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QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR SECOND QUARTER 2026

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MONTRÉAL, Aug. 6, 2026 /PRNewswire/ — Quebecor Inc. (“Quebecor” or “the Corporation”) today reported its consolidated financial results for the second quarter of 2026.

Second quarter 2026 highlights

In the second quarter of 2026, Quebecor’s free cash flows1 were up $43.8 million (11.7%) compared with the same quarter of 2025 to $418.7 million, revenues were up $59.8 million (4.3%) to $1.44 billion, and adjusted EBITDA2 was up $22.3 million (3.7%) to $627.4 million. Excluding the $39.5 million unfavourable impact of the stock‑based compensation expense, adjusted EBITDA increased by $61.8 million (9.8%).The Telecommunications segment increased its adjusted EBITDA by $32.2 million (5.3%), adjusted cash flows from operations3 by $14.2 million (3.1%), and revenues by $47.8 million (4.0%), including revenue increases of $40.2 million (9.2%) from mobile services and $9.6 million (3.1%) from Internet access services. Average monthly mobile revenue per user (“mobile ARPU”)4 was up 2.5%, the third consecutive quarterly increase.The mobile telephony service posted a net increase of 53,200 subscriber connections (1.2%).Quebecor’s net income attributable to shareholders was $270.9 million ($1.21 per basic share), an increase of $53.2 million ($0.26 per basic share) or 24.4%.Adjusted net income5 was $241.3 million ($1.07 per basic share), an increase of $14.5 million ($0.08 per basic share) or 6.4%.The consolidated net debt leverage ratio6 was stable at 2.87x, still the lowest among Canada’s major telecommunications providers.The quarterly dividend on the Corporation’s Class A Multiple Voting Shares (“Class A Shares”) and Class B Subordinate Voting Shares (“Class B Shares”) was increased by 12.5% from $0.40 to $0.45.The normal course issuer bid was renewed until August 14, 2027.Building on its success with Fizz over the past several years, Quebecor increased its stake in Etiya, in which it has held an equity interest since 2021, to 70% on April 21, 2026, to support the ongoing rollout of a unified business support system (BSS) platform for its Videotron and Freedom Mobile (“Freedom”) brands. Turkey‑based Etiya is a global software company with more than 1,500 employees that is a leading provider of digital BSS platforms powered by artificial intelligence. This transaction will also strengthen Etiya’s ability to deliver large‑scale BSS transformation projects worldwide.On June 23, 2026, Quebecor was named one of Canada’s Best 50 Corporate Citizens, according to Corporate Knights’ rankings for 2026. Quebecor was placed 19th in recognition of its overall environmental, social and governance (ESG) record. Quebecor’s commitment is reflected, in particular, in concrete initiatives on climate action, the circular economy and environmentally responsible production.During the second quarter of 2026, Videotron Ltd. (“Videotron”) repaid the full $500.0 million outstanding under the second tranche of its term credit facility and $300.0 million of the $700.0 million outstanding under the third tranche. On July 8, 2026, Videotron made an additional repayment of $100.0 million under its term credit facility.  

______________________

1    See “Free cash flows” under “Definitions.”
2    See “Adjusted EBITDA” under “Definitions.”
3    See “Adjusted cash flows from operations” under “Definitions.”
4    See “Average monthly mobile revenue per unit” under “Definitions.”
5    See “Adjusted net income” under “Definitions.”
6    See “Consolidated net debt leverage ratio” under “Definitions.” 

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

Quebecor delivered another strong performance in the second quarter of 2026, driven by disciplined operational and financial execution. Free cash flows increased by 11.7%, revenues by 4.3% and adjusted EBITDA by 3.7%, or 9.8% when excluding the impact of the stock‑based compensation expense. The Telecommunications segment continued to perform solidly during the quarter, with increases of 5.3% in adjusted EBITDA, or 7.0% excluding the stock‑based compensation expense, 9.2% in mobile telephony service revenues, 4.0% in total revenues and 3.1% in adjusted cash flows from operations.

Our mobile subscriber base has expanded steadily over the past 12 months, adding 269,700 lines, a 6.4% increase, including 53,200 lines in the second quarter. Combined with an $0.86 or 2.5% increase in our mobile ARPU, this growth underscores the appeal of our offering and our competitive positioning and demonstrates our ability to simultaneously grow our subscriber base, revenues and profitability.

These strong results reflect the tangible payoffs of our strategic investments, advantageous network agreements and robust growth model. In Québec and Ontario, Videotron continues to upgrade its networks and enhance its Internet and mobile services with faster speeds and new integrated solutions for both consumers and businesses. Meanwhile, Freedom is pressing ahead with its expansion in Western Canada, while Fizz is accelerating its rollout and establishing itself as the Canadian leader in the digital marketplace, a rapidly growing sector that is poised to define the future of telecommunications services.

We also continue to invest in the technologies that will shape the telecommunications industry of tomorrow. Quebecor has fortified its strategic position by acquiring a majority stake in Etiya, a leading provider of AI‑powered digital business support systems. Etiya will help accelerate the rollout of a unified platform across our Videotron, Freedom and Fizz brands, while also positioning itself in the high‑potential global market for large‑scale BSS transformation projects.

In the Media segment, TVA Group Inc. (“TVA Group”) reported adjusted EBITDA of $23.3 million, up $21.6 million from the second quarter of 2025. This performance was driven in part by the excellent results of the TVA Sports channel, fuelled by the NHL playoffs and the Montréal Canadiens’ extended postseason run, which boosted advertising and subscription revenues for the channel and its “TVA Sports Direct” platform. TVA Sports grew its market share to 8.6% in the second quarter, a substantial 3.0‑percentage‑point gain. Canadiens games drew up to two million viewers for a nearly 50% market share. The restructuring initiatives implemented over the past few years, along with the long‑awaited increase in specialty channel carriage rates, also contributed to TVA Group’s improved profitability.

Our original productions also continued to outperform in the second quarter of 2026. Indéfendable remained the most‑watched drama in Québec, while Révolution was the most popular entertainment show during the spring season. TVA Group maintained its leadership in Québec on the strength of its programming with a 44.2% market share.

For Quebecor, strong performance and corporate responsibility go hand in hand. We are particularly proud to have ranked 19th on Corporate Knights’ 2026 list of Canada’s Best 50 Corporate Citizens. This recognition reflects our long‑standing commitment to sustainable growth, based on concrete action for the climate, the circular economy and environmentally responsible production.

In view of our strong financial results, modest dividend payout ratio, and with a view to maintaining a sound, disciplined capital allocation strategy—which combines improving our financial ratios through steady debt reduction with continuing and renewing our normal course issuer bid—Quebecor’s Board of Directors approved a 12.5% increase in the quarterly dividend on the Corporation’s Class A and Class B Shares, from $0.40 to $0.45.

Backed by the strongest balance sheet in the industry, Quebecor is better positioned than ever to actively pursue its cross‑Canada expansion. We will continue executing our strategy with discipline—investing in growth‑enabling technologies, seizing the most promising opportunities, and rigorously allocating capital to create long‑term value for our shareholders, customers, employees and all stakeholders.

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 and consolidated net debt leverage ratio, and key performance indicators, including RGUs and mobile ARPU. Definitions of the non‑IFRS measures and key performance indicators 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
June 30

Six months ended
June 30

2026

2025

2026

2025

Income

Revenues:

Telecommunications

$

1,234.6

$

1,186.8

$

2,451.5

$

2,346.9

Media

184.8

174.4

341.3

339.0

Sports and Entertainment

48.4

51.5

97.4

101.2

Inter‑segments

(27.6)

(32.3)

(54.8)

(63.6)

1,440.2

1,380.4

2,835.4

2,723.5

Adjusted EBITDA (negative adjusted EBITDA):

Telecommunications

641.7

609.5

1,261.3

1,190.9

Media

26.8

9.3

24.6

(9.3)

Sports and Entertainment

3.1

4.7

4.9

8.2

Head Office

(44.2)

(18.4)

(86.8)

(35.1)

627.4

605.1

1,204.0

1,154.7

Depreciation and amortization

(217.4)

(213.8)

(426.8)

(429.1)

Financial expenses

(79.5)

(86.0)

(155.7)

(178.5)

Restructuring, impairment of assets and other

(2.3)

(16.0)

(6.4)

(19.3)

Other items

29.9

2.0

39.3

8.6

Income taxes

(82.6)

(75.1)

(154.8)

(135.9)

Net income

$

275.5

$

216.2

$

499.6

$

400.5

Net income attributable to shareholders

$

270.9

$

217.7

$

496.3

$

408.4

Adjusted net income

241.3

226.8

460.8

411.9

Per basic share:

Net income attributable to shareholders

1.21

0.95

2.20

1.77

Adjusted net income

1.07

0.99

2.04

1.79

 

Table 1 (continued)

Three months ended
June 30

Six months ended
June 30

2026

2025

2026

2025

Capital expenditures:

Telecommunications

$

167.8

$

149.8

$

298.1

$

292.0

Media

4.2

1.0

5.4

3.9

Sports and Entertainment

1.7

1.5

3.0

2.7

Head Office

0.1

173.7

152.3

306.6

298.6

Cash flows:

  Adjusted cash flows from operations:

Telecommunications

473.9

459.7

963.2

898.9

Media

22.6

8.3

19.2

(13.2)

Sports and Entertainment

1.4

3.2

1.9

5.5

Head Office

(44.2)

(18.4)

(86.9)

(35.1)

453.7

452.8

897.4

856.1

  Free cash flows1

418.7

374.9

654.2

612.7

  Cash flows provided by operating activities

569.6

538.0

989.9

958.2

June 30,
2026

Dec. 31,
2025

Balance sheet

  Cash and cash equivalents

$

97.6

$

160.6

  Working capital

(877.0)

(233.2)

  Net assets related to derivative financial instruments

93.5

24.3

  Total assets

12,954.7

12,812.2

  Short term borrowings

661.0

  Total long‑term debt (including current portion)

6,120.4

6,824.3

  Lease liabilities (current and long term)

413.7

410.6

  Equity attributable to shareholders

2,743.7

2,625.0

  Equity

2,980.1

2,737.0

Consolidated net debt leverage ratio1

2.87x

2.95x

1 See “Non‑IFRS financial measures.” 

2026/2025 second quarter comparison

Revenues: $1.44 billion, a $59.8 million (4.3%) increase.

Revenues increased in Telecommunications ($47.8 million or 4.0% of segment revenues) and in Media ($10.4 million or 6.0%).Revenues decreased in Sports and Entertainment ($3.1 million or ‑6.0%).

Adjusted EBITDA: $627.4 million, an increase of $22.3 million (3.7%), despite the $39.5 million unfavourable impact of the stock‑based compensation charge across all of the Corporation’s segments, due mainly to a significant increase in Quebecor’s share price.

Adjusted EBITDA increased in Telecommunications ($32.2 million or 5.3% of segment adjusted EBITDA) and in Media ($17.5 million).There was an unfavourable variance at Head Office ($25.8 million), essentially due to the increase in the stock‑based compensation charge.Adjusted EBITDA decreased in Sports and Entertainment ($1.6 million).

Net income attributable to shareholders: $270.9 million ($1.21 per basic share) in the second quarter of 2026, compared with $217.7 million ($0.95 per basic share) in the same period of 2025, an increase of $53.2 million ($0.26 per basic share) or 24.4%.

The favourable variances were:$27.9 million favourable variance in other items;$22.3 million increase in adjusted EBITDA;$13.7 million decrease in the charge for restructuring, impairment of assets and other;$6.5 million decrease in financial expenses.The unfavourable variances were:$7.5 million increase in the income tax expense;$6.1 million unfavourable variance in non‑controlling interest;$3.6 million increase in the depreciation and amortization charge.

Adjusted net income: $241.3 million ($1.07 per basic share) in the second quarter of 2026, compared with $226.8 million ($0.99 per basic share) in the same period of 2025, an increase of $14.5 million ($0.08 per basic share) or 6.4%.

Adjusted cash flows from operations: $453.7 million, a $0.9 million (0.2%) increase in the second quarter of 2026 due to the $22.3 million increase in adjusted EBITDA, partially offset by a $21.4 million increase in capital expenditures, mainly in the Telecommunications segment.

Cash flows provided by operating activities: $569.6 million in the second quarter of 2026, a $31.6 million (5.9%) increase due primarily to the increase in adjusted EBITDA, the decrease in the cash portion of the charge for restructuring, impairment of assets and other, 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 and an increase in current income taxes.

2026/2025 year‑to‑date comparison

Revenues: $2.84 billion, a $111.9 million (4.1%) increase.

Revenues increased in Telecommunications ($104.6 million or 4.5% of segment revenues) and in Media ($2.3 million or 0.7%).Revenues decreased in Sports and Entertainment ($3.8 million or ‑3.8%).

Adjusted EBITDA: $1.20 billion, an increase of $49.3 million (4.3%), despite the $86.8 million unfavourable impact of the stock‑based compensation charge across all of the Corporation’s segments, due mainly to a significant increase in Quebecor’s share price.

Adjusted EBITDA increased in Telecommunications ($70.4 million or 5.9% of segment adjusted EBITDA) and in Media ($33.9 million).There was an unfavourable variance at Head Office ($51.7 million), essentially due to the increase in the stock‑based compensation charge.Adjusted EBITDA decreased in Sports and Entertainment ($3.3 million).

Net income attributable to shareholders: $496.3 million ($2.20 per basic share) in the first half of 2026, compared with $408.4 million ($1.77 per basic share) in the same period of 2025, an increase of $87.9 million ($0.43 per basic share) or 21.5%.

The main favourable variances were:$49.3 million increase in adjusted EBITDA;$30.7 million favourable variance in other items;$22.8 million decrease in financial expenses;$12.9 million decrease in the charge for restructuring, impairment of assets and other.The unfavourable variances were:$18.9 million increase in the income tax expense;$11.2 million unfavourable variance in non‑controlling interest.

Adjusted net income: $460.8 million ($2.04 per basic share) in the first half of 2026, compared with $411.9 million ($1.79 per basic share) in the same period of 2025, an increase of $48.9 million ($0.25 per basic share) or 11.9%.

Adjusted cash flows from operations: $897.4 million, a $41.3 million (4.8%) increase due to the $49.3 million increase in adjusted EBITDA, partially offset by an $8.0 million increase in capital expenditures, mainly in the Telecommunications segment.

Cash flows provided by operating activities: $989.9 million, a $31.7 million (3.3%) increase due primarily to the increase in adjusted EBITDA, a decrease in the cash portion of financial expenses and a decrease in the cash portion of the charge for restructuring, impairment of assets and other, partially offset by the increase in current income taxes and an unfavourable net change in non‑cash balances related to operating activities.

Financing operations

On August 5, 2026, the Board of Directors of Quebecor declared a quarterly dividend of $0.45 per share on the Corporation’s Class A Shares and Class B Shares, a 12.5% increase.During the second quarter of 2026, Videotron repaid the full $500.0 million outstanding under the second tranche of its term credit facility and $300.0 million of the $700.0 million outstanding under the third tranche. On July 8, 2026, Videotron made an additional repayment of $100.0 million under its term credit facility.  On April 1, 2026, Videotron established a commercial paper program in the United States by way of private placement, under which it may issue unsecured senior notes (ranking pari passu with its other unsecured and unsubordinated debt) with a maximum maturity of 364 days, up to an outstanding amount of US$1.00 billion. Videotron’s revolving credit facility is serving as a liquidity backstop and the foreign exchange risk related to the commercial paper is being fully hedged by Videotron.

Capital stock

Normal course issuer bid

On August 5, 2026, 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 7,000,000 Class B Shares representing approximately 4.7% of issued and outstanding Class B Shares as of July 31, 2026. The purchases will be made from August 15, 2026 to August 14, 2027, 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 repurchased under the bid will be cancelled. As of July 31, 2026, 74,742,122 Class A Shares and 148,751,359 Class B Shares were issued and outstanding.

The average daily trading volume of the Corporation’s Class A Shares and Class B Shares between February 1, 2026 and July 31, 2026 through the facilities of the Toronto Stock Exchange, in accordance with its requirements, or through other alternative trading systems in Canada, was 638 Class A Shares and 947,548 Class B Shares. Consequently, the Corporation will be authorized to purchase a maximum of 1,000 Class A Shares and 236,887 Class B Shares during the same trading day, pursuant to its normal course issuer bid.

The Corporation believes that the repurchase of these shares under this normal course issuer bid is in the best interests of the Corporation and its shareholders.

Between August 15, 2025 and July 31, 2026, of the 1,000,000 Class A Shares and 7,000,000 Class B Shares it was authorized to repurchase under its previous normal course issuer bid, the Corporation repurchased no Class A Shares and 6,049,900 Class B Shares at a weighted average price of $54.31 per share on the open market through the facilities of the Toronto Stock Exchange and alternative trading systems in Canada.

Cancellation and issuance of shares

During the first half of 2026, the Corporation repurchased and cancelled 3,124,900 Class B Shares for a total cash consideration of $184.9 million (2,570,000 Class B Shares repurchased and cancelled for a total cash consideration of $90.7 million in 2025) and 24,333 Class B Shares were issued following the exercise of stock options for a total cash consideration of $0.8 million (48,444 Class B Shares issued for a total cash consideration of $1.3 million in 2025).

Dividends declared

On August 5, 2026, the Board of Directors of Quebecor declared a quarterly dividend of $0.45 per share on its Class A Shares and Class B Shares, payable on September 15, 2026 to shareholders of record at the close of business on August 21, 2026. 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 second quarter 2026 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 second quarter 2026 results on August 6, 2026, at 9:00 a.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 November 4, 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 and political climate, financial and economic market conditions, including hyperinflation in Turkey, 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;impacts related to cybersecurity and the protection of personal information;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;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 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 OTT video 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;changes in Quebecor’s ability to obtain services and equipment critical to its operations;impacts related to environmental issues;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 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, 2025.

The forward‑looking statements in this document reflect the Corporation’s expectations as of August 5, 2026, 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, restructuring, impairment of assets and other, other items 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. 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 adjusted EBITDA to the net income measure used in the condensed consolidated financial statements
(in millions of Canadian dollars)

Three months ended
June 30

Six months ended
 June 30

2026

2025

2026

2025

Adjusted EBITDA (negative adjusted EBITDA):

Telecommunications

$

641.7

$

609.5

$

1,261.3

$

1,190.9

Media

26.8

9.3

24.6

(9.3)

Sports and Entertainment

3.1

4.7

4.9

8.2

Head Office

(44.2)

(18.4)

(86.8)

(35.1)

627.4

605.1

1,204.0

1,154.7

Depreciation and amortization

(217.4)

(213.8)

(426.8)

(429.1)

Financial expenses

(79.5)

(86.0)

(155.7)

(178.5)

Restructuring, impairment of assets and other

(2.3)

(16.0)

(6.4)

(19.3)

Other items

29.9

2.0

39.3

8.6

Income taxes

(82.6)

(75.1)

(154.8)

(135.9)

Net income

$

275.5

$

216.2

$

499.6

$

400.5

Adjusted net income

The Corporation defines adjusted net income, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before restructuring, impairment of assets and other, and other items, 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 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 adjusted net income to the net income attributable to shareholders measure used in the condensed consolidated financial statements
(in millions of Canadian dollars)

Three months ended
June 30

Six months ended
June 30

2026

2025

2026

2025

Adjusted net income

$

241.3

$

226.8

$

460.8

$

411.9

Restructuring, impairment of assets and other

(2.3)

(16.0)

(6.4)

(19.3)

Other items

29.9

2.0

39.3

8.6

Income taxes related to adjustments1

1.6

4.2

1.9

6.1

Non‑controlling interest related to adjustments

0.4

0.7

0.7

1.1

Net income attributable to shareholders

$

270.9

$

217.7

$

496.3

$

408.4

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

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

Free cash flows 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 is used by the Corporation’s management and Board of Directors to evaluate cash flows generated by the Corporation’s operations. Free cash flows 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 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 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 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
June 30

Six months ended
June 30

2026

2025

2026

2025

Adjusted EBITDA (negative adjusted EBITDA)

Telecommunications

$

641.7

$

609.5

$

1,261.3

$

1,190.9

Media

26.8

9.3

24.6

(9.3)

Sports and Entertainment

3.1

4.7

4.9

8.2

Head Office

(44.2)

(18.4)

(86.8)

(35.1)

627.4

605.1

1,204.0

1,154.7

Minus

Capital expenditures:1

Telecommunications

(167.8)

(149.8)

(298.1)

(292.0)

Media

(4.2)

(1.0)

(5.4)

(3.9)

Sports and Entertainment

(1.7)

(1.5)

(3.0)

(2.7)

Head Office

(0.1)

(173.7)

(152.3)

(306.6)

(298.6)

Adjusted cash flows from operations

Telecommunications

473.9

459.7

963.2

898.9

Media

22.6

8.3

19.2

(13.2)

Sports and Entertainment

1.4

3.2

1.9

5.5

Head Office

(44.2)

(18.4)

(86.9)

(35.1)

$

453.7

$

452.8

$

897.4

$

856.1

1 Reconciliation to cash flows used for capital expenditures as per condensed consolidated financial statements

Three months ended
June 30

Six months ended
June 30

2026

2025

2026

2025

  Capital expenditures

$

(173.7)

$     (152.3)

$   (306.6)

$    (298.6)

  Net variance in current operating items related to capital expenditures (excluding government credits receivable for large investment projects)

22.7

(11.4)

(29.8)

(47.6)

  Cash flows used for capital expenditures

$

(151.0)

$     (163.7)

$   (336.4)

$    (346.2)

Table 5
Free cash flows and cash flows provided by operating activities reported in the condensed consolidated financial statements
(in millions of Canadian dollars)

Three months ended June 30

Six months ended June 30

2026

2025

2026

2025

Adjusted cash flows from operations from Table 4

$

453.7

$

452.8

$

897.4

$

856.1

Plus (minus)

Cash portion of financial expenses

(77.4)

(83.6)

(151.4)

(173.8)

Cash portion of restructuring, impairment of assets

  and other

(3.0)

(15.6)

(6.8)

(18.9)

Current income taxes

(86.1)

(83.1)

(193.1)

(158.3)

Other

0.2

0.2

(0.3)

(0.2)

Net change in non‑cash balances related to

  operating activities

108.6

115.6

138.2

155.4

Net variance in current operating items related to

  capital expenditures (excluding government

  credits receivable for large investment projects)

22.7

(11.4)

(29.8)

(47.6)

Free cash flows

418.7

374.9

654.2

612.7

Plus (minus)

Cash flows used for capital expenditures

  (excluding spectrum licence acquisitions)

151.0

163.7

336.4

346.2

Proceeds from disposal of assets

(0.1)

(0.6)

(0.7)

(0.7)

Cash flows provided by operating activities

$

569.6

$

538.0

$

989.9

$

958.2

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 consists of total long‑term debt, lease liabilities, short‑term borrowings, 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)

June 30,
2026

Dec. 31,
2025

Total long‑term debt1

$

6,120.4

$

6,824.3

Plus (minus)

Lease liabilities2

413.7

410.6

Short term borrowings

661.0

Derivative financial instruments3

(93.5)

(24.3)

Cash and cash equivalents

(97.6)

(160.6)

Consolidated net debt

7,004.0

7,050.0

Divided by:

Trailing 12‑month adjusted EBITDA

$

2,442.5

$

2,393.2

Consolidated net debt leverage ratio

2.87x

         2.95x

1   Excluding financing costs.

2   Total liabilities.

3    Assets less liabilities.

Key performance indicators

Revenue‑generating unit

The Corporation uses RGU, an industry metric, as a key performance indicator. An RGU represents a subscriber connection to the mobile or wireline telephony service or a subscription to the Internet access or television service. 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.

Average monthly mobile revenue per unit

The Corporation uses mobile ARPU, an industry metric, as a key performance indicator. This indicator is 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. Mobile ARPU is not a measurement that is consistent with IFRS and the Corporation’s definition and calculation of mobile ARPU may not be the same as identically titled measurements reported by other companies.

QUEBECOR INC.  

CONSOLIDATED STATEMENTS OF INCOME 

(in millions of Canadian dollars, except for earnings per share data) 

Three months ended     

Six months ended     

(unaudited) 

June 30     

June 30     

2026

2025

2026

2025

Revenues 

$

1,440.2

$

1,380.4

$

2,835.4

$

2,723.5

Employee costs 

251.1

207.7

492.0

413.4

Purchase of goods and services

561.7

567.6

1,139.4

1,155.4

Depreciation and amortization 

217.4

213.8

426.8

429.1

Financial expenses 

79.5

86.0

155.7

178.5

Restructuring, impairment of assets and other

2.3

16.0

6.4

19.3

Other items

(29.9)

(2.0)

(39.3)

(8.6)

Income before income taxes 

358.1

291.3

654.4

536.4

Income taxes: 

Current 

86.1

83.1

193.1

158.3

Deferred

(3.5)

(8.0)

(38.3)

(22.4)

82.6

75.1

154.8

135.9

Net income

$

275.5

$

216.2

$

499.6

$

400.5

Net income (loss) attributable to

Shareholders

$

270.9

$

217.7

$

496.3

$

408.4

Non-controlling interests

4.6

(1.5)

3.3

(7.9)

Earnings per share attributable to shareholders

Basic

$

1.21

$

0.95

$

2.20

$

1.77

Diluted

1.18

0.94

2.15

1.76

Weighted average number of shares outstanding (in millions) 

224.8

230.0

225.6

230.6

Weighted average number of diluted shares (in millions) 

230.5

231.6

230.8

232.2

 

QUEBECOR INC.  

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(in millions of Canadian dollars) 

Three months ended

Six months ended

(unaudited) 

June 30

June 30

2026

2025

2026

2025

Net income

$

275.5

$

216.2

$

499.6

$

400.5

Other comprehensive (loss) income:

Items that may be reclassified to income:

Cash flow hedges:

(Loss) gain on valuation of derivative financial instruments

(25.3)

38.0

(23.5)

46.0

Deferred income taxes

2.9

(1.6)

1.5

(2.5)

Gain (loss) on translation of foreign operations

10.1

(1.7)

16.0

(3.1)

Items that will not be reclassified to income:

Equity investments:

(Loss) gain on revaluation of equity investments

(4.1)

19.7

(6.7)

22.0

Deferred income taxes

0.6

(2.6)

0.9

(2.9)

(15.8)

51.8

(11.8)

59.5

Comprehensive income

$

259.7

$

268.0

$

487.8

$

460.0

Comprehensive income (loss) attributable to

Shareholders

$

252.9

$

269.5

$

482.3

$

467.9

Non-controlling interests

6.8

(1.5)

5.5

(7.9)

 

QUEBECOR INC.

SEGMENTED INFORMATION 

(in millions of Canadian dollars) 

(unaudited) 

Three months ended June 30, 2026

Sports

Head

and

office

Telecommuni-

Enter-

and Inter-

cations

Media

tainment

segments

Total

Revenues

$

1,234.6

$

184.8

$

48.4

$

(27.6)

$

1,440.2

Employee costs

146.5

44.2

14.5

45.9

251.1

Purchase of goods and services

446.4

113.8

30.8

(29.3)

561.7

Adjusted EBITDA1

641.7

26.8

3.1

(44.2)

627.4

Depreciation and amortization

217.4

Financial expenses

79.5

Restructuring, impairment of assets and other

2.3

Other items

(29.9)

Income before income taxes

$

358.1

Cash flows used for capital expenditures

$

147.6

$

1.7

$

1.7

$

$

151.0

Three months ended June 30, 2025

Sports

Head

and

office

Telecommuni-

Enter-

and Inter-

cations

Media

tainment

segments

Total

Revenues

$

1,186.8

$

174.4

$

51.5

$

(32.3)

$

1,380.4

Employee costs

128.4

45.1

13.1

21.1

207.7

Purchase of goods and services

448.9

120.0

33.7

(35.0)

567.6

Adjusted EBITDA1

609.5

9.3

4.7

(18.4)

605.1

Depreciation and amortization

213.8

Financial expenses

86.0

Restructuring, impairment of assets and other

16.0

Other items

(2.0)

Income before income taxes

$

291.3

Cash flows used for capital expenditures

$

159.8

$

2.5

$

1.4

$

$

163.7

 

QUEBECOR INC. 

SEGMENTED INFORMATION (continued)

(in millions of Canadian dollars) 

(unaudited) 

Six months ended June 30, 2026

Sports

Head

and

office

Telecommuni-

Enter-

and Inter-

cations

Media

tainment

segments

Total

Revenues

$

2,451.5

$

341.3

$

97.4

$

(54.8)

$

2,835.4

Employee costs

282.0

88.0

28.9

93.1

492.0

Purchase of goods and services

908.2

228.7

63.6

(61.1)

1,139.4

Adjusted EBITDA1

1,261.3

24.6

4.9

(86.8)

1,204.0

Depreciation and amortization

426.8

Financial expenses

155.7

Restructuring, impairment of assets and other

6.4

Other items

(39.3)

Income before income taxes

$

654.4

Cash flows used for capital expenditures

$

330.9

$

2.4

$

3.0

$

0.1

$

336.4

Six months ended June 30, 2025

Sports

Head

and

office

Telecommuni-

Enter-

and Inter-

cations

Media

tainment

segments

Total

Revenues

$

2,346.9

$

339.0

$

101.2

$

(63.6)

$

2,723.5

Employee costs

257.5

90.3

26.1

39.5

413.4

Purchase of goods and services

898.5

258.0

66.9

(68.0)

1,155.4

Adjusted EBITDA1

1,190.9

(9.3)

8.2

(35.1)

1,154.7

Depreciation and amortization

429.1

Financial expenses

178.5

Restructuring, impairment of assets and other

19.3

Other items

(8.6)

Income before income taxes

$

536.4

Cash flows used for capital expenditures

$

335.5

$

8.1

$

2.6

$

$

346.2

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, other items 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

           stock

surplus

earnings

(loss) income 

     interests

    equity

Balance as of December 31, 2024

$

1,041.2

$

17.4

$

1,143.6

$

(45.0)

$

107.5

$

2,264.7

Net income (loss)

408.4

(7.9)

400.5

Other comprehensive income 

59.5

59.5

Dividends

(161.2)

(161.2)

Repurchase of Class B Shares   

(16.9)

(73.8)

(90.7)

Issuance of Class B Shares

1.3

0.5

1.8

Balance as of June 30, 2025

1,025.6

17.9

1,317.0

14.5

99.6

2,474.6

Net income

447.6

12.7

460.3

Other comprehensive income 

82.5

0.1

82.6

Dividends

(160.0)

(0.4)

(160.4)

Repurchase of Class B Shares   

(18.1)

(109.0)

(127.1)

Issuance of Class B Shares

5.3

1.7

7.0

Balance as of December 31, 2025

1,012.8

19.6

1,495.6

97.0

112.0

2,737.0

Net income

496.3

3.3

499.6

Other comprehensive income 

(14.0)

2.2

(11.8)

Dividends

(180.2)

(180.2)

Repurchase of Class B Shares   

(20.6)

(164.3)

(184.9)

Issuance of Class B Shares

0.8

0.7

1.5

Business acquisition

118.9

118.9

Balance as of June 30, 2026

$

993.0

$

20.3

$

1,647.4

$

83.0

$

236.4

$

2,980.1

 

QUEBECOR INC.  

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(in millions of Canadian dollars) 

Three months ended

Six months ended

(unaudited) 

June 30

June 30

2026

2025

2026

2025

Cash flows related to operating activities

Net income

$

275.5

$

216.2

$

499.6

$

400.5

Adjustments for: 

Depreciation of property, plant and equipment 

126.2

127.4

252.6

253.5

Amortization of intangible assets 

58.0

54.3

108.1

111.7

Depreciation of right-of-use assets 

33.2

32.1

66.1

63.9

Impairment of assets

0.4

0.9

0.7

1.5

Amortization of financing costs

2.1

2.4

4.3

4.7

Gain on revaluation of an equity interest

(30.1)

(30.1)

Share of results in associates

0.2

(2.0)

(7.1)

(8.6)

Deferred income taxes 

(3.5)

(8.0)

(38.3)

(22.4)

Other

(1.0)

(0.9)

(4.2)

(2.0)

461.0

422.4

851.7

802.8

Net change in non-cash balances related to operating activities

108.6

115.6

138.2

155.4

Cash flows provided by operating activities

569.6

538.0

989.9

958.2

Cash flows related to investing activities

Capital expenditures

(151.0)

(163.7)

(336.4)

(346.2)

Deferred subsidies (used) received to finance capital expenditures

(8.3)

(3.4)

(8.1)

14.9

Business acquisitions

(91.3)

(91.3)

Proceeds from disposals of assets

0.1

0.6

0.7

0.7

Other

2.9

0.1

5.5

1.2

Cash flows used in investing activities

(247.6)

(166.4)

(429.6)

(329.4)

Cash flows related to financing activities

Net change in short-term borrowings

591.5

(6.2)

591.5

(3.3)

Net change under revolving facilities, net of financing costs

8.7

59.4

7.3

59.4

Repayment of long-term debt 

(800.0)

(400.0)

(800.0)

(400.0)

Repayment of lease liabilities

(31.8)

(30.3)

(63.0)

(60.2)

Issuance of Class B Shares 

0.6

0.8

1.3

Repurchase of Class B Shares 

(99.7)

(29.9)

(184.9)

(90.7)

Dividends

(180.2)

(161.2)

(180.2)

(161.2)

Cash flows used in financing activities

(510.9)

(568.2)

(628.5)

(654.7)

Net change in cash, cash equivalents and restricted cash

(188.9)

(196.6)

(68.2)

(25.9)

Effect of translation on cash and cash equivalents  

   in foreign currencies 

(2.9)

(2.9)

Cash, cash equivalents and restricted cash at beginning of period 

316.5

266.7

195.8

96.0

Cash, cash equivalents and restricted cash at end of period

$

124.7

$

70.1

$

124.7

$

70.1

 

QUEBECOR INC.  

CONSOLIDATED BALANCE SHEETS 

(in millions of Canadian dollars) 

(unaudited)

June 30

December 31

2026

2025

Assets

Current assets

Cash and cash equivalents 

$

97.6

$

160.6

Restricted cash

27.1

35.2

Accounts receivable 

1,043.9

1,067.8

Contract assets

95.7

109.2

Inventories

384.7

414.3

Derivative financial instruments 

12.1

Other current assets

209.6

195.2

1,870.7

1,982.3

Non-current assets

Property, plant and equipment

3,224.1

3,282.7

Intangible assets

3,672.5

3,441.9

Right-of-use assets

374.9

374.1

Goodwill 

2,892.2

2,713.4

Derivative financial instruments 

81.4

57.9

Deferred income taxes

57.0

42.0

Other assets 

781.9

917.9

11,084.0

10,829.9

Total assets

$

12,954.7

$

12,812.2

Liabilities and equity 

Current liabilities 

Short-term borrowings

$

661.0

$

Accounts payable, accrued charges and provisions

1,079.9

1,142.2

Deferred revenue

373.5

376.3

Other current liabilities

109.5

95.6

Current portion of long-term debt 

410.1

491.6

Current portion of lease liabilities

113.7

109.8

2,747.7

2,215.5

Non-current liabilities 

Long-term debt 

5,681.5

6,301.5

Lease liabilities

300.0

300.8

Derivative financial instruments

33.6

Deferred income taxes

851.0

871.7

Other liabilities

394.4

352.1

7,226.9

7,859.7

Equity

Capital stock 

993.0

1,012.8

Contributed surplus

20.3

19.6

Retained earnings

1,647.4

1,495.6

Accumulated other comprehensive income

83.0

97.0

Equity attributable to shareholders

2,743.7

2,625.0

Non-controlling interests 

236.4

112.0

2,980.1

2,737.0

Total liabilities and equity

$

12,954.7

$

12,812.2

View original content:https://www.prnewswire.com/news-releases/quebecor-inc-reports-consolidated-results-for-second-quarter-2026-302844252.html

SOURCE Quebecor

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Lightera Announces Major Capital Investment to Expand Submarine Optical Fiber Manufacturing

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on

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COPENHAGEN, Denmark, Sept. 21, 2026 /PRNewswire/ — Lightera today announced a major capital investment to expand its submarine optical fiber manufacturing operations in Denmark and the United States, reinforcing its commitment to meeting the rapidly growing global demand for submarine communications infrastructure. The expansion will nearly triple manufacturing capacity by 2029, ensuring reliable supply for existing customer commitments and future submarine cable programs.

The investment reflects continued strength in the submarine optical fiber market, driven by accelerating investment in artificial intelligence infrastructure, hyperscale data centers, cloud computing, and global network expansion. Lightera’s direct relationships with submarine cable manufacturers and hyperscale companies provide early visibility into future demand and technology trends, as optical fiber is typically purchased approximately one year before cable deployment.

“As demand for global bandwidth continues to accelerate, the industry will require both greater manufacturing capacity and next-generation optical technologies,” said Holly Hulse, Chief Executive Officer of Lightera. “This major expansion reflects our confidence in the long-term future of submarine communications and enables us to deliver both. It is part of a broader series of strategic investments Lightera is making across our global manufacturing footprint to expand capacity, advance next-generation technologies and support long-term customer demand. By expanding capacity today while preparing for multicore fiber, we are ensuring Lightera remains the partner of choice for customers building the next generation of global communications infrastructure.”

The expansion also positions Lightera for the commercialization of multicore fiber (MCF), with initial submarine deployments expected in the 2029–2030 timeframe. This next-generation technology will significantly increase transmission capacity to support future global connectivity.

Lightera’s facilities in Brøndby, Denmark, and Norcross, Georgia, United States, serve as the company’s global manufacturing centers for submarine optical fiber, supplying high-performance optical fiber for some of the world’s most demanding undersea communications networks.

About Lightera

Lightera is a global leader in optical fiber and connectivity solutions. Built on a legacy of expertise in optical science, we provide high-performance solutions that enable faster, more reliable, and sustainable connections for businesses, communities, and industries worldwide.

With operational headquarters in Norcross, Georgia, U.S.A., Lightera serves customers across telecommunications, enterprise, industrial, generative AI, data centers, 5G/6G, utilities, medical, aerospace, defense, and sensing markets.

Lightera is part of Furukawa Electric Group, a pioneer in advancing the next generation of infrastructure through integrated solutions in connectivity, information, energy, and mobility, to create a safe, peaceful, and sustainable world.

Please visit www.Lightera.com

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Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers

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LOS ANGELES and NEW YORK, Sept. 21, 2026 /PRNewswire/ — Paramount Skydance Corporation (NASDAQ: PSKY) (“Paramount”) today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the “Tender Offers” and each, a “Tender Offer”) for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the “Offer to Purchase”), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the “DGH Issuer”) and Discovery Communications, LLC (the “DCL Issuer” and together with the DGH Issuer, each a “WBD Issuer” and collectively the “WBD Issuers”), as applicable, and (ii) offers to exchange (the “Exchange Offers” and each, an “Exchange Offer” and, together with the Tender Offers, the “Offers” and each, an “Offer”), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the “Offering Memorandum”), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the “Offer Notes”) issued by the applicable WBD Issuer for notes to be newly issued by Paramount.

The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on October 2, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the “Acquisition”) by Paramount of Warner Bros. Discovery, Inc. (“WBD”). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, July 17, 2026, July 24, 2026, July 31, 2026, August 7, 2026, August 17, 2026, August 24, 2026, August 31, 2026, September 8, 2026, and September 14, 2026.

As of 5:00 p.m., New York City time, on September 18, 2026, approximately 66.87% and 75.12% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.

Information about each series of Offer Notes eligible to participate in the Offers is summarized below.

Type of Offer

Offer Notes to be Tendered
or Exchanged, as
Applicable

Issuer of Offer Notes

CUSIP No. / Common Code
/ ISIN Eligible to
Participate in the Offers (1)

Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)

Tender Offer

3.950% Senior Notes due 2028

DCL Issuer

25470D CP2

US25470DCP24

$1,234,458,000

Exchange Offer

4.125% Senior Notes due 2029

DCL Issuer

25470D CQ0

US25470DCQ07

$655,825,000

Exchange Offer

3.625% Senior Notes due 2030

DCL Issuer

25470D CR8

US25470DCR89

$914,183,000

Exchange Offer

5.000% Senior Notes due 2037

DCL Issuer

25470D CS6

US25470DCS62

$453,281,000

Exchange Offer

6.350% Senior Notes due 2040

DCL Issuer

25470D CT4

US25470DCT46

$438,102,000

Exchange Offer

4.950% Senior Notes due 2042

DCL Issuer

25470D CU1

US25470DCU19

$130,366,000

Exchange Offer

4.875% Senior Notes due 2043

DCL Issuer

25470D V91
CV9US25470DC

$141,584,000

Exchange Offer

5.200% Senior Notes due 2047

DCL Issuer

25470D W74
CW7US25470DC

$3,161,000

Exchange Offer

5.300% Senior Notes due 2049

DCL Issuer

25470D X57
CX5US25470DC

$247,860,000

Tender Offer

3.755% Senior Notes due 2027

DGH Issuer

254948 AH5

US254948AH58

254948 AN2

US254948AN27

U25483 AA3

USU25483AA38

$1,189,336,000

Exchange Offer

4.054% Senior Notes due 2029

DGH Issuer

254948 AJ1

US254948AJ15

254948 AP7

US254948AP74

U25483 AB1

USU25483AB11

$1,353,828,000

Exchange Offer

4.279% Senior Notes due 2032

DGH Issuer

254948 AK8

US254948AK87

254948 AQ5

US254948AQ57

$2,691,764,000

Exchange Offer

5.050% Senior Notes due 2042

DGH Issuer

254948 AL6

US254948AL60

254948 AR3

US254948AR31

U25483 AD7

USU25483AD76

$4,104,687,000

Exchange Offer

5.141% Senior Notes due 2052

DGH Issuer

254948 AM4

US254948AM44

254948 AS1

US254948AS14

$949,883,000

Exchange Offer

4.302% Senior Notes due 2030

DGH Issuer

XS3393993285

339399328

€234,382,000

Exchange Offer

4.693% Senior Notes due 2033

DGH Issuer

XS3393994507

339399450

€316,641,000

__________

(1)

No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.

(2)

Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.

The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act or (b) not “U.S. persons,” as defined in Rule 902 of Regulation S under the Securities Act (such holders, “Eligible Holders”), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.

General

Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount’s sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.

The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder’s Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.

Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the “Exchange Agent”) and information agent (in such capacity, the “Information Agent”) for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.

Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the “Dealer Managers”) for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains “forward-looking statements” regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the “Combined Company”); the adverse impact on the Combined Company’s advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company’s decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company’s business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company’s content; damage to the Combined Company’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company’s intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company’s business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company’s operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount’s ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company’s holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” Paramount’s most recently filed Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 4, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” and Paramount’s subsequent filings with the SEC, and in WBD’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned “Item 1A. Risk Factors,” WBD’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 6, 2026, and WBD’s subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.

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Cosign Launches in Phoenix as Record Vacancy Collides With Outdated Approval Standards

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Guarantor Platform Helps Properties Approve Qualified Renters as Concessions Climb and Rents Fall

PHOENIX, Sept. 21, 2026 /PRNewswire/ — Cosign, a third-party guarantor platform and cosigner alternative designed to expand renter access while protecting property owners, has launched in the Phoenix-Mesa-Chandler MSA as the Valley works through some of the highest apartment vacancy in the country.

According to CoStar, apartment vacancy across Maricopa County and the broader Phoenix-Mesa-Chandler MSA sits at 10.8%, still near the highest level since the Great Recession despite improving from a peak of 12.6%. The metro ranks among the nation’s top 10 highest-vacancy markets, alongside fellow Sun Belt builders like Austin, Charlotte and San Antonio. Asking rents fell 1.2% over the past year, and operators are leaning harder on concessions, with 10 or more weeks of free rent now common at newly built communities.

At Zendoor, a Phoenix-based multifamily property management company, the team has adopted Cosign to help streamline apartment approval for renters who can afford the rent but get screened out by rigid legacy criteria.

“At Zendoor, we’re seeing that many renters who may not meet traditional screening criteria can still be responsible, qualified residents,” said Jessa Mae, the resident support team lead at Zendoor. “Having flexible solutions that give these applicants another path to approval can help property managers reduce unnecessary denials while making it easier to fill homes across the Phoenix market.”

Founded by real estate owners and operators, Cosign uses a data-driven underwriting model that evaluates payment behavior and recency rather than relying solely on credit scores. The platform is designed to help owners fill units faster without lowering standards, a case that matters most in markets like Phoenix where every leased unit counts against a deep supply overhang.

“Phoenix is a market where owners can’t afford to lose a qualified renter over a technicality,” said Zach Schofel, co-founder and CEO of Cosign. “When vacancy is this high, the properties that win are the ones saying yes to renters who can actually pay, and that’s exactly what we help them do.”

For more information, visit www.rentwithcosign.com and follow on social media @rentwithcosign.

About Cosign
Cosign is a real estate technology company and lease guarantor service that bridges the gap between qualified renters and landlords. Founded by real estate professionals, Cosign’s mission is to expand housing access through data-driven underwriting that considers payment behavior, not just credit scores. Active in more than 600,000 units across 3,000+ communities nationwide, Cosign is helping modern operators approve more qualified renters in both tight and oversupplied markets. For more information, visit www.rentwithcosign.com.

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