TELUS (T) investor relations material

CEO Transition and Management Objectives

• Succession plan ensures a smooth transition, with the incoming CEO aligned with current strategy and culture; new CEO starts in May and takes full reins in July, with operational execution and strategic initiatives continuing as planned.

• No major changes expected during the transition; focus remains on executing existing plans and deleveraging.

Strategic Objectives and Outlook

• Presented 2026 targets and outlined strategies to achieve them, focusing on growth, innovation, and AI-enabled revenue streams.

• Emphasized expectations for ongoing subscriber base growth, increased demand for data services, and expansion in various business areas.

• Discussed asset monetization, deleveraging, and targeted dividend payments as part of financing plans.

Wireless Business Outlook and Market Dynamics

• Subscriber growth is expected to mirror last year, with ARPU and network revenue showing continued improvement.

• Competitive pricing pressures persist, but focus remains on value creation and economic loading rather than aggressive discounting.

• Industry competition is intense, with success driven by product relevance, bundling, and cost structure, not just market share.

• Internal compensation is now weighted toward Free Cash Flow and value, moving away from subscriber loading metrics.

• Industry has shifted away from artificial loading, focusing on metrics that drive real value and cash flow.