Montréal, Québec ‑ Quebecor Inc. (“Quebecor” or the “Corporation”) today reported its consolidated financial results for the fourth quarter and full year of 2024. Quebecor consolidates the financial results of its Quebecor Media Inc. (“Quebecor Media”) subsidiary.
 

Highlights

2024 financial year and recent developments

• In 2024, Quebecor recorded cash flows provided by operating activities of $1.72 billion, up $256.8 million (17.6%), adjusted EBITDA of $2.37 billion, up $129.7 million (5.8%), and revenues of $5.64 billion, up $204.1 million (3.8%) compared with 2023.

• The Telecommunications segment increased its adjusted cash flows from operations by $62.7 million (3.7%), its adjusted EBITDA by $105.1 million (4.7%), and its revenues by $181.1 million (3.9%).

• Revenues from mobile services and equipment increased by $324.4 million or 15.9% due to the impact of the acquisition of Freedom Mobile Inc. (“Freedom”) and revenue growth at Videotron Ltd. (“Videotron”).

• There was a net increase of 373,300 (9.9%) connections to the mobile telephony service and 251,300 (3.3%) total revenue‑generating units (“RGUs”) in the Telecommunications segment.

• The Media and Sports and Entertainment segments also grew their adjusted EBITDA by $24.2 million and $4.4 million respectively in 2024.

• Quebecor’s net income attributable to shareholders was $747.5 million ($3.23 per basic share), up $97.0 million ($0.41 per basic share) or 14.9%.

• Adjusted income from operating activities was $747.0 million ($3.23 per basic share), an increase of $58.9 million ($0.25 per basic share) or 8.6%.

• The consolidated net debt leverage ratio decreased to 3.31x, the lowest among Canada’s major telecoms.

• 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 from $0.325 to $0.35.

• On January 28, 2025, Freedom announced a major upgrade to its services: State‑of‑the‑art 5G+ technology was henceforth included in all monthly mobile plans, regardless of price. 5G+ access was also automatically added to the 5G plans of all existing customers with compatible phones, at no extra cost. As well, Freedom expanded international roaming options for its customers by extending the scope of Roam Beyond, a revolutionary plan that lets users enjoy the features of their mobile plan in over 100 global destinations.

• In 2024, Freedom and Fizz announced the expansion of their service areas in several regions of British Columbia, Alberta and Manitoba through agreements reached under the Canadian Radio‑television and Telecommunications Commission’s (“CRTC”) Mobile Virtual Network Operator (“MVNO”) framework.

• On February 20, 2025, Videotron announced the expansion of its wireless service area in several sectors of the Municipalité régionale de comté (“MRC”) de Témiscamingue. Residents and businesses in these sectors can now subscribe to Videotron wireless services. This followed the expansion of Videotron’s service area in the MRC de la Haute‑Côte‑Nord and the MRC de Charlevoix‑Est announced on December 12, 2024, and in the Gaspésie and Côte‑Nord regions announced on September 26, 2024.

• On April 10, 2024, Videotron announced that it would help improve wireless coverage in outlying regions of Québec by installing at least 37 new cell towers in Abitibi‑Témiscamingue and the Laurentians in partnership with the Québec government.

• On May 7, 2024, Freedom announced the phased roll‑out of its affordable new wireline Internet and TV services, Freedom Home Internet and Freedom TV, becoming a true multi‑service player capable of addressing a new customer segment seeking bundled offers.

• 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 low‑cost TV plan.

• On October 2, 2024, Quebecor, through its Quebecor Out‑of‑Home division, acquired the Canada‑wide out‑of‑home advertising business of Media Group Inc. (“NEO‑OOH”) and integrated it into Québecor Affichage Neo Inc. The Corporation can now offer its advertising partners more than 17,000 advertising faces across Canada, a unified platform with new reach and power that complements Quebecor’s comprehensive multiplatform advertising offering.

• On June 26, 2024, Event Management Gestev Inc. (“Gestev”) acquired Evenma, a company that manages popular and corporate events including the renowned Festivent and Festibières festivals. This acquisition is an important step in Gestev’s expansion, strengthening its leadership position in the events market.

• In May 2024, the Corporation obtained Investment Grade ratings from the credit rating agencies S&P Global Ratings, which upgraded Videotron’s unsecured debt from BB+ to BBB‑, and Moody’s Ratings, which upgraded Videotron’s unsecured debt from Ba2 to Baa3. Following these new ratings, all liens on Videotron’s assets granted to the bank lenders were terminated and the related debt instruments (including derivatives) are now unsecured.

• 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 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 Shares to the holders.

• On November 8, 2024, Videotron issued US$700.0 million aggregate principal amount of 5.700% Senior Notes maturing on January 15, 2035 for net proceeds of $964.6 million. Videotron used the net proceeds, together with drawings on its revolving credit facility, to repay in full its $700.0 million Tranche A term loan maturing in October 2025 and its 5.750% Senior Notes maturing in 2026 in the amount of $375.0 million. On June 21, 2024, Videotron also 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 net proceeds of $992.6 million.
   

Fourth quarter 2024

• In the fourth quarter of 2024, Quebecor recorded a $56.7 million (16.9%) increase in cash flows provided by operating activities to $392.4 million, and a $23.6 million (4.2%) increase in adjusted EBITDA to $589.0 million, despite a slight $5.8 million (‑0.4%) decrease in revenues to $1.50 billion, compared with the same period of 2023.

• The Telecommunications segment increased its adjusted cash flows from operations by $32.0 million (8.0%) and its adjusted EBITDA by $6.9 million (1.2%), despite a $32.2 million (‑2.5%) decrease in revenues.

• Revenues from mobile services and equipment increased by $15.7 million or 2.4%.

• There was a net increase of 87,500 connections (2.2%) to the mobile telephony service, 32.4% more growth than in the same quarter of 2023, and RGUs increased by 49,700 (0.6%).

• Quebecor’s net income attributable to shareholders was up $31.5 million ($0.13 per basic share) to $177.7 million ($0.76 per basic share) or 21.5 %.

• Adjusted income from operating activities was $186.6 million ($0.80 per basic share), an increase of $19.1 million ($0.07 per basic share) or 11.4%.

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

Thanks to rigorous operational management and strict financial discipline with respect to investments and liquidity, Quebecor delivered a solid performance in 2024 despite the highly competitive environment. The Corporation posted increases of 17.6% in cash flows provided by operating activities, 8.6% in adjusted income from operating activities, 5.8% in adjusted EBITDA and 3.8% in revenues. Fourth‑quarter results were also strong, with increases of 16.9% in cash flows provided by operating activities and 4.2% in adjusted EBITDA. This remarkable performance enabled us to continue reducing our net debt and to bring our consolidated net debt leverage ratio down to 3.31x, the lowest among Canada’s major telecom providers.

 

Since acquiring Freedom in April 2023 and becoming Canada’s fourth major telecom, we have succeeded in disrupting the established order. Despite our aggressive sales strategy, we were the only major Canadian telecom to simultaneously grow market share, increase cash flows, reduce consolidated debt and consolidated net debt leverage ratio on a consistent and steady basis, while continuing to make substantial investments in our networks and customer experience, and increasing the dividend to our shareholders. We continue gaining traction as the new national carrier, while remaining the most profitable player in the Canadian industry and the one with the strongest balance sheet.

In 2024, we successfully promoted genuine competition in telecommunications services across the country and, as promised, brought down wireless prices for the benefit of all Canadians. We also delivered on all of the undertakings we made to Innovation, Science and Economic Development Canada (ISED) and to Canadians when we acquired Freedom. As planned, we expanded Freedom’s and Fizz’s service areas in several regions of Canada, including British Columbia, Alberta, Manitoba and Ontario, notably through agreements signed under the CRTC’s MVNO framework. Videotron and Fizz also continued their regional development by expanding their footprint in the Témiscamingue, Charlevoix‑Est, Gaspésie and Côte‑Nord regions. Together, Videotron, Fizz and Freedom now reach over 33 million Canadians, more than 80% of Canada’s population.

These expansions, together with our range of competitively priced products, drove continuing market share gains across Canada. In 2024, we added 373,300 lines (9.9%) to mobile telephony services, including 87,500 lines (2.2%) in the fourth quarter 2024, 32.4% more than in the same quarter of 2023.

True to our commitment to build a fast, reliable and affordable wireless network, we announced in January 2025 that access to state‑of‑the‑art 5G+ technology will now be included in all Freedom monthly mobile plans and the coverage of the international roaming plan has been expanded. Videotron’s Canada‑International wireless plan was also enhanced with the addition of 28 new destinations and now covers almost half the globe. Strategic investments were also made in network upgrades. In November 2024, we announced improvements to Freedom’s wireless network in Ontario, Alberta and British Columbia with the recent activation of 180 new sites.

As innovation is a key driver of our business model, we continue to enhance our offering in order to deliver maximum value to our customers. In February 2025, we introduced Fizz TV, an all‑digital, low‑cost, customizable television service available to Fizz Internet subscribers in Québec. Meanwhile, in 2024, Freedom rolled out affordable new wireline Internet and TV services, Freedom Home Internet and Freedom TV, making it a true multi‑service player capable of addressing a new customer segment.

Customer experience is our core priority, and we are proud of the many honours we have received as a result. Léger’s 2025 WOW Index once again ranked Videotron first for in‑store experience in Québec, while Fizz held its position as Canada’s leader in online experience for the sixth consecutive year. Freedom moved up to third place in online experience. These distinctions follow those in the August 2024 Léger survey, in which Videotron was named as the telecommunications provider with the best customer service in Québec by more than twice as many respondents as its nearest rival.

Our outstanding customer service was also reflected in the annual report released in January 2025 by the Commission for Complaints for Telecom‑television Services (“CCTS”). While the volume of complaints logged by the CCTS about the telecom industry as a whole increased by 38%, Videotron stood out for the third consecutive year with an exceptional 14% decrease. Fizz and Freedom also performed significantly better than the industry average, even while substantially growing their customer base with the major expansion of their subscription areas.

We continue making the argument to government authorities that wholesale Internet rates should be reviewed to make them just and reasonable, taking into account the retail offerings of the three main incumbents. In particular, Telus Communications Inc. (TELUS) currently pays much lower rates for fibre-to-the-premises (FTTP) access in Québec and Ontario than the rates it charges in the western provinces, allowing it to compete with the established players in eastern Canada while other ISPs are disadvantaged in western Canada by the much higher rates for the same access. This hampers Freedom’s ability to offer new competitively priced Internet access services in western Canada, as it does with wireless services.

TVA Group Inc. (“TVA Group”) posted adjusted EBITDA of $11.1 million in 2024, a favourable variance of $16.6 million compared with the previous year. Despite the continued significant decline in our advertising revenues, reflecting the worldwide crisis in the media industry, we were able to improve our earnings, due in part to the return of major productions to our MELS studios and the reduction in operating expenses resulting from the restructuring plan for our television operations announced on November 2, 2023, which will bring TVA Group’s media, television studio and newsroom teams together under one roof at 4545 Frontenac St. in Montréal. This colossal project, which will be completed in the coming weeks, will provide our media group with a modern newsroom, designed to foster collaboration and responsiveness, as well as state‑of‑the‑art studios.

In this context, we are particularly proud to have held our industry‑leading position with a 40.7% market share in 2024. TVA Network maintained a wide lead among over‑the‑air channels with a 23.5% market share, more than its two main over‑the‑air rivals combined. Flagship shows such as Chanteurs masqués, which averaged more than 1.6 million viewers, and Sortez‑moi d’ici! and La Voix, with more than 1.5 million viewers each, were a major factor in TVA Network’s success. LCN retained its status as the most‑watched specialty channel in Québec with a 7.0% market share, an impressive 0.6‑point increase due in part to the performance of its public affairs programs and their coverage of the U.S. election campaign.

It is regrettable, however, that at a time when the industry is in a pervasive crisis and television is struggling to survive, the government has not chosen to extend the print journalism tax credit to television. To maintain the robust news coverage essential to our democracy, the work of all journalists, regardless of platform, must be supported. The trends affecting our industry will only accelerate; we will therefore continue making our case to government authorities to ensure Quebecers retain access to quality news coverage in all parts of Québec.

In 2024, we also became a major player in out‑of‑home advertising across Canada through the acquisition of NEO‑OOH’s Canada‑wide out‑of‑home business. It has been integrated into our Québecor Affichage Neo division, expanding our comprehensive multiplatform advertising portfolio to more than 17,000 faces across the country.

QUB radio also expanded significantly in 2024, moving to television on the QUB specialty channel and, under a broadcast agreement with Leclerc Communication Inc. and NumériQ Inc., to radio at 99.5 on the FM band in August 2024. Combined with a strong digital presence, these new platforms have grown QUB radio’s audience and amplified its impact on the Québec media landscape.

In the Sports and Entertainment segment, we strengthened our leadership in the events market in 2024 with the acquisition of Evenma, a firm that manages popular and corporate events, positioning us to offer a wider range of events and shows in more regions.

In keeping with the culture of community engagement established by our founder Pierre Péladeau, we announced a historic $10 million donation to the Fondation du CHU de Québec in December 2024. The money will be used, among other things, to support projects to humanize care and to purchase an MRI‑linac, a highly specialized piece of equipment, for the hospital’s cancer centre, which will be named in honour of Pierre Péladeau. In February 2025, reaffirming our commitment to education and our support for the future leaders who will shape the Québec of the tomorrow, we announced a $20 million donation to Université Laval to support the creation of the Carrefour international Brian‑Mulroney. In recognition of this gift, the building adjacent to the Carrefour will be named after Pierre Péladeau, bringing together two great figures in the history of Quebecor and Québec.

With 2025 well underway, we remain firmly committed to pursuing our cross‑Canada expansion in the telecommunications segment, driving competition, and diversifying our products in line with market trends. Leveraging our strong execution capabilities, we will stay focused on our strategic priorities while maintaining strict financial discipline. Our success is, above all, a testament to the dedication and expertise of our people. It is their daily contributions that make Quebecor and its brands industry leaders. Guided by our ambitious vision and our determination to create long‑term value for all our stakeholders, we look to the future with confidence and resolve.




 

For more details and to consult definitions of "adjusted EBITDA", "adjusted income from operatating activities", "adjusted cash flows from operations", "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