TELUS (T) 11th Annual Desjardins Montréal Conference summary

CEO transition and strategic direction

• CEO transition is underway, with the new CEO starting July 1 and initial updates expected in August; current strategy and capital allocation remain unchanged for now.

• The new CEO is focused on understanding the organization and will assess risks and opportunities before making strategic changes.

• Execution on existing plans, including de-leveraging and DRIP removal, is the immediate priority.

Financial outlook and growth assumptions

• 2026 EBITDA growth is targeted at 2%-4%, with the budget set at the high end of the range.

• TELUS Digital is expected to show consistent improvement, though may remain slightly negative initially.

• TELUS Health is turning from flat to positive organic growth as integration of acquisitions progresses.

• Consumer ARPU and network revenue are expected to improve, with growth back-end loaded in the year.

• No changes to guidance; Q1 is expected to be the lowest quarter.

Market competition and ARPU trends

• Wireless price competition intensified in Q1, but impact is limited due to low volume; improvements are expected as the year progresses.

• ARPU growth is anticipated to turn positive in 2026, with steady quarterly progression.

• Focus is on free cash flow and network revenue growth rather than subscriber growth at any cost.