Quebecor (QBR-B) Q1 2026 earnings summary

Executive summary

• Delivered strong operational and financial results in Q1 2026, with revenues reaching CAD 1.4 billion, up 3.9% year-over-year, and adjusted EBITDA of CAD 577 million, up 13% excluding stock-based compensation.

• Net income attributable to shareholders was CAD 225 million (CAD 1 per share), up 18.2% year-over-year; adjusted net income was CAD 220 million (CAD 0.97 per share), up 19%.

• Adjusted cash flow from operations rose 10% to CAD 444 million, and the consolidated net debt leverage ratio improved to 2.86x, the lowest among major Canadian telecoms.

• Over CAD 85 million in shares were repurchased and consolidated net debt reduced by more than CAD 120 million in the quarter.

• Maintained industry-leading balance sheet and invested in network improvements to support growth.

Financial highlights

• Telecommunications segment revenues increased by 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 favorable variance of CAD 16 million and Sports and Entertainment declined by CAD 2 million.

• Free cash flows were CAD 235.5 million, and cash flows from operating activities were stable at CAD 420 million.

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

Outlook and guidance

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

• No change in CapEx guidance; maintaining prudent investment approach amid market volatility.

• 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.