Slide 1: Q4 2025 Investor Conference Call
Q4 2025 Investor Conference Call February 12, 2026
Slide 2: Caution regarding forward-looking statements
Caution regarding forward-looking statements Today’s discussion may contain forward-looking statements, including statements relating to our objectives and our strategies to achieve those objectives, our 2026 targets, our expectations regarding trends in the telecommunications industry (including de
Slide 3: Delivering on our consistent execution track record
Delivering on our consistent execution track record Fiscal 2025 ● Strong Customer Growth: Industry-leading total customer additions of 1,081,000, our fourth consecutive year exceeding 1 million ● Leading Customer Loyalty: Industry-best postpaid mobile phone churn of 0.97%, our 12th consecutive year
Slide 4: Mobility operating results Q4 2025
Mobility operating results Q4 2025 Mobile phone ARPU $57.10 (-1.6% y/y) Mobile phone churn 1.46% Mobile phone net adds +50,000 Connected device net adds +287,000 Demonstrated disciplined execution with a continued commitment to profitable customer growth and customer service excellence 4
Slide 5: Mobility operating results Fiscal 2025
Mobility operating results Fiscal 2025 Mobile phone ARPU $57.01 (-2.8% y/y) Mobile phone churn 1.17% Mobile phone net adds +207,000 Connected device net adds +716,000 Delivered record-high connected device net additions along with industry-leading postpaid mobile phone churn below 1% for the 12th co
Slide 6: Fixed operating results Q4 2025
Fixed operating results Q4 2025 Internet net adds +35,000 TV net adds +16,000 Security and automation net adds +2,000 Residential voice net losses (13,000) Total fixed net adds +40,000 Superior product portfolio and world-leading PureFibre network technology driving strong customer growth 6
Slide 7: Fixed operating results Fiscal 2025
Fixed operating results Fiscal 2025 Internet net adds +123,000 TV net adds +60,000 Security and automation net adds +32,000 Residential voice net losses (57,000) Total fixed net adds +158,000 Delivered positive total fixed net additions for the 16th consecutive year 7
Slide 8: AI-enabling capabilities
1 AI-enabling capabilities 3-year revenue estimate ~$2 billion CAGR: >30% ~$800 million 2025 2028E 1 See appendix for more details. Across TELUS, our AI-enabling revenue was approximately $800 million in 2025, and expected to increase to approximately $2 billion in 2028, at a CAGR of more than 30%,
Slide 9: Connecting people through our globally unmatched networks
Connecting people through our globally unmatched networks ● Connecting approximately 3.7 million premises to leading fibre technology, and 5G covering 90% of the Canadian population ● Bridging digital and socio-economic divides by delivering world-leading connectivity to rural and Indigenous communi
Slide 10: Leading the world in social capitalism
Leading the world in social capitalism Celebrating 25 years of our iconic brand and our legacy of giving back. Since 2000, our TELUS family has: ● Contributed $1.85 billion in cash, in-kind donations, time and programs, including 2.5 million days of global volunteering. ● Achieved a landmark environ
Slide 11: Financial Results
Financial Results
Slide 12: TELUS technology solutions Q4 2025
TELUS technology solutions Q4 2025 Mobile network revenue $1.8 billion -% y/y Fixed data services revenue1 $1.2 billion +2% y/y Adjusted EBITDA2 $1.6 billion +1% y/y Adjusted EBITDA margin3 40.9% +2.4 pts 1 Excludes agriculture and consumer goods services. 2 Excludes TELUS health reportable segment.
Slide 13: TELUS technology solutions Fiscal 2025
TELUS technology solutions Fiscal 2025 Mobile network revenue $7.0 billion -% y/y Fixed data services revenue1 $4.7 billion +3% y/y Adjusted EBITDA2 $6.6 billion +2% y/y Adjusted EBITDA margin3 42.1% +1.5 pts 1 Excludes agriculture and consumer goods services. 2 Excludes TELUS health reportable segm
Slide 14: TELUS health Q4 2025
TELUS health Q4 2025 Operating revenues (arising from contracts with customers) $537 million +13% y/y Adjusted EBITDA $96 million +10% y/y Strong performance fuelled by strategic investments, product enhancements, expanding sales channels, and effective cost management - underpinned by putting custo
Slide 15: TELUS health Fiscal 2025
TELUS health Fiscal 2025 Operating revenues (arising from contracts with customers) $2.0 billion +15% y/y Adjusted EBITDA $354 million +22% y/y Lives covered1 161.2 million +85 million y/y 1 During the second quarter of 2025, we added 79.3 million healthcare lives covered as a result of the Workplac
Slide 16: TELUS digital experience Q4 2025
TELUS digital experience Q4 2025 Operating revenues (arising from contracts with customers) $722 million +2% y/y Adjusted EBITDA $138 million (5%) y/y Adjusted EBITDA margin1 13.7% (1.2) pts y/y 1 This is a non-GAAP ratio that does not have any standardized meaning prescribed by IFRS Accounting Stan
Slide 17: TELUS digital experience Fiscal 2025
TELUS digital experience Fiscal 2025 Operating revenues (arising from contracts with customers) $2.9 billion +5% y/y Adjusted EBITDA $504 million (24%) y/y Adjusted EBITDA margin1 13.0% (4.7) pts y/y 1 This is a non-GAAP ratio that does not have any standardized meaning prescribed by IFRS Accounting
Slide 18: Consolidated Q4 2025
Consolidated Q4 2025 Operating revenues $5.2 billion (2)% y/y Adjusted EBITDA1 $1.8 billion -% y/y Cash provided by operating activities $1.1 billion +5% y/y Free cash flow1 $574 million +7% y/y Capital expenditures (excluding real estate) $622 million +47% y/y 1 These are specified financial measur
Slide 19: Consolidated Fiscal 2025
Consolidated Fiscal 2025 Operating revenues $20.3 billion +1% y/y Adjusted EBITDA1 $7.4 billion -% y/y Cash provided by operating activities $4.9 billion -% y/y Free cash flow1 $2.2 billion +11% y/y Capital expenditures (excluding real estate) $2.5 billion +1% y/y 1 These are specified financial mea
Slide 20: 2026 financial targets
2026 financial targets Consolidated Operating Service revenues1 Growth of 2 to 4% Consolidated Adjusted EBITDA Growth of 2 to 4% Consolidated free cash flow 10% growth Approximately $2.45 billion Consolidated capital expenditures 2 10% decrease Approximately $2.3 billion 1 2026 target for Consolidat
Slide 21: Strong balance sheet and liquidity position
Strong balance sheet and liquidity position ● Weighted average cost of long-term debt of 4.75% ● Average long-term debt term to maturity of 14.7 years ● Available liquidity1 of over $5.1 billion ● $2.75 billion syndicated credit facility expiring August 2030 ● Net debt to EBITDA of 3.4x at YE25, dow
Slide 22: Focused capital allocation supports long-term value creation
Focused capital allocation supports long-term value creation ● Strong FCF Outlook: ≥10% CAGR (2026-2028) underpins deleveraging and dividend sustainability consistent with 60-75% payout target ● Clear Deleveraging Roadmap — Ahead of Plan: 3.4x (FY25) → 3.3x or lower (end FY26) → 3.0x or better (end
Slide 23: Questions?
Questions? Investor relations 1-800-667-4871 telus.com/investors IR@telus.com
Slide 24: Appendix: Key definitions
Appendix Key definitions Slides 3, 8: AI-enabling capabilities includes TELUS Digital, including data and AI strategy and implementations, digital product experiences and growth marketing, and CX contact center technologies and other enterprise platform modernization, alongside data annotation, coll
Slide 25: Let's make the future friendly, together.
Let’s make the future friendly, together.