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

Third quarter 2025 highlights

• In the third quarter of 2025, Quebecor recorded cash flows provided by operating activities of $581.8 million, up $35.6 million (6.5%) from the same quarter of 2024, adjusted EBITDA of $628.1 million, up $34.0 million (5.7%), with increases in all segments of the Corporation, revenues of $1.41 billion, up $15.8 million (1.1%).

• The Telecommunications segment increased its adjusted EBITDA by $16.6 million (2.8%), its revenues by $13.0 million (1.1%) and its adjusted cash flows from operations by $3.3 million (0.8%) in the third quarter of 2025.

• There was a net increase of 113,800 (2.7%) connections to the mobile telephony service, 10,500 (0.6%) subscriptions to the Internet access service and 94,100 (1.2%) total revenue‑generating units (“RGUs”) in the Telecommunications segment.

• The Media and Sports and Entertainment segments posted increases of $8.7 million (59.2%) and $3.3 million (28.2%) respectively in adjusted EBITDA in the third quarter of 2025.

• Quebecor’s net income attributable to shareholders was $236.1 million ($1.03 per basic share), an increase of $47.1 million ($0.22 per basic share) or 24.9%.

• Adjusted net income was $241.6 million ($1.05 per basic share), an increase of $49.4 million ($0.23 per basic share) or 25.7%.

• The consolidated net debt leverage ratio decreased to 3.03x, still the lowest among Canada’s major telecommunications providers.

• Since the end of the second quarter of 2025, Videotron Ltd. (“Videotron”) has announced the expansion of its Helix technology‑based Internet and television services to more than 180,000 households in Drummondville, Magog, Rimouski, Saint‑Hyacinthe, Trois‑Rivières, Salaberry‑de‑Valleyfield and Huntingdon, as well as in many cities in Saguenay–Lac Saint-Jean. As Videotron’s wireless services were already available in those communities, customers will now be able to access a full complement of telecommunications services in one place.

• On August 29, 2025, Videotron announced the expansion of its wireless coverage and service areas in the Haute‑Mauricie region, in partnership with Ecotel Inc. and with the support of the Québec government. This will significantly improve mobile communications in this region of Québec, making it possible for more than 10,000 residents to subscribe to Videotron’s mobile services and enhancing connectivity along several highways.  

• On August 27, 2025, Freedom Mobile Inc. (“Freedom”) announced the expansion of its wireless service area in Chatham‑Kent, Ontario. The new service areas include Chatham, Ridgetown, Wallaceburg, Blenheim, Dresden, Thamesville and Bothwell, among others. Residents can now take advantage of Freedom’s competitive plans, including the innovative Roam Beyond plan, while accessing its fast and reliable wireless network.

• On October 6, 2025, Videotron announced that it had been 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 excellent results confirmed Videotron’s status as the industry leader in customer service.

• On October 21, 2025, Videotron announced the pricing of its $800 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.

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

Quebecor continues to demonstrate strong financial performance, quarter after quarter. In the third quarter of 2025, it posted an 18.7% increase in free cash flows from operating activities; a 5.7% increase in adjusted EBITDA, which was up across all business segments; a 1.1% increase in revenues and a 25.7% increase in adjusted net income. On the strength of these excellent results, driven by rigorous, disciplined management, 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. We lowered our consolidated net debt leverage ratio to 3.03x as of September 30, 2025, the lowest among Canada’s main telecommunications providers.

The Telecommunications segment maintained its momentum in the third quarter of 2025 with increases of 2.8% in adjusted EBITDA, 6.4% in mobile telephony service revenues, 1.1% in total revenues, and 0.8% in adjusted cash flows from operations, while increasing investments by $13 million during the quarter. This success was based, first and foremost, on our ability to attract and retain an ever‑growing customer base with a range of innovative products at highly competitive prices. Our mobility brands continued to gain significant market share across Canada, adding 113,800 lines (2.7%) during the quarter and 323,100 lines (8.1%) over the past 12 months, the strongest growth rates in the Canadian industry.

We continued expanding our Helix Internet and television services during the third quarter of 2025. These services are now available to more than 180,000  additional households across many Québec communities, including Drummondville, Magog, Rimouski, Saint‑Hyacinthe, Trois‑Rivières, Salaberry‑de‑Valleyfield and Huntingdon, as well as in many cities in Saguenay–Lac-Saint-Jean. In line with our commitment to improving access to mobile communications in outlying regions, Videotron expanded its wireless coverage in the Haute‑Mauricie region, in partnership with Ecotel Inc. and with support from the Québec government. More than 10,000 additional residents can now subscribe to Videotron’s mobile services. Meanwhile, Freedom Mobile expanded its service area to include the Chatham‑Kent region in Ontario. Residents can now access our competitive plans, including the innovative Roam Beyond plan, delivered via a fast and reliable network. As a result of the series of service area expansions in recent quarters, combined with roaming agreements under the Canadian Radio‑television and Telecommunications Commission’s (CRTC) Mobile Virtual Network Operator (MVNO) framework, Videotron, Fizz and Freedom now reach over 83% of Canada’s population.​
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We are particularly proud of the results of the latest Léger survey, which show that Videotron remains the undisputed leader in customer service among telecom providers in Québec. Videotron was also rated the most reliable and trustworthy telecom, attesting to the superb customer experience we deliver, day after day.
 

In October 2025, Videotron announced the pricing of its $800.0 million private placement of 3.95% Senior Notes maturing in 2032. The success of this offering confirmed Videotron’s status as one of the leaders in Canadian telecommunications provider. Strong investor demand on attractive terms for Videotron, including the lowest seven‑year credit spread in the Canadian telecom sector, testifies to our solid financial foundations, disciplined management and growth prospects.
 

TVA Group Inc. (“TVA Group”) generated revenues of $106.2 million in the third quarter of 2025, down $6.2 million (‑5.5%), and year‑to‑date revenues of $355.3 million, down $30.3 million (‑7.8%). Although TVA Group posted adjusted EBITDA of $18.5 million in the third quarter of 2025, thanks to numerous restructuring measures over the past two years and certain non‑recurring favourable retroactive adjustments in 2025, this was not enough to achieve profitability for the first nine months of the year. These measures are not sustainable in the medium term and are far from sufficient to secure the long‑term viability of our business, given in particular the ongoing, accelerating decline in advertising revenues, compounded by the absence of foreign blockbusters at MELS’ studios. It is therefore imperative that governments also act and take the necessary steps to support domestic media companies in the long term.

Unfortunately, the federal government has completely ignored our industry and turned a blind eye to the crisis that is hitting television broadcasting so hard. There is no tax credit for television journalism, no tax incentives for advertising in Québec and Canadian media, and no information about when the digital services tax already paid by private broadcasters will be refunded. Furthermore, CBC/Radio‑Canada’s annual funding has been increased by $150 million without any requirement to eliminate advertising on its platforms or to curb its unfair commercial competition with Canada’s private television broadcasters. Regrettably, this new government has missed an opportunity to support an industry facing ever-growing challenges and job losses at an alarming rate. Regarding the Québec government, we reiterate that it must quickly introduce concrete measures to implement the recommendations in the report of its task force on the future of Québec’s audiovisual industry, filed in October 2025.
 

TVA Group’s broadcasting activities continued to dominate television viewership in Québec. Its channels registered a combined market share of 41.2% in the third quarter of 2025, a 2.2‑point increase from 2024 and more than its two main rivals combined. TVA Network maintained its lead among French‑language over‑the‑air channels on the strength of programs such as Chanteurs masqués, which drew an average audience of more than 1.5 million for a 52.9% market share. Among the specialty channels, LCN remained Quebecers’ trusted news source with an 8.0% market share, a 0.9‑point increase over the same period of 2024, and TVA Sports recorded a significant 1.4‑point gain in the third quarter of 2025 compared with the same period in 2024.

We proudly upheld our founder Pierre Péladeau’s commitment to actively contribute to the development and well‑being of the community. Quebecor donated $2 million to the Fondation Sablon, an organization that provides disadvantaged children with opportunities to grow through sports and outdoor activities. The donation will fund the complete refurbishment of the Centre aquatique Québecor, improving access to quality facilities for young people and their families. We also continued to support university entrepreneurship, notably through the Pierre Péladeau Bursaries. In their 27th year, the Bursaries awarded more than $200,000, shared among five recipients, to encourage innovation, creativity and risk‑taking by Québec student entrepreneurs.
 

Quebecor remains firmly committed to strengthening its position as a Canadian telecommunications leader by focusing on profitable growth, a solid balance sheet and long‑term value creation. We will also continue disciplined investment to deliver the best possible customer experience to more Canadians, while building a sustainable future for all our stakeholders.

For more details and to consult definitions of "adjusted EBITDA", "adjusted net income", "adjusted cash flows from operations", "free cash flows from operating activities", "revenue-generating unit" and "consolidated net debt leverage ratio", 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

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