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.

• Net income attributable to shareholders was $270.9 million, up 24.4% year-over-year; adjusted net income was $241.3 million, up 6.4%.

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

• Majority stake acquired in Etiya to accelerate unified BSS platform rollout and drive digital transformation.

Financial highlights

• Consolidated Q2 revenues rose 4.3% year-over-year to $1.44 billion; adjusted EBITDA increased 3.7% to $627.4 million, or 9.8% excluding share-based compensation.

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

• Adjusted net income (excluding unusual items) was $241.3 million, up from $227 million in Q2 2025.

• Telecom segment revenues up 4%, with wireless service revenues up 9% and wireline service revenues up 0.3%.

• Adjusted EBITDA margin in telecom reached 52%, a 60 basis point improvement year-over-year.

Outlook and guidance

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

• CapEx phasing expected to be in line 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, with prudent approach to market dynamics.