Quebecor inc. reports consolidated results for fourth quarter and full year 2025

Executive Summary

• Quebecor reported a strong 2025 performance: free cash flow of $1.43 bn (+27.3% YoY), revenues of $5.68 bn (+0.7%), adjusted EBITDA of $2.39 bn (+1.1%) and net income attributable to shareholders of $856 m (+14.5%).
• Mobile telephony saw the biggest growth driver, adding 311 k new connections (‑+7.6% YoY) and a 6.7% revenue increase; overall RGUs rose 2.8%.
• The corporation increased its quarterly dividend to $0.40 per share (+14.3%) and reduced net debt leverage to 2.95×, the lowest among Canada’s major telecoms.

Key Details

• Financial Highlights – Full Year 2025
• Free cash flow: $1.43 bn, up $305.4 m (27.3%).
• Revenues: $5.68 bn, up $36.9 m (0.7%).
• Adjusted EBITDA: $2.39 bn, up $25.7 m (1.1%); excluding stock‑based compensation (+$110.8 m) and retroactive carriage‑fee agreements (+$26.2 m), adjusted EBITDA rose $110.3 m (4.7%).
• Net income attributable to shareholders: $856.0 m ($3.73 per basic share), up $108.5 m (14.5%).
• Adjusted net income: $879.7 m ($3.83 per basic share), up $132.7 m (17.8%).

• Consolidated net‑debt leverage ratio: 2.95×, down from 3.31× in 2024.

• Segment Performance – Full Year

• Telecommunications: Adjusted EBITDA +$47.8 m (2.0%); revenues +$12.4 m (0.3%). Mobile telephony revenue up $112.2 m (6.7%). Added 311 k mobile connections, 7.5 k Internet subscriptions, 214 k RGUs.
• Media: Adjusted EBITDA +$36.2 m, driven by $26.2 m retroactive carriage‑fee impact.

• Sports & Entertainment: Adjusted EBITDA –$2.7 m (slight decline).

• Quarterly Highlights – Q4 2025

• Revenues: $1.55 bn, up $47.3 m (3.2%).
• Free cash flow: $369.1 m, up $66.2 m (21.9%).
• Adjusted EBITDA: $610.4 m, up $21.4 m (3.6%); excluding stock‑based compensation (+$66.8 m) and retroactive carriage‑fee impact (+$43.9 m), adjusted EBITDA rose $44.3 m (7.6%).
• Telecommunications segment: Adjusted EBITDA +$23.9 m (4.2%); revenues +$18.9 m (1.5%) with mobile telephony revenue up $39.9 m (9.5%). Added 73.9 k mobile connections, 3.7 k Internet subscriptions, 55.1 k RGUs.
• Mobile ARPU: $35.23 (up $0.48 YoY).

• Net income attributable to shareholders: $211.5 m ($0.93 per basic share), up $33.8 m (19%).

• Dividend & Shareholder Returns

• Quarterly dividend increased 14.3% to $0.40 per share for Class A and Class B shares (Board decision on Feb 25 2026).

• Repurchased 5.32 m Class B shares for $217.8 m in 2025; authorized normal‑course issuer bid for up to 1 m Class A and 5 m Class B shares (effective Aug 15 2025 – Aug 14 2026).

• Financing Activity Highlights

• Videotron issued $800 m senior notes at 3.95% (Nov 20 2025) and used proceeds plus cash to redeem $600 m of 5.125% senior notes and unwind related hedges ($815.5 m total cash outlay).

• Multiple amendments to Videotron’s revolving credit facilities in 2025, expanding tranches to US$250 m each and extending maturities to Jan 2031/2037 with conversion options.

• Operational & Market Updates

• Expansion of Helix‑based Internet/TV services to >180 k households; wireless coverage extensions in Haute‑Mauricie (+10 k residents) and Témiscamingue.
• GIGA Internet rollout added >350 k households across several Québec regions.
• Freedom Mobile’s 3800 MHz 5G+ spectrum rollout in ON, AB, BC; $35 m invested in Manitoba network build‑out (2026 plan).

• Fizz launched “Fizz TV” (all‑digital) and expanded 5G plans to four provinces (Dec 2025).

• Strategic Outlook

• Management expects continued cash‑flow generation, further debt reduction, and incremental dividend growth.
• Ongoing investments in spectrum, network capacity and service expansion aimed at maintaining market‑share leadership across Canada.

Notable Quotes

“Guided by clear strategic priorities and rigorous execution, Quebecor continued to improve its financial and operational performance in 2025, reinforcing our position as Canada’s fourth major telecommunications provider.” – Pierre Karl Péladeau, President & CEO.