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• The Canadian Verizon.
• Canada's AT&T.

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• Wireless Telecommunications Services: Provides mobile voice, data, and messaging services to consumers and businesses.
• Wireline Telecommunications Services: Offers high-speed internet, television, and home phone services to residential customers, along with data, IP, voice, and managed services to business clients.
• Managed Information Technology Services: Delivers cloud solutions, cybersecurity, and consulting services, primarily for enterprise and small business clients.
• Digital Health Solutions (TELUS Health): Offers digital tools and services for healthcare providers, pharmacies, patients, and insurers, including electronic medical records and virtual care.
• Customer Experience and Digital Transformation (TELUS International): Provides business process outsourcing, IT consulting, and digital transformation services to global clients.

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TELUS (symbol: TU) primarily serves a wide range of customers, encompassing both individuals and businesses. However, a significant portion of its core telecommunications revenue and subscriber base is derived from direct sales to millions of individual consumers across Canada.

Therefore, based on the company's predominant focus on direct consumer sales for its primary telecommunications services, its major categories of individual customers include:

• Mobile Subscribers (Consumers): This category consists of millions of individuals and families who subscribe to TELUS's wireless services for their smartphones, tablets, and other mobile devices. These customers utilize voice, text, and data plans for personal communication, entertainment, and internet access on the go.
• Residential Internet & TV Subscribers: This segment comprises households across Canada that subscribe to TELUS's high-speed home internet services (such as PureFibre) and digital television services (such as Optik TV). These customers rely on TELUS for their in-home entertainment, communication, and connectivity needs.
• Home Phone Subscribers: While the number of subscribers in this segment has been declining, TELUS continues to serve individuals and households who subscribe to its traditional wireline home phone services. These customers often value the reliability and familiarity of a landline connection, sometimes as part of a bundled package with other residential services.

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• Nokia (NYSE: NOK)
• Ericsson (NASDAQ: ERIC)
• Cisco Systems (NASDAQ: CSCO)

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Darren Entwistle, President and Chief Executive Officer

Darren Entwistle joined TELUS in 2000 as President and CEO, and is recognized as the longest-serving CEO in the global telecommunications industry. Under his leadership, TELUS has transformed from a regional telephone company into a global communications and information technology leader. Prior to joining TELUS, he was an executive at Cable & Wireless in the United Kingdom, serving as Chief Commercial Officer for Cable & Wireless Communications and Managing Director of Business for Cable & Wireless Communications plc. He played a key role in implementing the largest merger in UK history and the world's first four-way merger involving cable-TV and telecom companies. Entwistle initiated the acquisition of Clearnet Communications in 2000, which was one of the largest telecom mergers in Canadian history.

Doug French, Executive Vice-president and Chief Financial Officer

Doug French possesses 30 years of financial management experience and serves as a highly skilled advisor to the TELUS leadership team. He joined TELUS in 1996 and has advanced through progressively senior roles, including Controller for various major business divisions and Senior Vice-president and Corporate Controller, before assuming the CFO position in 2016. French has been instrumental in numerous key financial management and governance roles associated with significant transformational events at TELUS, such as the company's expansion from a regional to a national telecommunications carrier, capital market activities, spectrum purchases, and merger and acquisition activities. He previously served as a Senior Manager for auditing and accounting practice at Ernst and Young.

Zainul Mawji, Executive Vice-president and President, TELUS Consumer Solutions

Zainul Mawji leads a dedicated team responsible for the comprehensive design and delivery of products and services across Mobility and Home Solutions at TELUS. She joined TELUS in 2001 and has held various leadership positions in corporate development, marketing, IT, capital management, strategy, and technology operations. Prior to her tenure at TELUS, she worked in management consulting for PricewaterhouseCoopers and Accenture. Mawji has also held numerous consulting roles within her family's Alberta-based hotel business. Her family donated $1 million to establish The Mawji Centre for New Venture and Entrepreneurship.

Tony Geheran, Executive Vice-president and Chief Operations Officer

As TELUS' Chief Operations Officer, Tony Geheran leads Customer Technology Excellence, an organization dedicated to managing every aspect of TELUS' technology infrastructure, including the build, performance, and maintenance of its networks such as TELUS PureFibre and 5G. He joined TELUS in 2001 and has held several leadership roles, including Executive Vice-President and Chief Customer Officer. Geheran brings extensive experience from the telecommunications industry, having previously led several teams in the United Kingdom and the Republic of Ireland. As a Director with Cable & Wireless Communications, he oversaw a multi-million dollar investment aimed at introducing new data, mobile, and voice solutions in Ireland.

Navin Arora, Executive Vice-president, TELUS and President, TELUS Business Solutions, TELUS Health, TELUS Agriculture & Consumer Goods, and TELUS Partner Solutions

Navin Arora is responsible for overseeing TELUS' leadership in delivering telecom and technology solutions within the global B2B space, enabling businesses, organizations, and individuals to thrive in a digital environment. He previously served as Senior Vice-president, Business Solutions, where he led the company’s enterprise segment across Canada. Arora also held the role of Vice-president of Customer Experience and has led marketing efforts for TELUS’ business customers. He is a member of the TELUS Executive Leadership Team.

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The key risks to TELUS's business include intense competition and pricing pressure, regulatory changes, and risks related to debt and capital allocation.

1. Intense Competition and Pricing Pressure: The telecommunications industry is highly competitive, with numerous players vying for market share. This intense competition, including price wars in mobile and internet services, can pressure TELUS's pricing, market share, and overall profitability.
2. Regulatory Changes and Compliance: Operating in a highly regulated industry, TELUS is subject to stringent regulations. Changes in the regulatory regime, or non-compliance, can lead to fines, legal challenges, and operational constraints, thereby impacting the company's business operations and profitability.
3. Debt and Capital Allocation/Financing Risks: TELUS faces risks related to its financing, debt, and ability to access funding at optimal pricing. The company has recently paused dividend increases to focus on strengthening its balance sheet and reducing debt, indicating that managing its debt levels and maintaining financial flexibility are significant concerns.

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• Satellite direct-to-device connectivity: Emerging technologies and partnerships (e.g., Lynk Global, AST SpaceMobile, Starlink's direct-to-cell service, Apple's Emergency SOS via Satellite) are enabling standard smartphones to connect directly to satellites, bypassing traditional cellular towers. This poses a significant long-term threat to TELUS's core wireless business by potentially reducing reliance on terrestrial mobile networks and related infrastructure, particularly in remote and underserved areas where TELUS invests heavily.
• Low Earth Orbit (LEO) satellite internet: Services like Starlink and Amazon's Project Kuiper offer high-speed internet directly to consumers via satellite. This represents a clear emerging threat to TELUS's fixed wireline internet business, especially in rural and remote areas where TELUS deploys expensive fiber or offers slower DSL/fixed wireless solutions. These LEO services provide a viable and increasingly competitive alternative, potentially capping TELUS's market share and growth in these regions.
• Expansion of large global tech companies into healthcare: Major technology players such as Amazon (e.g., Amazon Pharmacy, One Medical), Google, and Apple are increasingly investing in and expanding their healthcare offerings globally. While currently often US-focused, their immense resources, technological innovation, and direct-to-consumer capabilities could pose an emerging threat to TELUS Health's position as a leading digital health provider in Canada, particularly in areas like virtual care, electronic medical records, and health data management, should they expand aggressively into the Canadian market or develop platforms adopted by Canadian health systems.

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Addressable Markets for TELUS's Main Products and Services

TELUS, a prominent Canadian telecommunications company, operates across several key segments, including telecommunications, health, digital solutions, and agriculture and consumer goods. The addressable markets for these services vary by region, with a significant focus on Canada for its core telecom offerings and a growing global presence for its health and digital technology divisions.

• Telecommunications (Canada): The Canadian telecommunications sector generated C$59.6 billion in total revenues in 2023. The Mobile Network Operator (MNO) market in Canada is projected to reach USD 49.96 billion in 2025 and is expected to grow to USD 63.51 billion by 2030. Mobile services constituted the largest share of total telecom revenues in 2023, at 55.2%, while fixed internet services accounted for over a quarter (28%) of all telecommunications revenues.
• TELUS Health (Global): TELUS Health's services currently cover 160.6 million lives globally as of the third quarter of 2025. This represents an increase of 84.6 million over the past 12 months, largely due to acquisitions. The division's operations are global, reaching over 50 million employees of organizations in 160 countries, and supporting more than 130,000 physicians, pharmacies, and allied health professionals in Canada.
• TELUS Digital (Global): TELUS Digital provides customer service outsourcing and digital IT services worldwide. TELUS anticipates its AI-enabling capabilities revenue, which includes aspects of TELUS Digital and other global B2B portfolios, to increase from approximately $800 million in 2025 to about $2 billion by 2028 globally, demonstrating an annualized growth rate exceeding 30%.
• TELUS Agriculture & Consumer Goods (Global): TELUS Agriculture & Consumer Goods positions itself as the largest independent player in data insights and digital technology within its sector. This segment focuses on improving food and goods production, distribution, and consumption through analytics-based insights and smart food-chain technology, serving manufacturers of packaged foods, beverages, and other products globally. A specific overall market size in monetary value for this global segment was not identified in the provided information.

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TELUS (TU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in AI-enabled Solutions and Digital Services: TELUS is significantly expanding its focus on artificial intelligence, aiming to increase external AI-driven revenue from approximately CA$800 million in 2025 to CA$2 billion by 2028, representing an annualized growth rate exceeding 30%. This growth is anticipated from units such as TELUS Digital, TELUS Business Solutions, and its recently launched Sovereign AI Factory, which provide advanced digital solutions for business clients. The acquisition of TELUS Digital is also projected to generate substantial annualized cash synergies.
2. Expansion of TELUS Health: The TELUS Health segment continues to be a strong contributor to revenue growth. In the third quarter of 2025, it reported an 18% increase in operating revenue and a 24% rise in adjusted EBITDA. This expansion is fueled by global growth strategies, including targeted strategic investments, continuous product innovation with a digital and AI focus, and broadened sales channels with effective cross-selling. TELUS Health has extended its reach to cover over 160 million lives worldwide.
3. Customer Growth in Mobile and Fixed Connectivity: TELUS is maintaining its emphasis on profitable customer additions within its core telecommunications services. The company added 288,000 new mobile and fixed customers in the third quarter of 2025, which included 82,000 mobile phone net additions and 169,000 connected device net additions. Additionally, growth in residential Internet revenue is contributing to this driver, reflecting consistent customer expansion and higher average revenue per user (ARPU).
4. Network Investments and Expansion (5G and PureFibre): Significant investments in network infrastructure, particularly in 5G and PureFibre networks, are expected to support future revenue growth. TELUS plans to deploy CA$73 billion across Canada by 2028, with CA$24 billion allocated to Ontario over the next five years, to enhance network services, support sustainability, and foster innovation. These investments are vital for connecting Canadians and delivering transformative digital experiences.
5. Growth in TELUS Agriculture & Consumer Goods: While a smaller segment, TELUS Agriculture & Consumer Goods has also shown promising growth, with a 20% revenue increase in the first quarter of 2025. This growth is supported by improved profitability and margin enhancements within the segment.

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Share Repurchases

• TELUS received approval for a Normal Course Issuer Bid (NCIB) in 2022, authorizing the purchase of up to 10 million shares for an aggregate price of up to $250 million over 12 months.
• In 2021, the company was approved to purchase up to 16 million shares for an aggregate price of up to $250 million.

Share Issuance

• In March 2021, TELUS completed an equity offering of 51.3 million common shares, generating gross proceeds of approximately C$1.3 billion.
• Its subsidiary, TELUS International, conducted an Initial Public Offering (IPO) in February 2021, with 37.0 million subordinate voting shares priced at US$25.00 per share, resulting in aggregate gross proceeds of US$925 million.

Outbound Investments

• TELUS acquired LifeWorks for $2.24 billion in June 2022.
• In October 2025, TELUS completed the privatization of TELUS Digital, acquiring the remaining shares it did not own for US$539 million, with the total transaction value reaching approximately $2.9 billion.
• TELUS has made numerous other acquisitions, including Xray505 in May 2025, O-NET in January 2025, Vumetric in May 2024, and Proagrica in March 2024.

Capital Expenditures

• TELUS plans to invest more than C$70 billion over the next five years (through 2029) to expand and enhance its network infrastructure and operations across Canada.
• Consolidated capital expenditures for 2025 are projected to be approximately $2.5 billion, excluding real estate.
• These investments primarily focus on enhancing 4G and 5G wireless coverage, extending PureFibre connectivity, expanding advanced broadband networks in rural and Indigenous communities, and establishing Sovereign AI Factories.