Financials Quebecor Inc.

Equities

QBR.A

CA7481931094

Integrated Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 15:52:19 2025-12-12 EST			5-day change	1st Jan Change
52.19 ^CAD	+2.03%		+1.87%	+58.73%

12-09	CIBC Sees "Gradual" Improvement For Canadian Telecoms	MT
11-11	Quebecor Price Target Raised to $55 at TD	MT

Projected Income Statement: Quebecor Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,318	4,554	4,532	5,434	5,638	5,635	5,716	5,820
Change	-	5.48%	-0.49%	19.91%	3.76%	-0.07%	1.44%	1.82%
EBITDA ¹	1,953	1,973	1,934	2,238	2,368	2,379	2,460	2,537
Change	-	1.06%	-1.96%	15.68%	5.8%	0.5%	3.38%	3.13%
EBIT ¹	1,149	1,189	1,167	1,329	1,424	1,511	1,595	1,646
Change	-	3.48%	-1.9%	13.88%	7.18%	6.06%	5.61%	3.2%
Interest Paid ¹	-328.2	-333.4	-323	-408.4	-414.1	-351.5	-339.8	-320.1
Earnings before Tax (EBT) ¹	790	785.4	810.1	863	998.2	1,137	1,234	1,311
Change	-	-0.58%	3.14%	6.53%	15.67%	13.94%	8.48%	6.23%
Net income ¹	607.2	578.4	599.7	650.5	747.5	852	913.4	970.9
Change	-	-4.74%	3.68%	8.47%	14.91%	13.99%	7.2%	6.3%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/27/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,147	1,091	1,131	1,148	1,184	1,088	1,115	1,144	1,185	1,116	1,398	1,415	1,505	1,363	1,387	1,390	1,499	1,343	1,380	1,406	1,507	1,359	1,407	1,425
Change	-	-4.86%	3.68%	1.5%	3.11%	-8.1%	2.5%	2.56%	3.61%	-5.86%	25.36%	1.21%	6.32%	-9.44%	1.77%	0.2%	7.87%	-10.4%	2.78%	1.82%	7.25%	-9.85%	3.5%	1.32%
EBITDA ¹	526.8	452.7	501.4	520.3	498.8	442.1	491.4	518	483	442.8	605.2	624.4	565.4	559.5	624.9	594.1	589	549.6	605.1	628.1	594.9	574.5	631.4	645.6
Change	-	-14.07%	10.76%	3.77%	-4.13%	-11.37%	11.15%	5.41%	-6.76%	-8.32%	36.68%	3.17%	-9.45%	-1.04%	11.69%	-4.93%	-0.86%	-6.69%	10.1%	3.8%	-5.29%	-3.43%	9.91%	2.24%
EBIT ¹	313.3	257.4	304.8	326	301.2	247.4	299.8	326.5	293.1	254.3	354.6	385.6	334.3	323.3	387.3	361.2	352.4	334.3	391.3	414.5	370.7	-	-	-
Change	-	-17.84%	18.41%	6.96%	-7.61%	-17.86%	21.18%	8.91%	-10.23%	-13.24%	39.44%	8.74%	-13.3%	-3.29%	19.8%	-6.74%	-2.44%	-5.14%	17.05%	5.93%	-10.57%	-	-	-
Charge d'intérêts ¹	-79.1	-83.1	-87	-83.8	-79.5	-77.5	-82	-84.1	-79.4	-77.9	-113.7	-109.8	-107	-108.9	-108.1	-100.6	-96.5	-92.5	-86	-85	-89	-	-	-
Earnings before Tax (EBT) ¹	-	164	-	-	221.1	-	-	-	-	-	229.2	279.2	195.1	222	277.9	255.5	242.8	245.1	291.3	321.5	284.4	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	21.82%	-30.12%	13.79%	25.18%	-8.06%	-4.97%	0.95%	18.85%	10.37%	-11.53%	-	-	-
Net income ¹	159.8	121.3	123.5	173.1	160.5	121.4	157.4	178.4	142.5	120.9	174.1	209.3	146.2	173.2	207.6	189	177.7	190.7	217.7	236.1	210	195.7	230.6	251.7
Change	-	-24.09%	1.81%	40.16%	-7.28%	-24.36%	29.65%	13.34%	-20.12%	-15.16%	44%	20.22%	-30.15%	18.47%	19.86%	-8.96%	-5.98%	7.32%	14.16%	8.45%	-11.07%	-6.81%	17.84%	9.17%
Announcement Date	2/25/21	5/13/21	8/5/21	11/4/21	2/24/22	5/12/22	8/4/22	11/3/22	2/23/23	5/11/23	8/10/23	11/9/23	2/22/24	5/9/24	8/8/24	11/7/24	2/27/25	5/8/25	8/7/25	11/6/25	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Quebecor Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	5,191	6,793	6,593	8,157	7,937	6,879	6,319	5,668
Change	-	30.86%	-2.94%	23.72%	-2.7%	-13.33%	-8.14%	-10.3%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/27/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Quebecor Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	653.1	1,448	486.5	563.3	599.5	671.3	746.7	778.8
Change	-	121.71%	-66.4%	15.79%	6.43%	11.98%	11.22%	4.31%
Free Cash Flow (FCF) ¹	778.4	-257.7	776.2	910.5	1,120	1,190	1,058	1,110
Change	-	-133.11%	401.2%	17.3%	23.04%	6.26%	-11.15%	4.93%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/27/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Quebecor Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	45.22%	43.33%	42.69%	41.18%	41.99%	42.23%	43.03%	43.59%
EBIT Margin (%)	-	26.62%	26.12%	25.75%	24.45%	25.26%	26.81%	27.91%	28.29%
EBT Margin (%)	-	18.3%	17.24%	17.88%	15.88%	17.7%	20.19%	21.59%	22.52%
Net margin (%)	-	14.06%	12.7%	13.23%	11.97%	13.26%	15.12%	15.98%	16.68%
FCF margin (%)	-	18.03%	-5.66%	17.13%	16.75%	19.87%	21.13%	18.51%	19.07%
FCF / Net Income (%)	-	128.19%	-44.55%	129.43%	139.97%	149.87%	139.72%	115.8%	114.32%
Profitability
ROA	-	-	5.61%	5.61%	5.57%	5.81%	6.63%	6.98%	7.46%
ROE	-	58.1%	48.85%	45.9%	42.18%	38.49%	34.37%	32.25%	39.35%
Financial Health
Leverage (Debt/EBITDA)	-	2.66x	3.44x	3.41x	3.65x	3.35x	2.89x	2.57x	2.23x
Debt / Free cash flow	-	6.67x	-26.36x	8.49x	8.96x	7.08x	5.78x	5.97x	5.11x
Capital Intensity
CAPEX / Current Assets (%)	-	15.13%	31.79%	10.74%	10.37%	10.63%	11.91%	13.06%	13.38%
CAPEX / EBITDA (%)	-	33.45%	73.38%	25.15%	25.17%	25.32%	28.22%	30.36%	30.7%
CAPEX / FCF (%)	-	83.9%	-561.89%	62.68%	61.87%	53.51%	56.39%	70.59%	70.17%
Items per share
Cash flow per share ¹	0.055	0.5508	0.2704	0.0286	0.0481	0.2661	-	-	-
Change	-	901.85%	-50.91%	-89.43%	68.37%	453.06%	-	-	-
Dividend per Share ¹	0.3925	0.8	1.1	1.2	1.2	1.3	-	-	-
Change	-	103.82%	37.5%	9.09%	0%	8.33%	-	-	-
Book Value Per Share ¹	3.839	4.483	5.248	5.877	7.486	9.29	-	-	-
Change	-	16.78%	17.06%	11.99%	27.37%	24.09%	-	-	-
EPS ¹	2.55	2.349	2.287	2.55	2.796	3.228	-	-	-
Change	-	-7.88%	-2.66%	11.5%	9.66%	15.44%	-	-	-
Nbr of stocks (in thousands)	254,885	248,818	239,258	230,936	230,676	232,718	-	-	-
Announcement Date	3/12/20	2/25/21	2/24/22	2/23/23	2/22/24	2/27/25	-	-	-