Impressive Q1; Continued Wireless Momentum; Favourable Capital Position

研报英文原文证据摘录

Impressive Q1; Continued Wireless Momentum; Favourable Capital Position

May 14, 2026 | 07:42 ET~

Quebecor Telecom/Media/Cable

Tim Casey, CFA Analyst

tim.casey@bmo.com (647) 284-4792

QBR.B-TSX Rating Price: May-13 Target Total Rtn

Outperform $57.58 $63.00 12% Drew J. Reichert, CPA Senior Associate

drew.reichert@bmo.com (647) 302-3669

Legal Entity: BMO Nesbitt Burns Inc.

Impressive Q1; Continued Wireless Momentum;

Favourable Capital Position

Bottom Line:

Revenue rose 3.9% (1.8% beat) and EBITDA increased 4.9% (-1.4% miss but beat by

~6.6% excluding unfavourable stock-based comp). EPS was $0.97 vs. $0.93 Street. 65 2YR Price Volume Chart

Wireless revenues increased 8.8%, reflecting wireless share gains with loading of +29k 60

(+41k Street) and industry-leading ARPU growth up 1.4% at $35.19 (Street $34.97). 55

Wireline subscriber metrics beat. The company continues to have a favourable capital 45 20

position with leverage decreasing ~0.09x to ~2.86x and ongoing share buybacks (NCIB 40 15

increased). 3530 105

25 0

Key Points LHS: Price (C$) / RHS:Nov Volume (mm)May Nov Source: FactSetMay

Impressive Q1. Revenue increased 4% to $1,395mm (consensus $1,370mm) and

Adj. EBITDA increased 5% to $577mm (consensus $585mm). EBITDA increased 13.1%

excluding unfavourable stock-based comp ($47mm). Adjusted EPS increased 21% to

$0.97 vs. $0.80 last year (consensus $0.93). Capex increased 2% to $185mm (consensus

$181mm). The company repurchased ~1.55mm shares for ~$85mm and increased its

NCIB allotment by 2mm shares. Leverage decreased ~0.1x to 2.86x.

Continued wireless momentum. Quebecor added 37% of wireless net adds in Q1,

while ARPU again increased by 1.4% (vs. ~1-2% declines for incumbents). There

continues to be significant opportunity for price expansion with Quebecor’s ARPU at