Quebecor (QBR-B) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q4 and full year 2025, with all business segments performing well, especially telecom after the Freedom Mobile acquisition.

• Free cash flows rose 27.3% to $1.43 billion in 2025, with revenues up 0.7% to $5.68 billion and adjusted EBITDA up 1.1% to $2.39 billion year-over-year.

• Net income attributable to shareholders increased 14.5% to $856.0 million ($3.73 per basic share), and adjusted net income rose 17.8% to $879.7 million ($3.83 per basic share).

• Telecom segment delivered industry-leading subscriber growth, service revenue, and EBITDA growth.

• Media segment returned to profitability, aided by a retroactive royalty adjustment and cost-saving restructuring.

Financial highlights

• Q4 revenues reached $1.55 billion, up 3.2% year-over-year; adjusted EBITDA up 3.6%.

• Telecommunications segment revenues grew 0.3% to $4.85 billion, with adjusted EBITDA up 2.0% to $2.38 billion in 2025.

• Media segment revenues increased 3.8% to $729.9 million, with adjusted EBITDA up to $68.1 million, aided by retroactive carriage fee agreements.

• Net income attributable to shareholders was $212 million ($0.93/share) in Q4; adjusted net income was $226 million ($0.99/share).

• Consolidated net debt leverage ratio improved to 2.95x from 3.31x.

Outlook and guidance

• Expect continued gradual, measured CapEx increases in 2026, similar to 2025's $55 million telecom CapEx rise.

• Free cash flow guidance for 2026 is at least $1.1 billion, with potential for further growth depending on top-line performance.

• Continued disciplined growth and value creation expected, with ongoing network expansion and customer experience improvements.

• Plans for further 5G+ rollout and wireless network buildout in Manitoba in 2026.

• Management remains confident in sustaining profitable growth and margin improvements.