Montréal, Québec ‑ Quebecor Inc. (“Quebecor” or the “Corporation”) today reported its consolidated financial results for the fourth quarter and full year of 2025. 

Highlights

2025 financial year and recent developments

• In 2025, Quebecor recorded free cash flows of $1.43 billion, up $305.4 million (27.3%) over 2024, revenues of $5.68 billion, up $36.9 million (0.7%), and adjusted EBITDA of $2.39 billion, up $25.7 million (1.1%). Excluding the unfavourable impact of the $110.8 million increase in stock‑based compensation charges, due to strong growth in the share price in 2025, and the $26.2 million favourable impact of retroactive agreements for carriage fees for the Media segment’s specialty channels, the increase in adjusted EBITDA was $110.3 million (4.7%).

• The Telecommunications segment increased its adjusted EBITDA by $47.8 million (2.0%) and its revenues by $12.4 million (0.3%), including a $112.2 million (6.7%) increase in revenues from mobile telephony services.

• There was a net increase of 311,000 (7.6%) connections to the mobile telephony service, 7,500 (0.4%) subscriptions to the Internet access service, and a total of 214,100 (2.8%) revenue‑generating units (“RGUs”) in the Telecommunications segment.

• Quebecor’s net income attributable to shareholders: $856.0 million ($3.73 per basic share), an increase of $108.5 million ($0.50 per basic share) or 14.5%.

• Adjusted net income: $879.7 million ($3.83 per basic share), an increase of $132.7 million ($0.60 per basic share) or 17.8%.

• The consolidated net debt leverage ratio decreased to 2.95x, still the lowest among Canada’s major telecommunications providers.

• The quarterly dividend on the Corporation’s Class A Multiple Voting Shares (“Class A Shares”) and Class B Subordinate Voting Shares (“Class B Shares”) was increased by 14.3% from $0.35 to $0.40.

• In 2025, Videotron Ltd (“Videotron”) announced the expansion of its Helix technology‑based Internet and television services to more than 180,000 households located in a number of Québec communities. The new services join Videotron’s wireless services, which were already available in these areas. As well, Videotron announced, in partnership with Ecotel Inc. and with the support of the Québec government, the expansion of its wireless coverage and service areas in the Haute‑Mauricie region, making it possible for more than 10,000 additional residents to subscribe to Videotron’s mobile services and enhancing connectivity along several highways. Videotron also announced in 2025 the expansion of its wireless service area to several parts of the Témiscamingue regional county municipality (RCM).

• On June 11, 2025, Videotron announced a major expansion of its GIGA Internet service in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean and Hautes‑Laurentides areas, and the Rivière‑du‑Loup RCM. In all, more than 350,000 additional households can now enjoy higher download speeds.

• In 2025, Freedom Mobile Inc. (“Freedom”) announced the expansion of its wireless service area in Chatham‑Kent, Ontario. Freedom also began the phased rollout of 3800 MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This rollout will significantly increase Freedom’s network capacity and deliver improved connectivity for customers with 5G+‑compatible devices and plans, with theoretical download speeds in excess of 1 Gbps.

• On February 5, 2025, Fizz announced the launch of Fizz TV, an all‑digital television service. Available to all Fizz Internet subscribers in Québec, Fizz TV is differentiated by a pick‑and‑pay model that lets users build their own television plans.

• The Videotron, Fizz and Freedom brands excelled in Léger’s 2026 WOW study, which was released on January 22, 2026. The survey ranked Videotron as the top telecom provider in Québec for in‑store experience for the third consecutive year, while Fizz held its position as the Canadian leader in online experience for the seventh consecutive year.

• According to the 2025 annual report of the Commission for Complaints for Telecom‑television Services (“CCTS”), released on January 14, 2026, Videotron, Freedom Mobile, Fizz and VMedia once again stood out for their performance on customer satisfaction. While complaints about the Canadian telecommunications industry as a whole rose by 17%, Quebecor’s brands were stable.

• On October 6, 2025, Videotron announced that it was ranked Quebecers’ preferred telecommunications provider in a Léger survey conducted between July 17 and August 2, 2025. Respondents rated Videotron as the most reliable and most trustworthy telecom in Québec. The superior results confirmed Videotron’s status as the industry leader in customer service.

• On November 20, 2025, Videotron issued $800.0 million aggregate principal amount of Senior Notes bearing interest at 3.950% and maturing on October 15, 2032, on advantageous terms, including the lowest 7‑year credit spread observed in the Canadian telecommunications industry.

• In 2025, Videotron (i) redeemed the entirety of its US$600.0 million principal amount of Senior Notes, bearing interest at 5.125%, (ii) prepaid $200.0 million of the $700.0 million tranche of its term credit facility maturing in April 2026, and (iii) redeemed its $400.0 million aggregate principal amount of Senior Notes, bearing interest at 5.625%.

Fourth quarter 2025

• In the fourth quarter of 2025, Quebecor recorded a $47.3 million (3.2%) increase in revenues, a $66.2 million (21.9%) increase in free cash flows, and a $21.4 million (3.6%) increase in adjusted EBITDA, or an increase of $44.3 million (7.6%), excluding the unfavourable impact of the $66.8 million increase in stock‑based compensation charges and the $43.9 million favourable impact of a retroactive agreement for carriage fees for the Media segment’s specialty channels.

• The Telecommunications segment increased its adjusted EBITDA by $23.9 million (4.2%) and its revenues by $18.9 million (1.5%), including a $39.9 million (9.5%) increase in revenues from mobile telephony services.

• There was a net increase of 73,900 (1.7%) connections to the mobile telephony service, 3,700 (0.2%) subscriptions to the Internet access service, and a total of 55,100 (0.7%) RGUs in the Telecommunications segment, the best performance in the industry despite a smaller coverage and subscription area.

• Average monthly mobile revenue per user (“mobile ARPU”): $35.23 in the fourth quarter of 2025, compared with $34.75 in the same period of 2024, an increase of $0.48 (1.4%).

• Quebecor’s net income attributable to shareholders: $211.5 million ($0.93 per basic share), an increase of $33.8 million ($0.17 per basic share) or 19.0%.

• Adjusted net income: $226.2 million ($0.99 per basic share), an increase of $39.6 million ($0.19 per basic share) or 21.2%.

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

Guided by clear strategic priorities and rigorous, sustained execution, Quebecor continued to improve its financial and operational performance in 2025, reinforcing its position as Canada’s fourth major telecommunications provider and delivering the highest overall growth in the industry, supported by the strongest financial position. The Corporation recorded increases of 27.3% in free cash flows, 17.8% in adjusted net income and 1.1% in adjusted EBITDA. Excluding stock‑based compensation charges and the favourable impact of retroactive agreements on carriage fees for the specialty channels, the increase in adjusted EBITDA was 4.7%.

Due to these solid results, we were able to reduce our consolidated net debt by nearly $800 million in 2025 and continue improving our consolidated net debt leverage ratio, after repurchasing nearly $218 million of the Corporation’s shares and continuing the steady increase in our dividend. As at December 31, 2025, the Corporation’s consolidated net debt leverage ratio stood at 2.95x, which is still the lowest among Canada’s major telecommunications companies.

In the fourth quarter of 2025, the Corporation continued to improve its performance with increases of 3.2% in revenues, 21.9% in free cash flows, 21.2% in adjusted net income and 3.6% in adjusted EBITDA, or 7.6% excluding stock‑based compensation charges and the favourable impact of carriage fees.

The Telecommunications segment posted increases of 2.0% in adjusted EBITDA, 6.7% in mobile telephony revenues and 0.3% in total revenues in 2025. Thanks to attractive offerings and new features tailored to the needs of an increasingly diverse customer base, our brands continued to gain significant market share across Canada throughout the year, adding 311,000 new mobile lines. The 7.6% increase was once again the best growth rate in the Canadian industry.

In the fourth quarter of 2025, we maintained our momentum, adding 73,900 mobile lines, increasing mobile ARPU by 1.4% and growing our service revenues by 3.5%, including a 9.5% increase in mobile telephony, our best performance since the acquisition of Freedom. These impressive results drove a 1.5% increase in revenues and a 4.2% increase in adjusted EBITDA for the Telecommunications segment in the fourth quarter.

Through Videotron, Fizz and Freedom, we continued to expand our telecommunications coverage and service areas across Canada in 2025, strengthening our presence in several regions of the country. As a result of this expansion, more Canadians can now take advantage of our competitive plans and fast, reliable wireless network. Together, our brands can now reach over 34 million Canadians, nearly 83% of Canada’s population.

In 2025, Freedom began the phased rollout of 3800 MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This upgrade will significantly increase Freedom’s network capacity and deliver improved connectivity for customers with 5G+‑compatible devices and plans, with theoretical download speeds in excess of 1 Gbps. In addition, Freedom announced plans to build out its own wireless network in Manitoba in 2026, enabling the emergence of new telecommunications services in that province. To date, Freedom has invested more than $35 million in wireless spectrum in Manitoba, laying the groundwork for a robust network designed to meet customers’ changing needs. In December 2025, Freedom also launched its “Freedom 5G Home Internet” wireless residential Internet service, which requires no traditional wireline connections and provides customers with a more affordable home Internet solution.

Meanwhile, Fizz pressed ahead with technological enhancements, expanding access to affordable, cutting‑edge technologies with the launch of 5G plans in Québec, Ontario, Alberta and British Columbia in December 2025. This development will improve our customers’ mobile experience by delivering significantly higher speeds and better network performance.

We take great pride in the high level of customer satisfaction we have maintained amid strong growth and expansion. The recognition we have received in this area is a testament to the bond of trust that our brands have built with customers over the years. In January 2026, the Léger WOW study ranked Videotron as the top telecom provider in Québec for in‑store experience for the third consecutive year, while Fizz held its position as the Canadian leader in online experience for the seventh consecutive year. In a Léger survey conducted in the summer of 2025, Videotron was rated the most reliable and most trustworthy telecom in Québec. Finally, in the 2025 CCTS annual report released in January 2026, Videotron, Freedom, Fizz and VMedia were standouts in customer satisfaction again. While the number of complaints about the Canadian telecommunications industry as a whole increased by 17%, our brands were stable.

TVA Group Inc. (“TVA Group”) posted adjusted EBITDA of $49.9 million in 2025, a favourable variance of $38.7 million compared with 2024 due to the recognition in the fourth quarter of a favourable retroactive adjustment resulting from an agreement on carriage fees for the specialty channels and also due to savings generated by the restructuring plans we have implemented to make up for the decline in advertising and subscription revenues across the private television broadcasting industry. These factors were partially offset by the absence of foreign blockbusters at MELS Studios.

This retroactive adjustment, stemming from a long‑standing dispute with a major cable distributor, reflects the significant revenue shortfall which has long penalized TVA Group. The delay in receiving the amounts owed had a significant negative impact on the Corporation in terms of both employment and programming. While the adjustment has reduced the deficit accumulated in recent years, it does not alter TVA Group’s structural financial picture. TVA Group’s regulatory burden, the steady erosion of advertising revenues, which continue migrating to foreign platforms, and the substantial loss of subscribers to specialty channels are having a major impact on private broadcasters and local digital platforms. In this environment, TVA Group will continue exercising rigorous financial discipline and reducing its operating expenses.

However, governments must also step up and ease the relentless pressure on the industry by implementing meaningful measures to support domestic media companies. The Government of Canada could act swiftly by eliminating the tax deduction for advertising on foreign platforms and providing an additional tax incentive for advertising in Canadian media. In a geopolitical landscape scarred by misinformation, it is also vitally important to preserve strong, independent and trustworthy news coverage. One useful measure would be extending the journalism labour tax credit that already exists for print media to television and radio journalism in the next economic update.

Despite these many challenges, our channels continue to draw large audiences and dominate in market share. In 2025, TVA Group remained the industry leader with a market share of 41.8%, up 1.1 points from 2024. TVA Network also maintained its long lead among over‑the‑air channels thanks to compelling content with broad appeal, such as Chanteurs masqués, which drew an average audience of nearly 1.5 million viewers and a 48.2% market share, and Indéfendable, with an average of nearly 1.4 million viewers and a 35.8% market share. For its part, TVA Sports posted its best market share numbers in five years in 2025, up 1.1 points from 2024, while LCN increased its market share by 0.9 points to 7.9%. The TVA Nouvelles newscasts on TVA Network and LCN were again the most‑watched news programs across all channels, Monday through Friday, at noon, 6 p.m., and 10 p.m.

Quebecor begins 2026 with confidence, powered by its teams’ outstanding work, its solid financial position and rigorous execution on its strategies. By continuing to strengthen our offerings, our networks and the customer experience for growing numbers of Canadians, we will maintain disciplined growth and sustainable value creation for all our stakeholders.




 

For more details and to consult definitions of "adjusted EBITDA", "adjusted net income", "free cash flows", "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