TELUS (T) Desjardins Toronto Conference summary

Strategic differentiation and growth pillars

• Focused on best networks, products, and customer service, with early fibre deployment driving internet growth and product bundling.

• Expanded into global markets with health care, security, and home automation offerings, leveraging technology for relevance beyond connectivity.

• Maintains lowest wireless churn rate, investing in digital and AI to enhance customer experience and efficiency.

• Pursues scalable growth by exporting Canadian-built solutions internationally.

Competitive environment and ARPU trends

• Black Friday promotions were quieter and more targeted, with more activity in internet than wireless.

• Industry pricing has dropped significantly, requiring a balance between ARPU, handset subsidies, and financing.

• Wireless ARPU shows sequential improvement but remains negative; gradual recovery expected into 2026.

Wireline and fibre expansion

• Internet subscriber growth is balanced across East, West, and business segments, with strong SMB momentum.

• Fibre build in the East is underway, aligned with capital intensity targets, using both direct build and third-party leasing.

• Bundling internet with wireless, security, and health care is a key strategy for the Eastern market.

• Fixed data revenue growth slowed due to large business customer re-rates, with consumer internet remaining strong.