principal amount of Senior Notes bearing interest at 5.000% and maturing on July 15, 2034, for total proceeds of $992.6 million, net of $7.4 million related to th --- e discount at issuance and financing costs. 11 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 9. CONVERTIBLE DEBENTURES On June 25, 2024, the Corporation redeemed all its outstanding 4.0% convertible debentures for a total aggregate principal amount of $150.0 million. Pursuant to the terms of the debentures, the Corporation elected to settle the redemption in shares and consequently issued and delivered 5,161,237 Class B Subordinate Voting Shares (“Class B Shares”) to the holders (note 10). 10. CAPITAL STOCK (a) Authorized capital stock An unlimited number of Class A Multiple Voting Shares (“Class A Shares”) with voting rights of 10 votes per share convertible at any time into Class B Shares on a one-for-one basis. An unlimited number of Class B Shares convertible into Class A Shares on a one-for-one basis, only if a takeover bid for Class A Shares is made to holders of Class A Shares without being made concurrently and under the same terms to holders of Class B Shares, for the sole purpose of allowing the holders of Class B Shares to accept the offer and subject to certain other stated conditions provided in the articles, including the acceptance of the offer by the majority holder. Holders of Class B Shares are entitled to elect 25% of the Board of Directors of Quebecor. Holders of Class A Shares may elect the other members of the Board of Directors. (b) Issued and outstanding capital stock Class A Shares Class B Shares Number Amount Number Amount Balance as of December 31, 2024 75,449,875 $ 8.4 156,767,860 $ 1,032.8 Class A Shares converted into Class B Shares (612,800) (0.1) 612,800 0.1 Shares purchased and cancelled – – (3,740,908) (24.6) Shares issued upon exercise of stock options – – 217,221 6.6 Balance as of September 30, 2025 74,837,075 $ 8.3 153,856,973 $ 1,014.9 12 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 10. CAPITAL STOCK (continued) (b) Issued and outstanding capital stock (continued) Repurchase of shares On August 6, 2025, the Corporation filed a normal course issuer bid for a maximum of 1,000,000 Class A Shares representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 5,000,000 Class B Shares representing approximately 3.2% of issued and outstanding Class B Shares as of August 1, 2025. The purchases can be made from August 15, 2025 to August 14, 2026, at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange or other alternative trading systems. All shares purchased under the bid will be cancelled. During the nine-month period ended September 30, 2025, the Corporation purchased and cancelled 3,740,908 Class B Shares for a total cash consideration of $140.0 million (2,200,000 Class B Shares for a total cash consideration of $68.8 million in 2024). The excess of $115.4 million of the purchase price over the carrying value of Class B Shares repurchased was recorded as a reduction of retained earnings ($54.8 million in 2024). Issuance of shares During the nine-month period ended September 30, 2025, 217,221 Class B Shares --- were issued upon the exercise of stock options for a cash consideration of $6.6 million. As a result of this transaction, contributed surplus was increased by $2.2 million and stock-based compensation liability was reduced by the same amount. During the nine-month period ended September 30, 2024, 5,161,237 Class B Shares were issued upon redemption of convertible debentures (note 9). Dividends On November 5, 2025, the Corporation declared a dividend of $0.35 per share on Class A Shares and Class B Shares, or approximately $80.0 million, payable on December 16, 2025, to shareholders of record at the close of business on November 21, 2025. 13 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 11. STOCK-BASED COMPENSATION PLANS The following table provides details of changes to outstanding options in the principal stock-based compensation plans in which management of the Corporation and its subsidiaries participate, for the nine-month period ended September 30, 2025: Outstanding options Number Weighted average exercise price Quebecor As of December 31, 2024 12,451,061 $ 30.65 Granted 3,950,000 43.58 Exercised (1,732,209) 30.94 Cancelled (288,994) 31.03 As of September 30, 2025 14,379,858 $ 34.16 Vested options as of September 30, 2025 1,351,804 $ 31.81 TVA Group Inc. As of December 31, 2024 685,774 $ 1.96 Granted 205,000 0.67 Cancelled (65,324) 1.83 Expired (25,000) 6.85 As of September 30, 2025 800,450 $ 1.49 Vested options as of September 30, 2025 200,648 $ 1.94 During the three-month period ended September 30, 2025, 168,777 Class B Shares of Quebecor were issued upon the exercise of stock options (none in 2024) and 412,849 stock options of Quebecor were exercised for a cash consideration of $4.7 million (134,420 stock options for a cash consideration of $0.6 million in 2024). During the nine-month period ended September 30, 2025, 217,221 Class B Shares of Quebecor were issued upon the exercise of stock options (note 10) (none in 2024) and 1,514,988 stock options of Quebecor were exercised for a cash consideration of $10.8 million (134,420 stock options for a cash consideration of $0.6 million in 2024). For the three-month period ended September 30, 2025, a $17.5 million charge was recorded related to all stock-based compensation plans ($20.2 million in 2024). For the nine-month period ended September 30, 2025, a $60.8 million charge was recorded related to all stock-based compensation plans ($16.8 million in 2024). 14 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 12. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS Cash flow hedges1 Translation of investments in foreign associates Defined benefit plans Equity investments Total Balance as of December 31, 2023 $ (20.5) $ (34.7) $ 72.4 $ (11.4) $ 5.8 Other comprehensive (loss) income (16.4) (2.6) 38.6 (0.1) 19.5 Balance as of September 30, 2024 (36.9) (37.3) 111.0 (11.5) 25.3 Other comprehensive (loss) income (55.4) 0.7 (13.3) (2.3) (70.3) Balance as of December 31, 2024 (92.3) (36.6) 97.7 (13.8) (45.0) Other comprehensive income (loss) 42.9 (3.4) --- – 13.1 52.6 Balance as of September 30, 2025 $ (49.4) $ (40.0) $ 97.7 $ (0.7) $ 7.6 1 No significant amount is expected to be reclassified in income over the next 12 months in connection with derivatives designated as cash flow hedges. The balance is expected to reverse over a 9¼-year period. 13. FAIR VALUE OF FINANCIAL INSTRUMENTS In accordance with IFRS 13, Fair Value Measurement, the Corporation considers the following fair value hierarchy, which reflects the significance of the inputs used in measuring its financial instruments: ? Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; ? Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and ? Level 3: inputs that are not based on observable market data (unobservable inputs). The fair value of long-term debt is estimated based on quoted market prices when available or on valuation models using Level 1 and Level 2 inputs. When the Corporation uses valuation models, the fair value is estimated based on discounted cash flows using period-end market yields or the market value of similar instruments with the same maturity. The fair value of derivative financial instruments recognized on the consolidated balance sheets is estimated as per the Corporation’s valuation models. These models project future cash flows and discount the future amounts to a present value using the contractual terms of the derivative financial instrument and factors observable in external market data, such as period-end swap rates and foreign exchange rates (Level 2 inputs). An adjustment is also included to reflect non-performance risk, impacted by the financial and economic environment prevailing at the date of the valuation, in the recognized measure of the fair value of the derivative financial instruments by applying a credit default premium, estimated using a combination of observable and unobservable inputs in the market (Level 3 inputs), to the net exposure of the counterparty or the Corporation. Derivative financial instruments are classified as Level 2. 15 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 13. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) The carrying value and fair value of long-term debt and derivative financial instruments as of September 30, 2025 and December 31, 2024 are as follows: September 30, 2025 December 31, 2024 Asset (liability) Carrying value Fair value Carrying value Fair value Long-term debt1 $ (7,117.9) $ (7,156.2) $ (7,619.7) $ (7,540.0) Derivative financial instruments Foreign exchange forward contracts (0.2) (0.2) 6.9 6.9 Interest rate swaps (8.5) (8.5) (7.2) (7.2) Cross-currency swaps 94.9 94.9 141.5 141.5 1 The carrying value of long-term debt excludes financing costs. 14. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Cash flows used for capital expenditures Additions to property, plant and equipment $ 111.3 $ 131.7 $ 380.6 $ 385.2 Additions to intangible assets (excluding acquisitions of spectrum licences) 27.0 40.5 103.9 124.5 138.3 172.2 484.5 509.7 Cash, cash equivalents and restricted --- cash consist of Cash and cash equivalents $ 244.9 $ 54.4 $ 244.9 $ 54.4 Restricted cash 44.5 37.0 44.5 37.0 289.4 91.4 289.4 91.4 Interest and income taxes reflected as operating activities Cash interest payments $ 79.5 $ 58.8 $ 249.4 $ 265.6 Cash income tax payments (net of refunds) 70.3 71.8 180.7 187.9 In the respective three-month and nine-month periods ended September 30, 2025, deferred subsidies of $4.6 million and $8.0 million (none in 2024) related to the roll-out of telecommunications services in various regions of Québec, have been used and are presented as a reduction of the related additions to plant, property and equipment. 16 QUEBECOR INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) For the three-month and nine-month periods ended September 30, 2025 and 2024 (tabular amounts in millions of Canadian dollars, except for per share data and option data) (unaudited) 15. SUBSEQUENT EVENT On October 21, 2025, Videotron announced the pricing of its $800.0 million aggregate principal amount of 3.950% Senior Notes due October 15, 2032. The closing of the offering is expected on or about November 20, 2025, subject to customary closing conditions. Videotron intends to use the net proceeds of this offering, together with cash on hand, to fund the conditional redemption of all of its US$600.0 million aggregate principal amount of 5.125% Senior Notes due April 15, 2027, and the settlement of the related hedging contracts. 17