FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF ~~FEBRUARY~~ MAY 2022

Commission File Number: 333-13792

QUEBECOR MEDIA INC.

(Name of Registrant)

612 St-Jacques Street, Montreal, Canada, H3C 4M8

(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]

Form 20-F

Form 40-F

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.]

Yes

[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g 3-2(b): 82-____________.]

QUEBECOR MEDIA INC.

Filed in this Form 6-K

Documents index

1. Press release dated ~~February~~May 2412, 2022;

2. Extract of the Consolidated Financial Statements of Quebecor Inc. and its Subsidiaries for the period ended ~~December~~March 31, ~~2021~~2022; and

3. Supplementary Disclosure of Quebecor Inc. for the Quarter / 123-Month Period ended ~~December~~March 31, ~~2021~~2022.

~~February~~May 2412, 2022

For immediate release

Quebecor inc. ~~ANNOUNCES 9% INCREASE IN QUARTERLY DIVIDEND AND~~ reports consolidated results for ~~fourth~~first quarter ~~and full year 2021~~2022

Montréal, Québec – Quebecor Inc. (“Quebecor” or “the “Corporation”) today reported its consolidated financial results for the ~~fourth~~first quarter ~~and full year~~ of ~~2021~~2022. Quebecor consolidates the financial results of its wholly owned Quebecor Media Inc. (“Quebecor Media”) subsidiary.

~~Highlights~~First quarter 2022 highlights

~~2021~~⮚ ~~financial~~Revenues: ~~year~~$1.09 billion, down $3.1 million (-0.3%) from the same period of 2021.

Ø⮚ ~~Revenues~~Adjusted EBITDA:1 $4442.551 ~~billion in 2021~~million, updown $~~236~~10.6 million (5-2.53%) ~~from 2020~~.

Ø⮚ ~~Adjusted~~Net ~~EBITDA~~income attributable to shareholders:1 $1121.974 ~~billion~~million ($0.51 per basic share), upan increase of $200.61 million (1$0.1%02 per basic share).

Ø⮚ ~~Net~~Adjusted income ~~attributable~~from tocontinuing ~~shareholders~~operating activities:2 $~~578~~128.47 million ($20.3854 per basic share) ~~in 2021~~, ~~compared~~a ~~with~~decrease ~~607,~~of $1.2 million (increase of $20.4102 per basic share) ~~in 2020~~.

Ø⮚ Adjusted ~~income~~cash flows from ~~continuing operating activities~~operations:23 $~~621~~316.91 million ~~($2.55 per basic share) in 2021~~, ~~compared~~up ~~with~~ $~~594~~8.5 million ($2.~~36 per basic share~~8%).

Ø⮚ ~~Adjusted~~In ~~cash~~the ~~flows~~Telecommunications ~~from~~segment, ~~operations:3~~quarterly revenues were down $10.6 million (-1.382%), ~~billion~~adjusted inEBITDA ~~2021~~was up $9.1 million (2.0%), and adjusted cash flows from operations were up $6931.7 million (510.31%).

Ø⮚ ~~Quarterly~~Videotron ~~dividend~~Ltd. on(“Videotron”) ~~the~~increased ~~Corporation’s~~revenues ~~Class~~from Amobile ~~Multiple~~services ~~Voting~~and ~~Shares~~equipment ~~(“Class~~by A$20.1 ~~Shares”~~million (8.7%) and ~~Class~~from BInternet ~~Subordinate~~access ~~Voting~~services ~~Shares~~by ~~(“Class~~$2.0 Bmillion ~~Shares”~~(0.7%) ~~raised~~in bythe 9%first ~~from~~quarter ~~$0.275~~of ~~to $0~~2022.~~30 per share.~~

Ø⮚ ~~The~~Net ~~Telecommunications~~increase ~~segment~~of ~~grew~~13,800 ~~its~~(0.2%) ~~revenues~~revenue-generating byunits ~~$112.~~(RGUs)4 ~~million~~in the first quarter of 2022, including 24,500 (3.1.5%) ~~and~~connections ~~its~~to ~~adjusted~~the ~~EBITDA~~mobile bytelephony ~~$11.3~~service, ~~million~~17,500 (03.65%) insubscriptions ~~2021,~~to ~~despite~~ over-the-top ~~$12.6~~(“OTT”) ~~million~~video ~~unfavourable~~services, ~~impact~~and of5,300 ~~recognition~~(0.3%) ofsubscriptions ato ~~one-time~~Internet ~~item~~access ~~in 2020~~service.

Ø⮚ ~~Videotron~~The ~~Ltd.~~Media ~~("Videotron")~~and ~~increased~~Sports ~~its revenues from mobile services~~ and ~~equipment~~Entertainment ~~($73.2~~segments ~~million~~increased ortheir ~~8.0%),~~revenues ~~Internet~~by ~~access (~~$707.0 million ~~or 6~~(4.20%) and ~~wireline equipment (~~$522.39 million ~~or 34~~(9.53%), ~~in 2021~~respectively.

ØComments ~~Net~~by ~~increase~~Pierre ofKarl 41Péladeau,~~700~~ ~~revenue-generating units (“RGUs”)4 (0.7%) in 2021, including 120,800 connections (8.2%) to the mobile telephony service~~ President and ~~44,000~~CEO ~~subscriptions~~of ~~(2.4%) to the Internet access service.~~Quebecor

ØIn ~~Videotron~~the ~~acquired,~~first inquarter ~~December~~of ~~2021~~2022, ~~294~~Quebecor ~~blocks~~continued to ofperform ~~spectrum~~well in ~~the~~a ~~3500~~competitive ~~MHz~~environment ~~band~~in ~~across~~Québec, ~~the~~increasing ~~country~~RGUs ~~for~~in ~~$830.0~~mobile, Internet ~~million.~~access ~~More~~and ~~than~~OTT ~~half~~services, ofand growing the ~~investment~~market isshare ~~concentrated~~of inTVA ~~four~~Network ~~Canadian provinces outside Québec: Ontario, Manitoba, Alberta~~ and ~~British~~the ~~Columbia~~specialty channels.

ØTo ~~Videotron~~maintain ~~announced,~~its onleading ~~May~~position ~~12,~~amidst ~~2021~~the accelerating proliferation of content and of distribution platforms, the ~~roll-out~~Corporation ofstepped up its 5Gspending ~~network~~on incontent. ~~Québec~~While ~~City~~these investments had a short-term adverse impact on profitability, ~~following~~as evidenced by the ~~successful~~2.3% ~~launch~~decline in ~~Montréal~~adjusted EBITDA in ~~December~~the ~~2020~~first quarter of 2022, the Corporation maintained financial discipline: we generated 2.8% ~~With~~growth ~~its~~in ~~increased~~adjusted ~~speed,~~cash ~~expanded~~flows ~~connectivity~~from operations and ~~minimal~~increased ~~latency,~~available 5Gliquidity ~~will~~to $1.65 billion ~~open~~as upof athe ~~world~~end of ~~possibilities~~the ~~for~~first ~~Québec~~quarter ~~City~~of ~~customers~~2022.

Ø Videotron ~~acquired~~generated $344.6 million in adjusted cash flows from operations in the first quarter of 2022, onan ~~April~~increase of 10.1%. Videotron’s flagship mobile telephone and Internet access services continued to attract growing numbers of customers, ~~2021~~with increases of 123,200 ~~Cablovision~~connections, ~~Warwick~~or ~~Inc~~8.2%, ~~serving~~and 41,200 customers, or 2.3%, respectively, over the ~~municipalities~~past 12 months. Driven by rich and diverse content, our OTT services also performed strongly, posting a 9.0% increase over the past 12 months. With their diverse, constantly updated selection of ~~Warwick~~original content, ~~Kingsey~~Vrai ~~Falls~~and Club illico now have more than half a million subscribers, a strong indication of the soundness of our choices and ~~Saint-Félix-de-Kingsey~~investments in the ~~Centre-du-~~production of Québec ~~region~~content.

1 See “Adjusted EBITDA” under “Definitions.”

¹	See “Adjusted EBITDA” under “Definitions.”
²	See “Adjusted income from continuing operating activities” under “Definitions.”
³	See “Adjusted cash flows from operations” under “Definitions.”
⁴	See “Key performance indicator” under “Definitions.”

2 See “Adjusted income from continuing operating activities” under “Definitions.”

3 See “Adjusted cash flows from operations” under “Definitions.”

4 See “Key performance indicator” under “Definitions.”

ØThe ~~Videotron~~recent ~~launched~~Competition Bureau decision against the Rogers Communications Inc. (“Rogers”) bid to acquire the assets of Shaw Communications Inc. (“Shaw”), coupled onwith ~~August~~statements 17from the Department of Innovation, ~~2021~~Science and Economic Development (ISED), ~~Vrai~~allow us to look with increasing favour on the expansion of our wireless business, ain ~~new~~view ~~Québec~~of ~~subscription~~the ~~platform~~prospect that ~~meets~~we will have the ~~strong~~alternatives ~~demand~~of ~~for~~acquiring ~~unscripted~~Shaw’s ~~lifestyle~~wireless assets, ~~documentary~~which ~~and~~might ~~entertainment~~have ~~content.~~to Inbe ~~its~~divested ~~first~~by ~~year~~Rogers, ~~Vrai~~or ~~offered~~launching ~~thousands~~a oftelecom ~~hours~~offering ofin ~~all~~the Canadian provinces where we have acquired -~~French,~~ despite onTELUS’ legal challenge -~~demand~~ ~~content~~the spectrum needed to start up our operations. We believe that these alternatives position us very favourably, as governmental and administrative authorities, including the Canadian Radio-television and Telecommunications Commission, pursue the public policy of establishing the conditions for true competition in wireless services in Canada. Our undeniable success, as evidenced by our market share of more than a22% ~~hundred~~in ~~new~~Québec, ~~original~~demonstrates ~~Québec~~our ~~productions~~multidimensional expertise. We would apply that expertise with equal energy in the other parts of Canada. The opportunities are many and the alternatives promising.

ØThe ~~Videotron~~increase ~~entered,~~in oninvestment ~~March~~by ~~22,~~TVA ~~2021,~~Group ~~into~~Inc. ~~agreements~~(“TVA Group”), ~~with~~particularly ~~the~~in ~~Québec~~variety ~~government~~programming and series for the ~~government~~TVA ofNetwork, ~~Canada~~has ~~jointly~~proven ~~aimed~~to atbe ~~achieving~~a ~~government~~sound ~~targets~~move. ~~for~~TVA ~~the~~Network ~~roll-out~~gained of0.7 points ~~high-speed~~in ~~Internet~~market ~~services~~share in ~~various~~the ~~regions~~first quarter of 2022 and had four of the top five shows in Québec during the period. ~~Under~~The ~~these~~combined market ~~agreements,~~share ~~Videotron~~of isthe ~~expanding~~TVA ~~its~~Network ~~high-speed~~and ~~Internet~~the ~~network~~specialty tochannels ~~connect~~was ~~approximately~~40.6% 37in the first quarter of 2022,~~000~~ ~~more~~up ~~households~~1.2 ~~and~~points from the ~~governments~~same ~~have~~quarter of ~~undertaken~~2021. toAs ~~provide~~a ~~financial~~result ~~assistance~~of the increase in total advertising revenues from broadcasting activities, combined with the ~~amount~~impact of ~~approximately~~higher ~~$258.0~~volume in ~~million,~~production ~~which~~and ~~will~~distribution beservices, ~~used~~as well as in ~~its~~film ~~entirety~~and ~~for~~audiovisual services, TVA Group posted a $3.7 million increase in revenues in the ~~extension~~first quarter of ~~Videotron’s network~~2022.

ØWe ~~Videotron~~have ~~issued,~~a onsolid ~~January~~foundation 22on ~~and~~which ~~June~~to ~~17,~~build ~~2021,~~and we’re ~~$1.40~~upbeat ~~billion~~about ~~aggregate~~the ~~principal amount of 3~~future.~~125%~~ ~~and~~We ~~3.625%~~are ~~Senior~~staying ~~Notes~~focused ~~maturing~~ on ~~January~~the ~~15,~~disciplined ~~2031~~execution ~~and~~of ~~June~~our ~~15,~~strategic ~~2028,~~priorities ~~respectively.~~and Onsound ~~June~~management of ~~17,~~our ~~2021~~assets, ~~Videotron~~guided ~~also~~by ~~issued~~our ~~US$500.0~~commitment ~~million~~to ~~aggregate~~creating ~~principal~~long-term ~~amount~~value offor ~~3.625%~~all ~~Senior~~our ~~Notes maturing on June 15, 2029~~stakeholders.

Ø Videotron completed, on July 6, 2021, the early redemption of the entirety of its 5.000% Senior Notes due July 15, 2022, in aggregate principal amount of US$800.0 million, at a redemption price of 104.002% of their principal amount. The related hedges in an asset position were also unwound. On July 5, 2021, Quebecor Media completed the early redemption of the entirety of its 6.625% Senior Notes due January 15, 2023, in aggregate principal amount of $500.0 million, at a redemption price of 107.934% of their principal amount.

Ø Quebecor unveiled, on September 15, 2021, the new QUB digital platform, which brings together all of its news and entertainment content in one place. Available on the Internet and via a mobile app, QUB is differentiated by its vast quantity of multi-source, multi-format content, including text, music, video and audio, available live or on demand on a single platform to support discoverability.

Ø TVA Group Inc. (“TVA Group”) announced, on July 16, 2021, that the studios of Canadian film and television industry leader MELS will be enlarged with the construction of MELS 4, with the support of Investissement Québec and the City of Montréal. The project will strengthen MELS’ position on the market for foreign blockbusters and series.

Ø Videotron and TVA Sports announced, on September 9, 2021, a partnership with the Lions de Trois-Rivières, the new ECHL hockey team. The new Trois-Rivières arena is named the “Colisée Vidéotron” and TVA Sports is the exclusive official broadcaster of the Lions’ home games.

Ø The Sports and Entertainment segment acquired, on February 1, 2021, Les Disques Audiogramme inc. the largest independent French-language record label in North America, which also includes Éditorial Avenue, Canada’s largest French-language music publisher, in order to continue supporting talented Québec artists and promoting the dissemination of Québec music.

Ø The Sports and Entertainment segment became, on October 6, 2021 the new manager of the Cabaret du Casino de Montréal. It is now operating the acoustically superior multipurpose venue and presenting unique programming for thousands of guests.

Fourth quarter 2021

Ø Revenues: $1.18 billion, up $37.1 million (3.2%).

Ø Adjusted EBITDA: $498.8 million, down $28.0 million (-5.3%).

Ø Net income attributable to shareholders: $160.5 million ($0.67 per basic share) in the fourth quarter of 2021, a favourable variance of $0.7 million ($0.03 per basic share).

Ø Adjusted income from continuing operating activities: $157.6 million ($0.66 per basic share) in the fourth quarter of 2021, a $7.4 million decrease.

Ø Adjusted cash flows from operations: $370.6 million, up $25.4 million (7.4%).

Ø Net increase of 43,000 RGUs (0.7%) in the fourth quarter of 2021, including 36,200 subscriptions (7.7%) to the over-the-top video (“OTT video”) service, 30,600 connections (1.9%) to the mobile telephony service and 8,100 subscriptions (0.4%) to the Internet access service.

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

"In the 2021 financial year, operating in an environment of ongoing and particularly intense competition in the Québec telecom industry, we posted increases of 5.5% in revenue, 1.1% in adjusted EBITDA and 5.3% in adjusted cash flows from operations. We stayed focused on the sound management of our operations, our balance sheet and our investments, as evidenced, among other things, by the 7.4% increase in adjusted cash flows from operations in the fourth quarter of 2021. With net available liquidity of $1.57 billion as at December 31, 2021, we have a solid foundation to pursue our strategic priorities and offer our growing customer base the most innovative technology at the best price.

"We were very pleased to complete the $830.0 million acquisition of 294 blocks of 5G spectrum in December 2021, with half of the investment concentrated in Ontario, Manitoba, Alberta and British Columbia. With this spectrum and with favourable conditions that would ensure the economic viability of mobile virtual network operators (MVNOs), which are now mandated by the CRTC, Videotron would be the independent player best-placed to ensure the emergence of real competition across Canada.

"We continued increasing our RGUs in the highly competitive mobile telephony space, with an increase of 120,800 subscriber connections, or 8.2%, in the last 12 months, including 30,600 in the fourth quarter of 2021. Our complementary Videotron and Fizz brands set us apart from the competition, as does the outstanding customer experience for which we are known. Thereby, for the third year in a row, Fizz placed first for online experience in Canada’s telecommunications industry on Léger’s WOW Digital Index.

"Our Helix platform also continues to perform strongly, as evidenced by the 157,000 RGUs that switched over to the service during the fourth quarter of 2021, the highest quarterly numbers of the year. Meanwhile, the number of Internet access subscribers stood at 1,840,800 at December 31, 2021, an increase of 44,000 (2.4%) in 2021. We have started connecting households to our high-speed Internet service under a joint project with the Québec government and the government of Canada. Videotron will receive $258.0 million in government financial assistance to connect approximately 37,000 households in various regions of Québec.

“We are excited about our successful 5G roll-out in Montréal and Québec City. With its increased speed, expanded connectivity and minimal latency, 5G opens up a world of possibilities for our customers. We will continue investing in this technology in the coming years to gradually bring it to our entire mobile network.

"Our choices and investments in OTT video service continued to prove sound, as demonstrated by the 36,200-subscriber increase (7.7%) in the fourth quarter of 2021. With its diverse, regularly updated selection of local content, the service now has more than 503,000 subscribers, including 42,000 to our new Vrai subscription platform, which carries unscripted lifestyle content in French. At the same time, in view of the federal government’s Bill C-11, which amends the Broadcasting Act and adds foreign online undertakings to its purview, we must note again the importance of lightening the regulatory and financial burden on conventional broadcasters so that we can remain competitive and continue investing heavily in the production of original Canadian content.

"Advertising revenues from the TVA Network and the specialty channels were up for the fourth consecutive quarter, driving an increase of approximately $24.3 million (16.5%) in TVA Group’s revenues in the fourth quarter of 2021. The higher revenues partially offset the increase in content costs, including higher content costs at TVA Sports than in the fourth quarter of 2020 because of the late start to the National Hockey League’s 2020-2021 season, and significant investments in the fourth quarter of 2021 to face increased competition from proliferating consumer offerings. Furthermore, thanks to our high-calibre original productions and major television events, our consolidated market share was 38.8% in the fourth quarter of 2021, reflecting in part a 0.5-point increase for the over-the-air TVA channel.

"Our new QUB digital platform, which consolidates all of Quebecor’s news and entertainment content, continues to gain traction, driving revenue growth by bringing content offerings together in one place.

“Also, I would like to thank Normand Provost for his great collaboration and valuable contribution throughout his 17 years of service as a director. Our Corporation had the privilege of being able to count on his expertise, loyalty and dedication to Quebecor Media, Quebecor and Videotron.

"With 2022 well underway, we are more committed than ever to maintaining our leadership position, continuing the sound management of our business, and staying at the forefront of technological progress in order to deliver a world-class experience to our customers. I want to underscore the outstanding work of our employees, who once again demonstrated extraordinary dedication throughout the year. Day after day, they embody our values of innovation, passion, collaboration, performance and agility.

"We are in an excellent position to seize the opportunities that lie ahead, guided by our overriding goal of creating long-term value for our customers, our employees, our shareholders and our community."

COVID-19 pandemic

The COVID-19 pandemic has had a significant impact on the economic environment in Canada and around the world. In order to limit the spread of the virus, the Québec government has imposed a number of restrictions and special preventive measures since the beginning of this health crisis, including the suspension of some business activities. Since March 2020, ~~this health crisis has curtailed~~ the ~~operations~~COVID-19 ofpandemic ~~many of Quebecor’s business~~has ~~partners~~had ~~and~~an ~~has~~impact ~~led~~on ~~to a significant slowdown in~~ some of the Corporation’s ~~segments.~~quarterly ~~Among other impacts~~results, ~~depending~~more onparticularly ~~circumstances, the restrictions and preventive measures imposed by the Québec government have caused a reduction~~ in ~~volume at Videotron’s retail outlets; a reduction in advertising revenues, in sports events broadcast by~~ the ~~TVA Sports specialty channel and in film and audiovisual content activity in the~~ Media ~~segment;~~ and the ~~cancellation of most shows and events in the~~ Sports and Entertainment ~~segment~~segments. Given ~~Due to~~ the ~~decrease~~ inuncertainty ~~their~~around ~~revenues, most of~~ the ~~business~~future ~~units~~evolution inof the ~~Media~~pandemic, ~~segment~~including ~~and~~any ~~Sports~~new ~~and~~major ~~Entertainment segment qualified for the Canadian Emergency Wage Subsidy~~waves, ~~and~~all ~~subsidies~~future ~~totalling~~impacts ~~$12.2 million~~of ~~were~~the ~~recorded~~health incrisis on ~~2021~~the asresults aof ~~reduction~~operations incannot ~~employee~~be ~~costs~~determined ~~($49.6 million in~~with ~~2020)~~certainty.

Non-IFRS financial measures

The Corporation uses financial measures not standardized under International Financial Reporting Standards (“IFRS”), such as adjusted EBITDA, adjusted income from continuing operating activities, adjusted cash flows from operations ~~(formerly "cash flows from operations")~~, free cash flows from continuing operating activities and consolidated net debt leverage ratio, and key performance indicators, including RGU. Definitions of the non-IFRS measures and key performance indicator used by the Corporation are provided in the “Definitions” section.

Financial tables

Table 1

Consolidated summary of income, cash flows and balance sheet

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

	Years ended December 31									Three months ended December 31
	Three months ended March 31
	2021			2020			2019			2021			2020
	2022			2021
Income
Revenues
Revenues:
Telecommunications	$	~~3,735~~903.04		$	~~3,622~~914.60		$	~~3,480.4~~		$	~~953.1~~		$	~~940.9~~
Media		~~776~~181.08			~~650~~174.58			~~738.0~~			~~212.4~~			~~185.8~~
Sports and Entertainment		~~167~~34.01			~~158~~31.02			~~192.2~~			~~53.2~~			~~48.8~~
Inter-segment		(~~123~~31.63	)		(~~113~~28.39	)		~~(116.8~~	)		~~(34.8~~	)		~~(28.7~~	)
		4,554.4			4,317.8			4,293.8			1,183.9			1,146.8
		1,088.0			1,091.1
Adjusted EBITDA (negative adjusted EBITDA):
Telecommunications		~~1,875~~460.70			~~1,864~~450.49			~~1,803.4~~			~~466.5~~			~~481.7~~
Media		83(11.49	)		821.23			~~74.8~~			~~28.8~~			~~45.6~~
Sports and Entertainment		20(0.41	)		82.71			~~7.3~~			~~4.2~~			~~2.1~~
Head Office		(65.39	)		(21.76	)		~~(6.0~~	)		~~(0.7~~	)		~~(2.6~~	)
		1,973.2			1,952.6			1,879.5			498.8			526.8
		442.1			452.7
Depreciation and amortization		(~~783~~194.87	)		(~~803~~195.23	)		~~(750.4~~	)		~~(197.6~~	)		~~(213.5~~	)
Financial expenses		(~~333~~77.45	)		(~~328~~83.21	)		~~(327.5~~	)		~~(79.5~~	)		~~(79.1~~	)
Gain (loss) on valuation and translation of financial instruments		14.4			8.0			(6.5	)		7.2			(0.9	)
Loss on valuation and translation of financial instruments		(7.3	)		(5.8	)
Restructuring of operations and other items		(40.19	)		(394.25	)		~~(28.6~~	)		~~(7.8~~	)		~~(6.1~~	)
Loss on debt refinancing		(80.9	)		-			-			-			-
Income taxes		(44.6	)		(44.0	)
Income taxes		(197.0	)		(205.8	)		(205.7	)		(56.6	)		(58.1	)
Net income	$	117.1		$	120.0
Income (loss) from discontinued operations		-			33.2			97.5			-			(0.6	)
Net income attributable to shareholders		121.4			121.3
Net income	$	588.4		$	617.4		$	658.3		$	164.5		$	168.5
Adjusted income from continuing operating activities		128.7			129.9
Income from continuing operations attributable to shareholders	$	578.4		$	574.0		$	555.3		$	160.5		$	160.4
Per basic share:
Net income attributable to shareholders		~~578~~0.451			~~607~~0.249			~~652.8~~			~~160.5~~			~~159.8~~
Adjusted income from continuing operating activities		~~621~~0.954			~~594~~0.552			~~581.0~~			~~157.6~~			~~165.0~~
Per basic share:
Income from continuing operations attributable to shareholders		2.38			2.28			2.17			0.67			0.64
Net income attributable to shareholders		2.38			2.41			2.55			0.67			0.64
Adjusted income from continuing operating activities		2.55			2.36			2.27			0.66			0.66

	Years ended December 31									Three months ended December 31
	2021			2020			2019			2021			2020
Additions to property, plant and equipment and to intangible assets:
Telecommunications	$	537.1		$	596.1		$	678.1		$	108.2		$	164.6
Media		44.9			38.0			50.0			17.3			14.8
Sports and Entertainment		4.3			3.4			4.9			1.7			0.9
Head Office		4.8			2.7			2.4			1.0			1.3
		591.1			640.2			735.4			128.2			181.6
Acquisition of spectrum licences		830.0			-			255.8			664.0			-
Cash flows:
Adjusted cash flows from operations
Telecommunications		1,338.6			1,268.3			1,125.3			358.3			317.1
Media		38.5			44.2			24.8			11.5			30.8
Sports and Entertainment		16.1			5.3			2.4			2.5			1.2
Head Office		(11.1	)		(5.4	)		(8.4	)		(1.7	)		(3.9	)
		1,382.1			1,312.4			1,144.1			370.6			345.2
Cash flows provided by continuing operating activities		1,182.6			1,431.5			1,211.8			323.1			377.0
Dividends declared		267.6			201.1			100.3			65.8			49.8
Dividends declared per basic share		1.10			0.80			0.39			0.28			0.20
Balance sheet:
Cash and cash equivalents	$	64.7		$	136.7		$	14.0		$
Working capital		50.4			(70.4	)		(161.4	)
Net assets related to derivative financial instruments		382.3			597.1			677.7
Total assets		10,763.0			9,861.6			9,725.9
Total long-term debt		6,554.0			5,786.4			5,986.1
Lease liabilities (current and long term)		183.2			173.3			137.9
Convertible debentures, including embedded derivatives		141.6			156.5			165.8
Equity attributable to shareholders		1,255.6			1,112.6			977.5
Equity		1,378.8			1,214.1			1,072.1
Consolidated net debt leverage ratio1		3.19	x		2.68	x		2.91	x

Table 1 (continued)

1 See “Consolidated net debt leverage ratio” under “Definitions.”

	Three months ended March 31
	2022			2021
Additions to property, plant and equipment and to intangible assets:
Telecommunications	$	115.4		$	138.0
Media		9.2			5.7
Sports and Entertainment		0.8			1.0
Head Office		0.6			0.4
		126.0			145.1
Cash flows:
Adjusted cash flows from operations:
Telecommunications		344.6			312.9
Media		(21.1	)		(4.4	)
Sports and Entertainment		(0.9	)		1.1
Head Office		(6.5	)		(2.0	)
		316.1			307.6
Free cash flows from continuing operating activities¹		104.0			91.1
Cash flows provided by operating activities		227.7			261.6

	March 31			Dec. 31
	2022			2021
Balance sheet
Cash and cash equivalents	$	26.9		$	64.7
Working capital		(870.7	)		50.4
Net assets related to derivative financial instruments		305.4			382.3
Total assets		10,611.2			10,763.0
Total long-term debt		6,376.4			6,554.0
Lease liabilities (current and long term)		180.3			183.2
Convertible debentures, including embedded derivatives		148.8			141.6
Equity attributable to shareholders		1,336.2			1,255.6
Equity		1,458.4			1,378.8
Consolidated net debt leverage ratio¹		3.18	x		3.19	x

~~2021/2020~~1 ~~financial~~See ~~year~~“Non-IFRS ~~comparison~~Financial Measures.”

~~Revenues: $~~4~~.55 billion, a $236.6 million (5.5%) increase.~~

•2022/2021 ~~Revenues~~First ~~increased~~quarter ~~in Telecommunications ($112.4 million or 3.1% of segment revenues), Media ($125.5 million or 19.3%), and Sports and Entertainment ($9.0 million or 5.7%).~~comparison

~~Adjusted EBITDA~~Revenues: $1.9709 billion, a a $203.61 million (1-0.13%) ~~increase~~decrease.

•● ~~Adjusted~~Revenues ~~EBITDA~~decreased ~~increased~~ in ~~Sports and Entertainment ($11.7 million or 134.5% of segment adjusted EBITDA),~~ Telecommunications ($1110.36 million or ~~0.6%), despite the $12.6 million unfavourable impact of recognition of a one~~-~~time item in 2020, and Media ($~~1.2% ~~million~~of orsegment ~~1.5%~~revenues).

•● ~~The~~Revenues ~~change~~increased in ~~the~~Media ~~fair~~($7.0 ~~value~~million ofor ~~Quebecor~~4.0%) and ~~Quebecor~~Sports ~~Media stock options~~ and ~~the~~Entertainment ~~value of Quebecor stock-price-based share units resulted in an~~ ($82.79 million ~~favourable~~or ~~variance in the Corporation’s stock-based compensation charge in 2021 compared with 2020~~9.3%).

~~Net~~Adjusted ~~income attributable to shareholders~~EBITDA: $~~578~~442.41 million ~~($2.38 per basic share) in 2021~~, ~~compared with~~ a $~~607~~10.26 million ($-2.~~41 per basic share~~3%) ~~in 2020, a~~ decrease ~~of $28~~.~~8 million ($0.03 per basic share).~~

•● ~~The~~Adjusted ~~main~~EBITDA ~~unfavourable~~increased ~~variances~~in ~~were:~~Telecommunications ($9.1 million or 2.0% of segment adjusted EBITDA).

o● There were unfavourable variances in Media ($8013.92 million) ~~unfavourable~~and ~~variance~~in ~~related~~Sports toand ~~debt~~Entertainment ~~refinancing;~~($2.2 million), and at Head Office ($4.3 million).

o● The change in the fair value of Quebecor stock options and stock-price-based share units resulted in a $331.24 million ~~decrease~~favourable variance in ~~income~~the ~~from~~Corporation’s ~~discontinued~~stock-based ~~operations;~~compensation charge in the first quarter of 2022 compared with the same period of 2021.

oNet income attributable to shareholders: $5121.24 million ($0.51 per basic share) in the first quarter of 2022, compared with $121.3 million ~~increase~~($0.49 per basic share) in ~~financial~~the ~~expenses~~same period of 2021, an increase of $0.1 million ($0.02 per basic share).

•● The main favourable variances were:

o $355.16 million ~~favourable~~decrease ~~variance~~ in ~~restructuring~~financial ~~of operations and other items~~expenses;

o $203.6 million ~~increase~~favourable variance in ~~adjusted~~restructuring ~~EBITDA~~of operations and other items;

o $193.40 million ~~decrease~~favourable variance in ~~the~~non-controlling ~~depreciation and amortization charge;~~interest.

o● ~~$8.8~~The ~~million~~main ~~decrease~~unfavourable invariances ~~the income tax expense;~~were:

o $610.~~4 million favourable variance related to gains on valuation and translation of financial instruments, including $5.~~6 million ~~without~~decrease ~~any~~in ~~tax~~adjusted ~~consequences.~~EBITDA;

~~Adjusted~~o ~~income from continuing operating activities:~~ $~~621~~1.9 5 million ~~($2.55~~unfavourable ~~per~~variance ~~basic~~related ~~share)~~to inlosses ~~2021,~~on ~~compared~~valuation ~~with~~and ~~$594.5 million~~translation ~~($2.36~~of ~~per~~financial ~~basic share) in 2020~~instruments, anwithout ~~increase of~~any ~~$27.4 million~~tax ~~($0~~consequences.~~19 per basic share).~~

Adjusted ~~cash~~income ~~flows~~ from ~~operations:~~continuing ~~$1.38 billion, a~~operating activities: $69128.7 million (5$0.~~3%)~~54 ~~increase~~per ~~due~~basic toshare) in the first quarter of 2022, compared with $49129.19 million ~~decrease~~($0.52 inper ~~additions~~basic toshare) in ~~property,~~the ~~plant~~same ~~and~~period ~~equipment~~of ~~and to intangible assets~~2021, ~~and~~a ~~the~~decrease of $201.62 million ($0.02 increase inper ~~adjusted~~basic ~~EBITDA~~share).

~~Cash~~Adjusted cash flows ~~provided~~from ~~by continuing operating activities~~operations: $1316.181 ~~billion~~million, an a $~~248~~8.95 million ~~decrease~~(2.8%) increase due primarily to ~~the~~an ~~unfavourable~~$18.5 million ~~net~~decrease ~~change~~ in ~~non-cash~~additions ~~balances related~~ to ~~operating~~intangible ~~activities~~assets, ~~and~~partially offset by the ~~increase~~$10.6 million decrease in ~~current~~adjusted ~~income taxes~~EBITDA.

Cash flows provided by operating activities: $227.7 million, a $33.9 million (-13.0%) decrease due primarily to the unfavourable net change in non-cash balances related to operating activities, the increase in current income taxes and the decrease in adjusted EBITDA, partially offset by the decrease in the cash portion of financial expenses.

~~2021/2020~~Financing ~~fourth quarter comparison~~operations

~~Revenues:~~On ~~$1.18~~February ~~billion~~15, a 2022, TVA Group amended its $3775.10 million ~~(3.2%)~~secured ~~increase~~revolving credit facility to extend its term from February 2022 to February 2023 and amend certain terms and conditions.

• Revenues increased in Telecommunications ($12.2 million or 1.3% of segment revenues), Media ($26.6 million or 14.3%), and Sports and Entertainment ($4.4 million or 9.0%).

Adjusted EBITDA: $498.8 million, a $28.0 million (-5.3%) decrease.

• Adjusted EBITDA decreased in Telecommunications ($15.2 million or -3.2% of segment adjusted EBITDA) and in Media ($16.8 million or -36.8%).

• Adjusted EBITDA increased in Sports and Entertainment ($2.1 million).

• The change in the fair value of Quebecor and Quebecor Media stock options and in the value of Quebecor stock-price-based share units resulted in a $5.6 million favourable variance in the Corporation’s stock-based compensation charge in the fourth quarter of 2021 compared with the same period of 2020.

Net income attributable to shareholders: $160.5 million ($0.67 per basic share) in the fourth quarter of 2021, compared with $159.8 million ($0.64 per basic share) in the same period of 2020, a favourable variance of $0.7 million ($0.03 per basic share).

• The main favourable variances were:

o $15.9 million decrease in the depreciation and amortization charge;

o $8.1 million favourable variance in gains and losses on valuation and translation of financial instruments, including $7.4 million without any tax consequences;

o $4.7 million favourable variance in non-controlling interest.

• The unfavourable variance was mainly due to:

o $28.0 million decrease in adjusted EBITDA.

Adjusted income from continuing operating activities: $157.6 million ($0.66 per basic share) in the fourth quarter of 2021, compared with $165.0 million ($0.66 per basic share) in the same period of 2020, a decrease of $7.4 million.

Adjusted cash flows from operations: $370.6 million, a $25.4 million (7.4%) increase due primarily to a $27.1 million decrease in additions to property, plant and equipment and a $26.3 million decrease in additions to intangible assets, partially offset by the $28.0 million decrease in adjusted EBITDA.

Cash flows from continuing operating activities: $323.1 million, a $53.9 million decrease due primarily to the increase in current income taxes and the decrease in adjusted EBITDA, partially offset by the favourable net change in non-cash balances related to operating activities.

Investing and financing operations

• On February 15, 2022, TVA Group amended its $75.0 million secured revolving credit facility to extend its term from February 2022 to February 2023 and amend certain terms and conditions.

• In December 2021, Investissement Québec granted TVA Group an interest free unsecured loan for a maximum amount of $25.0 million in order to support the construction of MELS’ fourth production studio. The loan contains certain restrictive covenants as well as typical representations and warranties. As of December 31, 2021, no amount was drawn on the unsecured loan.

• On July 5, 2021, Quebecor Media completed the early redemption of the entirety of its 6.625% Senior Notes due January 15, 2023, in aggregate principal amount of $500.0 million, at a redemption price of 107.934% of their principal amount, in accordance with a notice issued on June 3, 2021.

• On July 6, 2021, Videotron completed the early redemption of the entirety of its 5.000% Senior Notes due July 15, 2022, in aggregate principal amount of US$800.0 million, at a redemption price of 104.002% of their principal amount, in accordance with a notice issued on June 3, 2021. The related hedges in an asset position were also unwound.

• On June 17, 2021, Videotron issued $750.0 million aggregate principal amount of 3.625% Senior Notes due June 15, 2028, for net proceeds of $743.2 million, net of financing costs of $6.8 million. Videotron also issued US$500.0 million aggregate principal amount of 3.625% Senior Notes due June 15, 2029, for net proceeds of $599.6 million, net of financing costs of $5.8 million.

• On April 1, 2021, Alithya Group Inc (“Alithya”), a strategy and digital transformation leader, acquired the firm R3D Conseil inc, of which Quebecor was one of the main shareholders. As part of this transaction, Quebecor obtained 11.9% of Alithya’s share capital and 6.7% of voting rights related to Alithya’s issued and outstanding shares. The corresponding $19.6 million gain on disposal was accounted for in the second quarter of 2021. This transaction also includes purchase commitments from Quebecor for Alithya’s services totalling approximately $360.0 million as part of a 10-year commercial agreement.

• On January 22, 2021, Videotron issued $650.0 million aggregate principal amount of 3.125% Senior Notes maturing on January 15, 2031, for net proceeds of $644.0 million, net of financing costs of $6.0 million.

Senior management and board of directors

• On April 14, 2021, France Lauzière took time off from her professional duties for family reasons. On October 29, 2021, Ms. Lauzière resigned from her position as President and Chief Executive Officer of TVA Group and Chief Content Officer of Quebecor Content, for the same reasons. She will remain available to work with the company on strategic projects. Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor, will continue to serve as acting President of TVA Group and Quebecor Content.

• On June 4, 2021, Jean-François Pruneau resigned as President and Chief Executive Officer of Videotron to pursue personal investment projects. Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor, took over as President of Videotron.

• After a period of reflection in recent months, Mr. Normand Provost announced that he was leaving his position as director after 17 years on the board of directors of Quebecor Media and 8 years on the board of the Corporation. Over the years, Mr. Provost has notably acted as a member of the Executive Committee of Quebecor Media and as Chairman of the Audit and Risk Management Committee of the Corporation, Quebecor Media and Videotron.

3500 MHz spectrum auction

Videotron acquired, in December 2021, 294 blocks of spectrum in the 3500 MHz band across the country for $830.0 million. More than half of the investment is concentrated in four Canadian provinces outside Québec: Ontario, Manitoba, Alberta and British Columbia.

Capital stock

On ~~August~~April 427, ~~2021~~2022, the Corporation ~~authorized~~received aapproval from the Toronto Stock Exchange to amend its normal course issuer bid ~~for~~in aorder to increase the maximum number of ~~1,000,000~~ Class AB Subordinate ~~Multiple~~ Voting Shares (“Class AB Shares”), ~~representing approximately~~that ~~1.3%~~may ofbe ~~issued~~repurchased ~~and~~to ~~outstanding Class A Shares~~10, ~~and for a maximum of 6,~~000,000 ~~Class B~~ ~~Subordinate Voting Shares (“~~Class B ~~Shares”)~~shares, representing approximately 3.6.8% of ~~issued~~the ~~and outstanding~~ Class B Shares public float as of July 30, 2021. ~~The~~No ~~purchases~~other ~~can~~terms ~~be made from August 15, 2021 to August 14, 2022, at prevailing market prices on the open market through the facilities~~ of the ~~Toronto~~normal ~~Stock~~course ~~Exchange~~issuer ~~or other alternative trading systems. All shares purchased under the~~ bid ~~will~~have been ~~be cancelled~~amended.

OnIn ~~August 6,~~the ~~2021~~first quarter of 2022, the Corporation ~~entered~~ ~~into~~purchased anand ~~automatic~~cancelled ~~securities~~890,051 ~~purchase~~Class B ~~plan~~Shares ~~(“the~~for ~~plan”) with~~ a ~~designated~~total ~~broker~~cash ~~whereby~~consideration ~~shares~~of ~~may~~$26.0 million be(2,649,300 ~~repurchased~~Class B ~~under the~~Shares ~~plan~~for ata ~~times~~total ~~when~~cash ~~such~~consideration ~~purchases~~of ~~would~~$84.4 million ~~otherwise~~in bethe ~~prohibited~~same ~~pursuant~~period toof ~~regulatory~~2021). ~~restrictions~~The ~~or self-imposed blackout periods~~$20. ~~The~~8 million ~~plan~~excess ~~received~~of ~~prior~~the ~~approval~~purchase ~~from~~price over the ~~Toronto~~carrying ~~Stock~~value ~~Exchange.~~of Itthe ~~came~~repurchased ~~into~~Class B ~~effect~~Shares onwas ~~August 15,~~recorded ~~2021~~as ~~and~~a ~~will~~reduction ~~terminate~~in onretained ~~the same~~earnings ~~date~~($68.8 million as in the ~~normal~~same ~~course~~period ~~issuer~~of ~~bid~~2021).

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 shall 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.5

In 2021, the Corporation purchased and cancelled 8,914,650 Class B Shares for a total cash consideration of $282.4 million (6,457,050 Class B Shares for a total cash consideration of $201.2 million in 2020). The excess of $229.8 million of the purchase price over the carrying value of Class B Shares repurchased was recorded as a reduction of retained earnings ($163.1 million in 2020).Dividend

9On May 11, 2022, the Board of Directors of Quebecor declared a quarterly dividend of $0.30 per share on its Class A Multiple Voting Shares (“Class A Shares”) and Class B Shares, payable on June 21, 2022 to shareholders of record at the close of business on May 27, 2022. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.

Dividends

On February 23, 2022, the Board of Directors of Quebecor declared a quarterly dividend of $0.30 per share on its Class A Shares and Class B Shares, payable on April 5, 2022 to shareholders of record as of the record date of March 11, 2022. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.

Convertible debentures

In accordance with the terms of the trust indenture governing the convertible debentures, the quarterly dividend declared on November 3, 2021 on Quebecor Class B Shares triggered an adjustment to the floor price and ceiling price then in effect. Accordingly, effective November 18, 2021, the conversion features of the convertible debentures are subject to an adjusted floor price of approximately $25.49 per share (that is, a maximum number of approximately 5,883,572 Class B Shares corresponding to a ratio of $150.0 million to the adjusted floor price) and an adjusted ceiling price of approximately $31.87 per share (that is, a minimum number of approximately 4,706,858 Class B Shares corresponding to a ratio of $150.0 million to the adjusted ceiling price).

Detailed financial information

For a detailed analysis of Quebecor’s ~~fourth~~first quarter ~~and~~2022 ~~full-year 2021~~ 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 or from the SEDAR filing service at www.sedar.com.

Conference call for investors and webcast

Quebecor will hold a conference call to discuss its ~~fourth~~first quarter ~~and~~2022 ~~full-year 2021~~ results on ~~February~~May 2412, 2022, at 112:00 ap.m. ~~EST~~EDT. There will be a question period reserved for financial analysts. To access the ~~conference~~ call, please dial 1-877-293-8052, access code for participants ~~93098~~61055#. The conference call will also be broadcast live on Quebecor’s website at <www.quebecor.com/en/investors/conferences-and-annual-meeting>. It is advisable to ensure the appropriate software is installed before accessing the call. Instructions and links to free player downloads are available at the Internet address shown above. Anyone unable to attend the conference call will be able to listen to a recording by dialing 1-877-293-8133, access code ~~93098~~61055#, recording access code ~~0111655~~0112173#. The recording will be available until ~~May~~August 2410, 2022.

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 the Corporation’s actual results for future periods to differ materially from those set forth in the 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. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for Quebecor’s products and pricing actions by competitors), new competition, and Quebecor’s ability to retain its current customers and attract new ones, risks related to fragmentation of the advertising market, insurance risk, risks associated with capital investments (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with cybersecurity and the protection of personal information, risks associated with service interruptions resulting from equipment breakdown, network failure, the threat of natural disaster, epidemics, pandemics or other public health crises, including the COVID-19 pandemic, political instability isin some countries, risks associated with emergency measures implemented by various governments, risks associated with labour agreements, credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks associated with government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. 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 Quebecor’s actual results to differ from current expectations, please refer to Quebecor’s public filings, available at www.sedar.com and www.quebecor.com, including, in particular, the “Risks and Uncertainties” section of Quebecor’s Management Discussion and Analysis for the year ended December 31, 2021.

The forward-looking statements in this press release reflect Quebecor’s expectations as of ~~February~~May 2412, 2022, and are subject to change after that date. Quebecor 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.

Québec-based Quebecor (TSX: QBR.A, QBR.B) ~~is headquartered~~ ~~in Québec and~~ employs ~~more~~nearly ~~than~~ 10,000 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

Source:	~~Information:~~	Information:
Hugues Simard	Communications Department
Hugues Simard Chief Financial Officer Quebecor Inc. and Quebecor Media Inc. hugues.simard@quebecor.com 514-380-7414		Communications Department Quebecor Inc. and Quebecor Media Inc. medias@Quebecor.com 514-380-4572
Chief Financial Officer	Quebecor Inc. and Quebecor Media Inc.
Quebecor Inc. and Quebecor Media Inc.	medias@Quebecor.com
hugues.simard@quebecor.com	514-380-4572
514 380-7414

11 7

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 (~~loss) on valuation and translation of financial instruments, restructuring of operations and other items, ~~loss on debt refinancing, income tax,~~ and income ~~(loss) from discontinued operations~~tax. 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. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted EBITDA in order to assess the performance of its investment in Quebecor Media. 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 periodic costs of tangible and intangible assets used in generating revenues in the Corporation’s segments. The Corporation also uses other measures that do reflect such costs, such as adjusted cash flows from operations and free cash flows from continuing 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 ~~consolidated~~condensed ~~financial statements. The~~ consolidated financial ~~information for the three-month periods ended December 31, 2021 and 2020 presented in Table 2 below is drawn from the Corporation’s unaudited quarterly 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)

	Years ended December 31									Three months ended December 31
	Three months ended March 31
	2021			2020			2019			2021			2020
	2022			2021
Adjusted EBITDA (negative adjusted EBITDA):
Telecommunications	$	~~1,875~~460.70		$	~~1,864~~450.49		$	~~1,803.4~~		$	~~466.5~~		$	~~481.7~~
Media		83(11.49	)		821.23			~~74.8~~			~~28.8~~			~~45.6~~
Sports and Entertainment		20(0.41	)		82.71			~~7.3~~			~~4.2~~			~~2.1~~
Head Office		(65.39	)		(21.76	)		~~(6.0~~	)		~~(0.7~~	)		~~(2.6~~	)
		1,973.2			1,952.6			1,879.5			498.8			526.8
		442.1			452.7
Depreciation and amortization		(~~783~~194.87	)		(~~803~~195.23	)		~~(750.4~~	)		~~(197.6~~	)		~~(213.5~~	)
Financial expenses		(~~333~~77.45	)		(~~328~~83.21	)		~~(327.5~~	)		~~(79.5~~	)		~~(79.1~~	)
Gain (loss) on valuation and translation of financial instruments		14.4			8.0			(6.5	)		7.2			(0.9	)
Loss on valuation and translation of financial instruments		(7.3	)		(5.8	)
Restructuring of operations and other items		(40.19	)		(394.25	)		~~(28.6~~	)		~~(7.8~~	)		~~(6.1~~	)
Loss on debt refinancing		(80.9	)		-			-			-			-
Income taxes		(44.6	)		(44.0	)
Income taxes		(197.0	)		(205.8	)		(205.7	)		(56.6	)		(58.1	)
Net income	$	117.1		$	120.0
Income (loss) from discontinued operations		-			33.2			97.5			-			(0.6	)
Net income	$	588.4		$	617.4		$	658.3		$	164.5		$	168.5

12 8

Adjusted income from continuing operating activities

The Corporation defines adjusted income from ~~continuing~~ continuing operating activities, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before ~~gain (~~loss) on valuation and translation of financial instruments, and restructuring of operations and other items, ~~and loss on debt refinancing,~~ net of income tax related to adjustments and net income attributable to non-controlling interest related to adjustments~~, and before income (loss) from discontinued operations attributable to shareholders~~. Adjusted income from continuing 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 continuing 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 continuing operating activities is more representative for forecasting income. The Corporation’s definition of adjusted income from continuing operating activities may not be identical to similarly titled measures reported by other companies.

Table 3 provides a reconciliation of adjusted income from continuing operating activities to the net income attributable to shareholders’ measure used in Quebecor’s ~~consolidated~~condensed ~~financial statements. The~~ consolidated financial ~~information for the three-month periods ended December 31, 2021 and 2020 presented in Table 3 below is drawn from the Corporation’s unaudited quarterly consolidated financial~~ statements.

Table 3

Reconciliation of the adjusted income from continuing 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)

	Years ended December 31									Three months ended December 31
	Three months ended March 31
	2021			2020			2019			2021			2020
	2022			2021
Adjusted income from continuing operating activities	$	~~621~~128.97		$	~~594~~129.59		$	~~581.0~~		$	~~157.6~~		$	~~165.0~~
Gain (loss) on valuation and translation of financial instruments		14.4			8.0			(6.5	)		7.2			(0.9	)
Loss on valuation and translation of financial instruments		(7.3	)		(5.8	)
Restructuring of operations and other items		(40.19	)		(394.25	)		~~(28.6~~	)		~~(7.8~~	)		~~(6.1~~	)
Loss on debt refinancing		(80.9	)		-			-			-			-
Income taxes related to adjustments1		0.9			1.7
Income taxes related to adjustments1		26.1			9.1			8.0			2.5			2.1
Net income attributable to shareholders	$	121.4		$	121.3
Net income attributable to non-controlling interest related to adjustments		1.0			1.6			1.4			1.0			0.3
Discontinued operations		-			33.2			97.5			-			(0.6	)
Net income attributable to shareholders	$	578.4		$	607.2		$	652.8		$	160.5		$	159.8

Includes impact of fluctuations in income tax applicable to adjusted items, either for statutory reasons or in connection with tax transactions.

13 9

Adjusted cash flows from operations and free cash flows from continuing operating activities

Adjusted cash flows from operations

Adjusted cash flows from operations represents adjusted EBITDA, less additions to property, plant and equipment and to intangible assets (excluding licence acquisitions and renewals). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, licence acquisitions and renewals, 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~~ Adjusted cash flows from operations is used by the Corporation’s management and Board of Directors to evaluate the cash flows generated by by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. ~~Cash~~ Adjusted cash flows from operations are also relevant because they are 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 continuing operating activities

Free cash flows from continuing operating activities represents cash flows provided by ~~continuing~~ operating activities calculated in accordance with IFRS, less cash flows used for additions to property, plant and equipment and to intangible assets (excluding expenditures related to licence acquisitions and renewals), plus proceeds from disposal of assets. Free cash flows from continuing 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 continuing operating activities ~~represents~~ represents available funds for business acquisitions, licence acquisitions and renewals, payment of dividends, repayment of long-term debt and lease liabilities, and share repurchases. Free cash flows from continuing 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 continuing 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 continuing operating activities to cash flows provided by ~~continuing~~ operating activities ~~reported~~ ~~in the consolidated financial statements. The consolidated financial information for the three-month periods ended December 31,~~reported ~~2021 and 2020 presented~~ in ~~tables 4 and 5 is drawn from~~ the ~~Corporation’s~~condensed ~~unaudited quarterly~~ consolidated financial statements.

14 10

Table 4

Adjusted cash flows from operations

(in millions of Canadian dollars)

	Years ended December 31									Three months ended December 31
	Three months ended March 31
	2021			2020			2019			2021			2020
	2022			2021
Adjusted EBITDA (negative adjusted EBITDA):
Telecommunications	$	~~1,875~~460.70		$	~~1,864~~450.49		$	~~1,803.4~~		$	~~466.5~~		$	~~481.7~~
Media		83(11.49	)		821.23			~~74.8~~			~~28.8~~			~~45.6~~
Sports and Entertainment		20(0.41	)		82.71			~~7.3~~			~~4.2~~			~~2.1~~
Head Office		(65.39	)		(21.76	)		~~(6.0~~	)		~~(0.7~~	)		~~(2.6~~	)
		1,973.2			1,952.6			1,879.5			498.8			526.8
		442.1			452.7
Minus
Additions to property, plant and equipment:1
Telecommunications		(~~391~~93.52	)		(~~402~~99.14	)		~~(459.3~~	)		~~(75.0~~	)		~~(103.9~~	)
Media		(206.37	)		(141.32	)		~~(24.0~~	)		~~(9.7~~	)		~~(7.6~~	)
Sports and Entertainment		(0.81	)		(0.61	)		~~(1.3~~	)		~~(0.4~~	)		~~(0.4~~	)
Head Office		(10.53	)		(10.52	)		~~(1.7~~	)		~~0.1~~			~~(0.2~~	)
		(414.1	)		(418.5	)		(486.3	)		(85.0	)		(112.1	)
		(100.3	)		(100.9	)
Additions to intangible assets:2
Telecommunications		(~~145~~22.62	)		(~~194~~38.06	)		~~(218.8~~	)		~~(33.2~~	)		~~(60.7~~	)
Media		(242.65	)		(234.75	)		~~(26.0~~	)		~~(7.6~~	)		~~(7.2~~	)
Sports and Entertainment		(30.57	)		(20.89	)		~~(3.6~~	)		~~(1.3~~	)		~~(0.5~~	)
Head Office		(30.3	)		(10.2	)		~~(0.7~~	)		~~(1.1~~	)		~~(1.1~~	)
		(177.0	)		(221.7	)		(249.1	)		(43.2	)		(69.5	)
		(25.7	)		(44.2	)
Adjusted cash flows from operations
Telecommunications		~~1,338~~344.6			~~1,268~~312.39			~~1,125.3~~			~~358.3~~			~~317.1~~
Media		38(21.51	)		44(4.24	)		~~24.8~~			~~11.5~~			~~30.8~~
Sports and Entertainment		16(0.19	)		51.31			~~2.4~~			~~2.5~~			~~1.2~~
Head Office		(116.15	)		(52.40	)		~~(8.4~~	)		~~(1.7~~	)		~~(3.9~~	)
	$	~~1,382~~316.1		$	~~1,312~~307.46		$	~~1,144.1~~		$	~~370.6~~		$	~~345.2~~

	Years ended December 31									Three months ended December 31
1 Reconciliation to cash flows used for additions to property, plant and equipment as per condensed consolidated financial statements:	Three months ended March 31
1 Reconciliation to cash flows used for additions to property, plant and equipment as per consolidated financial statements:	2021			2020			2019			2021			2020
	2022				2021
Additions to property, plant and equipment	$	(~~414~~100.13	)	$	(~~418~~100.59	)	$	~~(486.3~~	)	$	~~(85.0~~	)	$	~~(112.1~~	)
Net variance in current operating items related to additions to property, plant and equipment (excluding government credits receivable for major capital projects)		~~(15~~5.20	)		(2810.79	)		~~(15.3~~	)		~~(6.6~~	)		~~(10.3~~	)
Cash flows used for additions to property, plant and equipment	$	(~~429~~95.3	)	$	(~~447~~111.28	)	$	~~(501.6~~	)	$	~~(91.6~~	)	$	~~(122.4~~	)

	Years ended December 31									Three months ended December 31
2 Reconciliation to cash flows used for additions to intangible assets as per condensed consolidated financial statements:	Three months ended March 31
2 Reconciliation to cash flows used for additions to intangible assets as per consolidated financial statements:	2021			2020			2019			2021			2020
	2022				2021
Additions to intangible assets	$	(~~177~~25.07	)	$	(~~221~~44.72	)	$	~~(249.1~~	)	$	~~(43.2~~	)	$	~~(69.5~~	)
Net variance in current operating items related to additions to intangible assets (excluding government credits receivable for major capital projects)		(114.71	)		15(14.86	)		~~8.0~~			~~1.1~~			~~48.7~~
Cash flows used for licence acquisitions		(830.0	)		-			(255.8	)		(664.0	)		-
Cash flows used for additions to intangible assets	$	(29.8	)	$	(58.8	)
Cash flows used for additions to intangible assets	$	(1,018.7	)	$	(205.9	)	$	(496.9	)	$	(706.1	)	$	(20.8	)

15 11

Table 5

Free cash flows from continuing operating ~~activities~~ activities and cash flows provided by ~~continuing~~ operating activities reported in the condensed consolidated financial statements

(in millions of Canadian dollars)

	Years ended December 31									Three months ended December 31
	Three months ended March 31
	2021			2020			2019			2021			2020
	2022			2021
Adjusted cash flows from operations from Table 4	$	~~1,382~~316.1		$	~~1,312~~307.46		$	~~1,144.1~~		$	~~370.6~~		$	~~345.2~~
Plus (minus)
Cash portion of financial expenses		(~~325~~75.57	)		(~~320~~80.19	)		~~(319.4~~	)		~~(77.8~~	)		~~(77.1~~	)
Cash portion related to restructuring of operations and other items		(~~22.~~0.9	)		(313.62	)		~~(9.8~~	)		~~(7.5~~	)		~~(5.4~~	)
Current income taxes		(~~256~~74.94	)		(~~208~~63.74	)		~~(107.9~~	)		~~(65.6~~	)		~~(27.7~~	)
Other		81.65			3(0.73	)		~~2.9~~			~~2.7~~			~~(0.2~~	)
Net change in non-cash balances related to operating activities		(~~187~~63.15	)		40(43.02	)		~~(229.3~~	)		~~(26.0~~	)		~~(38.6~~	)
Net variance in current operating items related to additions to property, plant and equipment (excluding government credits receivable for major capital projects)		~~(15~~5.20	)		(2810.79	)		~~(15.3~~	)		~~(6.6~~	)		~~(10.3~~	)
Net variance in current operating items related to additions to intangible assets (excluding government credits receivable for major capital projects)		(114.71	)		15(14.86	)		~~8.0~~			~~1.1~~			~~48.7~~
Free cash flows from continuing operating activities		~~572~~104.30			~~782~~91.81			~~473.3~~			~~190.9~~			~~234.6~~
Plus (minus)
Cash flows used for additions to property, plant and equipment		~~429~~95.3			~~447~~111.28			~~501.6~~			~~91.6~~			~~122.4~~
Cash flows used for additions to intangible assets (excluding licence acquisitions and renewals)		188.7			205.9			241.1			42.1			20.8
Cash flows used for additions to intangible assets		29.8			58.8
Proceeds from disposal of assets		(71.74	)		(40.41	)		~~(4.2~~	)		~~(1.5~~	)		~~(0.8~~	)
Cash flows provided by continuing operating activities	$	1,182.6		$	1,431.5		$	1,211.8		$	323.1		$	377.0
Cash flows provided by operating activities	$	227.7		$	261.6

Consolidated net debt leverage ratio

The consolidated net debt leverage ratio represents consolidated net debt, excluding convertible debentures, divided by the trailing 12-month adjusted EBITDA. Consolidated net debt, excluding convertible debentures, represents total long-term debt plus bank indebtedness, lease liabilities, the current portion of 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 its decisions on the Corporation’s capital structure, including its financing strategy, and in managing debt maturity risks. The consolidated net debt leverage ratio excludes convertible debentures because, subject to certain conditions, those debentures can be repurchased at the Corporation’s discretion by issuing Quebecor Class B Shares. 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 its 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)

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

March 31, 2022

Dec. 31, 2021

Total long-term debt1

6,~~554~~376.04

56,~~786~~554.40

~~5,986.1~~

Plus (minus)

Lease liabilities

~~147~~144.10

~~139~~147.01

~~106.6~~

Current portion of lease liabilities

36.13

3436.31

~~31.3~~

Bank indebtedness

-25.2

~~1.7~~-

~~29.4~~

Assets related to derivative financial instruments

(~~405~~340.68

)

(~~625~~405.56

)

~~(679.8~~

)

Liabilities related to derivative financial instruments

2335.34

2823.43

~~2.1~~

Cash and cash equivalents

(6426.79

)

(~~136~~64.7

)

~~(14.0~~

)

Consolidated net debt excluding convertible debentures

6,~~290~~249.26

56,~~227~~290.62

~~5,461.7~~

Divided by:

Trailing 12-month adjusted EBITDA

1,~~973~~962.26

1,~~952~~973.62

~~1,879.5~~

Consolidated net debt leverage ratio

3.1918x

23.6819x

~~2.91~~

Excluding changes in the fair value of long-term debt related to hedged interest rate risk and financing costs.

~~Key~~KEY PERFORMANCE ~~performance indicator~~INDICATOR

Revenue-generating unit

The Corporation uses RGU, an industry metric, as a key performance indicator. An RGU represents, as the case may be, subscriptions to the Internet access, television and OTT ~~video~~ services, and subscriber connections to the mobile and wireline telephony 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~~ companies or published by public authorities.

17 13

QUEBECOR INC. CONSOLIDATED STATEMENTS OF INCOME

~~CONSOLIDATED STATEMENTS~~(in OFmillions ~~INCOME~~of Canadian dollars, except for earnings per share data)

(in millions of Canadian dollars, except for earnings per share data) (unaudited)	Three months ended December 31						Twelve months ended December 31
	2021			2020			2021			2020
Revenues	$	1,183.9		$	1,146.8		$	4,554.4		$	4,317.8
Employee costs		167.0			164.3			685.0			635.5
Purchase of goods and services		518.1			455.7			1,896.2			1,729.7
Depreciation and amortization		197.6			213.5			783.8			803.2
Financial expenses		79.5			79.1			333.4			328.2
(Gain) loss on valuation and translation of financial instruments		(7.2	)		0.9			(14.4	)		(8.0	)
Restructuring of operations and other items		7.8			6.1			4.1			39.2
Loss on debt refinancing		-			-			80.9			-
Income before income taxes		221.1			227.2			785.4			790.0
Income taxes (recovery):
Current		65.6			27.7			256.9			208.7
Deferred		(9.0	)		30.4			(59.9	)		(2.9	)
		56.6			58.1			197.0			205.8
Income from continuing operations		164.5			169.1			588.4			584.2
(Loss) income from discontinued operations		-			(0.6	)		-			33.2
Net income	$	164.5		$	168.5		$	588.4		$	617.4
Income from continuing operations attributable to
Shareholders	$	160.5		$	160.4		$	578.4		$	574.0
Non-controlling interests		4.0			8.7			10.0			10.2
Net income attributable to
Shareholders	$	160.5		$	159.8		$	578.4		$	607.2
Non-controlling interests		4.0			8.7			10.0			10.2
Earnings per share attributable to shareholders
Basic:
From continuing operations	$	0.67		$	0.64		$	2.38		$	2.28
From discontinued operations		-			-			-			0.13
Net income		0.67			0.64			2.38			2.41
Diluted:
From continuing operations		0.63			0.64			2.29			2.22
From discontinued operations		-			-			-			0.13
Net income		0.63			0.64			2.29			2.35
Weighted average number of shares outstanding (in millions)		239.8			249.1			243.5			251.6
Weighted average number of diluted shares (in millions)		244.6			253.8			248.3			256.3

(unaudited)

	Three months ended
	March 31
	2022			2021
Revenues	$	1,088.0		$	1,091.1

Employee costs		179.1			176.4
Purchase of goods and services		466.8			462.0
Depreciation and amortization		194.7			195.3
Financial expenses		77.5			83.1
Loss on valuation and translation of financial instruments		7.3			5.8
Restructuring of operations and other items		0.9			4.5
Income before income taxes		161.7			164.0

Income taxes (recovery):
Current		74.4			63.4
Deferred		(29.8	)		(19.4	)
		44.6			44.0
Net income	$	117.1		$	120.0

Net income (loss) attributable to
Shareholders	$	121.4		$	121.3
Non-controlling interests		(4.3	)		(1.3	)

Earnings per share attributable to shareholders
Basic and diluted	$	0.51		$	0.49

Weighted average number of shares outstanding (in millions)		239.2			246.7
Weighted average number of diluted shares (in millions)		239.2			246.9

~~QUEBECOR INC.~~14

QUEBECOR INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions of Canadian dollars)	Three months ended						Twelve months ended
(unaudited)	December 31						December 31
		2021			2020			2021			2020
Income from continuing operations	$	164.5		$	169.1		$	588.4		$	584.2
Other comprehensive (loss) income from continuing operations:
Items that may be reclassified to income:
Cash flow hedges:
(Loss) gain on valuation of derivative financial instruments		(11.1	)		(36.0	)		0.4			(17.1	)
Deferred income taxes		2.1			8.9			3.1			6.4
Loss on translation of investments in foreign associates		(17.6	)		-			(17.6	)		-
Items that will not be reclassified to income:
Defined benefit plans:
Re-measurement (loss) gain		(12.5	)		2.3			189.5			(84.7	)
Deferred income taxes		3.5			(0.1	)		(50.2	)		22.5
Equity investment:
(Loss) gain on revaluation of an equity investment		(0.6	)		-			1.8			-
Deferred income taxes		0.1			-			(0.2	)		-
Reclassification to income:
Gain related to cash flow hedges		-			-			(1.0	)		-
Deferred income taxes		-			-			0.6			-
		(36.1	)		(24.9	)		126.4			(72.9	)
Comprehensive income from continuing operations		128.4			144.2			714.8			511.3
(Loss) income from discontinued operations		-			(0.6	)		-			33.2
Comprehensive income	$	128.4		$	143.6		$	714.8		$	544.5
Comprehensive income from continuing operations
attributable to
Shareholders	$	122.9		$	133.9		$	693.0		$	504.2
Non-controlling interests		5.5			10.3			21.8			7.1
Comprehensive income attributable to
Shareholders	$	122.9		$	133.3		$	693.0		$	537.4
Non-controlling interests		5.5			10.3			21.8			7.1

QUEBECOR INC.

SEGMENTED INFORMATION

(in millions of Canadian dollars)

(unaudited)

	Three months ended December 31, 2021
	Three months ended
							Sports		Head
	March 31
							and		office
	2022			2021
	Telecommuni-						Enter-		and Inter-
Net income	$	117.1		$	120.0
	cations			Media			tainment		segments			Total
Other comprehensive income:
Revenues	$	953.1		$	212.4		$	53.2	$	(34.8	)	$	1,183.9
Items that may be reclassified to income:
Employee costs		95.9			56.5			10.2		4.4			167.0
Cash flow hedges:
Purchase of goods and services		390.7			127.1			38.8		(38.5	)		518.1
Loss on valuation of derivative financial instruments		(18.4	)		(2.6	)
Adjusted EBITDA1		466.5			28.8			4.2		(0.7	)		498.8
Deferred income taxes		3.9			1.9
Depreciation and amortization													197.6
Loss on translation of investments in foreign associates		(4.3	)		-
Financial expenses													79.5
Items that will not be reclassified to income:
Gain on valuation and translation of financial instruments													(7.2	)
Defined benefit plans:
Restructuring of operations and other items													7.8
Re-measurement gain		108.0			177.0
Income before income taxes												$	221.1
Deferred income taxes		(28.6	)		(46.9	)
Cash flows used for
Equity investment:
Additions to property, plant and equipment	$	83.6		$	7.7		$	0.4	$	(0.1	)	$	91.6
Loss on revaluation of an equity investment		(0.2	)		-
Additions to intangible assets		695.4			8.1			1.3		1.3			706.1
		60.4			129.4
Comprehensive income	$	177.5		$	249.4
Comprehensive income attributable to
Shareholders	$	178.4		$	243.9
Non-controlling interests		(0.9	)		5.5

	Three months ended December 31, 2020
					Sports		Head
					and		office
	Telecommuni-				Enter-		and Inter-
	cations		Media		tainment		segments			Total
Revenues	$	940.9	$	185.8	$	48.8	$	(28.7	)	$	1,146.8
Employee costs		98.8		52.2		8.7		4.6			164.3
Purchase of goods and services		360.4		88.0		38.0		(30.7	)		455.7
Adjusted EBITDA1		481.7		45.6		2.1		(2.6	)		526.8
Depreciation and amortization											213.5
Financial expenses											79.1
Loss on valuation and translation of financial instruments											0.9
Restructuring of operations and other items											6.1
Income before income taxes										$	227.2
Cash flows used for
Additions to property, plant and equipment	$	117.0	$	4.7	$	0.4	$	0.3		$	122.4
Additions to intangible assets		14.4		5.1		0.5		0.8			20.8

20QUEBECOR INC. SEGMENTED INFORMATION

QUEBECOR INC.

SEGMENTED INFORMATION (continued)

(in millions of Canadian dollars)

(unaudited)

	Twelve months ended December 31, 2021
	Three months ended March 31, 2022
						Sports			Head
						and			office
	Telecommuni-					Enter-			and Inter-
	cations		Media			tainment			segments			Total
Revenues	$	~~3,735~~903.04	$	~~776~~181.08		$	~~167~~34.01		$	(~~123~~31.63	)	$	41,~~554~~088.40
Employee costs		~~405~~101.93		~~221~~59.29			3310.21			~~24.~~7.8			~~685~~179.01
Purchase of goods and services		~~1,453~~342.41		~~471~~133.48			~~113~~24.41			(~~142~~33.02	)		~~1,896~~466.28
Adjusted EBITDA1		~~1,875~~460.70		83(11.49	)		20(0.41	)		(65.39	)		~~1,973~~442.21
Depreciation and amortization													~~783~~194.87
Financial expenses													~~333~~77.45
Gain on valuation and translation of financial instruments													(14.4	)
Loss on valuation and translation of financial instruments													7.3
Restructuring of operations and other items													40.19
Loss on debt refinancing													80.9
Income before income taxes												$	161.7
Income before income taxes												$	785.4
Cash flows used for
Additions to property, plant and equipment	$	~~407~~89.32	$	195.76		$	0.81		$	10.54		$	~~429~~95.3
Additions to intangible assets		~~986~~26.10		252.58			30.57			30.63			~~1,018~~29.78

Twelve months ended December 31, 2020

Three months ended March 31, 2021

Sports

Head

and

office

Telecommuni-

Enter-

and Inter-

cations

Media

tainment

segments

Total

Revenues

~~3,622~~914.60

~~650~~174.58

~~158~~31.02

(~~113~~28.39

)

41,~~317~~091.81

Employee costs

~~403~~104.85

~~176~~55.71

307.35

249.73

~~635~~176.54

Purchase of goods and services

~~1,354~~358.46

~~391~~118.64

~~119~~21.06

(~~135~~36.36

)

~~1,729~~462.70

Adjusted EBITDA1

~~1,864~~450.49

821.23

82.71

(21.76

)

~~1,952~~452.67

Depreciation and amortization

~~803~~195.23

Financial expenses

~~328~~83.21

Gain on valuation and translation of financial instruments

(8.0

)

Loss on valuation and translation of financial instruments

5.8

Restructuring of operations and other items

394.25

Income before income taxes

~~790~~164.0

Cash flows used for

Additions to property, plant and equipment

~~429~~107.36

153.98

0.61

10.43

~~447~~111.28

Additions to intangible assets

~~180~~51.13

226.1

20.89

0.95

~~205~~58.98

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, (gain) loss on valuation and translation of financial
	instruments, restructuring of operations and other items, loss on debt refinancing, income taxes and (loss) income from discontinued operations.

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, loss on valuation and translation of financial instruments, restructuring of operations and other items and income taxes.

2116

QUEBECOR INC. CONSOLIDATED STATEMENTS OF EQUITY

CONSOLIDATED STATEMENTS OF EQUITY

(in millions of Canadian dollars)

(unaudited)

	Equity attributable to shareholders											Equity
									Accumulated			attributable
						Retained			other com-			to non-
									other com-			to non-
	Capital			Contributed		~~earnings~~Retained			prehensive			controlling			Total
	stock			surplus		~~(deficit)~~earnings			(loss) income			interests			equity
Balance as of December 31, 2019	$	1,055.9		$	17.4	$	(31.7	)	$	(64.1	)	$	94.6		$	1,072.1
Balance as of December 31, 2020	$	1,017.8		$	17.4	$	211.3		$	(133.9	)	$	101.5		$	1,214.1
Net income		-			-		607.2			-			10.2			617.4
Net income (loss)		-			-		121.3			-			(1.3	)		120.0
Other comprehensive loss		-			-		-			(69.8	)		(3.1	)		(72.9	)
Other comprehensive income		-			-		-			122.6			6.8			129.4
Dividends		-			-		(~~201~~68.13	)		-			(0.21	)		(~~201~~68.34	)
Repurchase of Class B Shares		(3815.16	)		-		(~~163~~68.18	)		-			-			(~~201~~84.24	)
Balance as of December 31, 2020		1,017.8			17.4		211.3			(133.9	)		101.5			1,214.1
Balance as of March 31, 2021		1,002.2			17.4		195.5			(11.3	)		106.9			1,310.7
Net income		-			-		~~578~~457.41			-			1011.03			~~588~~468.4
Other comprehensive income		-			-		-			114.6			11.8			126.4
Other comprehensive (loss) income		-			-		-			(8.0	)		5.0			(3.0	)
Dividends		-			-		(~~267~~199.63	)		-			~~(0.1~~-	)		(~~267~~199.73	)
Repurchase of Class B Shares		(5237.60	)		-		(~~229~~161.80	)		-			-			(~~282~~198.40	)
Balance as of December 31, 2021	$	965.2		$	17.4	$	292.3		$	(19.3	)	$	123.2		$	1,378.8
Net income (loss)		-			-		121.4			-			(4.3	)		117.1
Other comprehensive income		-			-		-			57.0			3.4			60.4
Dividends		-			-		(71.8	)		-			(0.1	)		(71.9	)
Repurchase of Class B Shares		(5.2	)		-		(20.8	)		-			-			(26.0	)
Balance as of March 31, 2022	$	960.0		$	17.4	$	321.1		$	37.7		$	122.2		$	1,458.4

2217

QUEBECOR INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of Canadian dollars)

(unaudited)

	Three months ended
	March 31
	2022			2021
Cash flows related to operating activities
Net income	$	117.1		$	120.0
Adjustments for:
Depreciation of property, plant and equipment		139.3			146.2
Amortization of intangible assets		45.0			38.9
Depreciation of right-of-use assets		10.4			10.2
Loss on valuation and translation of financial instruments		7.3			5.8
Loss on disposal of other assets		-			0.5
Impairment of assets		-			0.8
Amortization of financing costs		1.8			2.2
Deferred income taxes		(29.8	)		(19.4	)
Other		0.1			(0.4	)
		291.2			304.8
Net change in non-cash balances related to operating activities		(63.5	)		(43.2	)
Cash flows provided by operating activities		227.7			261.6
Cash flows related to investing activities
Business acquisitions		-			(15.1	)
Additions to property, plant and equipment		(95.3	)		(111.8	)
Additions to intangible assets		(29.8	)		(58.8	)
Proceeds from disposals of assets		1.4			0.1
Acquisition of investments and other		(4.1	)		(0.8	)
Cash flows used in investing activities		(127.8	)		(186.4	)
Cash flows related to financing activities
Net change in bank indebtedness		25.2			1.6
Net change under revolving facilities		(126.1	)		(3.1	)
Issuance of long-term debt, net of financing costs		-			644.0
Repayment of long-term debt		(0.4	)		(0.4	)
Repayment of lease liabilities		(10.3	)		(10.2	)
Repurchase of Class B Shares		(26.0	)		(84.4	)
Dividends paid to non-controlling interests		(0.1	)		(0.1	)
Cash flows (used in) provided by financing activities		(137.7	)		547.4

Net change in cash and cash equivalents		(37.8	)		622.6

Cash and cash equivalents at beginning of period		64.7			136.7
Cash and cash equivalents at end of period	$	26.9		$	759.3

Cash and cash equivalents consist of
Cash	$	26.8		$	759.0
Cash equivalents		0.1			0.3
	$	26.9		$	759.3

Interest and taxes reflected as operating activities
Cash interest payments	$	26.1		$	38.6
Cash income tax payments (net of refunds)		98.9			112.8

QUEBECOR INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of Canadian dollars)	Three months ended						Twelve months ended
(unaudited)	December 31						December 31
	2021			2020			2021			2020
Cash flows related to operating activities
Income from continuing operations	$	164.5		$	169.1		$	588.4		$	584.2
Adjustments for:
Depreciation of property, plant and equipment		142.5			166.8			577.4			622.1
Amortization of intangible assets		45.0			36.2			165.3			143.4
Depreciation of right-of-use assets		10.1			10.5			41.1			37.7
(Gain) loss on valuation and translation of financial instruments		(7.2	)		0.9			(14.4	)		(8.0	)
Gain on disposal of other assets		(0.4	)		(0.5	)		(19.4	)		(0.9	)
Impairment of assets		0.7			1.2			1.5			8.5
Loss on debt refinancing		-			-			80.9			-
Amortization of financing costs		1.7			2.0			7.9			8.1
Deferred income taxes		(9.0	)		30.4			(59.9	)		(2.9	)
Other		1.2			(1.0	)		0.9			(0.7	)
		349.1			415.6			1,369.7			1,391.5
Net change in non-cash balances related to operating activities		(26.0	)		(38.6	)		(187.1	)		40.0
Cash flows provided by continuing operating activities		323.1			377.0			1,182.6			1,431.5
Cash flows related to investing activities
Business acquisitions		-			(36.3	)		(21.0	)		(47.1	)
Business disposals		-			0.2			-			0.2
Additions to property, plant and equipment		(91.6	)		(122.4	)		(429.3	)		(447.2	)
Additions to intangible assets		(706.1	)		(20.8	)		(1,018.7	)		(205.9	)
Proceeds from disposals of assets		1.5			0.8			7.7			4.4
Acquisition of investments and other		(67.2	)		33.1			(75.2	)		(18.3	)
Cash flows used in continuing investing activities		(863.4	)		(145.4	)		(1,536.5	)		(713.9	)
Cash flows related to financing activities
Net change in bank indebtedness		(5.6	)		(13.5	)		(1.7	)		(27.7	)
Net change under revolving facilities		263.1			(2.1	)		269.8			(127.0	)
Issuance of long-term debt, net of financing costs		-			-			1,986.8			-
Repayment of long-term debt		(0.4	)		(0.3	)		(1,565.4	)		(1.3	)
Repayment of lease liabilities		(9.7	)		(10.6	)		(41.1	)		(41.9	)
Settlement of hedging contracts		(0.8	)		(0.8	)		183.6			(1.6	)
Repurchase of Class B Shares		(56.5	)		(57.8	)		(282.4	)		(201.2	)
Dividends		(65.8	)		(49.8	)		(267.6	)		(201.1	)
Dividends paid to non-controlling interests		-			-			(0.1	)		(0.2	)
Cash flows provided by (used in) continuing financing activities		124.3			(134.9	)		281.9			(602.0	)
Cash flows (used in) provided by continuing operations		(416.0	)		96.7			(72.0	)		115.6
Cash flows (used in) provided by discontinued operations		-			(0.7	)		-			7.1
Cash and cash equivalents at beginning of period		480.7			40.7			136.7			14.0
Cash and cash equivalents at end of period	$	64.7		$	136.7		$	64.7		$	136.7
Cash and cash equivalents consist of
Cash	$	63.6		$	135.4		$	63.6		$	135.4
Cash equivalents		1.1			1.3			1.1			1.3
	$	64.7		$	136.7		$	64.7		$	136.7
Interest and taxes reflected as operating activities
Cash interest payments	$	126.8		$	117.6		$	332.1		$	316.1
Cash income tax payments (net of refunds)		57.2			33.9			282.3			127.5

QUEBECOR INC.

CONSOLIDATED BALANCE SHEETS

(in millions of Canadian dollars)
(unaudited)	December 31			December 31
	2021			2020
Assets
Current assets
Cash and cash equivalents	$	64.7		$	136.7
Restricted cash		162.4			-
Accounts receivable		745.1			563.6
Contract assets		129.4			174.9
Income taxes		7.3			4.9
Inventories		282.6			250.7
Other current assets		132.0			113.0
		1,523.5			1,243.8
Non-current assets
Property, plant and equipment		3,058.7			3,189.2
Intangible assets		2,344.1			1,466.7
Right-of-use assets		152.3			143.1
Goodwill		2,718.5			2,714.0
Derivative financial instruments		405.6			625.5
Deferred income taxes		39.2			45.5
Other assets		521.1			433.8
		9,239.5			8,617.8
Total assets	$	10,763.0		$	9,861.6
Liabilities and equity
Current liabilities
Bank indebtedness	$	-		$	1.7
Accounts payable, accrued charges and provisions		861.0			872.2
Deferred revenue		309.7			307.5
Deferred subsidies		162.4			-
Income taxes		47.4			70.0
Current portion of long-term debt		56.5			28.5
Current portion of lease liabilities		36.1			34.3
		1,473.1			1,314.2
Non-current liabilities
Long-term debt		6,467.9			5,744.9
Derivative financial instruments		23.3			28.4
Convertible debentures		150.0			150.0
Lease liabilities		147.1			139.0
Deferred income taxes		829.6			848.2
Other liabilities		293.2			422.8
		7,911.1			7,333.3
Equity
Capital stock		965.2			1,017.8
Contributed surplus		17.4			17.4
Retained earnings		292.3			211.3
Accumulated other comprehensive loss		(19.3	)		(133.9	)
Equity attributable to shareholders		1,255.6			1,112.6
Non-controlling interests		123.2			101.5
		1,378.8			1,214.1
Total liabilities and equity	$	10,763.0		$	9,861.6

(in millions of Canadian dollars)

24(unaudited)

	March 31		December 31
	2022		2021
Assets

Current assets
Cash and cash equivalents	$	26.9	$	64.7
Restricted cash		130.7		162.4
Accounts receivable		706.6		745.1
Contract assets		103.9		129.4
Income taxes		13.0		7.3
Inventories		367.5		282.6
Derivative financial instruments		229.8		-
Other current assets		142.2		132.0
		1,720.6		1,523.5

Non-current assets
Property, plant and equipment		3,016.7		3,058.7
Intangible assets		2,324.8		2,344.1
Right-of-use assets		150.0		152.3
Goodwill		2,718.5		2,718.5
Derivative financial instruments		111.0		405.6
Deferred income taxes		27.1		39.2
Other assets		542.5		521.1
		8,890.6		9,239.5
Total assets	$	10,611.2	$	10,763.0

Liabilities and equity

Current liabilities
Bank indebtedness	$	25.2	$	-
Accounts payable, accrued charges and provisions		949.1		861.0
Deferred revenue		283.3		309.7
Deferred subsidies		130.7		162.4
Income taxes		27.0		47.4
Current portion of long-term debt		1,139.7		56.5
Current portion of lease liabilities		36.3		36.1
		2,591.3		1,473.1

Non-current liabilities
Long-term debt		5,201.5		6,467.9
Derivative financial instruments		35.4		23.3
Convertible debentures		150.0		150.0
Lease liabilities		144.0		147.1
Deferred income taxes		812.5		829.6
Other liabilities		218.1		293.2
		6,561.5		7,911.1
Equity
Capital stock		960.0		965.2
Contributed surplus		17.4		17.4
Retained earnings		321.1		292.3
Accumulated other comprehensive income (loss)		37.7		(19.3	)
Equity attributable to shareholders		1,336.2		1,255.6
Non-controlling interests		122.2		123.2
		1,458.4		1,378.8

Total liabilities and equity	$	10,611.2	$	10,763.0

Supplementary Disclosure

Quarter / 123-Month Period

Ended ~~December~~ March 31, ~~2021~~2022

For additional information, please contact

Hugues Simard, Chief Financial Officer,

at 514 380-7414, investor.relations@quebecor.com

2520

QUEBECOR INC.

Supplementary Disclosure

~~December~~ March 31, ~~2021~~2022

Basic Data Per Share

	4th Quarter						Full Year
	1st Quarter						YTD
	2021			2020			2021			2020
	2022			2021			2022			2021
Adjusted income from continuing operating activities	$	0.6654		$	0.6652		$	20.5554		$	20.3652
Adjustments :
Adjusments :
Gain on valuation and translation of financial instruments		0.03			-			0.06			0.03
Loss on valuation and translation of financial instruments		(0.03	)		(0.02	)		(0.03	)		(0.02	)
Unusual items		~~(0.02~~-	)		(0.0201	)		~~(0.23~~-	)		(0.1101	)
Discontinued operations		-			-			-			0.13
Total		(0.03	)		(0.03	)		(0.03	)		(0.03	)
Total		0.01			(0.02	)		(0.17	)		0.05
Net income attributable to shareholders	$	0.51		$	0.49		$	0.51		$	0.49
Net income attributable to shareholders	$	0.67		$	0.64		$	2.38		$	2.41
Weighted average number of shares outstanding (in millions)		239.2			246.7			239.2			246.7
Weighted average number of shares outstanding (in millions)		239.8			249.1			243.5			251.6

2621

QUEBECOR INC. ~~Supplementary Disclosure December 31, 2021 Capital Structure~~

(all amounts in millions of Canadian dollars)
Quebecor Inc.
Mortgage loan due in 2022	$	44.5
	$	44.5
Quebecor Media Inc.
Revolving credit facility due in 2022 (availability: $300)	$	-
5 3/4% Senior Notes due in 2023		1,089.3
		1,089.3
Videotron Ltd.
Revolving credit facility due in 2023 (availability: $1,500)		285.0
5 3/8% Senior Notes due in 2024		758.2
5 5/8% Senior Notes due in 2025		400.0
5 3/4% Senior Notes due in 2026		375.0
5 1/8% Senior Notes due in 2027		758.2
3 5/8% Senior Notes due in 2028		750.0
3 5/8% Senior Notes due in 2029		631.8
4 1/2% Senior Notes due in 2030		800.0
3 1/8% Senior Notes due in 2031		650.0
		5,408.2
TVA Group Inc.
Revolving credit facility due in 2023 (availability: $75)		12.0
		12.0
Other debt		-
Total Quebecor Media Inc.	$	6,509.5
TOTAL LONG-TERM DEBT 1	$	6,554.0
Bank indebtedness		-
Exchangeable debentures - Quebecor Inc.		2.1
Convertible debentures (cost if settled in cash at maturity) - Quebecor Inc. 2		150.0
Lease liabilities		183.2
(Asset) liability related to derivative financial instruments		(382.3	)
Cash and cash equivalents :
TVA Group Inc.		5.2
Other		59.5
	$	64.7

Supplementary Disclosure

1March 31, ~~Excludes changes in the fair value of long-term debt related to hedged interest rate risk and financing fees. See Note 19 to Consolidated Financial Statements.~~2022

2Capital Based on the market value of a number of shares obtained by dividing the outstanding principal amount by the market price of a Quebecor Inc. Class B share on December 31, 2021, subject to a floor price of approximately $25.49 and a ceiling price of approximately $31.87.Structure

27(all amounts in millions of Canadian dollars)

QUEBECOR INC. Supplementary Disclosure December 31, 2021 Consolidated Net Debt Leverage Ratio (all amounts in millions of Canadian dollars, except ratios)

Quebecor Inc.
Mortgage loan due in 2022	$	44.2
	$	44.2
Quebecor Media Inc.
Revolving credit facility due in 2022 (availability: $300)	$	10.0
5 3/4% Senior Notes due in 2023		1,060.5
		1,070.5
Videotron Ltd.
Revolving credit facility due in 2023 (availability: $1,500)		135.9
5 3/8% Senior Notes due in 2024		750.3
5 5/8% Senior Notes due in 2025		400.0
5 3/4% Senior Notes due in 2026		375.0
5 1/8% Senior Notes due in 2027		750.3
3 5/8% Senior Notes due in 2028		750.0
3 5/8% Senior Notes due in 2029		625.2
4 1/2% Senior Notes due in 2030		800.0
3 1/8% Senior Notes due in 2031		650.0
		5,236.7
TVA Group Inc.
Revolving credit facility due in 2023 (availability: $75)		25.0
		25.0

Other debt		-

Total Quebecor Media Inc.	$	6,332.2

TOTAL LONG-TERM DEBT ¹	$	6,376.4

Bank indebtedness		25.2
Exchangeable debentures - Quebecor Inc.		2.1
Convertible debentures (cost if settled in cash at maturity) - Quebecor Inc. ²		150.0
Lease liabilities		180.3
(Asset) liability related to derivative financial instruments		(305.4	)

Cash and cash equivalents :
TVA Group Inc.		2.7
Other		24.2

	$	26.9

	2021												2020
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
Total long-term debt 1	$	6,554.0		$	6,284.7		$	7,714.5		$	6,376.1		$	5,786.4
Add (deduct):
(Asset) liability related to derivative financial instruments		(382.3	)		(389.6	)		(489.3	)		(534.3	)		(597.1	)
Lease liabilities		183.2			181.6			183.0			179.4			173.3
Bank indebtedness		-			5.6			5.6			3.3			1.7
Cash and cash equivalents		(64.7	)		(480.7	)		(1,999.3	)		(759.3	)		(136.7	)
Consolidated net debt excluding convertible debentures	$	6,290.2		$	5,601.6		$	5,414.5		$	5,265.2		$	5,227.6
Divided by: trailing 12-month adjusted EBITDA	$	1,973.2		$	2,001.2		$	1,994.3		$	1,968.6		$	1,952.6
Consolidated net debt leverage ratio		3.19	x		2.80	x		2.71	x		2.67	x		2.68	x

Excludes changes in the fair value of long-term debt related to hedged interest rate risk and financing costs. See Note 8 to Consolidated Financial Statements.

12 ~~Excludes~~Based ~~changes~~on in the ~~fair~~market value of ~~long-term~~a ~~debt~~number ~~related~~of toshares ~~hedged~~obtained ~~interest~~by ~~rate risk~~dividing ~~and~~the ~~financing~~outstanding ~~fees~~principal amount by the market price of a Quebecor Inc. ~~See~~Class ~~Note~~B 19share on March 31, 2022, subject to ~~Consolidated~~a ~~Financial~~floor ~~Statements~~price of approximately $25.49 and a ceiling price of approximately $31.87.

2822

~~TELECOMMUNICATIONS~~QUEBECOR ~~Supplementary Disclosure December 31, 2021 Operating Results~~INC.

	2021												2020
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
Revenue-Generating Units ('000) 1		6,189.6			6,146.6			6,121.0			6,141.2			6,147.9
Mobile Telephony Lines ('000)		1,601.9			1,571.3			1,530.4			1,503.2			1,481.1
Homes Passed ('000)		3,048.8			3,030.5			3,020.9			3,005.1			2,994.7
Internet Subscribers ('000)		1,840.8			1,832.7			1,810.2			1,804.9			1,796.8
Penetration of Homes Passed		60.4	%		60.5	%		59.9	%		60.1	%		60.0	%
Television Subscribers ('000)		1,418.6			1,428.0			1,441.4			1,457.5			1,475.6
Penetration of Homes Passed		46.5	%		47.1	%		47.7	%		48.5	%		49.3	%
Wireline Telephony Lines ('000)		824.9			847.4			872.4			897.7			924.7
Penetration of Homes Passed		27.1	%		28.0	%		28.9	%		29.9	%		30.9	%
Over-the-Top Video Subscribers ('000)		503.4			467.2			466.6			477.9			469.7

Supplementary Disclosure

	4th Quarter							Full Year
	2021		2020		VAR			2021		2020		VAR
(in millions)
Revenues
Internet	$	301.6	$	292.3		3.2	%	$	1,201.4	$	1,131.4		6.2	%
Television		203.8		220.0		-7.4	%		836.1		903.6		-7.5	%
Mobile telephony		185.4		170.2		8.9	%		712.5		658.5		8.2	%
Wireline telephony		77.7		83.3		-6.7	%		318.5		338.4		-5.9	%
Mobile equipment sales		80.9		77.4		4.5	%		276.4		257.2		7.5	%
Wireline equipment sales		55.8		51.0		9.4	%		204.0		151.7		34.5	%
Other		47.9		46.7		2.6	%		186.1		181.8		2.4	%
Telecommunications	$	953.1	$	940.9		1.3	%	$	3,735.0	$	3,622.6		3.1	%
Adjusted EBITDA
Telecommunications	$	466.5	$	481.7		-3.2	%	$	1,875.7	$	1,864.4		0.6	%
Cash flows used for:
Additions to PP&E	$	83.6	$	117.0				$	407.3	$	429.3
Additions to Intangible Assets		695.4		14.4					986.1		180.1
Telecommunications	$	779.0	$	131.4		492.8	%	$	1,393.4	$	609.4		128.7	%
Mobile Telephony ABPU 2	$	48.57	$	50.52				$	49.73	$	50.85
Total ABPU 2	$	49.94	$	50.21				$	50.33	$	49.94

March 31, 2022

Consolidated Net Debt Leverage Ratio

(all amounts in millions of Canadian dollars, except ratios)

	2022			2021
	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
Total long-term debt ¹	$	6,376.4		$	6,554.0		$	6,284.7		$	7,714.5		$	6,376.1

Add (deduct):
(Asset) liability related to derivative financial instruments		(305.4	)		(382.3	)		(389.6	)		(489.3	)		(534.3	)
Lease liabilities		180.3			183.2			181.6			183.0			179.4
Bank indebtedness		25.2			-			5.6			5.6			3.3
Cash and cash equivalents		(26.9	)		(64.7	)		(480.7	)		(1,999.3	)		(759.3	)

Consolidated net debt excluding convertible debentures	$	6,249.6		$	6,290.2		$	5,601.6		$	5,414.5		$	5,265.2
Divided by: trailing 12-month adjusted EBITDA	$	1,962.6		$	1,973.2		$	2,001.2		$	1,994.3		$	1,968.6

Consolidated net debt leverage ratio		3.18	x		3.19	x		2.80	x		2.71	x		2.67	x

Excludes changes in the fair value of long-term debt related to hedged interest rate risk and financing costs. See Note 8 to Consolidated Financial Statements.

TELECOMMUNICATIONS

Supplementary Disclosure

March 31, 2022

Operating Results

	2022			2021
	Mars 31			Dec 31			Sep 30			Jun 30			Mar 31
Revenue-Generating Units ('000) ¹		6,203.4			6,189.6			6,146.6			6,121.0			6,141.2
Mobile Telephony Lines ('000)		1,626.4			1,601.9			1,571.3			1,530.4			1,503.2
Homes Passed ('000) ²		3,584.1			3,572.6			3,560.8			3,548.0			3,530.7
Internet Subscribers ('000)		1,846.1			1,840.8			1,832.7			1,810.2			1,804.9
Penetration of Homes Passed ²		51.5	%		51.5	%		51.5	%		51.0	%		51.1	%
Television Subscribers ('000)		1,406.4			1,418.6			1,428.0			1,441.4			1,457.5
Penetration of Homes Passed ²		39.2	%		39.7	%		40.1	%		40.6	%		41.3	%
Wireline Telephony Lines ('000)		803.6			824.9			847.4			872.4			897.7
Penetration of Homes Passed ²		22.4	%		23.1	%		23.8	%		24.6	%		25.4	%
Over-the-Top Video Subscribers ('000)		520.9			503.4			467.2			466.6			477.9

	1st Quarter							YTD
	2022		2021		VAR			2022		2021		VAR
(in millions)
Revenues
Internet	$	298.6	$	296.6		0.7	%	$	298.6	$	296.6		0.7	%
Television		197.3		213.2		-7.5	%		197.3		213.2		-7.5	%
Mobile telephony		187.3		170.5		9.9	%		187.3		170.5		9.9	%
Wireline telephony		75.2		80.7		-6.8	%		75.2		80.7		-6.8	%
Mobile equipment sales		63.8		60.5		5.5	%		63.8		60.5		5.5	%
Wireline equipment sales		32.3		46.7		-30.8	%		32.3		46.7		-30.8	%
Other		48.9		45.8		6.8	%		48.9		45.8		6.8	%
Telecommunications	$	903.4	$	914.0		-1.2	%	$	903.4	$	914.0		-1.2	%

Adjusted EBITDA
Telecommunications	$	460.0	$	450.9		2.0	%	$	460.0	$	450.9		2.0	%

Cash flows used for:
Additions to PP&E	$	89.2	$	107.6				$	89.2	$	107.6
Additions to Intangible Assets		26.0		51.3					26.0		51.3
Telecommunications	$	115.2	$	158.9		-27.5	%	$	115.2	$	158.9		-27.5	%

Mobile Telephony ARPU ³	$	38.70	$	38.08				$	38.70	$	38.08
Total ARPU ³	$	46.40	$	46.64				$	46.40	$	46.64

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

2 ~~Average~~The ~~billing~~number ~~per~~of ~~unit~~homes ("passed ~~ABPU~~has ")been isrestated anfor ~~indicator~~2021 ~~used~~following toa ~~measure~~revision ~~monthly~~of ~~average subscription~~the ~~billing~~methodology ~~per~~relating ~~revenue-generating~~to ~~unit~~multiresidential and commercial addresses.

293 Average monthly revenue per unit (" ARPU ") is an indicator used to measure monthly revenues per average revenue-generating unit.

~~QUEBECOR INC. Supplementary Disclosure December 31, 2021 Shares Held in Subsidiaries~~24

QUEBECOR INC.

Supplementary Disclosure

March 31, 2022

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	%

3025

QUEBECOR INC.

Supplementary Disclosure

~~December~~ March 31, ~~2021~~2022

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 ~~financial~~first ~~year~~quarter ~~2021~~of 2022, please refer to the Management Discussion and Analysis and Consolidated Financial Statements of Quebecor Inc., available on the Company's website at http://www.quebecor.com/en/quarterly_doc_quebecor_inc or from the SEDAR filing service at http://www.sedar.com.

Non-IFRS Financial Measures

The non-IFRS financial measures used by Quebecor Inc. to assess its financial performance, such as adjusted EBITDA, adjusted income from ~~continuing~~ continuing operating activities, cash flows from operations, free cash flows from continuing operating activities and consolidated net ~~debt~~ debt leverage ratio are not calculated in accordance with or recognized by IFRS. Quebecor Inc.’s method of calculating these non-IFRS financial measures may differ from the methods used by other companies and, as a result, the non-IFRS financial measures 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 ~~financial~~first ~~year~~quarter ~~2021~~of 2022 under "Non-IFRS Financial Measures" for a complete description of these measures as well as a reconciliation to the most directly comparable measures calculated in accordance ~~with~~ with IFRS.

3126

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

QUEBECOR MEDIA INC.

QUEBECOR MEDIA INC.

/s/ Sophie Riendeau
By:	Sophie Riendeau
	Corporate Secretary

Date:	May 13, 2022

	/s/ Sophie Riendeau
	By:	Sophie Riendeau
		Corporate Secretary
	Date:	February 25,2022

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