Quebecor Inc.

Quebecor reported second-quarter 2026 revenue of $1.44 billion, up 4% year over year, and EBITDA of $627 million, up 4%; excluding share-based compensation, EBITDA was up $62 million or 10%. Net income attributable to shareholders was $271 million, or $1.21 per share, versus $218 million, or $0.95 per share, last year. Free cash flow increased $44 million or 12% to $419 million, and cash flows from operating activities were $570 million, up 6%. In Telecom, revenue was $1.2 billion, up 4%, service revenue was $1.03 billion, up 4.2%, adjusted EBITDA was $642 million, up 5%, and adjusted EBITDA margin was 52%, up 60 basis points. Media revenue was $185 million, up 6%, with EBITDA of $27 million, up $18 million. Net debt-to-EBITDA was 2.87x, and available liquidity was $926 million. For the first half, revenue was $2.84 billion, up 4%, and EBITDA was $1.20 billion, up 4% (or 11% excluding SBC). Management said full-year free cash flow should be stable to slightly better than stable year over year, and CapEx should remain in line with prior guidance, with some quarter-to-quarter timing shifts.

Pierre Péladeau framed the quarter as evidence that Quebecor is executing consistently across segments, growing market share, and benefiting from disciplined capital allocation. He emphasized that the company is expanding wireless while maintaining a conservative balance sheet, avoiding hybrid debt, and investing in network quality, 5G/5G Plus, and systems modernization. He was also upbeat about Etiya and AI-enabled BSS/OSS efficiencies, saying control of those platforms should reduce costs and support future growth.

Hugues Simard highlighted the hard numbers behind the quarter: revenue of $1.44 billion, EBITDA of $627 million, free cash flow of $419 million, and operating cash flow of $570 million. He noted Telecom service revenue of $1.03 billion, Telecom adjusted EBITDA of $642 million, a 52% margin, and CapEx up $18 million or 12% in the quarter due to Internet infrastructure and 5G/5G Plus rollout. On capital structure, he said net debt-to-EBITDA was 2.87x, liquidity was $926 million, the $1 billion commercial paper program is now fully operational, and the company repaid the $500 million term-loan tranche due April 2026 and $300 million of the tranche due April 2027, plus an additional $100 million early repayment after quarter-end. He also said $185 million was spent to buy and cancel 3.1 million Class B shares in the first half, and the dividend was raised to $0.45 per share.

Analysts focused on free cash flow, CapEx pacing, ARPU durability, Etiya economics, churn, Internet growth, Western Canada expansion, and capital allocation. Management said free cash flow should remain stable or slightly better than stable year over year and that CapEx is tracking within guidance, with some timing shifts between quarters. On ARPU, they said there is still room to grow, but they would not give precise forecasts, and pointed to a less promotional market and their everyday-low-price approach as supportive; on Etiya, they said it is a more than $100 million revenue business but declined to give a clean annual run rate on the call. They also said churn improved after a weak Q1, Internet growth of 3.1% was viewed as stable, and Western Canada remains a large runway where they are improving network quality and planning a more aggressive commercial push.