MONTRÉAL, Feb. 27, 2025 /PRNewswire/ - Quebecor Inc. ("Quebecor" or the "Corporation") today reported its consolidated financial results for the fourth quarter and full year of 2024. Quebecor consolidates the financial results of its Quebecor Media Inc. ("Quebecor Media") subsidiary. 

Highlights

2024 financial year and recent developments

In 2024, Quebecor recorded cash flows provided by operating activities of $1.72 billion, up $256.8 million (17.6%), adjusted EBITDA1 of $2.37 billion, up $129.7 million (5.8%), and revenues of $5.64 billion, up $204.1 million (3.8%) compared with 2023.The Telecommunications segment increased its adjusted cash flows from operations2 by $62.7 million (3.7%), its adjusted EBITDA by $105.1 million (4.7%), and its revenues by $181.1 million (3.9%).Revenues from mobile services and equipment increased by $324.4 million or 15.9% due to the impact of the acquisition of Freedom Mobile Inc. ("Freedom") and revenue growth at Videotron Ltd. ("Videotron").There was a net increase of 373,300 (9.9%) connections to the mobile telephony service and 251,300 (3.3%) total revenue‑generating units3 ("RGUs") in the Telecommunications segment.The Media and Sports and Entertainment segments also grew their adjusted EBITDA by $24.2 million and $4.4 million respectively in 2024.Quebecor's net income attributable to shareholders was $747.5 million ($3.23 per basic share), up $97.0 million ($0.41 per basic share) or 14.9%.Adjusted income from operating activities4 was $747.0 million ($3.23 per basic share), an increase of $58.9 million ($0.25 per basic share) or 8.6%.The consolidated net debt leverage ratio decreased to 3.31x, the lowest among Canada's major telecoms.The quarterly dividend on the Corporation's Class A Multiple Voting Shares ("Class A Shares") and Class B Subordinate Voting Shares ("Class B Shares") was increased from $0.325 to $0.35.On January 28, 2025, Freedom announced a major upgrade to its services: State‑of‑the‑art 5G+ technology was henceforth included in all monthly mobile plans, regardless of price. 5G+ access was also automatically added to the 5G plans of all existing customers with compatible phones, at no extra cost. As well, Freedom expanded international roaming options for its customers by extending the scope of Roam Beyond, a revolutionary plan that lets users enjoy the features of their mobile plan in over 100 global destinations.In 2024, Freedom and Fizz announced the expansion of their service areas in several regions of British Columbia, Alberta and Manitoba through agreements reached under the Canadian Radio‑television and Telecommunications Commission's ("CRTC") Mobile Virtual Network Operator ("MVNO") framework.On February 20, 2025, Videotron announced the expansion of its wireless service area in several sectors of the Municipalité régionale de comté ("MRC") de Témiscamingue. Residents and businesses in these sectors can now subscribe to Videotron wireless services. This followed the expansion of Videotron's service area in the MRC de la Haute‑Côte‑Nord and the MRC de Charlevoix‑Est announced on December 12, 2024, and in the Gaspésie and Côte‑Nord regions announced on September 26, 2024.On April 10, 2024, Videotron announced that it would help improve wireless coverage in outlying regions of Québec by installing at least 37 new cell towers in Abitibi‑Témiscamingue and the Laurentians in partnership with the Québec government.On May 7, 2024, Freedom announced the phased roll‑out of its affordable new wireline Internet and TV services, Freedom Home Internet and Freedom TV, becoming a true multi‑service player capable of addressing a new customer segment seeking bundled offers.On February 5, 2025, Fizz announced the launch of Fizz TV, an all‑digital television service. Available to all Fizz Internet subscribers in Québec, Fizz TV is differentiated by a pick‑and‑pay model that lets users build their own low‑cost TV plan.On October 2, 2024, Quebecor, through its Quebecor Out‑of‑Home division, acquired the Canada‑wide out‑of‑home advertising business of Media Group Inc. ("NEO‑OOH") and integrated it into Québecor Affichage Neo Inc. The Corporation can now offer its advertising partners more than 17,000 advertising faces across Canada, a unified platform with new reach and power that complements Quebecor's comprehensive multiplatform advertising offering.On June 26, 2024, Event Management Gestev Inc. ("Gestev") acquired Evenma, a company that manages popular and corporate events including the renowned Festivent and Festibières festivals. This acquisition is an important step in Gestev's expansion, strengthening its leadership position in the events market.In May 2024, the Corporation obtained Investment Grade ratings from the credit rating agencies S&P Global Ratings, which upgraded Videotron's unsecured debt from BB+ to BBB‑, and Moody's Ratings, which upgraded Videotron's unsecured debt from Ba2 to Baa3. Following these new ratings, all liens on Videotron's assets granted to the bank lenders were terminated and the related debt instruments (including derivatives) are now unsecured.On June 17, 2024, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of US$600.0 million, bearing interest at 5.375%, and unwound the related hedging contracts for a total cash consideration of $662.3 million.On June 25, 2024, the Corporation redeemed all its outstanding 4.0% convertible debentures for a total aggregate principal amount of $150.0 million. Pursuant to the terms of the debentures, the Corporation elected to settle the redemption in shares and consequently issued and delivered 5,161,237 Class B Shares to the holders.On November 8, 2024, Videotron issued US$700.0 million aggregate principal amount of 5.700% Senior Notes maturing on January 15, 2035 for net proceeds of $964.6 million. Videotron used the net proceeds, together with drawings on its revolving credit facility, to repay in full its $700.0 million Tranche A term loan maturing in October 2025 and its 5.750% Senior Notes maturing in 2026 in the amount of $375.0 million. On June 21, 2024, Videotron also issued $600.0 million aggregate principal amount of Senior Notes bearing interest at 4.650% and maturing on July 15, 2029, and $400.0 million aggregate principal amount of Senior Notes bearing interest at 5.000% and maturing on July 15, 2034, for total net proceeds of $992.6 million.