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Quebecor (QBR-B) investor relations material

Quebecor Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Delivered solid operational and financial results in Q2 2025, with continued wireless market share growth and strong cash flows supporting balance sheet strength and deleveraging efforts.

  • Cash flows from operating activities rose 37% year-over-year to $538M, while revenue was stable at $1.38B, down 0.5% from Q2 2024.

  • Maintained disciplined pricing and operational efficiency, enabling dividend payments, share buybacks, and ongoing network investments.

  • Net income attributable to shareholders increased to $218M ($0.95/share), up from $208M ($0.90/share) last year; adjusted income from operations was $227M ($0.99/share).

  • Significant expansion of Giga Internet and 5G+ network, and new product launches in mobile and internet segments.

Financial highlights

  • Consolidated revenues were $1.38B, down 0.5% year-over-year; EBITDA reached $605M, down 3% due to higher stock-based compensation.

  • Excluding stock-based compensation, EBITDA rose 1% year-over-year; cash flow from operations increased 37% to $538M.

  • Adjusted income from operations was $227M ($0.99/share), up 10.6% year-over-year.

  • Net debt reduced by $192M in the quarter; net debt to EBITDA ratio improved to 3.2x, the lowest among Canadian peers.

  • Free cash flows from operating activities were $375M in Q2 2025, up from $221M in Q2 2024.

Outlook and guidance

  • Expecting higher CapEx in the second half of 2025, but full-year CapEx to remain within guidance.

  • Continued focus on deleveraging, maintaining a strong balance sheet, and investing in network expansion.

  • Wireless ARPU stabilization expected if current pricing discipline persists; repricing largely behind, with potential for ARPU growth if market conditions remain stable.

  • Continued expansion of advanced internet and mobile services, with new product launches and network upgrades.

  • Management expects to maintain strong cash flow and balance sheet to support long-term value creation.

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Frequently asked questions

Quebecor Inc. is a Canadian holding company operating in the media, telecommunications, and entertainment sectors. Its primary business includes providing telecommunications services through its subsidiary Videotron, which offers internet, television, mobile, and home phone services. Quebecor also engages in media production, publishing, and broadcasting through its diverse portfolio of television channels, newspapers, and digital platforms. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.

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