Quebecor Inc.

Quebecor reported Q2 2026 revenue of $1.44 billion, up 4% year over year. EBITDA was $627 million, up $22 million or 4%, and excluding stock-based compensation, EBITDA improved by $62 million or 10%. Free cash flow rose $44 million or 12% to $419 million, and cash flows from operating activities increased $32 million to $570 million, up 6%. Net income attributable to shareholders was $271 million, or $1.21 per share, versus $218 million, or $0.95 per share, last year; adjusted net income was $241 million, or $1.07 per share, versus $227 million, or $0.99 per share. In Telecom, revenue was $1.2 billion, up 4%, service revenue was $1.03 billion, adjusted EBITDA was $642 million, up 5%, and margin was 52% (up 60 bps). Wireless service revenue was $476 million, up 9%, and wireline service revenue was $559 million, up 0.3%. Media revenue was $185 million, up 6%, and adjusted EBITDA was $27 million, up $18 million year over year. Sports and Entertainment revenue was $48 million, with adjusted EBITDA of $3 million. For the first half, revenue rose 4% to $2.84 billion and EBITDA increased 4% to $1.20 billion; excluding stock-based compensation, EBITDA would have grown $136 million or 11%. Management said full-year CapEx is still expected to be in line with guidance, with some timing differences between quarters, and free cash flow is expected to be stable, maybe slightly better than stable, year over year.

Pierre Péladeau framed the quarter as another example of disciplined execution, with emphasis on growing market share, improving ARPU, and expanding Freedom Mobile nationally. He repeatedly stressed that Quebecor is investing in network quality, 5G/5G Plus, and digital platforms like Etiya to reduce costs and improve long-term competitiveness. His tone was confident and combative on pricing discipline, positioning Quebecor as avoiding deep discounting and using “credible” pricing and service quality to win customers.

Hugues Simard focused on the math behind the quarter: $627 million of EBITDA, $419 million of free cash flow, $570 million of operating cash flow, and net debt-to-EBITDA of 2.87x, stable sequentially. He highlighted that Telecom operating expenses fell to 48% of revenue from 48.6% last year, and said CapEx rose $18 million, or 12%, mainly for Internet infrastructure and 5G/5G Plus rollout. He also noted $926 million of available liquidity, the repayment of Videotron’s $500 million term-loan tranche due April 2026 plus $300 million of the April 2027 tranche and an additional $100 million early repayment in July, and that Quebecor bought and canceled 3.1 million Class B shares for $185 million in the first half.

Analysts focused on whether strong ARPU gains can continue, how much CapEx will step up, and whether free cash flow should remain stable or better than stable for the year. Management said they remain prudent on ARPU guidance, but still see room to grow, helped by not participating in Q1-style discounting and by some impact from 18-month price step-ups. On Etiya, management said the business is a little over $100 million in revenue, but that it is complicated to isolate because some revenue is internal; they also said there was no material EBITDA contribution this quarter. Questions on Western Canada and wireless churn were met with comments that churn improved in Q2, the West has a large runway, and Quebecor will keep building out its own network where it makes economic sense.