Quebecor reported its Q1 2025 earnings today, showing steady momentum in wireless growth and profit, even as total revenue dipped slightly.
The Montreal-based company posted net income of $190.7 million, up 10.1%, and adjusted income from operations rose 13.5% to $185.1 million.
Revenue came in at $1.34 billion, down 1.4% from last year, mainly due to weaker telecom equipment sales. However, adjusted EBITDA—essentially a measure of operating profit—was $549.6 million, down 1.8%, though that drop was entirely because of a $22.5 million stock-based compensation expense. Without that accounting impact, adjusted EBITDA actually rose 2.3%.
Mobile continues to be a bright spot. Quebecor added 54,400 mobile lines in Q1, the strongest growth rate among Canada’s telecom giants, and added 34,300 net revenue-generating units overall. It seems pretty clear that offering decent pricing with built-in North American roaming is working for Freedom Mobile.
Freedom Mobile, now fully under Quebecor, began rolling out faster 5G+ speeds across Ontario, Alberta, and B.C. in April. All Freedom customers with compatible devices now get access to 5G+ with no price bump.
Meanwhile, Fizz—Quebecor’s discount brand—launched a build-your-own TV service called Fizz TV in February, racking up 12,000+ new customers in just weeks. Videotron also expanded wireless coverage to more areas in rural Quebec.
Despite challenges in its media division, especially at TVA due to weaker ad revenue and fewer foreign film productions, Quebecor emphasized its commitment to local content and called again for federal tax reform to support Canadian broadcasters.
Quebecor also repurchased and cancelled 1.83 million shares this quarter, reducing its net debt by over $155 million and maintaining the lowest debt leverage ratio among Canada’s telecom companies at 3.26x.
The company’s earnings impressed analysts such as Maher Yaghi at Scotiabank, who said, “Quebecor has demonstrated once again that price elasticity in wireless remains a significant force driving consumer purchasing behaviors. “ He added, “Unlike incumbents, Quebecor was able to continue to load a significant number of customers.”
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They gave Freedom 5G+ when Fizz doesn't even have regular 5G, got tired of waiting and switched to Public Mobile.