Montréal, Québec – Quebecor Inc. (“Quebecor” or “the Corporation”) today reported its consolidated financial results for the first quarter of 2026.
 

First quarter 2026 highlights and recent developments

• Quebecor recorded first‑quarter 2026 revenues of $1.40 billion, up $52.1 million (3.9%), adjusted cash flows from operations of $443.7 million, up $40.4 million (10.0%), and adjusted EBITDA of $576.6 million, up $27.0 million (4.9%) compared with the same quarter of 2025, or up $74.3 million (13.1%) excluding the $47.3 million unfavourable impact of the stock‑based compensation charge.

• The Telecommunications segment posted increases of $50.1 million (11.4%) in adjusted cash flows from operations, $38.2 million (6.6%) in adjusted EBITDA and $56.8 million (4.9%) in revenues, including a $37.6 million (8.8%) increase in mobile telephony service revenues and $10.1 million (3.2%) in Internet access service revenues. Average monthly mobile revenue per unit (“Mobile ARPU”) rose by 1.4%, the second consecutive quarterly increase.

• There were net increases of 28,800 (0.7%) connections to the mobile telephony service and 13,900 (0.2%) total revenue‑generating units (“RGUs”) in the Telecommunications segment.

• Quebecor’s net income attributable to shareholders: $225.4 million ($1.00 per basic share), an increase of $34.7 million ($0.18 per basic share) or 18.2%.

• Adjusted net income: $219.5 million ($0.97 per basic share), an increase of $34.4 million ($0.17 per basic share) or 18.6%.

• The consolidated net debt leverage ratio decreased to 2.86x, still the lowest among Canada’s major telecommunications providers.

• On April 15, 2026, Videotron Ltd. (“Videotron”) was rated the most respected telecommunications provider in Québec in Léger’s 2026 Reputation survey for the 20th time since 2006, an achievement unequalled in the industry. It reflects the bond of trust Videotron has built over more than 20 years with millions of customers across Québec.

• On April 10, 2026, Videotron launched a new 2 GIGA residential Internet plan designed to meet the needs of connected households, with download speeds of up to 2,000 Mbps and upload speeds of up to 200 Mbps. 2 GIGA Internet is now available in parts of Montréal, Laval and Québec City. It will be gradually rolled out across the network.   

• On February 24, 2026, Freedom Mobile (“Freedom”) launched the Total Freedom family of plans, which provide nationwide coverage in Canada and roaming in over 120 international destinations at no extra charge. These plans include 5G+ access, international roaming and the Price Freeze Promise, delivering a seamless, worry‑free experience for customers at home and abroad.

• On April 1, 2026, Videotron established a commercial paper program in the United States, by way of private placement, under which it may issue unsecured senior notes up to US$1.0 billion, further optimizing the cost of its debt and diversifying its sources of financing.

Comments by Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor
 

Quebecor started 2026 with a strong financial performance, reporting first‑quarter increases of 18.6% in adjusted net income, 10.0% in adjusted cash flows from operations, 3.9% in revenues and 4.9% in adjusted EBITDA. Excluding the unfavourable impact of higher stock‑based compensation charges, the increase in adjusted EBITDA was 13.1%.

Reflecting the rigor of our management and our operational discipline, these solid results, combined with the strength of our balance sheet, enabled us to reduce consolidated net debt by more than $120 million, after share repurchases of over $85 million, in the first quarter of 2026. We lowered our debt leverage ratio to 2.86x as of March 31, 2026—still the lowest in the industry—giving us unmatched financial flexibility among Canadian telecommunications companies to support growth.
 

The Telecommunications segment maintained its strong growth momentum, with increases of 11.4% in adjusted cash flows from operations, 6.6% in adjusted EBITDA or 9.2% excluding stock‑based compensation, 8.8% in wireless service revenues and 4.9% in total revenues. Our competitive offerings and ability to meet the needs of an increasingly diverse customer base resulted in an increase of 286,900 wireless lines or 6.9%, over the past 12 months, including 28,800 lines or 0.7%, in the first quarter of 2026—again the highest growth rates in the Canadian industry. Mobile ARPU rose 1.4% in the first quarter, while it continued to decline at all our major competitors, demonstrating disciplined execution of our strategy for profitable growth, supported by a powerful, reliable network and unrivalled customer experience.
 

Three years after the acquisition of Freedom in April 2023, this transaction is yielding tangible benefits. It has significantly contributed to transforming Canada’s telecom landscape and has positioned Quebecor as the fourth major national player. By offering consumers more choice and better value at competitive prices, our expanded presence has fostered real, sustainable competition in the Canadian market, lowering wireless service prices, in line with the commitments Quebecor made to Canadians and to Innovation, Science and Economic Development Canada. According to Statistics Canada, wireless service prices have fallen 31.6% since March 2023, just before the acquisition, while the Consumer Price Index has increased 7.8% over the same period. We are proud of the prominent position Freedom has carved out in Canada, fuelled by the trust of Canadians.
 

In line with our strategic priorities, we launched Total Freedom in February 2026, a new line of plans offering nationwide coverage as well as roaming in over 120 destinations at no extra charge. Videotron also launched its 2 GIGA residential Internet service in select urban markets in Québec, setting a new standard for connectivity. Meanwhile, Fizz introduced a 15‑day free trial in B.C., Alberta, Manitoba and Ontario—an industry first that lets consumers test the service before committing.
 

Videotron’s special relationship with its customers was recognized again in 2026. For the 20th time since 2006, Léger’s Reputation Survey ranked Videotron as the most respected telecommunications company in Québec. This achievement—unmatched in the industry—is a powerful testament to the enduring trust customers place in the company.
 

In the Media segment, TVA Group Inc. (“TVA Group”) is beginning to see tangible results from the sustained efforts made over several years to streamline its structures and optimize its operations in order to navigate the crisis in the media industry. In the first quarter of 2026, TVA Group reported negative adjusted EBITDA of $1.0 million, a $19.5 million favourable variance compared with the same quarter of 2025, due to these initiatives, the reversal of the digital services tax and higher carriage fees for TVA Sports and for its entertainment specialty channels.
 

While we are pleased with these results, we remain extremely cautious due to the deep, ongoing structural crisis in the media industry. The dominance of GAFAM over the advertising market, cord‑cutting, drastically reduced support from the Canada Media Fund, unfair competition from CBC / Radio‑Canada and the heavy regulatory burden imposed by the Canadian Radio-television and Telecommunications Commission (“CRTC”) continue to weaken private broadcasters. Facing these persistent challenges, a concerted effort by all stakeholders—governments, the CRTC, industry associations and unions—is needed to rebuild a viable model that reflects market realities and preserve our collective ability to produce and deliver news, entertainment and sports content to domestic audiences and support the ecosystem that depends on it.
 

TVA Group’s original productions continued to stand out in the first quarter of 2026. The daily series Indéfendable was the most‑watched drama in Québec, averaging nearly 1.3 million viewers, four nights a week, for a 37% market share. La Voix was also a resounding success, ranking as the top‑rated variety show with an average of nearly 1.3 million viewers and a 41% market share. Driven by these smash hits, TVA Group maintained its leadership position in Québec with a 39.1% market share.
 

True to our values, we prioritize our commitment to the community and translate it into concrete action. In February 2026, Videotron increased its contribution to Mission Unitaînés to $1 million in order to fund connectivity and the creation of common areas in residences for low‑income seniors. We are proud that Videotron’s expertise is increasing digital access and supporting spaces for socialization among seniors. Quebecor also supports the Autiste & Majeur Foundation and is proud of the upcoming launch of three new Espaces Autiste & Majeur‑Québecor in Québec, part of a series of initiatives to create new resources for adults with autism and their families.
 

We extend our sincere thanks to Chantal Bélanger and Érik Péladeau, who recently announced they will not seek re‑election to the Board at the Corporation’s next annual meeting of shareholders. We recognize the exceptional contribution of Érik Péladeau over nearly forty years with the organization, as well as Chantal Bélanger’s sustained commitment since 2018. We are pleased to welcome Marc M. Tremblay to Quebecor’s Board, who was appointed a director on February 26, 2026. With his solid legal expertise and in‑depth knowledge of the Corporation gained over 15 years in senior management, his leadership is a strategic asset for the Board.
 

Our success is built on our focus on customer satisfaction, product and service quality, and an unwavering commitment to delivering the best at a fair price. We will continue on this path with rigour and ambition, maintaining the financial discipline that sets us apart and supports long‑term value creation for all our stakeholders.



 

For more details and to consult definitions of "adjusted EBITDA", "adjusted net income", "adjusted cash flows from operations", "revenue-generating unit", "consolidated net debt leverage ratio" and "mobile ARPU" please refer to the attached PDF file for the complete version of the press release.

Information :

Hugues Simard
Chief Financial Officer
Quebecor Inc. and Quebecor Media Inc.
hugues.simard@quebecor.com
514 380-7414
 

Communications department
Quebecor Inc. and Quebecor Media Inc.
medias@quebecor.com
514 380-4572