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

Second quarter 2025 highlights

• In the second quarter of 2025, Quebecor recorded cash flows provided by operating activities of $538.0 million, up $146.4 million (37.4%) from the same quarter of 2024, revenues of $1.38 billion, down slightly by $6.5 million (‑0.5%), and adjusted EBITDA of $605.1 million, down $19.8 million (‑3.2%), due to a significant $24.2 million increase in the stock‑based compensation charge. Excluding this accounting charge, adjusted EBITDA was up $4.4 million (0.7%).

• The Telecommunications segment’s adjusted EBITDA increased by $1.4 million (0.2%), or $8.8 million (1.4%), excluding the impact of the stock‑based compensation charge, its revenues were stable, and its adjusted cash flows from operations increased by $13.7 million (3.1%) in the second quarter of 2025.

• There was a net increase of 72,000 (1.7%) connections to the mobile telephony service and 33,700 (0.4%) total revenue‑generating units (“RGUs”) in the Telecommunications segment.

• Quebecor’s net income attributable to shareholders: $217.7 million ($0.95 per basic share), an increase of $10.1 million ($0.05 per basic share) or 4.9%.

• Adjusted income from operating activities: $226.8 million ($0.99 per basic share), up $21.7 million ($0.10 per basic share) or 10.6%.

• The consolidated net debt leverage ratio decreased to 3.20x, still the lowest among Canada’s major telecommunications providers.

• On June 16, 2025, Videotron Ltd. (“Videotron”) redeemed at maturity its Senior Notes in aggregate principal amount of $400.0 million, bearing interest at 5.625%.

• 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 regional county municipality (RCM). In all, more than 350,000 additional households can now enjoy higher download speeds.

• On April 4, 2025, Freedom Mobile Inc. (“Freedom”) began the phased rollout of 3800 MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This rollout will significantly increase network capacity and deliver improved connectivity for customers with 5G+ compatible devices and plans, with theoretical download speeds in excess of 1 Gbps.

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

Quebecor posted a solid financial performance in the second quarter of 2025, as evidenced by the 37.4% increase in cash flows provided by operating activities and the 10.6% increase in adjusted income from operating activities. Thanks to disciplined management of operating costs, we reduced our consolidated net debt by approximately $200 million during the quarter, after paying out over $160 million in dividends and nearly $30 million for share repurchases. This lowered our consolidated net debt leverage ratio by 0.06x during the quarter to 3.20x at June 30, 2025, the lowest among major telecommunications providers in Canada.

In a fiercely competitive market environment, we continued to gain market share by offering innovative products at competitive prices, while expanding access to our state‑of‑the‑art technology for a growing number of Canadians. This strategy is paying off, particularly in mobile telephony, where we again posted the highest growth rate among Canada’s major carriers, with an increase of 72,000 lines (1.7%) in the second quarter of 2025, for a total increase of 346,000 lines (8.8%) over the past twelve months.

Freedom successfully continued the gradual rollout of 3800 MHz spectrum across its 5G+ network in Ontario, British Columbia and Alberta, recently adding Edmonton and Calgary. With state‑of‑the‑art 5G+ technology now included in all Freedom monthly plans, regardless of price, this upgrade significantly boosts network capacity and performance.

In July 2025, in line with its commitment to transforming the Canadian wireless market and pursuing a consumer‑centric strategy, Freedom launched the Roam Beyond Travel Data eSIM, a travel data eSIM card available to all Canadians, regardless of their carrier. This outside‑the‑box product offers worry‑free connectivity in over 120 global destinations with no fixed‑term contracts, transparent rates and no hidden charges.

Also in the second quarter of 2025, we substantially expanded access to Videotron’s GIGA Internet service, which supports superior download speeds. GIGA is now available to more than 350,000 additional households across Québec, including in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean, Hautes‑Laurentides and Rivière‑du‑Loup RCM areas. Another innovation was the launch of our new 2.5 GIGA symmetrical speed Internet plan, powered by Videotron’s 100% fibre network. This innovative service guarantees exceptional download and upload speeds and is now available in several regions of Québec, including Abitibi‑Témiscamingue, Montérégie, Québec City, Lanaudière, Laurentides, Bas‑Saint‑Laurent, Saguenay‑Lac‑Saint‑Jean and Côte‑Nord.

TVA Group Inc. (“TVA Group”) generated adjusted EBITDA of $1.8 million in the second quarter of 2025, down $11.4 million from the same period of 2024, mainly as a result of a favourable non‑recurring retroactive adjustment of $10.2 million recorded in the second quarter of 2024 in connection with carriage rates for the LCN specialty channel, and the absence of major foreign production shoots at MELS studios. These factors were partially offset by savings stemming from the reorganization measures we have implemented, including with respect to our workforce. However, despite these sustained efforts, TVA Group continues to incur significant financial losses due to the continuing challenges facing the television industry, which affect all private broadcasters. Total viewership of Québec’s three French‑language over‑the‑air channels throughout the day fell by 13% during the period from March 31 to June 1, 2025 compared with the same period of 2024. This across‑the‑board decline directly affects advertising revenues, the only source of revenue for over‑the‑air channels. The sharp drop in advertising revenue, combined with major competitive imbalances in relation to the Web giants and CBC/Radio‑Canada’s commercial practices, is seriously undermining Québec’s audiovisual ecosystem.

Since 2023, TVA Group has implemented far‑reaching restructuring plans that have resulted in the elimination of approximately 680 positions, including some 30 related to television activities in the second quarter of 2025. In all, its workforce has been reduced by almost half. In addition, operating costs have been steadily pared over the years, real estate holdings have been optimized, budgets for original productions have been reduced and some popular content has been removed from TVA Group’s programming. Despite their scope, these measures are still insufficient to ensure the long‑term viability of our television business.

In this situation, we again call on government authorities and the CRTC to correct the imbalances that are undermining Canada’s private broadcasters. Among other things, they must establish a level regulatory playing field for Canada’s traditional broadcasters in relation to foreign online platforms, eliminate all advertising from CBC/Radio‑Canada’s platforms, and eliminate the tax deduction for advertising on foreign platforms. As we have been saying for years, equitable structural changes are urgently needed to ensure the survival of Canada’s private broadcasters, which are pillars of our culture and our democracy.

Despite the challenging environment, TVA Group had a market share of 43.8% from April 1 to June 30, 2025, a 1.3‑point increase over the same period of 2024. For the 2025 spring season, March 31 to June 1, 2025, the increase was 1.7 points, while the market shares of Radio‑Canada and Bell were down 0.4 and 0.5 points, respectively, a clear indication of the continuing appeal of our content for viewers.

The LCN channel remained the undisputed news channel leader with an 8.5% market share from March 31 to June 1, 2025, a 1.4‑point increase over the same period of 2024. The TVA Nouvelles newscast maintained its lead in all its time slots on the TVA and LCN channels. Meanwhile, the TVA Sports channel was boosted by its broadcast of the National Hockey League playoffs. Between April 19 and June 17, 2025, it recorded a 10.9% market share in prime time, an impressive 3.5‑point increase over the same period of 2024. The broadcasts of the five Montreal Canadiens games in the first round of the playoffs averaged a 35.6% market share, making them the most‑watched sports program in Québec in 2025 thus far.

Quebecor remains firmly committed to growth through innovation, operational excellence and industry‑leading financial discipline. Our ambition is clear: to deliver an unrivaled customer experience, to continually enrich our product offerings and to extend access to our services to more Canadians. With our superior track record and solid balance sheet, we are well positioned to create long‑term value for all our stakeholders.




 

For more details and to consult definitions of "adjusted EBITDA", "adjusted income from operations", "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