Quebecor : Earnings Document

Supplementary Disclosure Quarter / 3-Month Period Ended March 31, 2026

For additional information, please contact Hugues Simard, Chief Financial Officer,

at 514 380-7414, [e-mail]

Supplementary Disclosure March 31, 2026 Basic Data Per Share

	1st Quarter			YTD
	2026	2025		2026	2025
Adjusted net income	$0.97	$0.80		$0.97	$0.80
Adjusments :
Restructuring, impairment of assets and other	(0.01)	(0.01)		(0.01)	(0.01)
Other items	0.04	0.03		0.04	0.03
Total	0.03	0.02		0.03	0.02
Net income attributable to shareholders	$1.00	$0.82		$1.00	$0.82
Weighted average number of shares outstanding (in millions)	226.3	231.3		226.3	231.3

	Supplementary Disclosure March 31, 2026 Capital Structure
(all amounts in millions of Canadian dollars)
Videotron Ltd.
Revolving credit facility 3.625% Senior Notes due in 2028		$ - 750.0
3.625% Senior Notes due in 2029		695.8
4.650% Senior Notes due in 2029		599.8
4.500% Senior Notes due in 2030		800.0
3.125% Senior Notes due in 2031		650.0
3.950% Senior Notes due in 2032		799.5
5.000% Senior Notes due in 2034		398.9
5.700% Senior Notes due in 2035		973.6
Term Loan - Tranche B due in 2026		508.6
Term Loan - Tranche C due in 2027		712.1
		6,888.3
Other debt		-
TOTAL LONG-TERM DEBT 1		$ 6,888.3
Bank indebtedness		-

Lease liabilities 412.2

(Asset) liability related to derivative financial instruments (90.0)

Cash and cash equivalents :

TVA Group Inc. 26.7

Other 254.4

$ 281.1

1 Excludes financing costs. See Note 6 to Consolidated Financial Statements.

Supplementary Disclosure March 31, 2026 Consolidated Net Debt Leverage Ratio

(all amounts in millions of Canadian dollars, except ratios)
	2026			2025
	Mar 31		Dec 31	Sep 30	Jun 30	Mar 31
Total long-term debt 1	$6,888.3		$6,824.3	$7,117.9	$7,097.6	$7,586.0
Add (deduct): (Asset) liability related to derivative financial instruments	(90.0)		(24.3)	(86.2)	(5.6)	(115.6)
Lease liabilities	412.2		410.6	398.6	411.9	412.1
Bank indebtedness	-		-	-	3.4	9.6
Cash and cash equivalents	(281.1)		(160.6)	(244.9)	(21.0)	(214.2)
Consolidated net debt	$6,929.4		$7,050.0	$7,185.4	$7,486.3	$7,677.9
Divided by: trailing 12-month adjusted EBITDA	$2,420.2		$2,393.2	$2,371.8	$2,337.8	$2,357.6
Consolidated net debt leverage ratio	2.86x		2.95x	3.03x	3.20x	3.26x

1 Excludes financing costs. See Note 6 to Consolidated Financial Statements.

Supplementary Disclosure March 31, 2026 Operating Results

2026 2025

Mar 31		Dec 31		Sep 30	Jun 30	Mar 31
Revenue-Generating Units ('000) 1	7,954.9		7,941.0	7,885.9	7,791.8	7,759.7
Mobile Telephony Lines ('000)	4,430.8		4,402.0	4,328.1	4,214.3	4,143.9
Homes Passed ('000)	3,721.4		3,716.8	3,711.9	3,705.5	3,696.4
Internet Subscribers ('000)	1,741.1		1,740.1	1,736.4	1,725.9	1,729.1
Penetration of Homes Passed 2	45.0%		45.1%	45.0%	44.9%	45.1%
Television Subscribers ('000)	1,246.8		1,251.2	1,259.3	1,274.2	1,293.5
Penetration of Homes Passed 2	33.1%		33.2%	33.5%	33.9%	34.5%
Wireline Telephony Lines ('000)	536.2		547.7	562.1	577.4	593.2
Penetration of Homes Passed 2	14.4%		14.7%	15.1%	15.5%	16.0%
		1st Quarter				YTD
	2026	2025	VAR		2026	2025	VAR
(in millions)
Revenues
Mobile telephony	$466.4	$428.8	8.8%		$466.4	$428.8	8.8%
Internet	322.7	312.6	3.2%		322.7	312.6	3.2%
Television	188.2	190.2	-1.1%		188.2	190.2	-1.1%
Wireline telephony	54.0	59.9	-9.8%		54.0	59.9	-9.8%
Mobile equipment sales	141.6	126.3	12.1%		141.6	126.3	12.1%
Other	44.0	42.3	4.0%		44.0	42.3	4.0%
Telecommunications	$1,216.9	$1,160.1	4.9%		$1,216.9	$1,160.1	4.9%
Adjusted EBITDA
Telecommunications	$619.6	$581.4	6.6%		$619.6	$581.4	6.6%
Cash flows used for:
Capital expenditures	$183.3	$175.7			$183.3	$175.7
Mobile ARPU 3	$35.19	$34.70			$35.19	$34.70

1 Revenue-generating units (" RGUs ") are the sum of subscriber connections to the mobile and wireline telephony services, plus subscriptions to the Internet access and television services.

2 Penetration of homes passed excluding customers to Internet access, television and wireline telephony services served through Quebecor's purchase of wholesale Internet services from third parties.

3 Average monthly mobile revenue per unit (" mobile ARPU ") is an indicator calculated by dividing mobile telephony revenues by the average number of mobile RGUs during the applicable period, and then dividing the resulting amount by the number of months in the applicable period.

Supplementary Disclosure March 31, 2026 Shares Held in Subsidiaries

	Number of shares	Equity (%)	Voting (%)
Shares held by Quebecor Inc.
Quebecor Media Inc.	79,377,062	100.0%	100.0%
Shares held by Quebecor Media Inc. TVA Group Inc.	29,539,364	68.4%	99.9%

Supplementary Disclosure March 31, 2026 Note to Investors Note to Investors

Investors should note that this Supplementary Disclosure document presents financial information on a consolidated basis for Quebecor Inc. and its Telecommunications reporting segment. The financial figures included in this document are reported in Canadian dollars.

Detailed Financial Information

For a detailed analysis of Quebecor Inc.'s results for the first quarter 2026, please refer to the Management Discussion and Analysis and Consolidated Financial Statements of Quebecor Inc., available on the Company's website at https://www.quebecor.com/en/investors/financial-documentation or from the SEDAR+ filing service at https://www.sedarplus.ca.

Non-IFRS Financial Measures and Key Performance Indicators

The non-IFRS financial measures used by Quebecor Inc. to assess its financial performance, such as adjusted EBITDA, adjusted net income and consolidated net debt leverage ratio, and key performance indicators, including RGU and mobile ARPU, are not calculated in accordance with or recognized by IFRS. Quebecor Inc.'s method of calculating these non-IFRS financial measures and key performance indicators may differ from the methods used by other companies and, as a result, the non-IFRS financial measures and key performance indicators presented in this document may not be comparable to other similarly titled measures disclosed by other companies. We refer investors to our Management Discussion and Analysis for the first quarter 2026 under "Non-IFRS Financial Measures" and "Key Performance Indicators" for a complete description of these measures as well as a reconciliation of the non-IFRS financial measures to the most directly comparable measures calculated in accordance with IFRS.