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• Darren highlighted strong customer growth, bundled offerings, and a $2 billion investment to expand broadband in Ontario and Quebec. TELUS Health showed strong momentum with $400 million in synergies from LifeWorks. - Doug discussed mobile ARPU trends, fixed data growth, TTech margins, debt deleveraging, and the tower initiative with La Caisse, including no impact on debt or EBITDA from the tower transaction.

• TTech adjusted EBITDA growth targeted at 2%-4%. - Consolidated capital expenditures excluding real estate targeted at $2.5 billion. - Consolidated free cash flow for 2025 confirmed at $2.15 billion. - Aim to reduce net debt-to-EBITDA ratio to 3x by 2027. - Tower transaction expected to reduce leverage by approximately 0.17x pro forma, aiming for 3.55x leverage exiting 2025.

Mobile: Achieved phone net additions of 55,000 and connected device net additions of 112,000. Mobile network revenue down slightly due to lower ARPU but improved operating environment. Fixed: Delivered industry-leading total fixed customer additions, with 27,000 Internet net additions and fixed data services revenue growth of 73%. TTech: TTech adjusted EBITDA increased 3% with margin expansion to 41.7%. TELUS Health saw operating revenue and adjusted EBITDA growth of 16% and 29% respectively. TELUS Digital: Operating revenues and adjusted EBITDA in line with expectations, but recorded a noncash impairment adjustment to goodwill.

• Competitive pressures leading to lower mobile ARPU. - Market irrationality potentially causing negative NPV outcomes. - Impairment risks related to TELUS Digital's model changes including higher WACC and lower growth rates.

Q: On whether the proposed privatization of TIXT indicates a strategic shift in monetization of other tech ventures.

A: Darren stated the move is related to deleveraging goals and not indicative of a shift in adjacency monetization strategies for emerging growth businesses.

Q: Financial details on the towers, specifically EBITDA of the entity.

A: Douglas mentioned EBITDA not disclosed, but towers are at fair market value rent, no impact on debt or EBITDA, and free cash flow positive in future modeling.

Q: Long-term impact of the tower deal and colocation.

A: Douglas said demand for data continues to increase, Terrion will build towers for capacity and colocation, keeping cash flow positive. Darren noted market trend encouraging and transition to rational pricing.

Q: On Koodo's 5G plans.

A: Zainul explained Koodo's strategy is based on customer economic value, 3 pillars of data size, device subsidy, and financing floor, with reintroduction of 5G plans aligned with AMPU objectives.

Q: Working capital outflow and wireless service revenue recovery.

A: Douglas said working capital expected to be net neutral, Darren indicated majority of base repriced, expecting inflection point in 3-4 quarters if pricing discipline holds.

Q: Fixed data growth sustainability and real estate deleveraging.

A: Zainul and Navin discussed fixed data growth sustainability due to diversification and profitability, Douglas detailed real estate deleveraging plans including REIT potential, copper decommissioning, and pruning opportunities.

Q: Role of traditional telcos in Canada's sovereign AI push.

A: Darren highlighted opportunities in sovereign AI factory, AI ingestion in business, and TELUS Digital Solutions, with examples like TELUS Expert Messaging and agent trainer showing AI's impact. Tobias expanded on AI deployment in customer support.

Q: Internet business churn and data center capital deployment.

A: Zainul discussed churn uptick and pricing measures to improve, Darren explained TELUS is leveraging existing data centers for sovereign AI factory, making capital efficient and speedier.