Vancouver – November 06, 2026 -- TELUS Corporation reported a third-quarter 2026 net loss of $660 million after an $800 million non-cash goodwill impairment on TELUS Health, and launched an efficiency program targeting about $900 million in annualized cash savings exiting 2028.
TELUS earmarks 80 percent of $900 million savings for core Telecom
The multi-year program draws on operational cost and margin improvements and capital expenditure efficiencies. About 80 per cent of the savings will come from core Telecom and the balance from Global Platform Businesses. In Telecom, the levers are customer care, revenue per product, the balance between physical and digital channels, procurement, and network and field force efficiency.
TELUS Health impairment drives $0.42 per-share loss
The $800 million pre-tax impairment reflects a recoverable amount for the TELUS Health cash-generating unit below its carrying amount at September 30, 2026. TELUS cited updated growth expectations, broader market conditions and a valuation update tied to the active divestiture process. Basic loss per share was $0.42.
Consolidated operating revenues and other income were $5.0 billion, against $5.1 billion a year earlier. Consolidated service revenue fell 1 per cent to $4.5 billion, as growth in mobile network and fixed data revenues was offset by TELUS Digital.
Consolidated Adjusted EBITDA declined 5 per cent to $1.8 billion. TELUS Digital saw lower client service volumes from two hyperscale clients, and the quarter lapped prior-year real estate gains and other one-time items. Excluding those items, Adjusted EBITDA fell 2 per cent.
Mobile churn falls to three-year low of 1.01 percent
Mobile network revenue grew 1 per cent on 84,000 net new mobile phone customers. ARPU was stable at $57.22, and blended mobile phone churn of 1.01 per cent was a three-year low.
Net debt reaches 3.6 times EBITDA as TELUS targets 3.0 times by 2028
Higher net debt and lower EBITDA lifted leverage to 3.6-times at quarter-end. TELUS aims for 3.0-times or lower by year-end 2028 through operational improvements, asset monetization and disciplined capital allocation. It also cites the dividend reset and removal of the DRIP discount announced in July.
TELUS is accelerating the monetization of TELUS Health and TELUS Agriculture & Consumer Goods, with proceeds directed to debt reduction. It reaffirmed full-year 2026 guidance, as updated with second-quarter results.
CEO Victor Dodig said the plan will make TELUS "a leaner, more focused business."
PureFibre network anchors Canadian AI infrastructure push
TELUS will keep expanding PureFibre into high-return, underserved urban and suburban markets in Canada. Two near-term AI priorities are connectivity for purpose-built data centres TELUS does not own, and sovereign AI capabilities for Canadian businesses and government. A third initiative, data centre shells with already secured power, is under exploration and would proceed through partnerships to protect deleveraging and free cash flow.
TELUS adds ex-BT and KPMG chiefs to board from January 2027
Marc Allera, CEO of EE and BT Group's Consumer Division from 2016 to 2025, and Bill Thomas, former Global Chair and CEO of KPMG International, join the board effective January 1, 2027. Thomas also sits on the board of Bank of America.