February 12th, 2026

TELUS reported 1.1 million combined mobile and fixed customer net additions for 2025 (fourth consecutive year >1M). Q4 telecom net additions were 377,000, including Q4 wireless net additions of 337,000 (mobile phone net adds 50,000; record connected device net adds 287,000). Full year connected device net additions were 716,000 and mobile phone net adds were 207,000; fixed net additions for 2025 were 158,000 (16th consecutive year of positive wireline net additions).

Postpaid mobile phone churn was 0.97% for full-year 2025 (12th consecutive year below 1%), ~25 basis points better than peer group, supporting industry-leading customer lifetime revenue and loyalty.

TELUS delivered record free cash flow of $2.2 billion for 2025, an increase of 11% versus 2024 (and on top of prior years' double-digit growth), exceeding the annual target and forming the basis for a forecasted minimum 10% CAGR in free cash flow through 2028. 2026 free cash flow guidance is approximately $2.45 billion (circa +10%).

AI-enabling capabilities revenue grew 44% year-over-year in Q4 to $229 million and increased ~35% for the full year, underpinning a target to grow AI-enabling revenue from ~ $800 million in 2025 to ~ $2 billion by 2028.

TELUS Health delivered double-digit revenue and adjusted EBITDA growth in the quarter; LifeWorks annualized synergies reached $431 million (surpassing the $427M target), comprised of $334M in cost efficiencies and $97M in cross-selling revenue (nearly 3x the original $150M target). Global reach expanded to >161 million lives covered.

Net debt-to-EBITDA leverage declined to 3.4x at year-end 2025 (from 3.9x in 2024). Transactions including the Terrion tower deal reduced net debt by $1.26 billion (≈17 points on the net debt/EBITDA ratio). Debt tenders retired $2.9 billion of securities; hybrid issuance achieved a low-cost precedent. Long-term debt average maturity ~14.7 years and weighted-average cost ~4.75%.

Guidance for 2026: consolidated service revenue and adjusted EBITDA growth of 2–4% (company also referenced 'up to 4%'), consolidated free cash flow ≈ $2.45B, consolidated CapEx ≈ $2.3B (CapEx intensity ~12% trending to ~10%), continued monetization program targeting $7B of assets under management, DDRIP discount reduced (2%→1.75%) with full removal planned in 2027.