Quebecor (QBR-B) Q3 2025 earnings summary

Executive summary

• Achieved strongest quarterly wireless service revenue growth since Freedom Mobile acquisition, with 114,000 net mobile additions and over 323,000 new lines year-over-year, despite a softer market.

• Third quarter 2025 revenue reached $1.41 billion, up 1.1% year-over-year, with growth in Telecommunications and Sports and Entertainment, but a decline in Media.

• Adjusted EBITDA rose 5.7% to $628.1 million, with increases across all segments.

• Net income attributable to shareholders was $236.1 million ($1.03 per basic share), up 24.9% year-over-year.

• Mobile active lines across Videotron, Freedom, and Fizz surpassed 4.328 million, reflecting strong brand resonance and market share gains.

Financial highlights

• Consolidated revenues reached CAD 1.4 billion, up 1% year-over-year; EBITDA rose 6% to CAD 628 million.

• Cash flows from operating activities increased 7% to CAD 582 million.

• Net income attributable to shareholders was CAD 236 million (CAD 1.03/share), up from CAD 189 million (CAD 0.81/share) last year.

• Adjusted net income (excluding unusual items) was CAD 242 million (CAD 1.05/share), up from CAD 192 million (CAD 0.82/share).

• For the first nine months, revenues were down 0.3% to CAD 4.1 billion, while EBITDA rose by CAD 4 million to CAD 1.8 billion.

Outlook and guidance

• Expectation of continued competitive market conditions through the holiday season, with a disciplined approach to pricing and network investment.

• Anticipate higher CapEx in Q4 to support ongoing 5G and network expansion objectives.

• Confident in maintaining strong cash flow and further deleveraging, with net debt-to-EBITDA targeted in the low-three range.

• Continued expansion of Helix Internet and TV services to over 180,000 additional households in Québec.

• Wireless coverage expanded in Haute-Mauricie and Chatham-Kent, Ontario, with service now reaching over 83% of Canada’s population.