QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR FIRST QUARTER 2025

MONTRÉAL, May 8, 2025 /PRNewswire/ – Quebecor Inc. (“Quebecor” or “the Corporation”) today reported its consolidated financial results for the first quarter of 2025.

First quarter 2025 highlights

• In the first quarter of 2025, Quebecor recorded cash flows provided by operating activities of $420.2 million, up $31.4 million (8.1%) from the same quarter of 2024, revenues of $1.34 billion, down $19.7 million (-1.4%), and adjusted EBITDA¹ of $549.6 million, a decrease of $9.9 million (-1.8%) more than entirely attributable to the significant $22.5 million increase in the stock-based compensation charge. Excluding this accounting charge, adjusted EBITDA was up $12.6 million (2.3%).
• The Telecommunications segment’s adjusted EBITDA increased by $5.9 million (1.0%), or $12.5 million (2.2%), excluding the impact of the stock-based compensation charge, and its revenues decreased by $19.4 million (-1.6%), due mainly to lower equipment sales, partly offset by growth in mobile services. Its adjusted cash flows from operations² remained fairly stable at $439.2 million (-0.8%) in the first quarter, taking into account increased investments of $9.3 million related to the Canada-wide expansion plan.
• The Telecommunications segment generated a net increase of 54,400 (1.3%) connections to the mobile telephony service and 34,300 (0.4%) total revenue-generating units³ (“RGUs”).
• Quebecor’s net income attributable to shareholders: $190.7 million ($0.82 per basic share), an increase of $17.5 million ($0.07 per basic share) or 10.1%.
• Adjusted income from operating activities:⁴ $185.1 million ($0.80 per basic share), an increase of $22.0 million ($0.09 per basic share) or 13.5%.
• The consolidated net debt leverage ratio⁵ decreased to 3.26x, still the lowest among Canada’s major telecommunications providers.
• In the first quarter of 2025, Quebecor purchased and cancelled 1,830,000 Class B Subordinate Voting Shares (“Class B Shares”) for a total cash consideration of $60.8 million.
• On April 4, 2025, Freedom Mobile Inc. (“Freedom”) began the phased rollout of 3800 MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This rollout will significantly increase network capacity and deliver improved connectivity for customers with 5G+ compatible devices and plans, with download speeds that can exceed 1 Gbps. It follows on the announcement, on January 28, 2025, of a major upgrade to Freedom’s services: the inclusion of state-of-the-art 5G+ technology 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.
• On February 20, 2025, Videotron Ltd. (“Videotron”) announced the expansion of its wireless service area to several parts of the Municipalité régionale de comté (“MRC”) de Témiscamingue. Residents and businesses in these areas can now subscribe to Videotron wireless services.
• 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 TV plan.

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Comments by Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor

Quebecor continues to perform well in a highly competitive market, disrupting the established order and reshaping the industry as Canada’s fourth major telecommunications player. The Corporation continues to make progress, gaining market share quarter after quarter while consolidating its position as the most profitable player in the sector, supported by the strongest balance sheet in the Canadian telecommunications industry.

Quebecor posted solid financial results in the first quarter of 2025, including increases of 8.1% in cash flows provided by operating activities and 13.5% in adjusted income from operating activities. As a result of this strong performance, driven by rigorous disciplined management, we were able to reduce our consolidated net debt by more than $155.0 million in the first quarter of 2025 and lower our consolidated net debt leverage ratio to 3.26x at March 31, 2025, the lowest among Canada’s major telecommunications providers.

In an aggressively competitive business environment, our innovative range of products offered at competitive prices allowed us to deliver an increase of 54,400 (1.3%) new mobile lines in the first quarter of 2025, the best growth rate among Canada’s leading telecommunications providers, and 367,500 (9.6%) lines over the past twelve months. We continued investing in our network, in line with our priority of delivering a superior customer experience. Since April 2025, we have been gradually deploying 3800 MHz spectrum across Freedom’s 5G+ network in Ontario, Alberta and British Columbia. With access to state-of-the-art 5G+ technology now included in all Freedom monthly mobile plans, regardless of price, this rollout will significantly boost network capacity and performance. In February 2025, Freedom also launched a new range of mobile plans in Manitoba that offer higher data caps and include “Roam Beyond” international roaming.

Freedom brand awareness is also growing. Freedom is an official sponsor of the 2025 Calgary Stampede, one of Canada’s most iconic cultural events; the exceptional exposure to millions of attendees and television viewers will strengthen its national positioning.

We are also proud of the resounding success of Fizz TV, the all-digital television service we launched in February 2025. Available to Fizz Internet subscribers in Québec, Fizz TV meets the needs of customers seeking flexibility, accessibility and innovation. More than 12,000 new customers signed up in just a few weeks, confirming the relevance of our offer and the appeal of the Fizz brand in a fast-changing market.

Videotron continued to pick up distinctions, ranking as the most respected telecommunications company in Québec for the 19th time since 2006 in Léger’s 2025 Reputation survey. It also hit a double in Léger’s WOW 2025 index, in which it ranked first among telecom retailers for in-store experience in Québec while Fizz was first in Canada for online experience for the sixth year in a row. Freedom moved up to third place for online experience.

Although its current restructuring plans have reduced operating expenses considerably, TVA Group Inc. (“TVA Group”) recorded negative adjusted EBITDA of $20.5 million in the first quarter of 2025 as a result of a significant ongoing decline in advertising revenues due to the general crisis in the media industry and fewer major foreign productions filming at our MELS studios. We must therefore maintain a rigorous approach in order to meet the current challenges and safeguard the future of the business. 

Even though TVA Group gained market share, climbing to a total of 42.4% in the Winter 2025 season (January 6 to April 6, 2025), our advertising revenues continued to decline. Our platforms deliver considerably more viewing hours than the American platforms, but advertisers continue to pour their dollars into the latter. Yet their reliability pales in comparison with the credibility of local media, which offer advertisers an unrivalled showcase and reach their target audiences more effectively. As we have repeatedly argued, we believe that the federal government must eliminate the tax deduction for advertising spending on foreign platforms and, conversely, introduce a tax deduction for investment in domestic businesses. At a time when the proliferation of fake news on social media is widely condemned, it defies logic that our public institutions continue to encourage foreign platforms and our governments support them through unfair favourable tax treatment.

Moreover, as private broadcasters struggle to survive in an over-regulated, over-taxed and loss-making broadcasting environment with a long-obsolete business model, the federal government must move quickly to implement the recommendations of the 2020 Yale Report by reforming CBC/Radio-Canada and its mandate, in particular by eliminating advertising in order to support private broadcasters, for which it is the main source of revenue.

I would like to mention the upcoming retirement, on May 14, of Lyne Robitaille, Senior Vice President, Newspapers, Books and Magazines, and a valued contributor for the past 36 years. Lyne has had a remarkable career. Over the years, she has led the development and growth of several Quebecor subsidiaries. She oversaw a number of major transformations at Quebecor, including the digital transition of our newspapers, which made Le Journal de Montréal and Le Journal de Québec the most-read newspapers in Québec across all platforms, with over 3.1 million readers per week. On behalf of Quebecor, I wish her all the best in her well-deserved retirement.

In April 2025, on the occasion of the 100th anniversary of the birth of Pierre Péladeau, Quebecor launched a year-long tribute to honour the memory of its founder, a visionary builder of Québec Inc. who helped transform and modernize Québec society and its economy. This anniversary is also a reminder that the philanthropic commitment that was so important to Pierre Péladeau remains central to Quebecor’s values, as our recent historic donations—$20 million to Université Laval to support the Carrefour international Brian-Mulroney and $10 million to the Fondation du CHU de Québec to support its integrated cancer centre—eloquently demonstrate. Several other events will follow in the course of the year.

Today, the innovation, ambition and courage to think big that we inherited from Pierre Péladeau continue to drive our growth and expansion. Extending our track record of successful execution, we are maintaining rigorous financial discipline and building on solid foundations to achieve our objectives and create long-term value 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 income from operating activities, 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)

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2025/2024 first quarter comparison

Revenues: $1.34 billion, a $19.7 million (-1.4%) decrease.

• Revenues decreased in Telecommunications ($19.4 million or -1.6% of segment revenues) and in Media ($4.2 million or ‑2.5%).
• Revenues increased in Sports and Entertainment ($3.0 million or 6.4%).

Adjusted EBITDA: $549.6 million, a $9.9 million (-1.8%) decrease. This decrease was due to, among other things, a $22.5 million increase in the stock-based compensation charge related to a significant change in the fair value of Quebecor stock options and stock-price-based share units.

• There were unfavourable variances at Head Office ($13.5 million) and in the Media segment ($1.9 million or -11.4% of segment adjusted EBITDA), and a decrease in the Sports and Entertainment segment ($0.4 million or -10.3%).
• Adjusted EBITDA increased in Telecommunications ($5.9 million or 1.0%).

Net income attributable to shareholders: $190.7 million ($0.82 per basic share) in the first quarter of 2025, compared with $173.2 million ($0.75 per basic share) in the same period of 2024, an increase of $17.5 million ($0.07 per basic share) or 10.1%.

• The main favourable variances were:
  • $20.9 million decrease in the depreciation and amortization charge;
  • $16.4 million decrease in financial expenses;
  • $5.5 million favourable variance in the charge for restructuring, impairment of assets and other.
• The unfavourable variances were:
  • $9.9 million decrease in adjusted EBITDA;
  • $9.8 million unfavourable variance related to the gain on valuation and translation of financial instruments;
  • $6.4 million increase in the income tax expense.

Adjusted income from operating activities: $185.1 million ($0.80 per basic share) in the first quarter of 2025, compared with $163.1 million ($0.71 per basic share) in the same period of 2024, an increase of $22.0 million ($0.09 per basic share) or 13.5%.

Adjusted cash flows from operations: $403.3 million, a $15.7 million (-3.7%) decrease in the first quarter of 2025 due to the $9.9 million decrease in adjusted EBITDA and the $5.8 million increase in capital expenditures.

Cash flows provided by operating activities: $420.2 million, a $31.4 million (8.1%) increase due primarily to the favourable net change in non-cash balances related to operating activities and the decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA.

Financing operations

• On April 15, 2025, Quebecor Media Inc. (“Quebecor Media”) terminated its $300.0 million secured revolving credit facility. On April 30, 2025, Videotron requested an increase in its revolving credit facility by an equivalent amount, consistent with its rights, under its credit agreement, to request additional commitments of up to $1.00 billion from its lenders. Videotron anticipates that the increase from $500.0 million to $800.0 million will become effective in May 2025.
• On February 26, 2025, Videotron amended and restated its credit agreement to, among other things, amend its existing $500.0 million revolving credit facility (reduced from $2.00 billion to $500.0 million on January 29, 2025) by creating two tranches: (i) a first tranche in the amount of $250.0 million maturing in February 2030, and (ii) a second tranche in the amount of $250.0 million maturing in February 2026 and providing for a conversion option into a term facility maturing in February 2027.

Capital stock

On August 7, 2024, the Board of Directors of the Corporation authorized a normal course issuer bid for a maximum of 1,000,000 Class A Shares representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 5,000,000 Class B Shares representing approximately 3.2% of issued and outstanding Class B Shares as of August 1, 2024. The purchases can be made from August 15, 2024 to August 14, 2025, at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange or other alternative trading systems in Canada. All repurchased shares will be cancelled.

On August 9, 2024, 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, 2024 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 three-month period ended March 31, 2025, the Corporation repurchased and cancelled 1,830,000 Class B Shares for a total cash consideration of $60.8 million (no shares were repurchased and cancelled in the first quarter of 2024), and 48,444 Class B Shares were issued following the exercise of stock options, for a total cash consideration of $1.3 million (no shares were issued in the first quarter of 2024).

Dividends declared

On May 7, 2025, the Board of Directors of Quebecor declared a quarterly dividend of $0.35 per share on its Class A Multiple Voting Shares and Class B Shares, payable on June 17, 2025 to shareholders of record at the close of business on May 23, 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 first 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 first quarter 2025 results on May 8, 2025, at 1:00 p.m. EDT. 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 August 6, 2025 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 May 8, 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 QBR 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 used in this press release to the net income measure used in the condensed consolidated financial statements
(in millions of Canadian dollars)

Adjusted income from operating activities

The Corporation defines adjusted income from operating activities, 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 income from operating activities, 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 income from operating activities 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 income from operating activities is more representative for forecasting income. The Corporation’s definition of adjusted income from operating activities may not be identical to similarly titled measures reported by other companies. 

Table 3 provides a reconciliation of adjusted income from operating activities to the net income attributable to shareholders’ measure used in Quebecor’s condensed consolidated financial statements.

Table 3
Reconciliation of the adjusted income from operating activities measure used in this press release to the net income attributable to shareholders measure used in the condensed consolidated financial statements
(in millions 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
(in millions 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
(in millions 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.

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)

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.