Quebecor (QBR-B) Q2 2026 earnings summary

Executive summary

• Delivered solid operational and financial results in Q2 2026, with improvements across all business sectors and disciplined execution of the expansion plan.

• Free cash flows rose 11.7% year-over-year to $418.7 million, revenues increased 4.3% to $1.44 billion, and adjusted EBITDA grew 3.7% to $627.4 million, or 9.8% excluding stock-based compensation expense.

• Net income attributable to shareholders was $270.9 million ($1.21 per basic share), up 24.4% year-over-year; adjusted net income was $241.3 million ($1.07 per basic share), up 6.4%.

• Telecommunications segment led growth, with mobile ARPU up 2.5% and 53,200 net new mobile subscriber connections.

• Dividend increased by 12.5% to $0.45 per share; normal course issuer bid renewed until August 2027.

Financial highlights

• Consolidated revenues rose 4.3% year-over-year to $1.44 billion in Q2 2026.

• Adjusted EBITDA increased 3.7% to $627.4 million, or 9.8% to $691 million excluding share-based compensation.

• Free cash flow grew 11.7% to $418.7 million; net income attributable to shareholders up 24.4% to $270.9 million.

• Adjusted net income (excluding unusual items) was $241.3 million, up from $227 million year-over-year.

• Quarterly dividend increased 12.5% to $0.45 per share.

Outlook and guidance

• Expect stable or slightly better than stable free cash flow for the full year, in line with prior guidance.

• CapEx phasing remains consistent with annual guidance, with some timing differences between quarters.

• Continued focus on network upgrades, expansion in Western Canada, and digital marketplace leadership.

• Ongoing disciplined capital allocation, debt reduction, and investment in growth technologies.

• Confident in continued ARPU and subscriber growth, while remaining prudent on market outlook.