Quebecor has posted its financial results for the third quarter of 2025, with revenue reaching $1.41 billion, a 1.1% increase compared to the same quarter last year.
For the three months ended September 30, Quebecor reported cash flows from operating activities of $581.8 million, an increase of $35.6 million (6.5%) from the same quarter in 2024. Adjusted EBITDA rose 5.7% to $628.1 million, with growth seen across almost all business segments.
Media was the only segment that experienced a decline, with revenues decreasing by $3 million (1.9%) to $152.1 million due to “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, TV outlets and other media properties,” according to the company.
TVA Group generated revenues of $106.2 million in the third quarter, 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,” said president and CEO Pierre Karl Péladeau.
Despite a revenue decline, Quebecor said TVA Group’s broadcasting activities maintained their lead in Quebec TV viewership, recording a combined market share of 41.2% in Q3, up 2.2 points YoY and surpassing its two main competitors combined. TVA Network led French-language over-the-air channels, driven by programs like Chanteurs masqués, which drew an average audience of 1.5 million viewers (52.9% market share). Le Canal Nouvelles (LCN) also remained Quebec’s top news source (8.0% share, +0.9 points), while TVA Sports recorded a 1.4-point gain in the quarter compared with the same period in 2024.
Revenues in the telecommunications segment increased by $13.0 million (1.1%) to $1.2 billion. Sports and entertainment revenues also grew, rising $4.3 million (6.7%) to $68.3 million. The telecommunications segment also reported a $16.6 million (2.8%) increase in adjusted EBITDA and a $3.3 million (0.8%) rise in adjusted cash flows from operations in Q3.
Quebecor attributed the segment’s results to the acquisition of Videotron at the end of the second quarter, when it expanded its Helix technology-based internet and TV services to over 180,000 households in the province.
