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 at all levels 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 wireless revenue are improving, but Q1 is expected to be the slowest quarter, with growth back-end loaded for the year.

• No changes to guidance have been made.

Market competition and ARPU trends

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

• The company avoids uneconomic device subsidies and focuses on short, targeted promotions.

• Positive ARPU growth is anticipated by 2027, with gradual quarterly improvement.

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