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TELUS Reports Third Quarter 2026 Results, Demonstrates Continued Discipline in Core Telecom; Advances Transformation Strategy

TU
  • TELUS Corporation reported a net loss of $660 million for the third quarter ended September 30, 2026, driven by an $800 million non-cash goodwill impairment in TELUS Health.
  • Consolidated service revenue declined 1 per cent to $4.5 billion, as mobile network & fixed data growth was offset by lower TELUS Digital revenues.
  • Adjusted EBITDA decreased 5 per cent to $1.8 billion, reflecting lower TELUS Digital results from reduced client volumes & the absence of prior-year real estate gains.
  • The company announced a multi-year efficiency program targeting $900 million in annualized cash savings by 2028 to fund debt reduction & growth investments.
  • TELUS is prioritizing the monetization of non-core assets, specifically TELUS Health & TELUS Agriculture & Consumer Goods, to direct proceeds toward debt reduction.
  • Net debt to Adjusted EBITDA stood at 3.6 times at quarter-end, with a commitment to achieve 3.0 times or lower by year-end 2028.
  • Mobile network revenue grew 1 per cent to $1.78 billion, supported by 84,000 net new subscribers & a stable ARPU of $57.22.
  • Mobile phone churn reached a three-year low of 1.01 per cent, while connected device connections increased 22 per cent to 5.1 million.
  • TELUS appointed Marc Allera & Bill Thomas to its Board of Directors, effective January 1, 2027, to enhance global telecommunications & governance expertise.
  • The company reaffirmed its full-year 2026 guidance, including flat to negative 2 per cent consolidated service revenue growth & approximately $2.6 billion in capital expenditures.
  • TELUS declared a quarterly dividend of $0.1875 per share, payable on January 4, 2027, following a dividend reset announced in July.
  • Strategic investments continue in Canada's core Telecom & AI infrastructure, leveraging the PureFibre network to support sovereign AI capabilities & data centre connectivity.
  • TELUS Digital revenues fell 11 per cent due to client ramp-downs in trust & safety & AI service lines, contributing to the overall revenue decline.
  • Restructuring & other costs increased to $75 million in the quarter, with total annual restructuring costs revised upward to approximately $900 million.
  • Free cash flow for the quarter decreased 35 per cent to $396 million, driven by lower EBITDA & higher capital expenditures.
Company
TELUS Corporation
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TELUS Corporation