Telus Corporation (TU) 2026 Q2 法說會逐字稿

Good day, everyone. Welcome to the TELUS 2026 Q2 earnings conference call. I would like to introduce your speaker, Ian McMillan. Please go ahead.

各位好。歡迎參加 TELUS 2026 年第二季（Q2）財報電話會議。我想介紹今天的講者 Ian McMillan。請開始。

Thank you, Carl, and hello, everyone. Thank you for joining us. Our second quarter 2026 news release, MD&A, financial statements, and detailed supplemental investor information were posted on our website earlier this morning. Today’s agenda will include opening remarks from Victor Dodig, TELUS President and Chief Executive Officer, and Gopi Chande, our Executive Vice President and Chief Financial Officer. After the presentation, there will be a question and answer period, followed by brief closing remarks by Victor.

謝謝你，Carl，各位好。感謝各位加入。我們 2026 年第二季新聞稿、管理階層討論與分析（MD&A）、財務報表，以及詳盡的補充投資人資訊，已於今天稍早公布於我們的網站。今天的議程將包括 TELUS 總裁暨執行長 Victor Dodig，以及我們的執行副總裁暨財務長 Gopi Chande 的開場致詞。簡報結束後將進行問答，最後由 Victor 做簡短結語。

Turning to slide 2. Prepared remarks, slides, and answers to questions contain forward-looking statements. Actual results could vary from these statements. Additionally, please note that all dollar amounts referenced today are in Canadian dollars, unless otherwise stated.

請看投影片 2。預先準備的發言、投影片以及對問題的回覆包含前瞻性陳述。實際結果可能與這些陳述有所不同。此外，請注意，除非另有說明，今天提及的所有金額均以加幣計。

The assumptions on which they are based and the material risks that could cause them to differ are outlined in our public filings with securities commissions in Canada and the United States, including our Q2 2026, and 2025 annual MD&A.

其所依據的假設，以及可能導致結果與之不同的重大風險，已載明於我們向加拿大與美國證券主管機關提交的公開申報文件中，包括我們 2026 年第二季以及 2025 年度的 MD&A。

With that, let me turn the meeting over to Victor, beginning on slide 3.

接下來，我把會議交給 Victor，從投影片 3 開始。

Thank you, Ian. Hello, everyone, and thank you for joining us on today’s earnings call, which is my first as President and CEO of TELUS. I’m excited to be here. I look forward to working with all of you. I want to start by recognizing Darren Entwistle. Over the past 26 years, together with our team, Darren built the network, the culture, and the foundation of our company. And we are grateful for his service and the impact that he’s had.

謝謝你，Ian。各位好，感謝各位參加今天的財報電話會議，這也是我以 TELUS 總裁暨執行長身分的第一次。我很高興能在這裡，也期待與各位合作。我想先向 Darren Entwistle 致意。過去 26 年來，Darren 與我們的團隊一起打造了公司的網路、文化與根基。我們感謝他的服務以及他所帶來的影響。

For those of you who are new to TELUS or are new to me, let me provide a brief background for context. Prior to joining TELUS as CEO, I was President and CEO of CIBC for 11 years. Before my planned retirement in October 2025, I spent over 20 years with the bank, leading businesses and gaining financial and operational experience.

對於剛認識 TELUS 或剛認識我的各位，我先簡要介紹背景以供參考。在加入 TELUS 擔任執行長之前，我在 CIBC 擔任總裁暨執行長 11 年。在我原定於 2025 年 10 月退休之前，我在該銀行服務超過 20 年，領導多項業務並累積財務與營運經驗。

Working for and leading CIBC has given me a deep understanding and appreciation for customer service excellence, managing in highly regulated industries, building a collaborative culture, and nurturing the strategic plan, talent, and execution discipline required to transform an organization. In addition, I’ve served as a director of the TELUS Board for three years, which has provided the on-ramp to shepherd the work we need to do here going forward. So please turn to slide 4.

在 CIBC 工作並擔任領導職務，使我對卓越客戶服務、在高度監管產業中的管理、建立協作文化，以及推動組織轉型所需的策略規劃、人才與執行紀律，有深刻的理解與體會。此外，我也擔任 TELUS 董事會董事三年，這讓我得以順利銜接並引導我們未來需要推進的工作。請看投影片 4。

Today, I will discuss how we’re accelerating the TELUS transformation and driving progress with intentionality and with speed to deliver improved performance. The plan which I will outline will see us build on our strong foundation. We will drive financial discipline. We will simplify our business. We will restore balance sheet strength. We will drive greater operational discipline, and we will focus investments in our core telecom business and digital infrastructure, which are our crown jewel assets.

今天，我將說明我們如何加速 TELUS 的轉型，並以明確的意圖與速度推動進展，以帶來更佳的表現。我將概述的計畫將建立在我們堅實的基礎之上。我們將強化財務紀律；簡化業務；恢復資產負債表的強度；提升營運紀律；並將投資聚焦於我們的核心電信業務與數位基礎設施——這些是我們的皇冠明珠資產。

All of this to ensure that TELUS is in the best position to deliver sustained value to our customers, opportunity for our team members, and returns to our shareholders over the long term. These guiding principles of focus, of simplicity, and of discipline are central to our plan.

所有這些，都是為了確保 TELUS 處於最佳位置，能在長期為客戶提供持續價值、為團隊成員創造機會，並為股東帶來回報。這些「聚焦、簡化、紀律」的指導原則，是我們計畫的核心。

Importantly, our second quarter 2026 results and our 2026 guidance update underscore a company that’s in active transition, leveraging our strengths and addressing challenges to position TELUS for long-term success. Gopi will cover our performance and outlook in greater detail later on in the call.

重要的是，我們 2026 年第二季的業績以及 2026 年指引更新，凸顯公司正處於積極轉型之中：一方面發揮優勢，另一方面正視挑戰，以使 TELUS 站上長期成功的軌道。稍後在電話會議中，Gopi 將更詳細說明我們的表現與展望。

Turning to slide 5. To support our plan, we made strategic changes to our executive leadership team and organizational structure. First, I’m excited to be joined by our new CFO, Gopi Chande, who’s right here in the room with me as we execute together on our transformation and deliver value for all our stakeholders. Further, as you saw last week, I’m also very pleased to welcome Dave Fuller back to TELUS, now as Executive Vice President and Group President of Communications. Dave brings 25 years of telecom industry experience, including 15 years at TELUS, in a number of Senior Executive roles across both our business and consumer organizations.

請看投影片 5。為了支持我們的計畫，我們對高階管理團隊與組織架構做了策略性調整。首先，我很高興與我們的新任財務長 Gopi Chande 一起合作，他此刻就在我同一個會議室中，我們將共同推動轉型並為所有利害關係人創造價值。此外，如各位上週所見，我也非常高興歡迎 Dave Fuller 回到 TELUS，擔任執行副總裁暨通訊事業群總裁。Dave 擁有 25 年電信產業經驗，其中 15 年在 TELUS 任職，曾在我們的企業與消費者組織中擔任多項資深主管職務。

Dave will lead our newly established telecom business, which will be known as TELUS Communications, that brings together our consumer and business solutions teams under a single accountable leader. This structure is designed to simplify decision-making, to sharpen our operational focus, and to accelerate execution against our priorities. I look forward to working closely with Dave in the years ahead.

Dave 將領導我們新成立的電信業務單位，名為 TELUS Communications，將消費者與企業解決方案團隊整合於單一、具明確責任的領導之下。此架構旨在簡化決策、強化營運聚焦，並加速落實我們的優先事項。我期待未來幾年與 Dave 密切合作。

Navin Arora, now as Executive Vice President and Group President, will lead our global platform businesses, a portfolio that includes TELUS Digital, TELUS Health, and TELUS Agriculture and Consumer Goods. In addition, Navin will assume oversight of enterprise corporate strategy, corporate development, our AI data center strategy and execution, as well as TELUS Global Ventures, bringing together the strategic and financial discipline governing this portfolio together under one leader.

Navin Arora 將以執行副總裁暨事業群總裁身分，領導我們的全球平台業務組合，包含 TELUS Digital、TELUS Health，以及 TELUS Agriculture and Consumer Goods。此外，Navin 也將負責企業級公司策略、企業發展、我們的 AI 資料中心策略與執行，以及 TELUS Global Ventures，將此投資組合的策略與財務紀律整合由單一領導者統籌。

These changes give us clear lines of accountability, a focused operator leading our core telecom business, and a disciplined steward managing our global platform portfolio. This is an important step as we set up to execute the priorities ahead with focus and with speed. As part of these changes, Zainul Mawji will depart TELUS September 1. Her numerous contributions to our company over the past 25 years are immeasurable, and we wish Zainul every success going forward.

這些調整讓我們具備清晰的責任歸屬：由專注的營運領導者帶領核心電信業務，並由具紀律的管理者治理全球平台投資組合。這是重要的一步，讓我們能以聚焦與速度推進接下來的優先事項。作為這些調整的一部分，Zainul Mawji 將於 9 月 1 日離開 TELUS。她在過去 25 年對公司的眾多貢獻難以衡量，我們祝福 Zainul 未來一切順利。

Please turn to slide 6. Now let me spend a few minutes and offer some initial observations about our business and current industry dynamics. This is really important context for the discussion on strategy that’s going to follow.

請看投影片 6。接下來我用幾分鐘分享對我們業務與目前產業動態的一些初步觀察。這將為接下來的策略討論提供非常重要的背景。

On the May 1, I joined the management team at TELUS as CEO designate. During the two months before becoming President and CEO on July 1, I worked alongside Darren and the rest of the leadership team to gain a deep understanding of our business from all angles, which surfaced important insights into our company and our operating environment.

在 5 月 1 日，我以候任執行長身分加入 TELUS 管理團隊。在 7 月 1 日正式成為總裁暨執行長之前的兩個月，我與 Darren 及其他領導團隊成員並肩合作，從各個角度深入了解我們的業務，並因此獲得對公司與營運環境的重要洞見。

The inherent strength of our organization is undeniable. We have a true leadership position in our TELUS PureFibre network, sustained customer growth and loyalty, and we’re advancing the next generation of AI-enabling capabilities.

我們組織的內在實力無庸置疑。我們在 TELUS PureFibre 網路方面具備真正的領導地位，客戶成長與忠誠度持續提升，並且正推進下一代可支援 AI 的能力。

We’re investing in true nation-building infrastructure projects, including sustainable sovereign AI data centers that will support Canada’s technological independence and drive economic prosperity. This foundation is strong, and it offers TELUS real opportunities for growth. Yet at the same time, we have challenges. While I’m mindful that our industry is inherently competitive, we’re navigating macroeconomic headwinds, namely lower immigration, which is translating into lower demand for certain core products across all carriers.

我們正投資於真正具「建國」意義的基礎設施專案，包括永續的主權 AI 資料中心，將支持加拿大的科技自主並帶動經濟繁榮。這個基礎很強，也為 TELUS 帶來實質的成長機會。然而同時，我們也面臨挑戰。儘管我理解本產業天生競爭激烈，我們仍在因應總體經濟逆風，尤其是移民減少，正轉化為所有電信業者在某些核心產品上的需求下降。

In addition, there’s a need for greater simplicity at TELUS and a return to our roots. To that end, I see a real opportunity to focus on our core business, harness our technology, and encourage a culture of innovation and a culture of efficiency. I see the opportunity to further deepen our customer relationships, something our TELUS team is exceptional at, and double down on our competitive advantage here.

此外，TELUS 需要更高程度的簡化，並回歸初心。就此而言，我看到一個明確的機會：聚焦核心業務、善用我們的科技，並鼓勵創新文化與效率文化。我也看到進一步深化客戶關係的機會——這正是 TELUS 團隊的強項——並在此加倍投入我們的競爭優勢。

And I see the opportunity to invest in the technology and infrastructure that will play a vital role in Canada’s economic growth and prosperity at a critical moment for our country. Now, to be certain, our strategic plan is built on what we can control and execute on. So with that backdrop, let me turn to our priorities going forward.

我也看到在對加拿大而言至關重要的時刻，投資於將在加拿大經濟成長與繁榮中扮演關鍵角色的科技與基礎設施的機會。當然，我們的策略計畫建立在我們可控且可執行的事項之上。在這樣的背景下，接下來我將談談我們未來的優先事項。

Moving to slide 7. Today, we’re introducing our transformation strategy, which comprises three financial and operational priorities. The first is to strengthen our financial foundation, which means getting our balance sheet to where it needs to be, so TELUS has the financial flexibility to invest, to return capital, and to operate from a position of strength. This includes a capital allocation framework that is sustainable and sets us up for long-term success.

請看投影片 7。今天，我們將介紹轉型策略，包含三項財務與營運優先事項。第一項是強化財務基礎，也就是讓資產負債表回到應有的水準，使 TELUS 具備投資、回饋資本並以強勢地位營運的財務彈性。這也包括一套可持續的資本配置框架，為長期成功奠定基礎。

The second is to hone our operational discipline, to control our costs, and to reinvest in our core business. This is about running our business with greater rigor and discipline and a sharp focus on efficiency and returns on deployed capital. This will continue to enable competitive advantage across our telecom business and digital infrastructure.

第二項是精進營運紀律、控制成本，並將資源再投資於核心業務。這關乎以更嚴謹的方式與紀律來經營公司，並以效率與已投入資本的報酬率為明確焦點。這將持續在我們的電信業務與數位基礎設施方面，強化競爭優勢。

And the third priority flows from the first two. As we strengthen our financial foundation and hone our operational efficiency, we’ll be in a better position to generate robust free cash flow and deploy resources to drive profitable, sustainable growth and returns to our shareholders over the long run. These three priorities will frame how I look at and how I talk about our performance going forward. We expect this plan to deliver minimum compounded annual free cash flow growth of 10% over 2027 and 2028. This is a number I’m holding myself and our team accountable to.

第三項優先事項源自前兩項。當我們強化財務基礎並精進營運效率時，我們將更有能力產生強勁的自由現金流，並配置資源以推動具獲利性、可持續的成長，並在長期為股東帶來回報。這三項優先事項將構成我未來如何看待並如何談論我們績效的框架。我們預期此計畫將在 2027 年與 2028 年帶來至少 10% 的自由現金流複合年成長率。這個數字是我要求自己與團隊必須達成並負責的目標。

And let me walk through each of these priorities more specifically. If you would please turn to slide 8, I’ll start with the first priority, which is to strengthen our financial foundation. First, fortifying our balance sheet is the prerequisite for everything else. We’re carrying approximately 3.5 times net debt to adjusted EBITDA. Our updated target is 3 times or lower by the end of 2028, a commitment that we are confident in achieving.

接下來我將更具體地逐一說明這些優先事項。請翻到第 8 張投影片，我先從第一項優先事項開始，也就是強化我們的財務基礎。首先，強化資產負債表是其他一切的前提。我們目前的淨負債對調整後 EBITDA 約為 3.5 倍。我們更新後的目標是在 2028 年底前降至 3 倍或以下，我們有信心能夠達成這項承諾。

The dividend reset we announced today is a direct action to accelerate that path to lower debt. We expect approximately CAD2.7 billion of cumulative cash savings from the dividend reset that we will use toward debt reduction. Specifically effective October 1, our quarterly dividend will be CAD0.1875 per share, which represents CAD0.75 per share annually, a reduction of 55%.

我們今天宣布的股利重設，是加速降低負債路徑的直接行動。我們預期透過股利重設可累計節省約 27 億加幣的現金，並將用於減債。具體而言，自 10 月 1 日起，我們的季度股利將為每股 0.1875 加幣，折合每年每股 0.75 加幣，降幅為 55%。

In addition, we’re now targeting a payout ratio range of 45% to 60% of trailing 12-month free cash flow. The discount on the dividend reinvestment plan is also being terminated effective October 1. It served a clear purpose during the peak of our network build, preserving cash when capital intensity was at its highest.

此外，我們目前的目標是將配息率設定在過去 12 個月自由現金流的 45% 至 60% 區間。股利再投資計畫（DRIP）的折扣也將自 10 月 1 日起終止。該機制在我們網路建設高峰期具有明確目的，當資本密集度最高時用以保留現金。

With our network build maturing and free cash flow growing, that mechanism is no longer necessary. To that end, we’ll be driving greater capital discipline across our entire enterprise. And while in-year CapEx is going up slightly due to supply chain dynamics and inflation, as well as an incremental strategic investment in our infrastructure, this is not a retreat from our commitment, so a multi-year 10% capital intensity target, which remains on track. It’s about strengthening the foundation from which we can and which we will build.

隨著我們的網路建設趨於成熟且自由現金流成長，該機制已不再必要。為此，我們將在整個企業推動更嚴格的資本紀律。雖然受供應鏈動態與通膨影響，加上我們對基礎設施的額外策略性投資，使得當年度資本支出（CapEx）略有上升，但這並非對我們承諾的退縮；我們的多年期 10% 資本密集度目標仍在軌道上。這是為了強化我們可以、也將用來持續建設的基礎。

To demonstrate our discipline, we have put a moratorium on acquisitions. Once we reach our targeted leverage level and fortify our balance sheet, we will revisit our capital allocation priorities. Finally, we remain committed to monetizing non-core assets to optimize our portfolio and pay down debt, which will ultimately support a stronger financial foundation for TELUS. And I’m going to provide an update on this work stream in a minute.

為展現我們的紀律，我們已對併購設下暫停令。一旦達到目標槓桿水準並強化資產負債表，我們將重新檢視資本配置的優先順序。最後，我們仍致力於將非核心資產變現，以優化投資組合並償還債務，最終將支持 TELUS 更強健的財務基礎。我稍後會就這項工作流程提供最新進展。

So please turn to slide 9 and our second priority, which is to hone operational discipline, control our costs, and reinvest in our core. Operational discipline comes down to three things, value for every customer relationship, efficiency in how we deploy our resources, and return on invested capital. TELUS has an incredible heritage of customer service. It’s in our DNA, and we’re fortunate to have a team that is the best in the industry at putting our customers first.

請翻到第 9 張投影片，第二項優先事項是精進營運紀律、控制成本，並再投資於核心業務。營運紀律可歸結為三件事：每一段客戶關係的價值、我們配置資源的效率，以及投資資本報酬率（ROIC）。TELUS 擁有卓越的客戶服務傳承，這已融入我們的 DNA；我們也很幸運擁有一支在業界最擅長以客戶為先的團隊。

If we are looking at everything through the lens of return on capital, there’s no better place to start than how we serve our customers. This includes driving product intensity and value for every customer relationship. This is going to be a big part of the focus that I’ll bring to our team in the first few months.

如果我們以資本報酬的視角檢視所有事情，那麼最好的起點莫過於我們如何服務客戶。這包括提升產品滲透度（product intensity），並為每一段客戶關係創造價值。這將是我在最初幾個月帶給團隊的重點之一。

As part of our effort to reposition TELUS, we’re taking a hard look at our cost structure. We’ll deploy a surgical process that will embrace technology, eliminate redundancies, and ensure every dollar is deployed with discipline.

作為重新定位 TELUS 的一部分，我們正嚴格檢視成本結構。我們將採取精準的流程，擁抱科技、消除重複，並確保每一塊錢都以紀律方式投入。

We’re currently conducting extensive work to make sure our cost structure decisions are made thoughtfully and are in the best interest of the overall enterprise. Given the long-term importance of these decisions, we’re focused on making the right ones rather than making fast ones.

我們目前正進行大量工作，以確保成本結構的決策是經過周全思考，並符合整體企業的最佳利益。鑑於這些決策對長期的重要性，我們專注於做出正確的決定，而不是做出快速的決定。

I expect to provide a detailed overview of the scope of this work on or before our third quarter earnings call in November. As we sharpen our focus and free up capital, we will recycle resources to the parts of our core business where we have the strongest competitive position and the clearest path to drive value-adding returns for our shareholders.

我預期將在 11 月第三季財報電話會議當日或之前，提供這項工作的範圍之詳細概述。當我們更聚焦並釋放資本時，我們將把資源回收再投入到核心業務中我們競爭地位最強、且最清楚能為股東帶來增值回報的領域。

Our governing principle is straightforward. We will invest where returns on invested capital exceed our cost of capital, and we will seek to redeploy capital to areas of highest return potential. Every dollar will be evaluated on this basis.

我們的治理原則很直接：我們將投資於投資資本報酬率高於資本成本的領域，並尋求將資本重新配置到回報潛力最高的領域。每一塊錢都將以此為基準進行評估。

Turning to slide 10 and our third priority, which is to deploy resources to drive profitable, sustainable growth and our returns. As part of our plan, we will expand Canada’s digital infrastructure by strengthening the connectivity and networks people rely on every day.

接著看第 10 張投影片，第三項優先事項是配置資源以推動具獲利性、可持續的成長與回報。作為我們計畫的一部分，我們將透過強化人們每日仰賴的連線能力與網路，擴展加拿大的數位基礎設施。

We will invest directly in next-generation technology, including high-speed network upgrades and sustainable sovereign AI data centers built to meet growing national demand. In telecom, we will continue to build on our wireless and TELUS PureFibre network leadership while extending our network into rural and indigenous communities.

我們將直接投資於下一代技術，包括高速網路升級，以及為滿足日益成長的全國需求而建置的可持續、主權 AI 資料中心。在電信方面，我們將持續鞏固我們在無線與 TELUS PureFibre 網路的領先地位，同時將網路延伸至鄉村與原住民社區。

In our global platform businesses, we’ll continue to invest to better serve our customers and deliver a better return profile. The level and timing of these investments will depend in part on the state of our business and the progress we’re making in executing the priorities I’ve just outlined. With that, let me provide an update on our strategic portfolio review and asset monetization efforts, which are already underway ahead of my appointment as CEO.

在我們的全球平台業務中，我們將持續投資，以更好地服務客戶並帶來更佳的回報結構。這些投資的規模與時點，部分將取決於我們業務的狀況，以及我們在執行我剛才概述之優先事項上的進展。接下來，我將就我們的策略性投資組合檢視與資產變現工作提供最新進展；這些工作在我被任命為 CEO 之前就已經啟動。

I’m on slide 11. Before I speak to our active processes, I want to point to Terrion as an example of how we think about unlocking value from within our portfolio. In September 2025, we sold a 49.9% stake in Terrion, our wireless tower subsidiary, to La Caisse. Through our partnership, Terrion now thrives as a standalone entity, providing superior network quality and service that TELUS customers continue to rely upon. This transaction resulted in proceeds of CAD1.26 billion, allowing us to reduce our net debt to adjusted EBITDA by 0.17 turns. It’s a proof point for the approach and discipline we’re bringing to our broader portfolio.

我現在在第 11 張投影片。在談我們正在進行的流程之前，我想以 Terrion 作為例子，說明我們如何從投資組合內部釋放價值。2025 年 9 月，我們將無線基地台子公司 Terrion 的 49.9% 股權出售給 La Caisse。透過這項合作，Terrion 如今以獨立實體蓬勃發展，提供優異的網路品質與服務，而 TELUS 客戶仍持續仰賴這些服務。此交易帶來 12.6 億加幣的收益，使我們的淨負債對調整後 EBITDA 降低 0.17 倍。這是我們在更廣泛投資組合上所採取方法與紀律的有力佐證。

Now, regarding TELUS Health, I want to stress that this is a great business of great people. We remain active in the market around certain non-core assets, and we’re encouraged by the discussions we’re having with interested parties. We’re also advancing the monetization process of our core non-real estate assets. Additional details on all these efforts will be provided as notable developments arise.

接著談到 TELUS Health，我要強調這是一項由優秀人才所組成的優質業務。我們仍在市場上就某些非核心資產保持積極動作，且對於與有興趣的各方所進行的討論感到鼓舞。我們也正在推進核心的非不動產資產之變現流程。關於所有這些工作的更多細節，將在出現重要進展時提供。

In summary, these processes are active and progressing. Together, they represent a significant source of proceeds that will go directly to paying down debt and accelerating our path to three times or lower leverage by year-end 2028. In the meantime, our priority is supporting our team and supporting our clients and keeping them focused on the right things.

總結而言，這些流程正在進行並持續推進。合計而言，它們代表一項可觀的資金來源，將直接用於償還債務，並加速我們在 2028 年底前將槓桿降至 3 倍或以下的路徑。與此同時，我們的優先事項是支持我們的團隊、支持我們的客戶，並讓大家專注於正確的事情。

So let me recap. Our second quarter results and reset of targets reflect a business in transition, and the decisions we announce today will advance the work already in flight. Our focus is on executing with discipline and positioning TELUS to deliver sustainable, profitable growth and returns over the long term.

因此我再回顧一次。我們第二季的結果與目標重設，反映出公司正處於轉型之中，而我們今天宣布的決策將推進目前已在進行中的工作。我們的重點是以紀律執行，並讓 TELUS 具備在長期提供可持續、具獲利性的成長與回報的定位。

We are moving with clarity, we’re moving with urgency, and I’m confident, very confident, in the ability of our team to deliver. With that, I’ll turn the call over to Gopi to provide an overview of our financial and operational performance and our updated outlook for the balance of 2026.

我們正以清晰的方向前進、以急迫感前進，而我對我們團隊的交付能力有信心，非常有信心。接下來，我將把電話會議交給 Gopi，請他概述我們的財務與營運表現，以及我們對 2026 年剩餘期間更新後的展望。

Gopi, over to you.

Gopi，交給你。

Thank you, Victor, hello, everyone. I’m also excited to serve TELUS in my new role. I do want to say thank you to Doug French for his leadership over the years. Today, I will cover Q2 financial performance, provide more details on our dividend reset and broader capital allocation strategy going forward, walk through our updated financial guidance for 2026.

謝謝你，Victor，各位大家好。我也很高興在新職務上為 TELUS 服務。我也想感謝 Doug French 多年來的領導。今天我將說明第二季財務表現，提供更多關於我們股利重設與未來更廣泛資本配置策略的細節，並帶大家走過我們更新後的 2026 年財務指引。

Turning to slide 13 and our second quarter consolidated results. Service revenue of CAD4.4 billion was down 1% year-over-year and adjusted EBITDA of CAD1.8 billion decreased 2%. While results reflect good underlying performance in mobility, with network revenue continuing to improve, they were offset primarily by weaker results in TELUS Digital and, as it relates to adjusted EBITDA, lower real estate gains. I’ll speak to each segment in a moment.

請看第 13 張投影片，第二季合併結果。服務營收為 44 億加幣，年減 1%；調整後 EBITDA 為 18 億加幣，下降 2%。雖然結果反映行動業務的良好基本面表現，網路營收持續改善，但主要被 TELUS Digital 較弱的表現所抵銷；而就調整後 EBITDA 而言，亦受到不動產收益較低的影響。我稍後將逐一說明各個事業部門。

Normalizing for the impacts of other income, consolidated adjusted EBITDA was stable, demonstrating the resiliency of our underlying telecom business. Basic EPS was negative due to the TELUS Digital impairment, which I will address shortly. While the adjusted EPS was CAD0.16, down from CAD0.22 a year ago due to after-tax impacts of lower operating income and the elimination of the non-controlling interest for TELUS Digital.

在排除其他收入影響後，合併調整後 EBITDA 維持穩定，展現我們核心電信業務的韌性。基本每股盈餘（EPS）為負，主因為 TELUS Digital 的減損，我稍後將說明。調整後 EPS 為 0.16 加元，較一年前的 0.22 加元下滑，原因在於營業利益下降的稅後影響，以及 TELUS Digital 非控制權益的消除。

Cash from operations increased by 15%, while free cash flow of CAD545 million was higher by 2%, reflecting lower net income taxes paid and lower lease payments, partially offset by increased interest and lower EBITDA.

營運活動現金流增加 15%，而自由現金流為 5.45 億加元，年增 2%，反映已支付的淨所得稅較低及租賃付款較低，但部分被利息增加與 EBITDA 下降所抵銷。

Moving to slide 14, starting with TELUS technology solutions or TTech. TTech service revenue of CAD3.3 billion and adjusted EBITDA of CAD1.6 billion were both relatively flat year-over-year. Drilling into the subcomponents, mobile network revenue of CAD1.7 billion was up 1%.

接著看第 14 頁投影片，先從 TELUS Technology Solutions（TTech）談起。TTech 服務收入為 33 億加元、調整後 EBITDA 為 16 億加元，兩者皆與去年同期大致持平。進一步拆解，行動網路收入 17 億加元，成長 1%。

This performance reflects our disciplined operational execution despite an active competitive environment, evidenced by our ability to preserve premium economics. Notably, this is our third consecutive quarter of mobile network revenue growth.

此表現反映我們在競爭活躍的環境下仍能以紀律落實營運執行，並展現維持高端經濟效益的能力。值得注意的是，這是我們行動網路收入連續第三季成長。

Encouragingly, during the quarter, we saw signs of a moderating promotional environment, a positive second half setup. This supported our fifth consecutive quarter of year-over-year improvement in ARPU, declining at a stabilizing pace of less than 0.5%.

令人鼓舞的是，本季我們看到促銷環境趨於緩和的跡象，為下半年帶來正向布局。這也支持我們 ARPU 連續第五季年對年改善，降幅以低於 0.5% 的速度趨於穩定。

On the subscriber front, mobile net phone additions of 17,000 reflected lower gross additions as we remained disciplined on quality premium brand loading, while blended mobile phone churn was up slightly to 1.08%, postpaid churn was stable.

在用戶方面，行動電話淨增 1.7 萬戶，反映我們在高品質、高端品牌導入上維持紀律，導致總新增用戶較低；同時，行動電話合併流失率小幅上升至 1.08%，後付費流失率則維持穩定。

while demographic headwinds, including population growth and lower immigration levels, have meaningfully reduced the addressable market for new customer growth, we’re encouraged by what we’re seeing in the wireless competitive environment. Fundamentally, we’re focused on controlling what we control, which will be supported by honing our operational disciplines.

同時，人口結構逆風（包括人口成長與移民水準下降）已顯著縮小新客成長的可觸及市場，但我們對目前無線競爭環境所見仍感到鼓舞。根本上，我們專注於掌控我們能掌控的事項，並將透過精進營運紀律來支撐。

Turning to fixed data services. Revenue was stable at CAD1.2 billion, supported by growth in residential of 2%. In our TELUS Business Solutions portfolio, performance remained challenged by revenue variability and customer contract changes in the public sector, partially offset by growth in fixed data revenue with small and medium business clients. Internet net additions totaled 20,000 as our focus remains on accretive growth and a deliberate shift away from more aggressive promotional pricing.

接著看固網數據服務。收入穩定於 12 億加元，在住宅端 2% 成長的支撐下維持穩健。在我們的 TELUS Business Solutions 產品組合中，表現仍受公部門收入波動與客戶合約變更影響而具挑戰，但部分被中小企業客戶固網數據收入成長所抵銷。網際網路淨增用戶合計 2 萬戶，我們仍聚焦於具增益的成長，並有意從更激進的促銷定價轉向。

Let me turn to TELUS Digital on slide 15. As outlined in our disclosure materials today, this quarter we reported a pre-tax non-cash carrying value impairment of CAD2.1 billion. The factors for this write-down are as follows.

接著看第 15 頁投影片的 TELUS Digital。如同我們今日揭露資料所述，本季我們認列稅前、非現金的帳面價值減損 21 億加元。此次減記的因素如下。

First, we experienced more pronounced churn in the second quarter as legacy services provided to certain hyperscale clients are being automated faster than we anticipated, specifically content moderation as well as ad relevancy, search related services. This is a reflection of customers no longer needing these services from external providers amid accelerated AI adoption.

第一，我們在第二季經歷更明顯的流失，原因是提供給部分超大規模（hyperscale）客戶的既有服務被自動化的速度快於我們預期，特別是內容審核，以及廣告相關性、搜尋相關服務。這反映在 AI 加速採用下，客戶不再需要外部供應商提供這些服務。

These services are expected to continue declining, and we’re rightsizing our cost structure accordingly. While we have begun to pivot to higher value complex AI datasets, that work is not yet fully enough to offset the accelerated pace of the legacy decline.

這些服務預期將持續下滑，我們也相應調整成本結構規模。雖然我們已開始轉向更高價值、複雜的 AI 資料集，但目前相關工作仍不足以抵銷既有業務加速下滑的速度。

To support this shift, we are actively executing a comprehensive commercial rebuild, pairing dedicated technical leads with industry experts, resetting account leadership, and placing specialized senior commercial leads in key markets to strengthen our go-to-market and pipeline conversion success.

為支持此一轉型，我們正積極推動全面性的商業重建：將專責技術主管與產業專家配對、重置客戶帳戶領導架構，並在關鍵市場配置具專業的資深商務主管，以強化我們的市場進入策略（go-to-market）與管線轉換成功率。

Finally, we’ve undertaken a reassessment of our AI-enabling services growth trajectory. While the market continues to move towards AI at scale and we still see exciting opportunities within these services, customer adoption is slower than we previously modeled as sales cycles have extended and deal sizes have compressed.

最後，我們重新評估 AI 賦能服務的成長軌跡。雖然市場仍持續朝向大規模 AI 發展，我們也仍在這些服務中看到令人振奮的機會，但由於銷售週期拉長、交易規模縮小，客戶採用速度較我們先前模型假設更慢。

We remain confident in the long-term trajectory of our AI capabilities, including the exciting growth we see in AI data centers. Notably, at TELUS Digital, our customer experience management service line, which represents more than half of TELUS Digital’s total revenue, continues to show incremental growth, leaning to CX AI engagements, which are proving to be our innovative edge that sets TELUS Digital apart from its peers.

我們對 AI 能力的長期發展軌跡仍具信心，包括我們在 AI 資料中心所見的令人振奮的成長。值得注意的是，在 TELUS Digital 中，我們的客戶體驗管理（CXM）服務線占 TELUS Digital 總收入的一半以上，仍持續呈現增量成長，並傾向於 CX AI 專案合作；這些正證明是我們的創新優勢，使 TELUS Digital 有別於同業。

Please turn to slide 16. TELUS Health service revenue of CAD533 million grew by 4% year over year, and adjusted EBITDA of CAD99 million expanded modestly by 1%. These results were supported by one final month of inorganic growth from Workplace Options, offsetting softer organic growth.

請翻到第 16 頁投影片。TELUS Health 服務收入為 5.33 億加元，年增 4%；調整後 EBITDA 為 9,900 萬加元，小幅擴張 1%。這些結果受惠於 Workplace Options 併購帶來的最後一個月外生成長，抵銷了較疲弱的內生成長。

Looking forward, the quality and scale of our global health assets gives us confidence that this business can drive better organic performance with improved profitability as we execute on additional efficiency initiatives implemented in Q2.

展望未來，我們全球健康資產的品質與規模，讓我們有信心在第二季已實施的進一步效率措施落地執行下，該業務可在提升獲利能力的同時，帶動更佳的內生表現。

The team continues to work through Workplace Options integration, including product enhancement, expanding sales channels, and effective cost management, all of which are expected to contribute to stronger financial performance. Regarding TELUS Agriculture & Consumer Goods, service revenues of CAD90 million, increased by 6%, driven by higher animal agriculture revenue.

團隊持續推進 Workplace Options 的整合，包括產品強化、擴大銷售通路與有效的成本管理，預期都將有助於更強勁的財務表現。至於 TELUS Agriculture & Consumer Goods，服務收入為 9,000 萬加元，成長 6%，主要由較高的動物農業收入帶動。

Let me now address the balance sheet on slide 17. Our financial position remains strong. We remain well capitalized with total available liquidity of CAD2.7 billion and a net debt to adjusted EBITDA leverage ratio as of June 30th of 3.5 times, down from 3.7 times a year ago.

接著我說明第 17 頁投影片的資產負債表。我們的財務狀況仍然穩健。公司資本充足，可用總流動性為 27 億加元；截至 6 月 30 日，淨負債對調整後 EBITDA 槓桿比率為 3.5 倍，較一年前的 3.7 倍下降。

As Victor noted earlier, we are committed to a target of 3 times or lower by the end of 2028. The revised timeline, moving from 2027 to 2028, is a direct consequence of the business headwinds described earlier. We remain fully committed to maintaining our investment-grade credit rating profile.

如 Victor 先前所提，我們承諾在 2028 年底前達成 3 倍或以下的目標。時程由 2027 年延後至 2028 年，是前述業務逆風的直接結果。我們仍完全致力於維持投資等級的信用評等輪廓。

Looking forward, our operational execution, declining capital intensity and free cash flow growth, and active asset monetization processes will continue to strengthen our balance sheet. To achieve our goals, we are recalibrating the near-term capital allocation strategy to support a stronger TELUS in the future, as you can see on slide 18. As noted, first, we are focused on reducing leverage towards our stated target, which will be supported in part by cash savings from the dividend reset and the proceeds from asset monetization efforts.

展望未來，我們的營運執行、資本強度下降與自由現金流成長，以及積極的資產變現流程，將持續強化資產負債表。為達成目標，我們正重新校準短期資本配置策略，以支持未來更強健的 TELUS，如第 18 頁投影片所示。如前所述，第一，我們聚焦於將槓桿降至既定目標，部分將由股利重設帶來的現金節省，以及資產變現努力的所得款項所支撐。

Second, we are deploying a disciplined approach to investments, focusing on strengthening core telecom and digital infrastructure with 2026 CapEx expected to be approximately CAD2.6 billion, up from approximately CAD2.3 billion previously communicated. This increase is driven by a few main points. The first is overall pricing inflation and supply chain dynamics impacting customer premise equipment. The second is a modest strategic investment directed towards our AI data centers, including network infrastructure upgrades and site enablement to support our state-of-the-art sovereign AI centers in Rimouski and Kamloops.

第二，我們以紀律化方式部署投資，聚焦強化核心電信與數位基礎設施；預期 2026 年資本支出（CapEx）約為 26 億加元，高於先前溝通的約 23 億加元。此增幅主要由幾點驅動：第一，整體價格通膨與供應鏈動態影響客戶端設備（CPE）。第二，針對 AI 資料中心的適度策略性投資，包括網路基礎設施升級與場址啟用，以支持我們在 Rimouski 與 Kamloops 的最先進主權 AI 中心。

And third, we’re allocating additional capital in a deliberate shift towards customer base management, such as addressing customer pain points, eliminating friction through interactions, and expanding wallet share within existing relationships, each of which improves churn economics and lifetime customer value.

第三，我們將額外資本配置於有意識地轉向客戶基礎管理，例如解決客戶痛點、在互動中消除摩擦，以及在既有關係中擴大錢包占比；上述各項皆可改善流失的經濟效益與客戶終身價值。

Finally, as we announced today and as Victor addressed earlier, we reset our quarterly dividend to CAD0.1875 per share and are removing the dividend reinvestment plan discount effective October 1, 2026. As a result, we have also updated our free cash flow dividend payout ratio to a range of 45% to 60% of trailing 12-month free cash flow from a range of 60% to 75% on a prospective basis previously.

最後，如我們今日宣布且 Victor 先前所述，我們將季度股利重設為每股 0.1875 加元，並自 2026 年 10 月 1 日起取消股利再投資計畫（DRIP）折扣。因此，我們也將自由現金流股利支付率更新為：以過去 12 個月自由現金流為基礎的 45% 至 60% 區間；先前則是以前瞻基礎的 60% 至 75% 區間。

This will be our dividend policy moving forward beginning in 2027. Based on actions taken today, TELUS will see cash savings of approximately CAD2.7 billion through the end of 2028 that we intend to use to support our deleveraging efforts.

此將成為我們自 2027 年起的股利政策。基於今日採取的行動，TELUS 預計在 2028 年底前可節省約 27 億加元現金，我們擬將其用於支持去槓桿化努力。

Let me now close my remarks with our updated outlook for 2026, as outlined on slide 19. For the full year 2026, we now expect consolidated service revenue to be in the range of flat to negative 2%, with TTech service revenue forecasted to be closer to flat. Consolidated adjusted EBITDA for the year is now expected to be in the range of negative 2% to negative 4%, with TTech adjusted EBITDA also expected to decline within a similar range.

最後以第 19 頁投影片所列的 2026 年更新展望作結。就 2026 全年而言，我們目前預期合併服務收入介於持平至負 2% 之間，TTech 服務收入預測將更接近持平。全年合併調整後 EBITDA 目前預期介於負 2% 至負 4% 之間，TTech 調整後 EBITDA 亦預期在相近區間內下滑。

This compares to our prior forecast for both consolidated service revenue and adjusted EBITDA to be 2% to 4% growth year-over-year. Breaking it down, our revised outlook is due to our updated view of the current business environment, which includes both encouraging trends and challenges. Furthermore, our original target anticipated the pace of the underlying business growth would offset one-time benefits we realized in 2025, largely reflecting real estate gains.

相較之下，我們先前對合併服務收入與調整後 EBITDA 的預測皆為年對年成長 2% 至 4%。進一步拆解，我們修正後的展望反映我們對當前經營環境的最新看法，其中同時包含令人鼓舞的趨勢與挑戰。此外，我們原先的目標假設核心業務成長的速度可抵銷我們在 2025 年取得的一次性利益，主要反映不動產收益。

We no longer anticipate that level of growth, which results in about 200 basis points of headwind. To help with modeling this, we have provided additional details for you in the appendix. Despite the in-year CapEx increase, which I outlined earlier, we remain committed to our multi-year approach of reducing capital intensity as a percentage of total revenue as we continue to drive towards our target of 10%. We believe we can operate at a substantially lower capital profile beginning as early as next year.

我們不再預期會有那樣的成長幅度，這帶來約 200 個基點的逆風。為協助你們進行模型推估，我們已在附錄中提供更多細節。儘管如我先前所述，本年度資本支出（CapEx）有所增加，我們仍致力於多年期策略：在持續朝 10% 目標邁進的同時，將資本密集度占總營收的比例逐步降低。我們相信，最早自明年起即可在顯著更低的資本水準下營運。

Finally, free cash flow for 2026 is now anticipated to be approximately CAD1.8 billion versus our previous outlook of approximately CAD2.45 billion as a result of lower EBITDA, higher CapEx, an incremental CAD100 million in transformation-related restructuring costs relative to our Q1 update.

最後，2026 年自由現金流目前預期約為 18 億加幣，低於我們先前約 24.5 億加幣的展望，原因在於 EBITDA 較低、CapEx 較高，以及相較於我們第一季更新內容，另增加約 1 億加幣與轉型相關的重整成本。

In closing, we have work ahead of us. We are fully committed to our transformation program and communicating with transparency. We are confident that our actions today and the plan we have laid out will position us for stronger performance as we head into 2027.

總結來說，我們前方仍有工作要做。我們對轉型計畫全力投入，並以透明方式溝通。我們有信心，今天採取的行動以及所擬定的計畫，將在邁向 2027 年之際，讓我們具備更強勁的表現基礎。

With that, I’ll turn it back to Victor before we start our Q&A.

接下來，在開始問答之前，我把時間交回給 Victor。

Thank you, Gopi. Let me quickly wrap up our prepared remarks with a few key takeaways before we go into Q&A. TELUS is building from a foundation of strength and is competitively advantaged with industry-leading customer service, TELUS PureFibre and 5G networks, digital infrastructure, and a collaborative and energized culture. These assets are difficult to replicate, and we have them.

謝謝你，Gopi。在進入問答之前，我先快速用幾個重點結語總結我們的準備發言。TELUS 建立在堅實的基礎之上，並具備競爭優勢：業界領先的客戶服務、TELUS PureFibre 與 5G 網路、數位基礎設施，以及協作且充滿活力的企業文化。這些資產難以複製，而我們已經擁有。

With experienced leadership and perspective, we are executing a clear strategy to transform TELUS. This work is already underway. Decisive actions to reset our dividend, recalibrate our broader capital allocation approach, advance our asset monetization program to support deleveraging, invest in our core business are proof of that.

憑藉經驗豐富的領導團隊與宏觀視角，我們正執行一套清晰的策略來推動 TELUS 轉型，且這項工作已在進行中。我們果斷採取行動：重設股利、重新校準更廣泛的資本配置方式、推進資產變現計畫以支持去槓桿，以及投資核心業務，這些都證明了這一點。

And when we report our third-quarter results in November, we’ll go further with additional actions to support our efforts, including outlining our cost savings program and providing updates on our progress against our three strategic priorities to date.

當我們在 11 月公布第三季業績時，我們將進一步提出更多支持轉型的行動，包括說明我們的成本節省計畫，並就迄今在三項策略優先事項上的進展提供更新。

We remain steadfast in executing our plan and driving accountability. I’m personally energized by the opportunity to get back to our roots and committed to delivering long-term value to our TELUS shareholders, our TELUS customers, and our TELUS team members.

我們將堅定不移地執行計畫並推動問責。我個人對回歸本業的機會充滿動力，並致力於為 TELUS 股東、TELUS 客戶以及 TELUS 團隊成員創造長期價值。

With that, let me turn the call back to Ian for our Q&A. Ian, over to you.

接下來，我把電話會議交回給 Ian 進行問答。Ian，交給你。

Thank you, Victor. Carl, let’s proceed with questions from the queue, please.

謝謝你，Victor。Carl，請開始進行排隊提問。

Drew McReynolds, RBC Capital Markets.

Drew McReynolds，RBC Capital Markets。

Yeah, thanks very much. Three for me. First, Gopi, maybe on the adjusted EBITDA guidance revision for 2026, which quite a way, I think probably caught most off guard here. Can you just at a highish level, just unpack the revision by segment would be helpful.

好的，非常感謝。我有三個問題。第一個，Gopi，關於 2026 年調整後 EBITDA 指引的修正，幅度相當大，我想大概讓多數人措手不及。你能否在較高層次上，按事業部別拆解一下這次修正的原因？這會很有幫助。

Second, Victor, maybe for you, on the comprehensive review of the asset portfolio, I think most would have thought that comprehensive review would have been done one to two years ago. Just wondering from your perspective, what’s new or different here. Maybe it’s scope, maybe it’s timing.

第二個，Victor，可能請你回答。關於資產組合的全面檢視，我想多數人原本會認為這種全面檢視應該在一到兩年前就完成了。想請教以你的角度看，這次有什麼新的或不同之處？可能是範圍，也可能是時點。

And then lastly, on the TELUS Digital outlook, back to you, Gopi. This one’s going to be hard to think through for the back half of 2026 and 2027. Can you just help us from a modeling standpoint as to whether Q2, I guess, is indicative of what we should expect over the foreseeable future? Thank you.

最後一個，關於 TELUS Digital 的展望，再請教你，Gopi。這個部分對 2026 年下半年與 2027 年的推估會很難。你能否從建模角度協助我們理解：第二季（Q2）是否可代表我們在可預見未來應該預期的狀況？謝謝。

So Gopi, actually, you know what, you’ve got two pieces. Drew, can I just talk about the asset portfolio? Let me just start with that.

所以 Gopi，其實你有兩個部分要回答。Drew，我可以先談資產組合嗎？我先從這裡開始。

Absolutely.

當然可以。

Okay, let me just give you some perspective about how I think about this. One is we’ve got a core crown jewel in our telecom business. We’ve organized in a way to unlock value there. We’ve organized all of the other businesses under Navin and our global platforms business. Every one of these businesses are good businesses. They’re run by good people, serving clients with value propositions that they value. Every one of them, the three components of TELUS Health, TELUS Digital, in spite of all the ups and downs that we’ve had, TELUS AG, they’re all good businesses.

好，我先分享一下我看待這件事的角度。第一，我們在電信業務上擁有核心的「皇冠上的明珠」。我們已透過組織調整來釋放那裡的價值。我們也把其他所有業務整合在 Navin 與我們的全球平台業務之下。這些業務每一個都是好業務，由優秀的人才經營，為客戶提供他們重視的價值主張。每一個都如此：TELUS Health 的三個組成部分、TELUS Digital，儘管我們經歷了各種起伏，還有 TELUS AG，全部都是好業務。

Our goal is to continue to nurture the value in those businesses and focus on those that we believe should be monetized because they’re better off in the hands of another owner and do that in a thoughtful manner. Thoughtful meaning, taking our time. We are engaged.

我們的目標是持續培育這些業務的價值，同時聚焦於我們認為應該變現的部分，因為它們在其他所有者手中可能更能發揮價值；而我們會以審慎的方式來推進。所謂審慎，就是不急躁、花時間把事情做對。我們正在積極推進。

There are confidential memorandum out. People know that on the part of the TELUS Health business, so that we can maximize value for our shareholders. Personally, I’m encouraged by the discussions that I’m seeing. I don’t have any specific news for you, although to give you a sense that I’m encouraged and to let you know that when I do have news, we’ll let you know.

目前已發出保密備忘錄（confidential memorandum）。外界也知道在 TELUS Health 業務的部分正在進行，目的是為股東爭取最大價值。就我個人而言，我對目前看到的討論感到鼓舞。我沒有任何可對外宣布的具體消息，但我想讓你知道我對進展感到正面；一旦有消息，我們會告訴大家。

Alright. On the real estate front, we’re seeing the same kind of progress, and we’re going to be reviewing our TELUS Ventures portfolio. Everything’s really on the table in terms of understanding our portfolio, understanding those things we’d like to keep, and also ensuring that there’s a monetization program in place to meet those leverage targets. It’s all tied together. It’s all part of the plan. I know it feels like it’s at 10,000 feet. We’ll get to 5,000 feet and 1,000 feet as the months tick ahead. Gopi.

好的。在不動產方面，我們也看到類似的進展；同時我們也將檢視 TELUS Ventures 的投資組合。為了理解我們的資產組合、釐清哪些我們希望保留，並確保有一套資產變現計畫以達成槓桿目標，基本上一切都在檯面上。這些都是相互連結的，都是計畫的一部分。我知道目前聽起來像是在 10,000 英尺的高度談論。我們會隨著接下來幾個月的推進，逐步下探到 5,000 英尺與 1,000 英尺的層次。Gopi。

Perfect. Thanks, Victor, and Drew, thanks for the question. So there is a lot going on in our guidance, and I think you’re absolutely right. The way to look at it is by segment. I’ll lay out a framework and then speak to each of the pieces. If you take the lower end of our original guidance and the midpoint of our current guidance, there’s about a 5 percentage point differential. And the way to think about that as an EBITDA basis is two of those related to TELUS Digital, one related to Health, one related to pausing real estate joint ventures, which I’ll speak about in a moment, and then one related to Telecom.

很好。謝謝你，Victor，也謝謝 Drew 的提問。我們的指引確實有很多變動，我認為你說得完全正確：應該按事業部別來看。我先提供一個框架，再逐一說明各部分。如果以我們原先指引的下緣，對照目前指引的中位數，大約有 5 個百分點的差異。以 EBITDA 的角度來看，其中兩個百分點與 TELUS Digital 相關，一個與 Health 相關，一個與暫停不動產合資案相關（我稍後會說明），最後一個與 Telecom 相關。

So I’ll start with Telecom, and this is a key point to take away, and that is year-over-year or half two compared to half one, our telecom business is stable. We’re seeing half two steady to half one. We’re seeing some momentum in mobility, and that’s offset a little bit with some challenges in fixed and some indirect cost work we want to do.

我先從 Telecom 談起，這是需要帶走的關鍵重點：以年對年來看，或以後半年相較前半年來看，我們的電信業務是穩定的。我們看到後半年相對前半年維持平穩。我們在行動業務（mobility）看到一些動能，但在固網（fixed）方面仍有一些挑戰，另外也有一些間接成本的工作需要推進，因而部分抵銷。

On TELUS Digital, specifically, the churn that I spoke to in my script around goodwill, that’s known, and it’s reflected in our forecast. So Drew, more towards your third question, half two for digital is weaker than half one.

至於 TELUS Digital，具體而言，我在講稿中提到與商譽（goodwill）相關的流失（churn），這是已知事項，且已反映在我們的預測中。因此 Drew，回到你第三個問題，Digital 的後半年會比前半年更弱。

If you think about our service revenue guide and our revised guidance, about two-thirds of that top-line reduction is related to TELUS Digital. We are seeing, for TELUS Digital though, promising results come out of CX AI. In our AI and data solutions business, we see promising opportunities in robotics and physical AI. There is potential there, but it is a challenging half two.

如果你看我們服務營收（service revenue）的指引與此次修正後的指引，大約三分之二的營收下修與 TELUS Digital 有關。不過，在 TELUS Digital 方面，我們也看到 CX AI 帶來一些令人鼓舞的成果。在我們的 AI 與資料解決方案業務中，我們在機器人與實體 AI（physical AI）方面看到具潛力的機會。確實存在潛力，但後半年仍將充滿挑戰。

And then for health, our results were less good than we originally expected. Again, looking at half two, we do see momentum on organic growth. We do see initiatives put into place that are getting traction for margin improvement, including leveraging the WPO acquisition and the platform associated with that and generating efficiencies.

再來是 Health，我們的表現不如原先預期。不過同樣看後半年，我們確實看到有機成長的動能，也看到已推動的措施在改善毛利率方面開始取得進展，包括運用 WPO 併購案及其相關平台來創造效率。

One-time items are a headwind year-over-year, and that’s in the TTech segment. So I’ll remind you that telecom also includes other income and TTech. And the telecom stabilization is not sufficient to overcome these non-recurring items from 2025.

一次性項目在年對年比較上形成逆風，而這是在 TTech 事業部。因此我提醒各位，Telecom 也包含其他收入與 TTech。而電信業務的穩定性不足以抵銷 2025 年這些非經常性項目的影響。

The 2025 items are relevant context because there’s almost CAD100 million to overcome in half two, and 75% of that is in Q3. Much of that other income is related to real estate joint venture gains, and we’ve strategically paused from starting new joint ventures.

2025 年的項目之所以重要，是因為下半年仍有將近 1 億加幣需要克服，其中 75% 集中在第三季。那部分其他收入多與不動產合資企業的收益相關，而我們已策略性地暫停啟動新的合資案。

So in summary, picking up on Victor’s comments, we’re in active transition. This is a forecast that reflects our current state. We do expect to return to growth, and we do have confidence in the underlying trends of each of the segments.

因此總結來說，延續 Victor 的評論，我們正處於積極轉型之中。這份預測反映了我們目前的狀態。我們確實預期會回到成長軌道，也對各個事業部門的基本趨勢抱持信心。

It’s a lot to unpack. Thank you very much.

內容很多需要拆解。非常感謝。

Thanks, Drew.

謝謝你，Drew。

Thanks, Drew.

謝謝你，Drew。

Thanks, Drew. Carl, next question, please.

謝謝你，Drew。Carl，請下一題。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行（Scotiabank）。

Great. Thank you for taking my question. Victor, welcome, and thank you for the helpful commentaries in your prepared remarks. I just want to go back to something you mentioned on free cash flow growth and the commitment that you’re making on that. When you said that you’re committing towards 10% free cash flow growth for the period between 2026 and 2028, is that off of the base of CAD1.8 billion that you guys updated the guidance on this morning?

很好。謝謝讓我提問。Victor，歡迎你，也謝謝你在事先準備的發言中提供很有幫助的評論。我想回到你提到的自由現金流成長，以及你們對此所做的承諾。你說你們承諾在 2026 到 2028 年期間達成 10% 的自由現金流成長，這是以你們今天早上更新指引所提到的 18 億加幣為基礎嗎？

It is. Gopi, maybe you take that and I’ll build on it.

是的。Gopi，你或許可以先回答，我再補充。

Yeah, Meir, it is off of that base. We appreciate that 2026 is a lower base, we do expect free cash flow to be higher next year. This is more about our commitment on a regular basis to have 10% free cash flow growth. This is about focusing on profitable loading in our core telecom business and getting EBITDA growth to positive, our commitment to reduce CapEx. Those are the two key features. It is expected to be higher next year, it’s more about the commitment to 10% growth in 2028 and go forward.

是的，Maher，是以那個基礎為起點。我們理解 2026 年的基期較低，我們也預期明年的自由現金流會更高。這更關乎我們在常態下對 10% 自由現金流成長的承諾。重點在於：在核心電信業務中聚焦於具獲利性的用量/承載（loading），並讓 EBITDA 成長轉為正值，以及我們降低資本支出（CapEx）的承諾。這兩點是關鍵特徵。預期明年會更高；更重要的是對 2028 年以及往後 10% 成長的承諾。

Okay. If I look at that commitment and compare it to the previous framework that we were working with, it’s about CAD800 million of lower steady free cash flow production in 2028, if I’m just using 10%, because there was a 10% commitment before off of the previous free cash flow line. That’s a CAD800 million annual free cash flow production lower that I’m trying to figure out where the gap is coming from.

好的。如果我看這個承諾並與我們先前採用的框架相比，若我只用 10% 來推算，到了 2028 年穩態自由現金流產出大約少了 8 億加幣，因為之前也是以先前那條自由現金流基準線做 10% 的承諾。也就是說，我看到的是每年少了 8 億加幣的自由現金流產出，我想釐清這個落差是從哪裡來的。

Again, Maher, we’re happy to work with you more specifically on the modeling. In general, what I can say is we’ve got our EBITDA growth modeled. Again, hard to be very specific about the exact growth percentage as we’re talking about 2028. We certainly return to growth in 2027 and grow from there. Our CapEx is coming down, and I say that not just because our CapEx is going up this year.

Maher，我們很樂意再更具體地和你一起做模型推演。整體而言，我能說的是：我們已把 EBITDA 成長納入模型。不過，因為談的是 2028 年，要非常精確地說出確切成長百分比確實不容易。我們在 2027 年肯定會回到成長，並從那裡持續成長。我們的 CapEx 會下降，我這麼說不只是因為今年 CapEx 會上升。

As Victor mentioned in his script, we are committed to being much more disciplined and adding simplification to CapEx, whether that be products or projects, and materially reducing the CapEx. Another feature will be restructure. We do have some investments we are going to need to make and want to make to achieve that CapEx reduction and to get and garner some of those EBITDA efficiencies. There is a restructure component.

如 Victor 在講稿中提到的，我們承諾在 CapEx 上會更有紀律，並在 CapEx 上加入「簡化」的思維，不論是產品或專案，並大幅降低 CapEx。另一個特徵會是重整（restructure）。我們確實有一些投資是必須、也希望投入的，以達成 CapEx 的降低，並取得部分 EBITDA 的效率提升；其中包含重整的成分。

Embedded in there are going to be the savings from the reduction in leverage, some of the asset monetization that we will undertake along that way. Those are all of the features. Of course, the dividend reset to round out the story as we speak about leverage. Hopefully that gives you a little bit more sense on there is growth in EBITDA, there is reduction in CapEx, and there is an investment in restructure.

其中也會包含因槓桿降低所帶來的節省，以及我們在過程中將進行的一些資產變現（asset monetization）。這些都是構成要素。當然，談到槓桿時，股利重設也是用來完整呈現整體故事的一環。希望這能讓你更清楚：有 EBITDA 成長、有 CapEx 降低，也有對重整的投資。

I think just to build on that, Maher, as we fill in the gaps on what a transformation looks like, there’s a tremendous amount of EBITDA growth and value that can be unlocked by simplifying our business, not only from a cost standpoint, but also from our ability to generate a better revenue outcome. And that’s where our confidence, as we look further out, comes from. That information will be shared with you as we head toward the third quarter. That is the intensity with which the leadership team is going to focus on over the next little while.

我再補充一下，Maher。當我們把「轉型」的樣貌逐步補齊時，透過簡化業務可以釋放出大量 EBITDA 成長與價值，不僅是成本面，也包括我們創造更好營收成果的能力。這就是我們在拉長時間看時信心的來源。相關資訊會在我們邁向第三季時與你分享。這也正是領導團隊在接下來一段時間會高度聚焦的強度。

Okay. And maybe just a follow-up, Victor. In the MD&A, you discuss how you want to deploy resources going forward, and you focus in your discussion there on the telecom part, but also mention digital and AI. So I wanted to dig into that, trying to figure out how much capital you’re willing to invest in AI, and if the existing TELUS Digital business continues and remains essential for you to undertake that AI infrastructure investment or could be a portion of the business that could be also divested of or reviewed strategically.

好的。也許再追問一下，Victor。在 MD&A 中，你談到未來如何配置資源，你的討論重點放在電信部分，但也提到數位與 AI。我想深入了解：你們願意在 AI 上投入多少資本？以及現有的 TELUS Digital 業務是否仍是你們進行 AI 基礎設施投資所不可或缺的一部分？或者它也可能是可被剝離或進行策略性檢視的一部分？

Yeah. There’s a bunch of good questions in there, Maher. Thank you for that. One is, I want us to be thinking about AI, and I know that term is used way too often nowadays, not only within our TELUS Digital business, where you’ve quite rightly pointed out that we’ve got great capabilities.

是的，Maher，裡面有很多好問題，謝謝你。其中之一是：我希望大家思考 AI——我知道這個詞現在被用得太頻繁——不僅是在 TELUS Digital 業務裡，你也很正確地指出我們在那裡具備很強的能力。

And in spite of the hiccup of the past quarter, we are seeing good growth in our CXAI segment in TELUS Digital, and that’s where we’re helping notable companies globally with their customer service support using AI to produce a better financial outcome for our customers and for our shareholders. Trying to do that within our businesses.

儘管上一季出現了一些波折，我們在 TELUS Digital 的 CXAI 事業仍看到不錯的成長；我們在那裡協助全球知名企業運用 AI 改善其客服支援，為客戶與股東帶來更好的財務成果。我們也在自身業務中努力做到同樣的事。

So let me give you an example. In our core telecom business, yes, we will need to invest, but I actually think that the resources that we can free up from our existing business and the simplification of our business will allow us to reduce churn, to deepen profitable relationships with customers, to increase cross-sell, as well as to reduce our operating costs over time.

我舉個例子。在核心電信業務方面，是的，我們需要投資；但我其實認為，透過既有業務釋放資源以及業務簡化，我們將能降低流失率（churn）、深化與客戶之間具獲利性的關係、提高交叉銷售（cross-sell），並隨時間推進降低營運成本。

In our global platform businesses, we have tended to go to the market as three different brands of TELUS every time we call on a large enterprise. The reason we’ve put these businesses under Navin’s leadership is not only to figure out, okay, which businesses do we want to monetize, but which ones allow us to go as one TELUS to serve our existing telecom clients in Canada with another suite of services, which would include TELUS Digital and an aspect of TELUS Health.

在我們的全球平台業務中，我們過去每次拜訪大型企業客戶時，往往以 TELUS 的三個不同品牌對外。之所以把這些業務放在 Navin 的領導之下，不只是要釐清：哪些業務我們想要變現（monetize），也要釐清哪些業務能讓我們以「一個 TELUS」的方式，為加拿大既有的電信客戶提供另一套服務組合，其中會包含 TELUS Digital 以及 TELUS Health 的一部分。

And those outside Canada where we don’t have a telecom business, but working together with those businesses to call on those clients as one TELUS. That and the simplification of our business, I have no doubt that we will be able to deliver better financial results over time and improve that free cash flow and give you more visibility, particularly into 2028, where you’re quite rightfully seeking it.

而在加拿大以外、我們沒有電信業務的市場，我們也會讓這些業務協同合作，以「一個 TELUS」的方式去服務那些客戶。我毫不懷疑，透過這些作法以及業務簡化，我們將能隨時間推進交出更好的財務成果、提升自由現金流，並讓你看到更高的能見度，特別是到 2028 年——你提出這點的需求非常合理。

Okay. Thank you.

好的，謝謝。

Thanks, Maher.

謝謝你，Maher。

Thanks, Maher. Carl, next question, please.

謝謝你，Maher。Carl，請下一題。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行（CIBC）。

Thank you. Victor, congratulations on the role.

謝謝。Victor，恭喜你就任這個職位。

Thanks, Stephanie. How are you?

謝謝你，Stephanie。你好嗎？

I’m good, thank you. Maybe following up on that TELUS Digital question. It’s been acting as a drag, and yes, CXAI is obviously a growth area, but there’s other pieces that aren’t growing as much. Just curious how you think about TELUS Digital as part of the longer-term business here and some of the opportunities you see around that TELUS Digital business outside the CXAI.

我很好，謝謝。也許延續剛才關於 TELUS Digital 的問題。它一直在拖累表現；沒錯，CXAI 顯然是成長領域，但還有其他部分成長沒那麼多。我想了解你如何看待 TELUS Digital 在這裡作為長期業務的一部分，以及除了 CXAI 之外，你在 TELUS Digital 業務上看到哪些機會？

Well, it’s a good question. Some of the very real capabilities we have in there actually serve our core telecom business and help our customers get a better experience. That, I think, is a tick mark. The CXAI business is growing, and it’s profitable, and we’re encouraged by the developments we see there.

這是個好問題。我們在那裡的一些非常實在的能力，確實能服務我們的核心電信業務，並幫助客戶獲得更好的體驗；我認為這是一個加分點。CXAI 業務正在成長，而且具獲利性，我們也對那裡看到的發展感到鼓舞。

Our AI services overall, Gopi mentioned the fact that clients are trying to be mindful about everything nowadays. They’re looking at their tokenization costs. They’re looking at what is AI benefit, how is AI benefiting us, how is it acting as a drag. There are benefits there, but one of the things I didn’t address in Maher’s comments and question and what you’re asking about is how can we use those capabilities within growth avenues that are natural adjacencies to our footprint in Canada.

至於我們整體的 AI 服務，Gopi 提到客戶現在在各方面都更謹慎。他們在看自己的 tokenization 成本，也在看 AI 的效益是什麼、AI 如何讓我們受益、又如何造成拖累。確實有其效益，但我在回應 Maher 的評論與問題、以及你現在問的這題時，有一點先前沒有談到：我們如何把這些能力運用在成長途徑上，而這些途徑與我們在加拿大的既有版圖之間存在自然的相鄰延伸（natural adjacencies）。

One would be in our sovereign AI data centers, as we think through that. We’ve got some open. There’s a real avenue there to not only secure the energy, build the box, provide the right level of equipment, but to put our AI intelligence inside and offer that to Canadian clients that are looking for this.

其中一個會在我們的主權 AI 資料中心內，因為我們正在思考這件事。我們已經有一些在運作。那裡確實有一條路徑，不僅能確保能源供應、建置機櫃、提供適當等級的設備，還能把我們的 AI 智慧放進去，並把這項能力提供給正在尋找此類服務的加拿大客戶。

The margins in that business are quite healthy. One of the things that we’re mindful of is how do we grow that business without increasing our CapEx. And our view in that value chain is there’s a significant amount of margin that we can actually partner with capital partners to drive that growth, to deliver what’s inside that data center to our clients, and grow that business as well, which I think we’ll be more prepared to talk about in the third quarter.

那項業務的利潤率相當健康。我們留意的一點是：如何在不增加我們資本支出（CapEx）的情況下擴大該業務。我們的看法是，在那條價值鏈中其實有相當可觀的利潤空間，我們可以與資本夥伴合作來推動成長，把資料中心內部的內容交付給客戶，同時也擴大該業務；我想我們會在第三季更有準備談得更清楚。

Thank you. Maybe just to follow up on me on the core telecom business, good to hear kind of the focus on profitable growth in that business. Maybe you could talk a little bit about ARPU. The rate of decline improved sequentially and was better than the Street was expecting. How do you think about ARPU trajectory here as TELUS works towards ARPU growth and focuses on profitability?

謝謝。也許我再追問一下核心電信業務，很高興聽到你們在該業務上聚焦於獲利性成長。也許你可以談談 ARPU。其下滑幅度的改善在季比上有所好轉，也優於市場預期。當 TELUS 朝 ARPU 成長邁進並聚焦獲利時，你們如何看待 ARPU 的走勢？

Well, you’re quite right in pointing out, Stephanie, that ARPU is the rate of decline is decelerating, which I guess is a good way of saying things. We’d like to see it grow over time. There’s a couple of things that I’d say. One is there’s definitely going to have to be more of a focus on our premium brand to continue to shore up our ARPU and develop the relationships with our clients. And not only ARPU, but the overall share of wallet that we would have with a household or a business. That is going to be a core focus of Dave Fuller and the team.

嗯，你說得很對，Stephanie，ARPU 的下滑速度正在放緩，我想這算是一種比較好的說法。我們希望它能隨時間推進而成長。我會說有幾點。第一，確實需要更聚焦在我們的高端品牌（premium brand），以持續支撐我們的 ARPU，並深化與客戶的關係。而且不只是 ARPU，還包括我們在一個家庭或企業中所能取得的整體錢包占比（share of wallet）。這將會是 Dave Fuller 與團隊的核心重點。

At the same time, we see the competitive pressures from the other end of the spectrum. And this is where we’re going to have to harness the value of our Public Mobile offer, which is Public Mobile is a low-cost digital-only offer, which can compete toe-to-toe at the low end of the market.

同時，我們也看到來自市場另一端的競爭壓力。這就是我們必須善用 Public Mobile 方案價值的地方；Public Mobile 是一個低成本、僅數位（digital-only）的方案，能在市場低端與對手正面競爭。

It’s really important to preserve the premium brand and use our flanker brand in a smart way to preserve ARPU overall for TELUS. That’s really our goal. That’s something that we will continue to focus on going forward.

非常重要的是要維護高端品牌，並以聰明的方式運用我們的副品牌（flanker brand），以整體上維持 TELUS 的 ARPU。這就是我們真正的目標。我們未來也會持續聚焦在這件事上。

Going forward, we’re going to take it up a notch. It’s all going to be about profitable growth. Profitable growth for every [dollar] of capital invested, profitable growth, profitable relationships at every client level. I know that’s not possible when you have 10 million-plus clients. But we’re going to really start honing in on that and start really focusing on returns and profitable growth. I think the market will reward us over time with that kind of a strategy.

展望未來，我們會把力道再提高一個層級。一切都將圍繞獲利性成長。每投入一「元」資本都要帶來獲利性成長；在每一個客戶層級都要建立獲利的關係。我知道當你有超過 1,000 萬名客戶時，這不可能完全做到。但我們會開始更精準地聚焦，真正把重點放在報酬與獲利性成長上。我認為市場會隨時間以這樣的策略回饋我們。

Thank you.

謝謝。

Thank you, Stephanie. Carl, next question, please.

謝謝你，Stephanie。Carl，請下一題。

Tim Casey, BMO.

Tim Casey，BMO。

Thanks. Good afternoon. A couple from me. One, Victor, there seems to be a conflict here in the message, if you will, in that you’re talking about simplifying the business and returning to roots. But there are parts of Ag and Health that you seem to be characterizing as core. I’m just wondering if you could flesh that out a bit, because I would have thought those two entities, you wouldn’t keep those around if you’re simplifying the core business.

謝謝。下午好。我有兩個問題。第一個，Victor，你的訊息似乎存在某種矛盾：你談到要簡化業務、回歸本業，但在農業（Ag）與健康（Health）方面，你似乎又把其中一些部分描述為核心。我想請你再多說一點，因為如果你要簡化核心業務，我原本以為你不會把這兩個事業體留在組合裡。

And the second one, I just want to push back a bit on your previous comment about focusing on profitable growth, and that’s going to be new. Just to be clear, we’ve heard from the previous leadership that that was the mantra used to be, margin per user and things like that. How are you going to get the troops to focus differently on that when it seemed to be a core focus of preserving the core brand and only profitable growth before you got there? Thanks.

第二個，我想對你先前關於聚焦獲利性成長、而且這會是新的做法的評論稍微提出不同看法。說清楚一點，我們從前任管理層那裡聽到的口號一直是這個，例如每用戶毛利（margin per user）之類。當在你上任之前，維護核心品牌、只追求獲利性成長似乎就已是核心重點時，你要如何讓團隊以不同方式聚焦在這件事上？謝謝。

Yeah, so. Thanks, Tim, for your question. There’s no real conflict in my message, although I can understand why you would see it that way at this point in time. If I can give you more granularity around our portfolio and how we’re thinking about monetizing it and show you a picture of what I think it’ll look like 12 months from now, I think you’d say, you know what? You guys are right. You’re focusing on your crown jewels. Whatever you kept is a natural adjacency to how you serve large enterprises like large enterprises, and therefore some capabilities may be alongside that.

是的。Tim，謝謝你的問題。我的訊息其實沒有真正的矛盾，雖然我理解你為什麼在此刻會這樣看。如果我能就我們的投資組合提供更細的拆解，並說明我們如何思考變現（monetizing），再讓你看到我認為 12 個月後它會長什麼樣子，我想你會說：你知道嗎？你們是對的。你們正在聚焦於你們的皇冠上的寶石（crown jewels）。你們保留下來的部分，都是你們服務大型企業（large enterprises）方式的自然相鄰領域（natural adjacency），因此某些能力可能會與之並列存在。

I think you’ll see a much more simplified TELUS over time, Tim. Let me just assure you of that. Okay? You will get updates as each asset is reviewed and monetized. When there’s a notable update, we’re going to share that with you. We’re not going to wait for quarterly results in that regard.

Tim，我想你會隨時間看到一個更簡化的 TELUS。我在這裡向你保證，好嗎？每一項資產在被檢視與變現時，你都會收到更新。一旦有值得注意的進展，我們就會與你分享；在這方面我們不會等到季度財報才說。

When you’re talking about profitable growth, there is a mindset that you have to have within an organization. When you say that the premium brand can’t be compromised, it cannot be compromised. I don’t want to draw on my past experiences, although I will tell you that building multi-product relationships with clients, reduce churn, improve profitability, and incenting a team to be doing business that way will be a leading driver of what we do.

談到獲利性成長，組織內部必須具備相應的思維模式。當你說高端品牌不能被犧牲，它就真的不能被犧牲。我不想引用我過去的經驗，不過我會告訴你：與客戶建立多產品的關係，可以降低流失（churn）、提升獲利能力，而激勵團隊以這種方式做生意，將會是我們行動的重要驅動因素。

Second thing is, ceding too much territory to competitors that price at the low end of the market. If you do things smartly, you can go toe-to-toe with them, but protect your premium brand. That really is our goal, and we’re going to try and deliver for you insights as to how we’re doing that as we go forward into the quarters ahead.

第二點是，不要把太多地盤讓給在市場低端定價的競爭對手。如果你做得夠聰明，你可以與他們正面競爭，但同時保護你的高端品牌。這確實是我們的目標；而在接下來的幾個季度，我們也會嘗試向各位提供洞見，說明我們如何做到這一點。

Let me just assure you that our goal is profitable growth, our goal is not to send conflicting messages and to have a much more simplified TELUS. The overwhelming majority of our returns today come from telecom. It’ll grow over time, even as a proportion of overall earnings.

我再向你保證一次：我們的目標是獲利性成長；我們的目標不是傳遞互相矛盾的訊息，而是打造一個更簡化的 TELUS。今天我們絕大多數的報酬來自電信業務。即使就整體獲利占比而言，它也會隨時間成長。

Okay.

好的。

Thanks, Tim. Carl, next question, please.

謝謝你，Tim。Carl，請下一題。

Vince Valentini, TD Securities.

Vince Valentini，TD Securities。

Hey, thanks very much. Can I start trying to clarify three things? Then I’ve got a bigger picture question. First for Gopi. Thank you for the breakdown on the EBITDA segments for the second half of the year, I want to make sure I heard you correctly. If the TTech segment accounts for about one point of the five-point reduction, all of that seems to be just because of the one-time items that don’t recur.

嗨，謝謝你們。我可以先釐清三件事嗎？然後我還有一個更宏觀的問題。第一個給 Gopi。謝謝你對下半年 EBITDA 分部的拆解，我想確認我是否聽對了。如果 TTech 分部大約占五個百分點下修中的一個百分點，那看起來全部都只是因為不會重複發生的一次性項目（one-time items）。

If I look at core TTech, as you know, it was barely down. It was basically flat year-over-year in the second quarter, you’re saying down 2% to 4% for the full year on EBITDA. That’s just because of the one-time items. If not for those, you’d be bouncing around roughly flat. That’s clarification number one.

如果我看核心 TTech，如你所知，幾乎沒有下滑。第二季年比基本持平；你說全年 EBITDA 會下滑 2% 到 4%。那只是因為一次性項目。如果沒有那些，你們大致會在接近持平的區間上下波動。這是第一個釐清。

Number two, on slide 11, apologies, Victor, we have to learn your lexicon versus the very unique lexicon that Mr. Antle had for years. I want to make sure I just understand. When you say robust interest in certain health assets and strong market interest in real estate, is robust stronger than strong, or is strong stronger than robust, or are they just interchangeable in your mind?

第二個，在第 11 頁投影片上，抱歉 Victor，我們得學習你的用語，而不是 Antle 先生多年來非常獨特的用語。我想確認我理解正確。當你說某些健康資產有「robust interest」，而不動產有「strong market interest」時，robust 是比 strong 更強，還是 strong 比 robust 更強？還是你心中兩者可以互換？

The way I look at it’s a good question. Let me start because you’re asking me that question on my lexicon. When I look at a business that we may wish to monetize, I feel like the value that’s surfacing allows us to reduce our leverage, I have a interested owner that actually will do good things with the business. I have a couple of those that are interesting to me in terms of people that have said, we’re interested in that asset, that would qualify as robust, I guess, with a small R, not a large R. If I can be clearer on that, right?

我看這是個好問題。既然你問到我的用語，我先說明：當我看一項我們可能希望變現的業務時，我覺得浮現出的價值能讓我們降低槓桿（leverage）；我也有一位有興趣的買主（interested owner），而且他會把這個業務經營得很好。有幾個這樣的情況對我來說很有意思，因為有人表示「我們對那項資產有興趣」；我想那就可以算是 robust——我猜是小寫 r 的 robust，不是大寫 R。如果我能把這點講得更清楚，對吧？

When I look at real estate, there’s also robust interest in that as well with small Rs, not large Rs. That’s an industry in transformation as well. But I’m confident that we’ll be able to get a few things done here that allow us to simplify the business and allow us to lower our leverage over time. I’d like to see those happen sooner than later. But again, part of this process is to make sure that everyone understands that I’m in no rush, and we’re in no rush to just get something done. We’re working for all of you and for the shareholders that you advise to get the best price and best investor possible to own the assets that we think are better in someone else’s hands.

當我看房地產時，我也看到那方面同樣有強勁的興趣，但那是小寫的 R，不是大寫的 R。那個產業也正在轉型。不過我有信心，我們能在這裡推動幾件事，讓我們得以簡化業務，並隨著時間推移降低槓桿。我希望這些事情能越早發生越好。但再說一次，這個過程的一部分，是要確保每個人都明白我並不著急，我們也不急著只是把某件事做成。我們是為了你們所有人，以及你們所服務的股東，去爭取最佳價格與最合適的投資人，來持有我們認為更適合由他人持有的資產。

Okay. While you’re on.

好的。趁你還在線上。

We’re getting to know each other better over time, Vince. You can measure the spectrum of my words. I don’t use many.

我們會隨著時間更了解彼此，Vince。你可以衡量我用詞的光譜。我話不多。

Yeah, I know. I appreciate that. That’s why I asked. While you’re on, before I let Gopi clarify the other one, the other two things. One was, you mentioned the AI intelligence inside the data center box, I think is the word you used. Does that mean you approve and you agree that TELUS should be buying these expensive chips and GPUs as opposed to just building the infrastructure?

是的，我知道。我很感謝這點。所以我才問。趁你還在線上，在我讓 Gopi 釐清另外那一個、另外兩件事之前。其中一個是，你提到資料中心機櫃裡面的 AI 智慧，我想那是你用的詞。這是否表示你認可並同意 TELUS 應該購買這些昂貴的晶片和 GPU，而不只是建置基礎設施？

Here’s what I would say on that, because there’s always this raging debate on what should you be doing. Should you be building the shell? Should you be owning the chips? What else can you be doing? My sense, in speaking to the team and in kind of getting greater granularity around our strategy there, is there’s a real demand emerging in our country for more than just the box.

我會這麼說，因為一直都有一場激烈的辯論：你到底應該做什麼？你應該只建外殼嗎？你應該擁有晶片嗎？你還能做些什麼？我在和團隊交流、並對我們那邊的策略有更細緻的理解後的感覺是，我們國內正在出現一個不只是要「盒子」本身的真實需求。

And it falls under the kind of umbrella of sovereignty, security, and that comes from not only government. It comes from academic institutions. It comes from hospitals, and we’d like to be able to fulfill that demand. There’s clearly other demand emerging in our country because of the ample energy and the ability to build these boxes, and you see that in the headlines and some of the stuff that you’ve read recently. But I think we want to be sustainable.

而這落在「主權」與「安全」這類的總體範疇之下，這種需求不僅來自政府，也來自學術機構、醫院，而我們希望能夠滿足這些需求。很明顯地，因為我們國家能源充足、也有能力建置這些盒子，國內也正在出現其他需求，你從新聞標題以及你最近讀到的一些內容都看得到。但我認為我們希望能夠可持續。

We want to build smart data centers, and we want to do it in a way where we can get the kind of returns that you would expect of us so it doesn’t actually weigh on our leverage and it improves our return on capital. I think we can actually do all of that, and I’m looking forward to providing that update with the team to you when we put that all together.

我們希望打造智慧型資料中心，而且希望以一種能取得你們對我們所期待的那種報酬的方式來做，讓它不會實際上加重我們的槓桿，並提升我們的資本報酬率。我認為我們其實可以做到這一切，我也期待在我們把這些整合完成後，能和團隊一起向你們提供更新。

Perfect. Vince, I’ll top up on that first question. There are two components. There’s essentially two factors. One was the one-time items, and then there is 100 basis points related to telecom. Transparently, the growth that we expected in fixed, in mobility has not come to pass as expected in guidance.

很好。Vince，我來補充回答第一個問題。這裡有兩個組成部分，基本上是兩個因素。一個是一次性項目，另一個是與電信相關的 100 個基點。坦白說，我們在固網與行動業務上原先預期的成長，並沒有如指引所預期地實現。

We are happy with what we saw in Q2 results on mobility and have some work to continue to do on fixed, primarily in business. We have some work to do on indirect costs and how quickly we continue to take them out of the business as our industry changes. It’s a combination of both the one-time as well as the pressure in telecom in the walk that I went through.

我們對第二季在行動業務看到的結果感到滿意，而固網方面仍有一些工作要做，主要是在企業端。我們也需要在間接成本上再下功夫，以及在產業變化之際，我們能多快把這些成本從業務中移除。這是我剛才走讀說明中提到的：一次性因素加上電信業務壓力的綜合結果。

I appreciate all that, and I know Ian’s going to kill me, but so I counted those as all clarification. Just the one big picture question, Victor, is have you changed or are you considering changing any of the compensation drivers? Are you gonna add an ROIC metric or are you gonna get rid of the volume growth metric?

我很感謝這些說明，我也知道 Ian 會想殺了我，但我把那些都算作釐清。就一個宏觀問題，Victor，你是否已經改變，或正在考慮改變任何薪酬的驅動因素？你會加入 ROIC 指標嗎？或是你會取消以量的成長為指標的度量？

Can you clarify that for you and the new team members that you’re putting around you, and I applaud that to some good people you’re putting in place, in my view. For you and those team members, does the clock get reset as of today in terms of any sort of stock options and meeting any targets? It’s all about based on this new guidance and what we saw in the first six months.

你能否也為你自己以及你正在你周圍配置的新團隊成員釐清一下——我也肯定你在我看來安排了一些很不錯的人才。對你和那些團隊成員而言，從今天起在任何股票選擇權與達成目標方面，是否等同於時鐘重置？也就是一切都以這次新的指引以及我們在前六個月看到的表現為基礎。

Well, I can tell you that my general philosophy is to focus on aligning shareholder interest with Management’s interest with shareholders’ interests, and that’s rewarding profitable growth over time. That will be something that we can increasingly focus on. I’m already a shareholder. It’s all in public record in terms of what I own currently.

我可以告訴你，我的一般理念是聚焦於讓股東利益與管理層利益保持一致——也就是與股東的利益一致——並在時間推移中獎勵有利潤的成長。這會是我們可以愈來愈聚焦的方向。我本身已經是股東；我目前持有的情況在公開紀錄中都查得到。

I believe in this company, and I believe in our ability to actually focus more intensely on profitable growth. At the same time, people will say, well, does that mean you’re not gonna be loading like you were loading before?

我相信這家公司，也相信我們其實有能力更專注於有利潤的成長。同時，有人會說，那是否代表你不會像以前那樣「衝量」？

You know what? If you manage your base while you manage your existing portfolio of customers, households, and businesses, and you get your team incented to do the right things in terms of transforming how we do business, the cost of doing business, and focusing on profitable growth, you will get the right outcome, and we will get the right outcome. It’s not going to happen in three months. It’s going to happen over a series of quarters.

你知道嗎？如果你在管理既有客戶、家庭與企業的同時把基本盤管理好，並讓你的團隊在激勵機制上朝正確的事情努力——包括轉型我們做生意的方式、降低營運成本、並聚焦於有利潤的成長——你就會得到正確的結果，而我們也會得到正確的結果。這不會在三個月內發生，而是會在一連串的季度中逐步實現。

I would like to think that you’ll see bright lights start to shine as every quarter gets printed going forward. I recognize the large reset that was presented to you all this morning. I see it as a bit of an abbreviated detour, and I say abbreviated because we’re going to work pretty intensely in course-correcting and transforming our company over the next little while. That, we plan to share with you in the months ahead.

我希望你們會看到，隨著未來每一季的成績出爐，會開始有亮點逐步顯現。我理解今天早上向各位呈現的是一次大幅度的重置。我把它視為一段稍微縮短的繞道，我之所以說縮短，是因為我們將在接下來一段時間內相當密集地進行修正航向並推動公司轉型。這些，我們計畫在未來幾個月與你們分享。

Thank you.

謝謝。

Thanks, Vince.

謝謝你，Vince。

Thanks, Vince.

謝謝你，Vince。

Carl, next question, please.

Carl，請下一個問題。

Jerome Dubreuil, Desjardins.

Jerome Dubreuil，Desjardins。

Hey. Hi, everyone. Thanks for taking my question. Gopi and Victor, congrats for the appointment. First one is another clarification, kind of similar line to Vince’s question. I’m looking to understand what exactly is the base level of EBITDA we should be using for 2025.

嗨，大家好。謝謝讓我提問。Gopi 和 Victor，恭喜任命。第一個是另一個釐清問題，路線有點像 Vince 的問題。我想了解，我們在 2025 年應該使用的 EBITDA 基礎水準到底是什麼。

You mentioned there was CAD100 million of non-recurring items in the second half. I wonder if you can comment on what is the full year number, just because I don’t think we should be using minus 3% EBITDA going forward. I just want to clarify exactly what’s the non-recurring aspect of the [minus 3] for the year.

你提到下半年有 1 億加幣的非經常性項目。我想請你評論一下全年數字是多少，因為我不認為我們應該在未來一直用 EBITDA -3% 來推估。我只是想釐清，全年這個 [ -3 ] 當中，非經常性的部分到底是什麼。

Perfect, Jerome. In our appendix, we’ve actually included detail on that. I’ll just walk you through it at a high level. What we’ve done is we’ve pulled out other income that is already on the face of our financial statements. You can see that for last year and coming into this year, as I mentioned, we’ve paused any new joint ventures in real estate, so we don’t expect any material gains associated with that. There will continue to be monetization of real estate as it comes available, and we’ll continue to have minor amounts of copper sales. That’s what you can continue to see in the year.

很好，Jerome。我們在附錄裡其實已經把相關細節列出來了。我先用高層次帶你走一遍。我們做的是把其他收入拉出來——這些在我們財報的表面上本來就有揭露。你可以看到去年以及今年迄今的情況。如我提到的，我們已暫停任何新的房地產合資案，因此我們不預期會有與此相關的重大收益。隨著房地產資產可供處置，我們仍會持續進行變現；同時也會持續有少量的銅材銷售。這些就是你在今年仍會看到的項目。

And then again, we did call out a particular non-recurring item grouping in Q3 of last year, and those were just particular to Q3 of last year. We don’t see anything like that coming through the rest of the year. So you’ve got details on page 24, we’d be happy to clarify any questions you have coming off of that.

另外，我們也確實點出去年第三季有一組特定的非經常性項目，而那些只是去年第三季特有的。我們不認為今年剩餘期間會再出現類似情況。所以你可以在第 24 頁看到細節；若你看完後有任何問題，我們也很樂意再進一步釐清。

That’s great. Thanks. The second one, the CapEx increase was a bit of a surprise by some investors. Can you maybe provide some maybe points to discuss about the ROI you’re seeing on the additional CapEx, just maybe to reassure the investors that your focus on profitable growth is I’m sure it is, but it is grounded in numbers and the returns you’re expecting. Thank you.

很好，謝謝。第二個，資本支出（CapEx）的增加讓一些投資人有點意外。你能否提供一些討論要點，談談你們在額外 CapEx 上看到的投資報酬（ROI），也許用來讓投資人更安心：你們對有利潤成長的聚焦——我相信確實如此——是有數字基礎、以及你們預期的回報作支撐的。謝謝。

Absolutely. That’s a very fair comment, especially because we are committed to the 10% capital intensity over time. The focus, the incremental, as we mentioned, there’s some related to inflation, some modest investments, Victor spoke to how we’re more generally thinking about AI data centers.

當然可以。這是非常公平的評論，特別是因為我們承諾長期將資本強度維持在 10%。至於增量部分，如我們所提到的，有一部分與通膨相關，也有一些溫和的投資；Victor 也談到我們更廣泛地如何思考 AI 資料中心。

And so really the remaining investment we made is in our customer base, making it easier for them to work with us, putting in tools that make their experience with us delightful, making sure that they can use digital when they want to.

因此，我們真正剩下所做的投資，是投向我們的客戶基礎：讓他們更容易與我們合作，導入能讓他們與我們互動體驗更愉悅的工具，並確保他們在想要的時候可以使用數位化服務。

And so some of that will continue into next year. Everything that is growth related will continue. In general, some of the items are products and projects that we are wrapping up, that we are bringing to a close, and that isn’t something that you can terminate quickly. And so we will get the returns as expected, we are focused on simplification and focus in terms of what we invest in go forward.

因此，其中一部分會延續到明年。所有與成長相關的事項都會持續推進。整體而言，有些項目是我們正在收尾、準備結案的產品與專案，而這並不是能夠快速終止的事情。因此，我們將如預期取得回報；同時，我們也會在未來投資方向上，聚焦於簡化與聚焦。

Thank you.

謝謝。

Thank you, Jerome. Carl, we have time for one more question, please.

謝謝你，Jerome。Carl，我們還有時間再問一個問題，麻煩了。

Adam Shine, National Bank Financial.

Adam Shine，National Bank Financial。

Thanks a lot. I’ll make it two quick ones. Victor, you’ve said very clearly that on the monetization front, you’re in no rush, but is there a particular total number that perhaps you’re looking to raise in regards to some of these efforts?

非常感謝。我會問兩個很快的問題。Victor，你已經很清楚地表示在變現方面你不急，但就這些努力而言，你是否有一個特定的總金額目標，可能希望籌集到多少？

And just secondarily, on the monetization exercise, I didn’t really hear anything on agriculture and was wondering if that’s something also to be divested or the fact that it wasn’t mentioned, perhaps not. And just going back to Stephanie’s question on the AI data center, I know you’re going to come back to us with more details in Q3. Will that ultimately include some disclosure around a roadmap in terms of AI data center related revenues, EBITDA, free cash flow, CapEx, kind of like what Bell has laid out for us, or is that still a bit premature? Thanks.

第二個問題是，關於變現的動作，我沒有真正聽到任何關於農業的內容，想請問那是否也是要剝離的項目？還是因為沒有被提到，所以可能不是。另外回到Stephanie關於AI資料中心的問題，我知道你們會在第三季提供更多細節。那最終是否會包含一些揭露，例如AI資料中心相關營收、EBITDA、自由現金流、資本支出（CapEx）的路線圖，類似Bell為我們所提供的那種？還是說現在談這些仍有點太早？謝謝。

Thanks, Adam. Again, both very good questions. In terms of the dollar figure for monetization, rather than speaking about any of these specific businesses, because I don’t want anybody to get worried. They’re really good businesses. We want to run them well. We’ll surface value from them well, and we’ll identify a couple that we’re already kind of working on to surface value that will help reduce our leverage. When I think about the portfolio of leverage reduction opportunities, some of it comes from the maturity of our CapEx profile in our core businesses. Some of it comes from the transformation of our business.

謝謝你，Adam。再次強調，這兩個都是非常好的問題。就變現的金額而言，我不想針對任何特定業務談具體數字，因為我不希望讓任何人擔心。它們都是非常好的業務。我們希望把它們經營好，並且把它們的價值好好釋放出來；我們也會挑出幾個目前已經在著手推進、用以釋放價值的項目，來幫助降低我們的槓桿。當我思考降低槓桿的機會組合時，其中一部分來自我們核心業務資本支出（CapEx）結構的成熟；另一部分則來自我們業務的轉型。

In a couple of months’ time, you’re going to get a better picture of what does that transformation envelope look like from a revenue enhancement standpoint and from a cost transformation standpoint. We’ll give you more granularity on the monetizations. And that will all fit into that envelope of how does leverage get to three or less by the end of 2028. That’s how the puzzle pieces fit together.

再過幾個月，你們會更清楚看到這個轉型「範圍」在營收提升與成本轉型方面長什麼樣子。我們也會就變現提供更細的資訊。而這些都會納入同一個框架：我們如何在2028年底前把槓桿降到3倍或更低。這就是各個拼圖如何組合在一起。

And on your question on data centers, yes. Look, I want to provide as much transparency as possible once I feel comfortable that the roadmap is buttoned down and I can speak to you about the economics of it. In my early review, I see attractive economics, right? In building a sovereign, sustainable, smart type of data center approach, where I think that there’ll be a demand.

至於你關於資料中心的問題，是的。你看，我希望在我確信路線圖已經定案、並且能夠向你們說明其經濟效益之後，提供盡可能多的透明度。在我初步檢視中，我看到的是具吸引力的經濟效益，對吧？也就是打造一種主權化、永續、智慧型的資料中心方案，我認為會有需求。

I do not want to get caught up in the frenzy that I see out there of building, building only to get caught flat-footed. We can’t afford to do that. That’s not generally how we operate. We’ll give you more granularity as we go forward as well, Adam.

我不想被我在外面看到的那種「一味狂建」的熱潮牽著走，最後反而措手不及。我們承擔不起那樣的風險。那也不是我們一般的運作方式。隨著後續推進，我們也會提供你更多細節，Adam。

Okay. I appreciate it.

好的。我很感謝。

Okay. Thank you.

好的。謝謝。

Thanks, Adam. This concludes the Q&A. I’ll pass the call back to Victor for closing remarks.

謝謝你，Adam。問答到此結束。我把電話交回給Victor做結語。

Okay. Thank you everyone for your great questions. Thank you, Ian. Thanks, Carl, for helping us moderate through this as well. Let me close where I started. We got a clear set of priorities for TELUS, and we’re committed to doing the three things that we’ve outlined: strengthen our financial foundation, be really, really disciplined around our operations, controlling our costs, freeing up resources to invest into the future, and redeploying those resources to profitable, sustainable returns in businesses that we want to be in.

好的。謝謝各位提出很棒的問題。謝謝你，Ian。也謝謝你，Carl，協助我們主持整個流程。讓我回到我一開始說的重點作結：我們已為TELUS訂下清晰的一組優先事項，並且承諾落實我們所概述的三件事：強化我們的財務基礎；在營運上保持高度、極度的紀律，控制成本，釋放資源以投資未來，並將這些資源重新配置到我們希望深耕的業務中，以取得有利可圖且可持續的回報。

What we have set out here today is a thoughtful plan. I know you don’t have all the granularity you want, but I can tell you’ll get more of that as time moves on to realize the full potential of TELUS on a go-forward basis. It’s our plan to deliver on this as a leadership team.

我們今天提出的是一個深思熟慮的計畫。我知道你們還沒有拿到所有想要的細節，但我可以告訴你們，隨著時間推進，你們會得到更多資訊，以在未來充分實現TELUS的全部潛力。作為領導團隊，我們的計畫就是把這些承諾落實交付。

I’ve clearly seen in my first few weeks that we’ve got an extraordinary team at TELUS that embraces challenge. It’s innovative, it’s customer-focused, and I believe, knowing this company and knowing what it stands for, that we’re going to be able to deliver on what we’re promising to you.

在我上任的頭幾週，我清楚看到TELUS擁有一支非凡的團隊，勇於迎接挑戰；富有創新精神；以客戶為中心。我相信，了解這家公司、也了解它所代表的意義之後，我們將能夠兌現我們對各位所做的承諾。

Our objectives are clear. Number one, reduce our leverage to three times or lower by the end of 2028, and no later than the end of 2028. Two, deliver minimum 10% compounded annual free cash flow in 2027, which I think all of you recognize is likely easier hurdle because of where we’ll end 2026, and give you greater granularity around why we believe we can do that in 2028.

我們的目標很清楚。第一，在2028年底前、且不晚於2028年底，把槓桿降到3倍或更低。第二，在2027年實現至少10%的自由現金流年複合成長率，我想各位都會認同，考量我們在2026年底的基期，這可能是相對更容易達成的門檻；並且我們會提供更細的資訊，說明為什麼我們相信在2028年也能做到。

Three, supporting a dividend that’s sustainable, that’s competitive, and once we get our growth profile back and we’re well within our payout range, to grow that dividend again, as well as to use other ways to return capital to shareholders.

第三，支持一個可持續、具競爭力的股利；一旦我們把成長動能找回來、且股利支付率回到我們的目標區間內，就再次提高股利，同時也會透過其他方式把資本回饋給股東。

I’m proud to be working with over 100,000 team members at TELUS as we embark on this next chapter. It’ll be intense, it’ll be bumpy, but it’s all meant to transform our company to produce the kind of financial performance that we believe we can deliver for you going forward.

我很自豪能與TELUS超過10萬名團隊成員一起展開下一個篇章。這會很密集、也會有顛簸，但這一切都是為了轉型我們的公司，讓它在未來能產出我們相信可以為各位交付的那種財務表現。

With that, thanks for your time today. I know there’s a lot to digest, and I wish all of you a wonderful summer, and we’ll be back to you on a one-on-one basis as you request and as we request. We’d love to see more of each other in the coming weeks. Alright?

最後，謝謝各位今天撥冗。我知道有很多內容需要消化，也祝各位有個美好的夏天。我們會依各位的需求、以及我們的安排，回到各位身邊進行一對一的交流。我們也希望在接下來幾週能有更多機會彼此見面。好嗎？

Thanks, Ian, very much, and I guess we’re done.

非常感謝你，Ian，我想我們就到這裡了。

We’re done.

我們結束了。

Alright.

好的。

This concludes our call today. Please reach out to the IR team for any follow-ups. Carl, back to you.

我們今天的電話會議到此結束。如有任何後續問題，請聯繫投資人關係（IR）團隊。Carl，交回給你。

Ladies and gentlemen, this concludes the TELUS 2026 Q2 earnings conference call. Thank you for your participation and have a nice day.

各位女士先生，TELUS 2026年第二季財報電話會議到此結束。感謝各位的參與，祝各位有美好的一天。