TELUS (T) Desjardins Capital Markets 10th Annual Montréal Conference summary

Financial guidance and outlook

• EBITDA growth of 3–5% expected for 2025, driven by telecom, agriculture, and health segments.

• Revenue growth led by internet, data services, healthcare, and tech, with moderated wireless growth.

• Fiber network drives cost reductions, reliability, and bundling, supporting profitability and monetization.

• No material changes in ARPU or outlook in recent weeks; guidance incorporates current market pressures.

• Tariff risks are managed with hedging, supply chain diversification, and a dedicated internal team.

Operational performance and strategy

• Wireless faces competitive pressure; ARPU expected to stabilize or slightly improve, but remain flat to negative year-over-year.

• Immigration slowdown impacts Q1 net loading, but low churn and bundling strategies support future growth.

• Fixed business growth sustained by product quality, fiber expansion, and new offerings like Home 2.0.

• Bundling and product intensity remain key, with opportunities in healthcare, energy, and security services.

• Wholesale internet review could impact strategy, but focus remains on monetizing assets and fair returns.

Efficiency, digitization, and capital intensity

• Digitization and fiber migration drive cost efficiencies, with ongoing copper network shutdowns.

• AI tools and digital platforms reduce churn and cost to serve, enhancing customer experience.

• CapEx intensity expected to decline to 10% in coming years as fiber build winds down and wireless evolution slows.

• Efficiency gains from consolidating networks and leveraging data-driven business lines.