Quebecor (QBR-B) Q2 2025 earnings summary

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.

• Cash flows from operating activities rose 37.4% year-over-year to $538.0 million, while revenue was stable at $1.38 billion, down 0.5% from Q2 2024.

• Net income attributable to shareholders increased 4.9% year-over-year to $217.7 million ($0.95 per share); adjusted income from operating activities rose 10.6% to $226.8 million ($0.99 per share).

• Expansion plan progressing, with disciplined pricing and brand strategy driving performance in both Videotron and Freedom Mobile.

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

Financial highlights

• Revenues were $1.38 billion, down 0.5% year-over-year; EBITDA was $605.1 million, down 3.2% due to higher stock-based compensation.

• Excluding stock-based compensation, EBITDA rose 0.7% to $605.1 million; cash flow from operations increased 37.4% to $538.0 million.

• Net income attributable to shareholders was $217.7 million ($0.95/share), up from $208 million ($0.90/share) last year.

• Adjusted income from operating activities was $226.8 million ($0.99/share), up from $205 million ($0.89/share) year-over-year.

• Net debt reduced by approximately $200 million; net debt/EBITDA ratio improved to 3.20x, the lowest among Canadian peers.

Outlook and guidance

• CapEx expected to align with full-year guidance despite Q2 timing delays; higher investment anticipated in the second half.

• Focus remains on growth through innovation, operational excellence, and financial discipline.

• 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.

• Wireless ARPU decline moderating, with repricing largely behind; future ARPU growth possible if market stability persists.