MONTRÉAL, Nov. 6, 2025 /PRNewswire/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the third quarter 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 EBITDA1 of $628.1 million, up
$34.0 million (5.7%), with increases in all segments of the Corporation,
revenues of $1.41 billion, up $15.8 million (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 operations2 by $3.3 million (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
$8.7 million (59.2%) and $3.3 million (28.2%) respectively in adjusted
EBITDA in the third quarter of 2025.
-- Quebecor's net income attributable to shareholders was $236.1 million
($1.03 per basic share), an increase of $47.1 million ($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 ratio5 decreased to 3.03x, still the
lowest among Canada's major telecommunications providers.
-- Since the end of the second quarter of 2025, Videotron Ltd. ("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 August 29, 2025, Videotron announced the expansion of its wireless
coverage and service areas in the Haute--Mauricie region, in partnership
with Ecotel Inc. 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 10,000 residents to
subscribe to Videotron's mobile services and enhancing connectivity along
several highways.
-- On August 27, 2025, Freedom Mobile Inc. ("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 October 6, 2025, Videotron announced that it had been ranked
Quebecers' preferred telecommunications provider in a Léger survey
conducted between July 17 and August 2, 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 October 21, 2025, Videotron announced the pricing of its $800 million
aggregate principal amount of 3.950% Senior Notes due October 15, 2032.
The closing of the offering is expected on or about November 20, 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$600.0 million aggregate principal
amount of 5.125% Senior Notes due April 15, 2027, and the settlement of
the related hedging contracts.
_____________________
(1) See "Adjusted EBITDA" under "Definitions."
(2) See "Adjusted cash flows from operations" under "Definitions."
(3) See "Key performance indicator" under "Definitions."
(4) See "Adjusted net income" under "Definitions."
(5) See "Consolidated net debt leverage ratio" under "Definitions."
Comments by Pierre Karl Péladeau, 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;(1) a 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 $300 million in the third quarter of 2025 and nearly $700 million over the past 12 months. We lowered our consolidated net debt leverage ratio to 3.03x as of September 30, 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 $13 million 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 113,800 lines (2.7%) during the quarter and 323,100 lines (8.1%) over the past 12 months, 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 Ecotel Inc. and with support from the Québec government. More than 10,000 additional 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 October 2025, Videotron announced the pricing of its $800.0 million 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.
TVA Group Inc. ("TVA Group") generated revenues of $106.2 million in the third quarter of 2025, down $6.2 million (--5.5%), and year--to--date revenues of $355.3 million, down $30.3 million (--7.8%). Although TVA Group posted adjusted EBITDA of $18.5 million 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.
TVA Group'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 1.5 million 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 $2 million 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.
___________________________ (1) See "Free cash flows from operating activities" under "Definitions."
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
(in millions of Canadian dollars, except per basic share data)
Three months ended Nine months ended
September 30 September 30
-------------------------- ---------------------- ----------------------
2025 2024 2025 2024
-------------------------- -------- ------- -------- -------
Income
Revenues:
Telecommunications $ 1,216.2 $1,203.2 $ 3,563.1 $3,569.6
Media 152.1 155.1 491.1 508.3
Sports and
Entertainment 68.3 64.0 169.5 156.1
Inter--segments (31.1) (32.6) (94.7) (94.6)
1,405.5 1,389.7 4,129.0 4,139.4
Adjusted EBITDA (negative
adjusted EBITDA):
Telecommunications 602.5 585.9 1,793.4 1,769.5
Media 23.4 14.7 14.1 16.9
Sports and
Entertainment 15.0 11.7 23.2 16.6
Head Office (12.8) (18.2) (47.9) (24.5)
-------------------------- -------- ------- -------- -------
628.1 594.1 1,782.8 1,778.5
Depreciation and
amortization (213.6) (232.9) (642.7) (706.7)
Financial expenses (85.0) (100.6) (263.5) (317.6)
Restructuring, impairment
of assets and other (8.0) (5.1) (18.7) (14.3)
Gain on valuation and
translation of financial
instruments -- -- -- 15.5
Income taxes (82.8) (65.6) (218.7) (191.3)
-------------------------- -------- ------- -------- -------
Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1
-------------------------- -------- ------- -------- -------
Net income attributable to
shareholders $ 236.1 $ 189.0 $ 644.5 $ 569.8
Adjusted net income 241.6 192.2 653.5 560.4
Per basic share:
Net income attributable
to shareholders 1.03 0.81 2.80 2.46
Adjusted net income 1.05 0.82 2.84 2.42
Three months ended Nine months ended
Table 1 (continued) September 30 September 30
------------------------- ---------------------- ---------------------
2025 2024 2025 2024
------------------------- -------- ------- --------- --------
Capital expenditures:
Telecommunications $ 162.1 $ 148.8 $ 454.1 $ 443.8
Media 2.3 8.2 6.2 25.4
Sports and
Entertainment 1.1 1.5 3.8 4.8
Head Office 0.2 0.3 0.2 0.5
------------------------- -------- ------- --------- --------
165.7 158.8 464.3 474.5
Acquisition of spectrum
licences -- -- -- 298.9
Cash flows:
Adjusted cash flows from
operations:
Telecommunications 440.4 437.1 1,339.3 1,325.7
Media 21.1 6.5 7.9 (8.5)
Sports and
Entertainment 13.9 10.2 19.4 11.8
Head Office (13.0) (18.5) (48.1) (25.0)
------------------------- -------- ------- --------- --------
462.4 435.3 1,318.5 1,304.0
Free cash flows from
operating activities 443.9 374.0 1,056.6 817.4
Cash flows provided by
operating activities 581.8 546.2 1,540.0 1,326.6
Sept. 30, Dec. 31,
2025 2024
--------- --------
Balance sheet
Cash and cash
equivalents $ 244.9 $ 61.8
Working capital (287.8) (36.0)
Net assets related to
derivative financial
instruments 86.2 141.2
Total assets 12,791.9 12,998.7
Bank indebtedness -- 6.7
Total long--term debt
(including current
portion) 7,117.9 7,619.7
Lease liabilities
(current and long
term) 398.6 409.7
Equity attributable to
shareholders 2,481.6 2,157.2
Equity 2,583.4 2,264.7
Consolidated net debt 3.03x 3.31x
leverage ratio
2025/2024 third--quarter comparison
Revenues: $1.41 billion, a $15.8 million (1.1%) increase.
-- Revenues increased in Telecommunications ($13.0 million or 1.1% of
segment revenues) and in Sports and Entertainment ($4.3 million or 6.7%).
-- Revenues decreased in Media ($3.0 million or --1.9%).
Adjusted EBITDA: $628.1 million, a $34.0 million (5.7%) increase.
-- Adjusted EBITDA increased in Telecommunications ($16.6 million or 2.8% of
segment adjusted EBITDA), Media ($8.7 million or 59.2%), and Sports and
Entertainment ($3.3 million or 28.2%).
-- There was a favourable variance at Head Office ($5.4 million).
-- There was a $2.7 million 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: $236.1 million ($1.03 per basic share) in the third quarter of 2025, compared with $189.0 million ($0.81 per basic share) in the same period of 2024, an increase of $47.1 million ($0.22 per basic share) or 24.9%.
-- The main favourable variances were:
-- $34.0 million increase in adjusted EBITDA;
-- $19.3 million decrease in the depreciation and amortization
charge;
-- $15.6 million decrease in financial expenses.
-- The unfavourable variances were:
-- $17.2 million increase in the income tax expense;
-- $2.9 million unfavourable variance in the charge for restructuring,
impairment of assets and other.
Adjusted net income: $241.6 million ($1.05 per basic share) in the third quarter of 2025, compared with $192.2 million ($0.82 per basic share) in the same period of 2024, an increase of $49.4 million ($0.23 per basic share) or 25.7%.
Adjusted cash flows from operations: $462.4 million, a $27.1 million (6.2%) increase in the third quarter of 2025 due to the $34.0 million increase in adjusted EBITDA, partially offset by a $6.9 million increase in capital expenditures.
Cash flows provided by operating activities: $581.8 million in the third quarter of 2025, a $35.6 million (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: $4.13 billion, a $10.4 million (--0.3%) decrease.
-- Revenues decreased in Media ($17.2 million or --3.4% of segment revenues)
and in Telecommunications ($6.5 million or --0.2%).
-- Revenues increased in Sports and Entertainment ($13.4 million or 8.6%).
Adjusted EBITDA: $1.78 billion, an increase of $4.3 million (0.2%), despite a $44.0 million 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 ($23.9 million or 1.4%)
and in Sports and Entertainment ($6.6 million or 39.8%).
-- There were unfavourable variances at Head Office ($23.4 million) and in
the Media segment ($2.8 million or --16.6%).
Net income attributable to shareholders: $644.5 million ($2.80 per basic share) in the first nine months of 2025, compared with $569.8 million ($2.46 per basic share) in the same period of 2024, an increase of $74.7 million ($0.34 per basic share) or 13.1%.
-- The main favourable variances were:
-- $64.0 million decrease in the depreciation and amortization
charge;
-- $54.1 million decrease in financial expenses;
-- $4.3 million increase in adjusted EBITDA.
-- The main unfavourable variances were:
-- $27.4 million increase in the income tax expense;
-- $15.5 million unfavourable variance related to gains on valuation
and translation of financial instruments;
-- $4.4 million unfavourable variance in the charge for restructuring,
impairment of assets and other.
Adjusted net income: $653.5 million ($2.84 per basic share) in the first nine months of 2025, compared with $560.4 million ($2.42 per basic share) in the same period of 2024, an increase of $93.1 million ($0.42 per basic share) or 16.6%.
Adjusted cash flows from operations: $1.32 billion, a $14.5 million (1.1%) increase due to the $10.2 million decrease in capital expenditures and the $4.3 million increase in adjusted EBITDA.
Cash flows provided by operating activities: $1.54 billion, a $213.4 million (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 October 21, 2025, Videotron announced the pricing of its $800.0 million aggregate principal amount of 3.950% Senior Notes due October 15, 2032. The closing of the offering is expected on or about November 20, 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$600.0 million aggregate principal amount of 5.125% Senior Notes due April 15, 2027, and the settlement of the related hedging contracts.
Capital stock
On August 6, 2025, the Board of Directors of the Corporation authorized the renewal of the normal course issuer bid for a maximum of 1,000,000 Class A Multiple Voting Shares ("Class A Shares"), representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 5,000,000 Class B Subordinate Voting Shares ("Class B Shares"), representing approximately 3.2% of issued and outstanding Class B Shares as of August 1, 2025. The purchases can be made from August 15, 2025 to August 14, 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 August 8, 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 August 15, 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 3,740,908 Class B Shares for a total cash consideration of $140.0 million (2,200,000 Class B Shares for a total cash consideration of $68.8 million in 2024) and 217,221 Class B Shares were issued following the exercise of stock options for a total cash consideration of $6.6 million (5,161,237 Class B shares issued in 2024 following the redemption of convertible debentures).
Dividends declared
On November 5, 2025, the Board of Directors of Quebecor declared a quarterly dividend of $0.35 per share on its Class A Shares and Class B Shares, payable on December 16, 2025 to shareholders of record at the close of business on November 21, 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 November 6, 2025, at 11:00 a.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 January 5, 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 in 2023,
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 December 31, 2024.
The forward--looking statements in this document reflect the Corporation's expectations as of November 6, 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 11,000 people in Canada.
A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations 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.
Table 2 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
(in millions of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
----------------------- ---------------------- ---------------------
2025 2024 2025 2024
----------------------- -------- ------- -------- -------
Adjusted EBITDA
(negative adjusted
EBITDA):
Telecommunications $ 602.5 $ 585.9 $ 1,793.4 $ 1,769.5
Media 23.4 14.7 14.1 16.9
Sports and
Entertainment 15.0 11.7 23.2 16.6
Head Office (12.8) (18.2) (47.9) (24.5)
------------------------ -------- ------- -------- -------
628.1 594.1 1,782.8 1,778.5
Depreciation and
amortization (213.6) (232.9) (642.7) (706.7)
Financial expenses (85.0) (100.6) (263.5) (317.6)
Restructuring,
impairment of assets
and other (8.0) (5.1) (18.7) (14.3)
Gain on valuation and
translation of
financial instruments -- -- -- 15.5
Income taxes (82.8) (65.6) (218.7) (191.3)
Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1
------------------------ -------- ------- -------- -------
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.
Table 3 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
(in millions of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
--------------------- ------------------------ ---------------------
2025 2024 2025 2024
--------------------- ------------ ------- ----------- --------
Adjusted net income $ 241.6 $ 192.2 $ 653.5 $ 560.4
Gain on valuation and
translation of
financial instruments -- -- -- 15.5
Restructuring,
impairment of assets
and other (8.0) (5.1) (18.7) (14.3)
Income taxes related to
adjustments(1) 2.2 1.5 8.3 5.2
Non-controlling
interest related to
adjustments 0.3 0.4 1.4 3.0
Net income attributable
to shareholders $ 236.1 $ 189.0 $ 644.5 $ 569.8
----------------------- -------- ------- ------- -------
(1) Includes impact of fluctuations in income tax applicable to adjusted
items, either for statutory reasons or in connection with tax transactions.
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
(in millions of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
----------------------- ------------------ ---------------------
2025 2024 2025 2024
----------------------- ------- ------- ------- -------
Adjusted EBITDA
(negative adjusted
EBITDA)
Telecommunications $ 602.5 $ 585.9 $ 1,793.4 $1,769.5
Media 23.4 14.7 14.1 16.9
Sports and Entertainment 15.0 11.7 23.2 16.6
Head Office (12.8) (18.2) (47.9) (24.5)
------------------------- ------- ------- -------
628.1 594.1 1,782.8 1,778.5
Minus
-----------------------
Capital
expenditures:(1)
Telecommunications (162.1) (148.8) (454.1) (443.8)
Media (2.3) (8.2) (6.2) (25.4)
Sports and Entertainment (1.1) (1.5) (3.8) (4.8)
Head Office (0.2) (0.3) (0.2) (0.5)
------------------------- ------- ------- ------- -------
(165.7) (158.8) (464.3) (474.5)
Adjusted cash flows
from operations
Telecommunications 440.4 437.1 1,339.3 1,325.7
Media 21.1 6.5 7.9 (8.5)
Sports and Entertainment 13.9 10.2 19.4 11.8
Head Office (13.0) (18.5) (48.1) (25.0)
------------------------- ------- ------- ------- -------
$ 462.4 $ 435.3 $ 1,318.5 $1,304.0
----------------------- ------- ------- ------- -------
Three months ended Nine months ended
September 30 September 30
------------------ ---------------------
(1) Reconciliation to
cash flows used for
capital expenditures as
per condensed
consolidated financial
statements: 2025 2024 2025 2024
------- ------- ------- -------
Capital expenditures $(165.7) $(158.8) $ (464.3) $(474.5)
Net variance in current
operating items related
to capital expenditures
(excluding government
credits receivable for
large investment
projects) 27.4 (13.4) (20.2) (35.2)
------- ------- ------- -------
Cash flows used for
capital expenditures $(138.3) $(172.2) $ (484.5) $(509.7)
------- ------- ------- -------
Table 5
Free cash flows from operating activities and cash flows provided by operating activities reported in the condensed consolidated financial statements
(in millions of Canadian dollars)
Three months
ended September Nine months ended
30 September 30
------------------------------ ----------------- ------------------
2025 2024 2025 2024
------------------------------ ------ ------- ------- -------
Adjusted cash flows from
operations from Table 4 $ 462.4 $ 435.3 $1,318.5 $1,304.0
Plus (minus)
------------------------------
Cash portion of financial
expenses (82.9) (98.2) (256.7) (310.5)
Cash portion of restructuring,
impairment of assets and
other (4.6) (4.6) (23.5) (13.5)
Current income taxes (57.0) (55.3) (215.3) (202.1)
Other 1.0 (0.4) 0.8 2.4
Net change in non--cash
balances related to operating
activities 97.6 110.6 253.0 72.3
Net variance in current
operating items related to
capital expenditures
(excluding government credits
receivable for large
investment projects) 27.4 (13.4) (20.2) (35.2)
-------------------------------- ------ ------- ------- -------
Free cash flows from operating
activities 443.9 374.0 1,056.6 817.4
Plus (minus)
------------------------------
Cash flows used for capital
expenditures (excluding
spectrum licence
acquisitions) 138.3 172.2 484.5 509.7
Proceeds from disposal of
assets (0.4) -- (1.1) (0.5)
-------------------------------- ------ ------- ------- -------
Cash flows provided by operating
activities $ 581.8 $ 546.2 $1,540.0 $1,326.6
-------------------------------- ------ ------- ------- -------
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.
Table 6 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
(in millions of Canadian dollars)
Sept. 30, 2025 Dec. 31, 2024
------------------------------ ---------------- --------------
Total long--term debt(1) $ 7,117.9 $ 7,619.7
Plus (minus)
------------------------------
Lease liabilities(2) 398.6 409.7
Bank indebtedness -- 6.7
Derivative financial
instruments(3) (86.2) (141.2)
Cash and cash equivalents (244.9) (61.8)
---------------------------------- ------------ -------------
Consolidated net debt 7,185.4 7,833.1
Divided by:
Trailing 12--month adjusted
EBITDA $ 2,371.8 $ 2,367.5
---------------------------------- ------------ -------------
Consolidated net debt leverage 3.03x 3.31x
ratio
---------------------------------- ------------ -------------
(1) Excluding financing costs.
(2) Total liabilities.
(3) Assets less liabilities.
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.
QUEBECOR INC.
CONSOLIDATED
STATEMENTS OF INCOME
(in millions of
Canadian dollars,
except for earnings
per share data) Three months ended Nine months ended
(unaudited) September 30 September 30
---------------------- ---------------------- ---------------------
2025 2024 2025 2024
---------------------- -------- ------- ------- -------
Revenues $ 1,405.5 $1,389.7 $ 4,129.0 $4,139.4
Employee costs 180.2 195.1 573.9 571.5
Purchase of goods and
services 597.2 600.5 1,772.3 1,789.4
Depreciation and
amortization 213.6 232.9 642.7 706.7
Financial expenses 85.0 100.6 263.5 317.6
Restructuring,
impairment of assets
and other 8.0 5.1 18.7 14.3
Gain on valuation and
translation of
financial instruments - - - (15.5)
-------- ------- ------- -------
Income before income
taxes 321.5 255.5 857.9 755.4
Income taxes
(recovery):
Current 57.0 55.3 215.3 202.1
Deferred 25.8 10.3 3.4 (10.8)
-------- -------
82.8 65.6 218.7 191.3
-------- ------- ------- -------
Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1
-------- ------- ------- -------
Net income (loss)
attributable to
Shareholders $ 236.1 $ 189.0 $ 644.5 $ 569.8
Non-controlling
interests 2.6 0.9 (5.3) (5.7)
-------- ------- ------- -------
Earnings per share
attributable to
shareholders
Basic $ 1.03 $ 0.81 $ 2.80 $ 2.46
Diluted 1.02 0.81 2.78 2.46
Weighted average number
of shares outstanding
(in millions) 229.3 234.3 230.2 231.9
Weighted average number
of diluted shares (in
millions) 231.2 234.7 232.1 232.3
-------- ------- ------- -------
QUEBECOR INC.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in millions of
Canadian dollars) Three months ended Nine months ended
(unaudited) September 30 September 30
---------------------- ---------------------- ---------------------
2025 2024 2025 2024
---------------------- ------- -------- ------- -------
Net income $ 238.7 $189.9 $ 639.2 $564.1
Other comprehensive
(loss) income:
Items that may be
reclassified to
income:
Cash flow hedges:
Gain (loss) on
valuation of
derivative financial
instruments 0.9 (15.2) 46.9 (21.0)
Deferred income taxes (1.5) 4.7 (4.0) 4.6
Loss on translation of
investments in foreign
associates (0.3) (0.7) (3.4) (2.6)
Items that will not be
reclassified to
income:
Defined benefit plans:
Re-measurement (loss)
gain - (5.7) - 58.0
Deferred income taxes - 1.5 - (15.2)
Equity investments:
(Loss) gain on
revaluation of equity
investments (6.9) (3.8) 15.1 (0.1)
Deferred income taxes 0.9 0.5 (2.0) -
------- -------- ------- -------
(6.9) (18.7) 52.6 23.7
Comprehensive income $ 231.8 $171.2 $ 691.8 $587.8
------- -------- ------- -------
Comprehensive income
(loss) attributable
to
Shareholders $ 229.2 $169.9 $ 697.1 $ 589.3
Non-controlling
interests 2.6 1.3 (5.3) (1.5)
------- -------- ------- -------
QUEBECOR INC.
SEGMENTED
INFORMATION
(in millions of
Canadian
dollars)
(unaudited)
---------------- ------------ ----- -------- -------- -------
Three months ended September 30, 2025
---------------- -----------------------------------------------------
Sports Head
and office
and
Telecommuni- Enter- Inter-
cations Media tainment segments Total
---------------- ------------ ----- -------- -------- -------
Revenues $ 1,216.2 $152.1 $ 68.3 $ (31.1) $1,405.5
Employee costs 111.6 38.1 12.5 18.0 180.2
Purchase of goods
and services 502.1 90.6 40.8 (36.3) 597.2
----------------- ------------ ----- -------- -------- -------
Adjusted
EBITDA(1) 602.5 23.4 15.0 (12.8) 628.1
Depreciation and
amortization 213.6
Financial
expenses 85.0
Restructuring,
impairment of
assets and
other 8.0
----------------- ------------ ----- -------- -------- -------
Income before
income taxes $ 321.5
----------------- ------------ ----- -------- -------- -------
Cash flows used
for capital
expenditures $ 131.7 $ 5.2 $ 1.2 $ 0.2 $ 138.3
----------------- ------------ ----- -------- -------- -------
Three months ended September 30, 2024
---------------- -----------------------------------------------------
Sports Head
and office
and
Telecommuni- Enter- Inter-
cations Media tainment segments Total
---------------- ------------ ----- -------- -------- -------
Revenues $ 1,203.2 $155.1 $ 64.0 $ (32.6) $1,389.7
Employee costs 121.3 42.2 12.1 19.5 195.1
Purchase of goods
and services 496.0 98.2 40.2 (33.9) 600.5
----------------- ------------ ----- -------- -------- -------
Adjusted
EBITDA(1) 585.9 14.7 11.7 (18.2) 594.1
Depreciation and
amortization 232.9
Financial
expenses 100.6
Restructuring,
impairment of
assets and
other 5.1
------------ ----- -------- -------- -------
Income before
income taxes $ 255.5
----------------- ------------ ----- -------- -------- -------
Cash flows used
for capital
expenditures $ 161.7 $ 8.7 $ 1.5 $ 0.3 $ 172.2
----------------- ------------ ----- -------- -------- -------
QUEBECOR INC.
SEGMENTED
INFORMATION
(continued)
(in millions of
Canadian
dollars)
(unaudited)
----------------- ------------ ----- -------- -------- -------
Nine months ended September 30, 2025
---------------- -----------------------------------------------------
Sports Head
and office
and
Telecommuni- Enter- Inter-
cations Media tainment segments Total
---------------- ------------ ----- -------- -------- -------
Revenues $ 3,563.1 $491.1 $ 169.5 $ (94.7) $4,129.0
Employee costs 349.4 128.4 38.6 57.5 573.9
Purchase of goods
and services 1,420.3 348.6 107.7 (104.3) 1,772.3
----------------- ------------ ----- -------- -------- -------
Adjusted
EBITDA(1) 1,793.4 14.1 23.2 (47.9) 1,782.8
Depreciation and
amortization 642.7
Financial
expenses 263.5
Restructuring,
impairment of
assets and
other 18.7
----------------- ------------ ----- -------- -------- -------
Income before
income taxes $ 857.9
----------------- ------------ ----- -------- -------- -------
Cash flows used
for capital
expenditures $ 467.2 $ 13.3 $ 3.8 $ 0.2 $ 484.5
----------------- ------------ ----- -------- -------
Nine months ended September 30, 2024
---------------- -----------------------------------------------------
Sports Head
and office
and
Telecommuni- Enter- Inter-
cations Media tainment segments Total
---------------- ------------ ----- -------- -------- -------
Revenues $ 3,569.6 $508.3 $ 156.1 $ (94.6) $4,139.4
Employee costs 366.7 134.7 34.3 35.8 571.5
Purchase of goods
and services 1,433.4 356.7 105.2 (105.9) 1,789.4
----------------- ------------ ----- -------- -------- -------
Adjusted
EBITDA(1) 1,769.5 16.9 16.6 (24.5) 1,778.5
Depreciation and
amortization 706.7
Financial
expenses 317.6
Restructuring,
impairment of
assets and
other 14.3
Gain on valuation
and translation
of financial
instruments (15.5)
------------------ ------------ ----- -------- -------- -------
Income before
income taxes $ 755.4
----------------- ------------ ----- -------- -------- -------
Cash flows used
for capital
expenditures $ 482.7 $ 21.7 $ 4.8 $ 0.5 $ 509.7
Acquisition of
spectrum
licences 298.9 - - - 298.9
----------------- ------------ ----- -------- -------- -------
(1) The Chief Executive Officer uses adjusted EBITDA as the measure of profit
to assess the performance of each segment. Adjusted EBITDA is a non-IFRS
measure and is defined as net income before depreciation and
amortization, financial expenses, restructuring, impairment of assets and
other, gain on valuation and translation of financial instruments and
income taxes.
QUEBECOR INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions of
Canadian
dollars)
(unaudited)
Equity attributable to shareholders Equity
---------------------------------------------------------
Accumulated attributable
other com- to non-
Capital Contributed Retained prehensive controlling Total
income
stock surplus earnings (loss) interests equity
---------------- --------------- ------------- -------- ------------ ------------- ---------------
Balance as of
December 31,
2023 $ 914.6 $ 17.4 $ 789.1 $ 5.8 $ 110.8 $ 1,837.7
Net income
(loss) - - 569.8 - (5.7) 564.1
Other
comprehensive
income - - - 19.5 4.2 23.7
Dividends - - (226.0) - (0.2) (226.2)
Repurchase of
Class B Shares (14.0) - (54.8) - - (68.8)
Issuance of
Class B Shares 150.0 - - - - 150.0
---------------- --------------- ------------ -------- ------------ ------------- ---------------
Balance as of
September 30,
2024 1,050.6 17.4 1,078.1 25.3 109.1 2,280.5
Net income
(loss) - - 177.7 - (0.3) 177.4
Other
comprehensive
loss - - - (70.3) (1.3) (71.6)
Dividends - - (75.7) - - (75.7)
Repurchase of
Class B Shares (9.4) - (36.5) - - (45.9)
---------------- --------------- ------------ -------- ------------ ------------- ---------------
Balance as of
December 31,
2024 1,041.2 17.4 1,143.6 (45.0) 107.5 2,264.7
Net income
(loss) - - 644.5 - (5.3) 639.2
Other
comprehensive
income - - - 52.6 - 52.6
Dividends - - (241.5) - (0.4) (241.9)
Repurchase of
Class B Shares (24.6) - (115.4) - - (140.0)
Issuance of
Class B Shares 6.6 2.2 - - - 8.8
Balance as of
September 30,
2025 $ 1,023.2 $ 19.6 $ 1,431.2 $ 7.6 $ 101.8 $ 2,583.4
---------------- --------------- ------------ -------- ------------ ------------- ---------------
QUEBECOR INC.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in millions of
Canadian dollars) Three months ended Nine months ended
(unaudited) September 30 September 30
---------------------- ---------------------- ---------------------
2025 2024 2025 2024
---------------------- -------- ------- ------- -------
Cash flows related to
operating activities
Net income $ 238.7 $ 189.9 $ 639.2 $ 564.1
Adjustments for:
Depreciation of
property, plant and
equipment 127.9 139.4 381.4 423.3
Amortization of
intangible assets 52.3 62.1 164.0 190.1
Depreciation of
right-of-use assets 33.4 31.4 97.3 93.3
Gain on valuation and
translation of
financial
instruments - - - (15.5)
Impairment of assets 3.6 1.4 5.1 11.8
Amortization of
financing costs 2.1 2.4 6.8 7.1
Share of results in
associates (0.1) (0.7) (8.7) (8.5)
Deferred income taxes 25.8 10.3 3.4 (10.8)
Other 0.5 (0.6) (1.5) (0.6)
-------- ------- ------- -------
484.2 435.6 1,287.0 1,254.3
Net change in non-cash
balances related to
operating activities 97.6 110.6 253.0 72.3
-------- ------- ------- -------
Cash flows provided by
operating activities 581.8 546.2 1,540.0 1,326.6
-------- ------- ------- -------
Cash flows related to
investing activities
Capital expenditures (138.3) (172.2) (484.5) (509.7)
Deferred subsidies
(used) received to
finance capital
expenditures (4.6) - 10.3 37.0
Acquisition of spectrum
licences - - - (298.9)
Business acquisition - - - (7.0)
Proceeds from disposals
of assets 0.4 - 1.1 0.5
Acquisitions of
investments and other 0.8 (17.6) 2.0 (33.0)
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