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Quebecor (QBR-B) investor relations material
Quebecor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and financial performance in Q4 and full year 2025, with all business segments performing well, especially telecom after the Freedom Mobile acquisition.
Free cash flows rose 27.3% to $1.43 billion in 2025, with revenues up 0.7% to $5.68 billion and adjusted EBITDA up 1.1% to $2.39 billion year-over-year.
Net income attributable to shareholders increased 14.5% to $856.0 million ($3.73 per basic share), and adjusted net income rose 17.8% to $879.7 million ($3.83 per basic share).
Leverage ratio reduced to 2.95x, the lowest among major Canadian telecoms.
Dividend per share increased 14.3% to $0.40, and the company repurchased $217.8 million in shares.
Financial highlights
Q4 revenues reached $1.55 billion, up 3.2% year-over-year; adjusted EBITDA was $610 million, up 4%.
Adjusted EBITDA, excluding stock-based compensation and retroactive royalty, up 8% in Q4.
Net income attributable to shareholders was $212 million ($0.93/share) in Q4; adjusted net income was $226 million ($0.99/share).
Telecommunications segment revenues grew 0.3% to $4.85 billion, with adjusted EBITDA up 2.0% to $2.38 billion in 2025.
Media segment revenues increased 3.8% to $729.9 million, with adjusted EBITDA up to $68.1 million, aided by retroactive carriage fee agreements.
Outlook and guidance
Expect continued gradual, measured CapEx increases in 2026, similar to 2025's $55 million telecom CapEx rise.
Anticipate ongoing growth in free cash flow in 2026, with margin improvements and prudent cost management.
Plans for further 5G+ rollout and wireless network buildout in Manitoba in 2026.
Telecom segment entering 2026 with strong momentum, driven by mobile ARPU growth and wireline stabilization.
Continued disciplined growth and value creation expected, with ongoing network expansion and customer experience improvements.
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