Quebecor (QBR-B) Q1 2026 earnings summary

Executive summary

• Delivered strong operational and financial results in Q1 2026, with consolidated revenues of CAD 1.4 billion, up 3.9% year-over-year, and adjusted EBITDA of CAD 577 million, up 4.9% (13% excluding a CAD 47 million share-based compensation charge).

• Net income attributable to shareholders was CAD 225 million (CAD 1.00 per share), up 18.2% year-over-year; adjusted net income rose 19% to CAD 220 million.

• Adjusted cash flow from operations increased 10% to CAD 444 million, and the net debt to EBITDA ratio improved to 2.86x, the lowest among Canadian telecom peers.

• Maintained disciplined focus on profitable growth, resisting unsustainable promotional activity in the wireless market.

• Repurchased over CAD 85 million in shares and reduced consolidated net debt by more than CAD 120 million in the quarter.

Financial highlights

• Telecommunications segment revenues increased by CAD 56.8 million (4.9%), with mobile telephony service revenues up 8.8% and Internet access revenues up 3.2%.

• Media segment revenues declined by 4.9%, while Sports and Entertainment revenues decreased by 1.4%.

• Adjusted EBITDA in Telecommunications rose by 6.6%, while Media saw a CAD 20 million improvement to negative CAD 1 million.

• Financial expenses decreased by CAD 16.3 million, and depreciation and amortization charges fell by CAD 5.9 million year-over-year.

• Free cash flows were CAD 235.5 million, and cash flows provided by operating activities were CAD 420.3 million, nearly flat year-over-year.

Outlook and guidance

• Confident in trajectory for the remainder of 2026, with wireless and wireline segments positioned for continued growth.

• CapEx guidance remains unchanged, with prudent investment approach and flexibility to adjust as market conditions evolve.

• Expect ARPU to continue improving, even as net adds may slow.

• Management highlighted strong financial flexibility and intends to support growth through disciplined capital allocation and continued operational rigor.

• The company remains cautious regarding the Media segment due to ongoing structural challenges and regulatory pressures.