TELUS Corporation · TSX:T
TELUS — Q3 2026 Earnings Presentation
21 slides from TELUS's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Results Conference Call
Q3 2026 Results Conference Call November 6, 2026
Slide 2: Caution regarding forward-looking statements
Caution regarding forward-looking statements Today’s discussion will contain forward-looking statements, including statements relating to: our objectives and our strategies to achieve those objectives; our reaffirmed full-year 2026 financial targets as updated with our second quarter 2026 results; o
Slide 3: Key messages – Q3 2026
Key messages – Q3 2026 Delivered solid Q3’26 Executing Transformation Reaffirming full-year results. Strategy. 2026 guidance. • Drove core telecom • Announcing $900 • Focused on exiting strength while million cost savings 2026 – a transition year addressing non-core program. – with strategic clarity
Slide 4: Executing our Transformation with clarity and urgency
Executing our Transformation with clarity and urgency Victor G. Dodig President and CEO
Slide 5: Executing our transformation strategy
Executing our transformation strategy 1 Strengthen Our financial foundation 2 Hone Our operational discipline and control costs 3 Deploy Resources to drive profitable and sustainable growth and returns One clear strategic objective: solidify TELUS’ position as the leading communications and AI infra
Slide 6: Strengthen our financial foundation
STRATEGIC PRIORITY 1 Strengthen our financial foundation Prior actions Asset monetization and equitization • Reset quarterly dividend amount to • Intentionally pursuing asset monetization $0.1875 per share / ($0.75 annualized) strategy. and a payout ratio to sustainable level of • Prioritizing TELUS
Slide 7: Hone operational discipline and control costs: $900M Efficiency Program
STRATEGIC PRIORITY 2 Hone operational discipline and control costs 1. Customer care ~80% 2. Customer growth $900M Telecommunications 3. Channel experience 4. Procurement optimization Efficiency 5. Network and field force efficiency Program Expected run-rate cash ~20% 1. AI and automation savings exi
Slide 8: Deploy resources to drive sustainable growth and returns
STRATEGIC PRIORITY 3 Deploy resources to drive sustainable growth and returns Strengthening Strategically investing in balance sheet growth in Canada • Committed to reducing Net • Build on wireless and TELUS PureFibre Debt to Adjusted EBITDA infrastructure network leadership. ratio to 3.0x or lower
Slide 9: Building Canadian AI infrastructure – Canadian Sovereignty and Data Residency
Building Canadian AI infrastructure – Committed to Canadian Sovereignty and Data Residency TELUS Advantages Current owner and Canada’s leading fibre Network and AI operator of data Trusted by businesses network, TELUS infrastructure from one centres; scale and and governments PureFibre provider tech
Slide 10: Q3 financial and operational results
Q3 financial and operational results Gopi Chande EVP and CFO
Slide 11: Consolidated performance – Q3 2026
Consolidated performance – Q3 2026 CAD $M Service revenues Adjusted EBITDA1 Adjusted EPS1 Cash from operations $(0.08) (1)% (5)% (1)% (33)% • Core telecom operations continue to • Lapping $78M of one-time items that • Basic loss per share of $0.42 reflecting • Free cash flow of $396M was lower by pe
Slide 12: TELUS Technology Solutions (TTech)
TELUS Technology Solutions (TTech) CAD $M Service revenues Adjusted EBITDA Mobile phone net Internet net Blended mobile Mobile phone adds adds phone churn ARPU +84,000 +10,000 1.01% $57.22 2,000 y/y (30,000) y/y (0.10) pts y/y —% y/y • 4th consecutive quarter of y/y mobile network revenue growth. 1%
Slide 13: Global Platform Businesses
Global Platform Businesses CAD $M TELUS Digital TELUS Health External service revenues Adjusted EBITDA Service revenues Adjusted EBITDA (11)% (9)% 2% (5)% • Impacted by hyperscale client volume ramp-downs, as • Top-line improvement driven by growth in retirement and benefits discussed in July. solut
Slide 14: Driving profitable growth through operational discipline
Driving profitable growth through operational discipline Executing a comprehensive Transformation Strategy ~$900M Annualized Cash Savings Target Multi-year efficiency program, run rate cash savings exiting 2028. Achieved through ~$150M operational cost and margin improvement, and Investment to Achie
Slide 15: Balance sheet and cash flow
Balance sheet and cash flow CAD $B Capital summary and financial highlights Leverage ratio As of September 30, 2026 (Net debt to Adjusted EBITDA) $29.8 $1.3 Long-term debt Cash and temporary investments Target: 3.0x or lower $26.0 $3.0 by end of Net debt Total available liquidity1 2028 Long-Term Deb
Slide 16: Capital allocation strategy
Capital allocation strategy • Net debt to Adjusted EBITDA of 3.6x as of September 30, 2026, up slightly from 3.5x as of September 30, Reduce 2025 due to higher debt levels and lower EBITDA consistent with our updated outlook provided in July. leverage • Targeting 3.0x or lower by end of 2028, suppor
Slide 17: Reaffirming 2026 annual guidance
Reaffirming 2026 annual guidance Guidance Comments (as of November 6, 2026) Consolidated • Positive trends in mobility are being offset by pressure in other parts of our business, Flat to (2)% service revenues1 including fixed data, TELUS Digital, and slower than anticipated growth in TELUS Health.
Slide 18: Q&A
Q&A 18
Slide 19: Key takeaways
Key takeaways Building from foundation Actions taken to put the Transformation Strategy of strength in core right leaders in the right underway; decisive telecom business. roles. actions creating clarity. Industry-leading customer Executive team possesses Aggressively pursuing service, expansive dee
Slide 20: Appendix: Key Definitions
Appendix Key Definitions Our presentation and answers include the following non-GAAP and other specified financial measures, which may not be comparable to similar measures presented by other issuers: Consolidated Adjusted EPS is a non-GAAP ratio. Available liquidity is a non-GAAP financial measure.
Slide 21: Contact Us
Contact Us Investor relations 1-800-667-4871 telus.com/investors IR@telus.com