QuebecorInc. (“Quebecor” or “the Corporation”) today reported its consolidated financial results for the thirdquarter of 2025.
Third quarter 2025 highlights
— In the third quarter of 2025, Quebecor recorded cash flows provided by operating activities of $581.8 million, up $35.6 million (6.5%) from the same quarter of 2024, adjusted EBITDA1of $628.1million, up $34.0million (5.7%), with increases in all segments of the Corporation, revenues of $1.41billion, up $15.8million (1.1%).
— The Telecommunications segment increased its adjusted EBITDA by $16.6 million (2.8%), its revenues by $13.0 million (1.1%) and its adjusted cash flows from operations2by $3.3million (0.8%) in the third quarter of 2025.
— There was a net increase of 113,800 (2.7%) connections to the mobile telephony service, 10,500 (0.6%) subscriptions to the Internet access service and 94,100 (1.2%) total revenue‑generating units3(“RGUs”) in the Telecommunications segment.
— The Media and Sports and Entertainment segments posted increases of $8.7million (59.2%) and $3.3million (28.2%) respectively in adjusted EBITDA in the third quarter of 2025.
— Quebecor's net income attributable to shareholders was $236.1million ($1.03 per basic share), an increase of $47.1million ($0.22 per basic share) or 24.9%.
— Adjusted net income4 was $241.6 million ($1.05 per basic share), an increase of $49.4 million ($0.23 per basic share) or 25.7%.
— The consolidated net debt leverage ratio5decreased to 3.03x, still the lowest among Canada's major telecommunications providers.
— Since the end of the second quarter of 2025, VideotronLtd. (“Videotron”) has announced the expansion of its Helix technology‑based Internet and television services to more than 180,000 households in Drummondville, Magog, Rimouski, Saint‑Hyacinthe, Trois‑Rivières, Salaberry‑de‑Valleyfield and Huntingdon, as well as in many cities in Saguenay-Lac Saint Jean.As Videotron's wireless services were already available in those communities, customers will now be able to access a full complement of telecommunications services in one place.
— On August29, 2025, Videotron announced the expansion of its wireless coverage and service areas in the Haute‑Mauricie region, in partnership with EcotelInc. and with the support of the Québec government. This will significantly improve mobile communications in this region of Québec, making it possible for more than 10,000residents to subscribe to Videotron's mobile services and enhancing connectivity along several highways.
— On August27, 2025, Freedom MobileInc. (“Freedom”) announced the expansion of its wireless service area in Chatham‑Kent, Ontario. The new service areas include Chatham, Ridgetown, Wallaceburg, Blenheim, Dresden, Thamesville and Bothwell, among others. Residents can now take advantage of Freedom's competitive plans, including the innovative Roam Beyond plan, while accessing its fast and reliable wireless network.
— On October6, 2025, Videotron announced that it had been ranked Quebecers' preferred telecommunications provider in a Léger survey conducted between July17 and August2, 2025. Respondents rated Videotron as the most reliable and most trustworthy telecom in Québec. The excellent results confirmed Videotron's status as the industry leader in customer service.
— On October21, 2025, Videotron announced the pricing of its $800million aggregate principal amount of 3.950% Senior Notes due October15, 2032. The closing of the offering is expected on or about November20, 2025, subject to customary closing conditions. Videotron intends to use the net proceeds of this offering, together with cash on hand, to fund the conditional redemption of all of its US$600.0million aggregate principal amount of 5.125% Senior Notes due April15, 2027, and the settlement of the related hedging contracts.
Comments by Pierre KarlPéladeau, President and Chief Executive Officer of Quebecor
Quebecor continues to demonstrate strong financial performance, quarter after quarter. In the third quarter of 2025, it posted an 18.7% increase in free cash flows from operating activities;1a 5.7%increase in adjusted EBITDA, which was up across all business segments; a 1.1%increase in revenues and a 25.7%increase in adjusted net income. On the strength of these excellent results, driven by rigorous, disciplined management, we were able to reduce our consolidated net debt by more than $300million in the thirdquarter of 2025 and nearly $700million over the past 12months. We lowered our consolidated net debt leverage ratio to 3.03x as of September30, 2025, the lowest among Canada's main telecommunications providers.
The Telecommunications segment maintained its momentum in the third quarter of 2025 with increases of 2.8% in adjusted EBITDA, 6.4% in mobile telephony service revenues, 1.1% in total revenues, and 0.8% in adjusted cash flows from operations, while increasing investments by $13million during the quarter. This success was based, first and foremost, on our ability to attract and retain an ever‑growing customer base with a range of innovative products at highly competitive prices. Our mobility brands continued to gain significant market share across Canada, adding 113,800lines (2.7%) during the quarter and 323,100lines (8.1%) over the past 12months, the strongest growth rates in the Canadian industry.
We continued expanding our Helix Internet and television services during the third quarter of 2025. These services are now available to more than 180,000 additional households across many Québec communities, including Drummondville, Magog, Rimouski, Saint‑Hyacinthe, Trois‑Rivières, Salaberry‑de‑Valleyfield and Huntingdon, as well as in many cities in Saguenay-Lac-Saint-Jean.In line with our commitment to improving access to mobile communications in outlying regions, Videotron expanded its wireless coverage in the Haute‑Mauricie region, in partnership with EcotelInc. and with support from the Québec government. More than 10,000additional residents can now subscribe to Videotron's mobile services. Meanwhile, Freedom Mobile expanded its service area to include the Chatham‑Kent region in Ontario. Residents can now access our competitive plans, including the innovative Roam Beyond plan, delivered via a fast and reliable network. As a result of the series of service area expansions in recent quarters, combined with roaming agreements under the Canadian Radio‑television and Telecommunications Commission's (CRTC) Mobile Virtual Network Operator (MVNO) framework, Videotron, Fizz and Freedom now reach over 83% of Canada's population.
We are particularly proud of the results of the latest Léger survey, which show that Videotron remains the undisputed leader in customer service among telecom providers in Québec. Videotron was also rated the most reliable and trustworthy telecom, attesting to the superb customer experience we deliver, day after day.
In October2025, Videotron announced the pricing of its $800.0million private placement of 3.95% Senior Notes maturing in 2032. The success of this offering confirmed Videotron's status as one of the leaders in Canadian telecommunications provider. Strong investor demand on attractive terms for Videotron, including the lowest seven‑year credit spread in the Canadian telecom sector, testifies to our solid financial foundations, disciplined management and growth prospects.
TVAGroupInc. (“TVAGroup”) generated revenues of $106.2million in the third quarter of 2025, down $6.2million (‑5.5%), and year‑to‑date revenues of $355.3million, down $30.3million (‑7.8%). Although TVAGroup posted adjusted EBITDA of $18.5million in the third quarter of 2025, thanks to numerous restructuring measures over the past two years and certain non‑recurring favourable retroactive adjustments in 2025, this was not enough to achieve profitability for the first nine months of the year. These measures are not sustainable in the medium term and are far from sufficient to secure the long‑term viability of our business, given in particular the ongoing, accelerating decline in advertising revenues, compounded by the absence of foreign blockbusters at MELS' studios. It is therefore imperative that governments also act and take the necessary steps to support domestic media companies in the long term.
Unfortunately, the government has completely ignored our industry and turned a blind eye to the crisis that is hitting television broadcasting so hard. There is no tax credit for television journalism, no tax incentives for advertising in Québec and Canadian media, and no information about when the digital services tax already paid by private broadcasters will be refunded. Furthermore, CBC/Radio Canada's annual funding has been increased by $150 million without any requirement to eliminate advertising on its platforms or to curb its unfair commercial competition with Canada's private television broadcasters. Regrettably, this new government has missed an opportunity to support an industry facing ever-growing challenges and job losses at an alarming rate. Regarding the Québec government, we reiterate that it must quickly introduce concrete measures to implement the recommendations in the report of its task force on the future of Québec's audiovisual industry, filed in October 2025.
TVAGroup's broadcasting activities continued to dominate television viewership in Québec. Its channels registered a combined market share of 41.2% in the third quarter of 2025, a 2.2‑point increase from 2024 and more than its two main rivals combined. TVA Network maintained its lead among French‑language over‑the‑air channels on the strength of programs such as Chanteurs masqués, which drew an average audience of more than 1.5million for a 52.9% market share. Among the specialty channels, LCN remained Quebecers' trusted news source with an 8.0% market share, a 0.9‑point increase over the same period of 2024, and TVA Sports recorded a significant 1.4‑point gain in the third quarter of 2025 compared with the same period in 2024.
We proudly upheld our founder Pierre Péladeau's commitment to actively contribute to the development and well‑being of the community. Quebecor donated $2million to the Fondation Sablon, an organization that provides disadvantaged children with opportunities to grow through sports and outdoor activities. The donation will fund the complete refurbishment of the Centre aquatique Québecor, improving access to quality facilities for young people and their families. We also continued to support university entrepreneurship, notably through the Pierre Péladeau Bursaries. In their 27th year, the Bursaries awarded more than $200,000, shared among five recipients, to encourage innovation, creativity and risk‑taking by Québec student entrepreneurs.
Quebecor remains firmly committed to strengthening its position as a Canadian telecommunications leader by focusing on profitable growth, a solid balance sheet and long‑term value creation. We will also continue disciplined investment to deliver the best possible customer experience to more Canadians, while building a sustainable future for all our stakeholders.
Non‑IFRS financial measures
The Corporation uses financial measures not standardized under International Financial Reporting Standards (“IFRS”), such as adjusted EBITDA, adjusted net income, adjusted cash flows from operations, free cash flows from operating activities and consolidated net debt leverage ratio, and key performance indicators, including RGUs. Definitions of the non‑IFRS measures and key performance indicator used by the Corporation in this press release are provided in the “Definitions” section.
Financial table
Table 1 Consolidated summary of income, cash flows and balance sheet (inmillions of Canadian dollars, except per basic share data)
2025/2024 third‑quarter comparison
Revenues: $1.41billion, a $15.8million (1.1%) increase.
— Revenues increased in Telecommunications ($13.0million or 1.1% of segment revenues) and in Sports and Entertainment ($4.3million or 6.7%).
— Revenues decreased in Media ($3.0million or ‑1.9%).
Adjusted EBITDA: $628.1million, a $34.0million (5.7%) increase.
— Adjusted EBITDA increased in Telecommunications ($16.6million or 2.8% of segment adjusted EBITDA), Media ($8.7million or 59.2%), and Sports and Entertainment ($3.3million or 28.2%).
— There was a favourable variance at Head Office ($5.4million).
— There was a $2.7million favourable variance in the Corporation's stock‑based compensation charge in the third quarter of 2025 compared with the same period of 2024.
Net income attributable to shareholders: $236.1million ($1.03 per basic share) in the third quarter of 2025, compared with $189.0million ($0.81 per basic share) in the same period of 2024, an increase of $47.1million ($0.22 per basic share) or 24.9%.
— The main favourable variances were:
— $34.0million increase in adjusted EBITDA;
— $19.3million decrease in the depreciation and amortization charge;
— $15.6million decrease in financial expenses.
— The unfavourable variances were:
— $17.2million increase in the income tax expense;
— $2.9million unfavourable variance in the charge for restructuring, impairment of assets and other.
Adjusted net income: $241.6million ($1.05 per basic share) in the third quarter of 2025, compared with $192.2million ($0.82 per basic share) in the same period of 2024, an increase of $49.4million ($0.23 per basic share) or 25.7%.
Adjusted cash flows from operations: $462.4million, a $27.1million (6.2%) increase in the third quarter of 2025 due to the $34.0million increase in adjusted EBITDA, partially offset by a $6.9million increase in capital expenditures.
Cash flows provided by operating activities: $581.8million in the third quarter of 2025, a $35.6million (6.5%) increase due primarily to the increase in adjusted EBITDA and a decrease in the cash portion of financial expenses, partially offset by an unfavourable net change in non‑cash balances related to operating activities.
2025/2024 year‑to‑date comparison
Revenues: $4.13billion, a $10.4million (‑0.3%) decrease.
— Revenues decreased in Media ($17.2million or ‑3.4% of segment revenues) and in Telecommunications ($6.5million or ‑0.2%).
— Revenues increased in Sports and Entertainment ($13.4million or 8.6%).
Adjusted EBITDA: $1.78billion, an increase of $4.3million (0.2%), despite a $44.0million increase in the stock‑based compensation charge due to a significant change in the fair value of Quebecor stock options and stock‑price‑based share units.
— Adjusted EBITDA increased in Telecommunications ($23.9million or 1.4%) and in Sports and Entertainment ($6.6million or 39.8%).
— There were unfavourable variances at Head Office ($23.4million) and in the Media segment ($2.8million or ‑16.6%).
Net income attributable to shareholders: $644.5million ($2.80 per basic share) in the first nine months of 2025, compared with $569.8million ($2.46 per basic share) in the same period of 2024, an increase of $74.7million ($0.34 per basic share) or 13.1%.
— The main favourable variances were:
— $64.0million decrease in the depreciation and amortization charge;
— $54.1million decrease in financial expenses;
— $4.3million increase in adjusted EBITDA.
— The main unfavourable variances were:
— $27.4million increase in the income tax expense;
— $15.5million unfavourable variance related to gains on valuation and translation of financial instruments;
— $4.4million unfavourable variance in the charge for restructuring, impairment of assets and other.
Adjusted net income: $653.5million ($2.84 per basic share) in the first nine months of 2025, compared with $560.4million ($2.42 per basic share) in the same period of 2024, an increase of $93.1million ($0.42 per basic share) or 16.6%.
Adjusted cash flows from operations: $1.32billion, a $14.5million (1.1%) increase due to the $10.2million decrease in capital expenditures and the $4.3million increase in adjusted EBITDA.
Cash flows provided by operating activities: $1.54billion, a $213.4million (16.1%) increase due primarily to a favourable net change in non‑cash balances related to operating activities and a decrease in the cash portion of financial expenses, partially offset by an increase in current income taxes.
Financing operations
On October21, 2025, Videotron announced the pricing of its $800.0million aggregate principal amount of 3.950% Senior Notes due October15, 2032. The closing of the offering is expected on or about November20, 2025, subject to customary closing conditions. Videotron intends to use the net proceeds of this offering, together with cash on hand, to fund the conditional redemption of all of its US$600.0million aggregate principal amount of 5.125% Senior Notes due April15, 2027, and the settlement of the related hedging contracts.
Capital stock
On August6, 2025, the Board of Directors of the Corporation authorized the renewal of the normal course issuer bid for a maximum of 1,000,000ClassA Multiple Voting Shares (“ClassA Shares”), representing approximately 1.3% of issued and outstanding ClassA Shares, and for a maximum of 5,000,000ClassB Subordinate Voting Shares (“ClassB Shares”), representing approximately 3.2% of issued and outstanding ClassB Shares as of August1, 2025. The purchases can be made from August15, 2025 to August14, 2026, at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange or other alternative trading systems in Canada. All shares purchased under the bid will be cancelled.
On August8, 2025, the Corporation entered into an automatic securities purchase plan (“the plan”) with a designated broker whereby shares may be repurchased under the plan at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self‑imposed blackout periods. The plan received prior approval from the Toronto Stock Exchange. It came into effect on August15, 2025 and will terminate on the same date as the normal course issuer bid.
Under the plan, before entering a self‑imposed blackout period, the Corporation may, but is not required to, ask the designated broker to make purchases under the normal course issuer bid. Such purchases will be made at the discretion of the designated broker, within parameters established by the Corporation prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of the Corporation's management.
During the first nine months of 2025, the Corporation repurchased and cancelled 3,740,908ClassB Shares for a total cash consideration of $140.0million (2,200,000ClassB Shares for a total cash consideration of $68.8million in 2024) and 217,221ClassB Shares were issued following the exercise of stock options for a total cash consideration of $6.6million (5,161,237ClassB shares issued in 2024 following the redemption of convertible debentures).
Dividends declared
On November5, 2025, the Board of Directors of Quebecor declared a quarterly dividend of $0.35 per share on its ClassA Shares and ClassB Shares, payable on December16, 2025 to shareholders of record at the close of business on November21, 2025. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.
Detailed financial information
For a detailed analysis of Quebecor's third quarter 2025 results, please refer to the Management Discussion and Analysis and condensed consolidated financial statements of Quebecor, available on the Corporation's website at www.quebecor.com/en/investors/financial-documentation and the SEDAR+ website at www.sedarplus.ca.
Conference call for investors and webcast
Quebecor will hold a conference call to discuss its third quarter 2025 results on November6, 2025, at 11:00a.m. EST. There will be a question period reserved for financial analysts. To access the conference call, please dial 1‑800‑990‑4777. The conference call will also be broadcast live on Quebecor's website at www.quebecor.com/en/investors/conferences‑and‑annual‑meeting. A recording will be available at the same address until January5, 2026 for anyone unable to attend the call.
Cautionary statement regarding forward‑looking statements
The statements in this press release that are not historical facts are forward‑looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause Quebecor's actual results for future periods to differ materially from those set forth in forward‑looking statements. Forward‑looking statements may be identified by the use of the conditional or by forward‑looking terminology such as the terms “plans,” “expects,” “may,” “anticipates,” “intends,” “estimates,” “projects,” “seeks,” “believes,” or similar terms, variations of such terms or the negative of such terms. Some important factors that could cause actual results to differ materially from those expressed in these forward‑looking statements include, but are not limited to:
— Quebecor's ability to continue successfully developing its network and the facilities that support its mobile services;
— general economic climate, financial and economic market conditions, global business challenges, such as tariffs and trade barriers, as well as market conditions and variations in the businesses of local, regional and national advertisers in Quebecor's newspapers, television outlets and other media properties;
— Quebecor's ability to implement its business and growth strategies successfully;
— the intensity of competitive activity in the industries in which Quebecor operates and its ability to penetrate new markets and successfully develop its business, including in growth sectors and new geographies;
— fragmentation of the media landscape and its impact on the advertising market and the media properties of Quebecor;
— new technologies that might change consumer behaviour with respect to Quebecor's product suites;
— unanticipated higher capital spending required for developing Quebecor's network or to address the continued development of competitive alternative technologies, or the inability to obtain additional capital to continue the development of Quebecor's business segments;
— risks relating to the ongoing integration of Freedom, acquired in2023, which could result in additional and unforeseen expenses, capital expenditures and financial risks, such as the incurrence of unexpected write‑offs, unanticipated or unknown liabilities, or unforeseen litigation. In addition, the anticipated benefits of the Freedom acquisition may not be fully realized or could take longer to realize than expected;
— the impacts of the significant and recurring investments that will be required for development and expansion and to compete effectively with the incumbent local exchange carriers (“ILECs”) and other current or potential competitors in the Telecommunications segment's target markets;
— disruptions to the network through which Quebecor provides its television, Internet access, mobile and wireline telephony and over‑the‑top (OTT) services, and its ability to protect such services against piracy, unauthorized access and other security breaches;
— labour disputes and strikes, service interruptions resulting from equipment breakdown, network failure, the threat of natural disasters, epidemics, public‑health crises and political instability in some countries;
— impacts related to environmental issues, cybersecurity and the protection of personal information;
— changes in Quebecor's ability to obtain services and equipment critical to its operations;
— changes in laws and regulations, or in their interpretations, which could result, among other things, in increased competition, changes in Quebecor's markets, increased operating expenses, capital expenditures or tax expenses, or a reduction in the value of some assets; and
— Quebecor's substantial indebtedness, interest rate and exchange rate fluctuations, the tightening of credit markets and the restrictions on its business imposed by the terms of its debt.
The forward‑looking statements in this document are made to provide investors and the public with a better understanding of the Corporation's circumstances and are based on assumptions it believes to be reasonable as of the day on which they are made. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings, available at www.sedarplus.ca and www.quebecor.com, including, in particular, the “Trend Information” and “Risks and Uncertainties” sections of the Corporation's Management Discussion and Analysis for the year ended December31, 2024.
The forward‑looking statements in this document reflect the Corporation's expectations as of November6, 2025, and are subject to change after that date. The Corporation expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About Quebecor
Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best‑performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor's subsidiaries and brands are differentiated by their high‑quality, multiplatform, convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec and employs more than 11,000people in Canada.
A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400organizations in the vital fields of culture, health, education, the environment, and entrepreneurship.
Visit our website: www.quebecor.com
Follow us on X: www.x.com/Quebecor
DEFINITIONS
Adjusted EBITDA
In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income under IFRS, as net income before depreciation and amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring, impairment of assets and other, and income taxes. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and depreciation/amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its business segments.
Adjusted EBITDA is also relevant because it is a component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the capital expenditures and acquisitions of spectrum licences needed to generate revenues in the Corporation's segments. The Corporation also uses other measures that do reflect capital expenditures, such as adjusted cash flows from operations and free cash flows from operating activities. The Corporation's definition of adjusted EBITDA may not be the same as similarly titled measures reported by other companies.
Table2 provides a reconciliation of adjusted EBITDA to net income as disclosed in Quebecor's condensed consolidated financial statements.
Table 2 Reconciliation of the adjusted EBITDA measure to the net income measure used in the condensed consolidated financial statements (inmillions of Canadian dollars)
Adjusted net income (formerly “adjusted income from operating activities”)
The Corporation defines adjusted net income, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before the gain on valuation and translation of financial instruments, and restructuring, impairment of assets and other, net of income tax related to adjustments and net income attributable to non‑controlling interest related to adjustments. Adjusted net income as defined above is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted net income to analyze trends in the performance of its businesses. The above‑listed items are excluded from the calculation of this measure because they impair the comparability of financial results. Adjusted net income from operating activities is more representative for forecasting income. The Corporation's definition of adjusted net income may not be the same as similarly titled measures reported by other companies.
Table3 provides a reconciliation of adjusted net income to the net income attributable to shareholders' measure used in Quebecor's condensed consolidated financial statements.
Table 3 Reconciliation of the adjusted net income measure used to the net income attributable to shareholders measure used in the condensed consolidated financial statements (inmillions of Canadian dollars)
Adjusted cash flows from operations and free cash flows from operating activities
Adjusted cash flows from operations
Adjusted cash flows from operations represents adjusted EBITDA less capital expenditures (excluding spectrum licence acquisitions). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Adjusted cash flows from operations is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. Adjusted cash flows from operations is used by the Corporation's management and Board of Directors to evaluate the cash flows generated by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. Adjusted cash flows from operations is also relevant because it is a component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted cash flows from operations may not be identical to similarly titled measures reported by other companies.
Free cash flows from operating activities
Free cash flows from operating activities represents cash flows provided by operating activities calculated in accordance with IFRS, less cash flows used for capital expenditures (excluding spectrum licence acquisitions), plus proceeds from disposal of assets. Free cash flows from operating activities is used by the Corporation's management and Board of Directors to evaluate cash flows generated by the Corporation's operations. Free cash flows from operating activities represents available funds for business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long‑term debt and lease liabilities, and share repurchases. Free cash flows from operating activities is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. The Corporation's definition of free cash flows from operating activities may not be identical to similarly titled measures reported by other companies.
Tables 4 and 5 provide a reconciliation of adjusted cash flows from operations and free cash flows from operating activities to cash flows provided by operating activities reported in the condensed consolidated financial statements.
Table 4 Adjusted cash flows from operations (inmillions of Canadian dollars)
Table 5 Free cash flows from operating activities and cash flows provided by operating activities reported in the condensed consolidated financial statements (inmillions of Canadian dollars)
Consolidated net debt leverage ratio
The consolidated net debt leverage ratio represents consolidated net debt divided by the trailing 12‑month adjusted EBITDA. Consolidated net debt represents total long‑term debt plus bank indebtedness, lease liabilities and liabilities related to derivative financial instruments, less assets related to derivative financial instruments and cash and cash equivalents. The consolidated net debt leverage ratio serves to evaluate the Corporation's financial leverage and is used by management and the Board of Directors in decisions on the Corporation's capital structure, including its financing strategy, and in managing debt maturity risks. Consolidated net debt leverage ratio is not a measure established in accordance with IFRS. It is not intended to be used as an alternative to IFRS measures or the balance sheet to evaluate the Corporation's financial position. The Corporation's definition of consolidated net debt leverage ratio may not be identical to similarly titled measures reported by other companies.
Table6 provides the calculation of consolidated net debt leverage ratio and the reconciliation to balance sheet items reported in Quebecor's condensed consolidated financial statements.
Table 6 Consolidated net debt leverage ratio (inmillions of Canadian dollars)
Key performance indicator
Revenue‑generating unit
The Corporation uses RGU, an industry metric, as a key performance indicator. An RGU represents, as the case may be, subscriber connections to the mobile and wireline telephony services and subscriptions to the Internet access and television services. RGU is not a measurement that is consistent with IFRS and the Corporation's definition and calculation of RGU may not be the same as identically titled measurements reported by other companies or published by public authorities.
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