Core Insights - The TELUS cross-border study indicates a strong demand for companies to earn trust in AI through collaboration, transparency, and accountability [1] Group 1: Public Sentiment on AI - 90% of respondents in both Canada and the U.S. believe AI should be regulated, highlighting a near-universal call for robust governance [1] - Approximately 70% of respondents want companies to solicit and consider customer feedback on AI deployment [1] - Over 75% of respondents desire companies to assess potential harms of AI before releasing new tools and to provide clear explanations of AI usage [1] Group 2: AI Adoption Rates - 85% of Canadians and 89% of Americans report using AI, indicating widespread acceptance and integration of the technology [1] Group 3: Recommendations for Building Trust - Companies should collaborate across sectors to establish ethical standards that ensure safety while promoting innovation [1] - Clear explanations and human oversight are essential for critical AI decisions [1] - Diverse perspectives should be integrated throughout the AI development process to create equitable systems [1] Group 4: TELUS's Commitment and Leadership - TELUS has established itself as a leader in human-centric technology, focusing on responsible AI development [1] - The company has engaged in various initiatives, including partnerships with Indigenous communities and contributions to international AI forums [1] - TELUS has received multiple awards for its responsible AI practices and was the first telecom to sign a voluntary AI code of conduct in Canada [1]

Core Viewpoint - TELUS Corporation successfully completed the redemption of C$600 million 3.75% Notes, demonstrating its commitment to balance sheet management and financial stability [1][2]. Group 1: Financial Management - The redemption was funded through proceeds from TELUS' December 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes, which raised C$2.9 billion for debt repayment [1]. - TELUS has undertaken a broader balance sheet management initiative, including the early redemption of seven series of discounted notes totaling C$1.0 billion [2]. - The company aims to reduce its net debt to adjusted EBITDA ratio to approximately 3.3 times or lower by year-end 2026 and around 3.0 times by the end of 2027 [3]. Group 2: Strategic Priorities - The company's proactive management of its debt maturity profile is intended to create greater financial flexibility to support capital allocation priorities and enhance long-term shareholder value [2]. - TELUS is committed to a deleveraging trajectory that is progressing ahead of plan, with a projected net debt to adjusted EBITDA of approximately 3.4 times for 2025 [3].

Group 1 - The core initiative is the "Haihe Sci-Tech Innovation and Entrepreneurship Launch Plan," aimed at creating a comprehensive innovation and entrepreneurship education system in Tianjin through collaboration among government, universities, society, and enterprises [1] Group 2 - The plan includes the establishment of the "Municipal Youth Teacher Award for Innovation," which will support outstanding young teachers in key industries such as artificial intelligence, new generation information technology, high-end equipment manufacturing, biomedicine, and new energy materials [2] - Each year, the award will select teachers with high-level research achievements and entrepreneurial potential, providing support for project development, data analysis, and academic exchanges [2] Group 3 - The initiative will host the "Tianjin Open Innovation and Entrepreneurship Challenge," focusing on intelligent technology and aligning university innovation education with industry needs [2] - The competition will have two tracks for alumni and students, aiming to identify high-potential entrepreneurial projects and provide multi-level support services including training, investment, and incubation [2] Group 4 - The establishment of the Tianjin Higher Education Innovation and Entrepreneurship Education Alliance will bring together universities to share resources and enhance innovation education capabilities [3] - Key universities involved include Tianjin University, Tianjin University of Technology, Tianjin Polytechnic University, and Tianjin University of Science and Technology, which will collaborate on curriculum development and practical training [3]

Core Viewpoint - Telus has announced another round of voluntary severance packages, further reducing its workforce in Canada, which raises concerns about the impact on the economy and service quality in the telecommunications sector [1][2]. Group 1: Job Cuts and Workforce Impact - Telus has offered nearly 700 voluntary severance packages to its Canadian workers, including over 500 members of the United Steelworkers union [2]. - The job cuts are primarily affecting Telus Business Solutions operations in British Columbia, Alberta, Ontario, and Quebec [3]. - Workers have until January 21 to decide on the severance offers [3]. Group 2: Customer Service Concerns - Complaints from Telus customers to the Commission for Complaints for Telecom-television Services increased by 62% in 2025 compared to 2024, indicating growing dissatisfaction with service quality [4]. - The job cuts at Telus are expected to exacerbate customer dissatisfaction with telecommunications services in Canada [4][5]. Group 3: Government and Union Response - The Canadian government has been criticized for not taking action to address job losses or service standard concerns in the telecommunications sector [5][6]. - The United Steelworkers union plans to continue lobbying the federal government to protect Canadian jobs and maintain the integrity of the national telecom infrastructure [6].

Core Insights - TELUS Corporation is engaging TD Securities Inc. and Jefferies Securities, Inc. as financial advisors to strategize the monetization of its TELUS Health business, which serves over 160 million lives globally and has generated $1.5 billion in operating revenue year-to-date as of Q3 2025 [1][2] Group 1: TELUS Health Business Overview - TELUS Health operates in over 200 countries and territories, generating an EBITDA of $258 million and cash flow of $99 million as of Q3 2025 [1] - The company views TELUS Health as a world-class digital asset with significant growth potential, particularly in AI products and international expansion [2] Group 2: Strategic Partnerships and Monetization - The monetization strategy aims to identify a strategic partner to enhance value creation by adding complementary skills and customer reach [2] - TELUS Health is considered a key near-term monetization opportunity that aligns with TELUS' deleveraging targets, aiming for a net debt to adjusted EBITDA ratio of approximately 3.4 times in 2025, reducing to around 3.3 times by the end of 2026 [2] Group 3: Financial Performance and Future Outlook - TELUS is targeting a minimum 10% compounded annual growth rate in free cash flow through 2028, supported by a strong operational and financial performance [2] - The engagement of financial advisors is part of a disciplined capital allocation framework that has consistently defined TELUS' approach to value creation [2]

Core Viewpoint - TELUS Corporation's leadership team and board members have demonstrated confidence in the company's value and growth prospects by acquiring additional shares, while the company is actively repurchasing shares as part of its normal course issuer bid (NCIB) to enhance shareholder value [1][3][4]. Group 1: Shareholder Actions - Several members of TELUS' board and executive leadership, including CEO Darren Entwistle, acquired a total of 357,090 TELUS shares in November and December, indicating strong confidence in the company's long-term growth [1]. - As of December 31, 2025, senior officers and board members collectively hold approximately 2.4 million TELUS common shares, with Darren Entwistle taking his entire salary in TELUS shares since 2024, reinforcing alignment with shareholder interests [2]. Group 2: Share Repurchase Program - TELUS has repurchased 2,299,753 common shares at an average price of $17.3932 per share, representing an 18% discount to the average share price over the past year, as part of a $500 million share buyback program initiated on December 17, 2025 [3][4]. - The share repurchases are part of TELUS' strategy to address the perceived undervaluation of its shares and are aligned with its deleveraging program, aiming for a net debt to adjusted EBITDA ratio of approximately 3.3 times by the end of 2026 [4]. Group 3: Financial Performance and Growth Targets - TELUS is committed to achieving a minimum 10% compounded annual growth rate in free cash flow through 2028, which supports its deleveraging efforts and overall financial health [4]. - The company is systematically stepping down its discounted dividend reinvestment plan (DRIP) starting in the first quarter of 2026, reflecting its strong operational and financial performance [4]. Group 4: Company Overview - TELUS operates in over 45 countries, generating more than $20 billion in annual revenue and serving over 20 million customer connections through its broadband services [7]. - The company is focused on leveraging technology for positive human outcomes and has made significant contributions to community initiatives, including over $6 million in bursaries to students in Canada [7].

Group 1: Price Target and Ratings - National Bank analyst Adam Shine raised the price target on TELUS Corporation to C$21.50 from C$21 while maintaining an Outperform rating on the shares [1] Group 2: Financial Performance - In Q3 2025, TELUS Corporation reported revenue of C$5.06 billion, reflecting a 0.2% increase year-over-year, while net income surged by 68% to C$437 million [2] - The company's TTech subscriber base grew by 5% over the last 12 months to 20.8 million, and internet connections increased by 2% to 2.8 million [2] Group 3: Cash Flow Outlook - TELUS expects free cash flow (FCF) of $2.15 billion in 2025, with a target to grow FCF by at least 10% annually from 2026 to 2028, projecting FCF of $2.4 billion for 2026 [3] - The company has paid $2.9 billion in dividends and share repurchases since 2004 but is currently pausing dividend growth at the current level [3] Group 4: Company Overview - TELUS Corporation is a major Canadian telecommunications and IT company offering a wide range of services related to mobile, internet, and digital customer experiences [4]

Core Insights - TELUS Digital has been recognized as a Leader in the 2025 NelsonHall NEAT Evaluation for CX Services Transformation, highlighting its capabilities in operational efficiency, revenue growth, and long-term success through advanced AI solutions [1][5] Group 1: TELUS Digital's Achievements - The company was acknowledged for its Fuel iX™ platform, which effectively converts AI deployments into business outcomes, enhancing operational, agent, and customer experiences [2][3] - TELUS Digital's expertise in CCaaS, cloud services, and Salesforce integrations allows clients to modernize legacy systems and streamline workflows, facilitating faster AI capability deployment [4][5] Group 2: Technology and Innovation - Fuel iX is noted for its ability to safely and efficiently deploy generative AI across existing systems, addressing common enterprise challenges such as siloed data and slow AI adoption [3][6] - The company maintains a strong Trust & Safety practice and a mature AI operations practice, which includes a large crowdsourcing platform and specialized AI training services [6] Group 3: Market Position and Strategy - TELUS Digital's Leader status in the NEAT Evaluation reflects its success in helping clients navigate AI implementation complexities and modernize customer and agent experiences [5] - The company emphasizes a vendor-agnostic approach, allowing clients to integrate seamlessly with existing providers and technology stacks, thus enhancing cross-selling and upselling opportunities [6]

Core Viewpoint - TELUS has announced the pricing of a US$1.5 billion offering of Fixed-to-Fixed Rate Junior Subordinated Notes, along with a CAD$800 million offering of similar notes, aimed at refinancing existing debt and funding a tender offer for outstanding notes [1][3][6]. Summary by Category Offering Details - The US$800 million Series C notes will have an initial interest rate of 6.375%, resetting every five years starting June 9, 2031, with a minimum rate of 6.375% [2]. - The US$700 million Series D notes will have an initial interest rate of 6.625%, resetting every five years starting June 9, 2036, with a minimum rate of 6.625% [2]. - The CAD$400 million Series CAT notes will have an initial interest rate of 5.375%, resetting every five years starting June 9, 2031, with a minimum rate of 5.375% [4]. - The CAD$400 million Series CAU notes will have an initial interest rate of 5.875%, resetting every five years starting June 9, 2036, with a minimum rate of 5.875% [4]. Underwriting and Closing - The US Notes are being offered through a syndicate led by CIBC Capital Markets, BMO Capital Markets, TD Securities, and Wells Fargo Securities, with closing expected around December 9, 2025 [3][5]. - The Canadian Notes are offered through a syndicate led by CIBC Capital Markets, BMO Capital Markets, and TD Securities, with the same expected closing date [5]. Use of Proceeds - A portion of the net proceeds from both offerings will fund a tender offer to purchase up to US$500 million of TELUS' outstanding notes, with the remaining proceeds allocated for debt repayment and general corporate purposes [6]. Regulatory Filings - The US Notes will be detailed in a prospectus supplement filed with the SEC, while the Canadian Notes will be described in a prospectus supplement filed with Canadian securities authorities [7][8]. Company Overview - TELUS operates in over 45 countries, generating over CAD$20 billion in annual revenue, and is committed to leveraging technology for positive human outcomes [12].

Core Points - TELUS Corporation announced the commencement of cash offers to purchase up to C$500,000,000 of its outstanding notes across seven series [1][2] - The offers are subject to certain conditions, including a Financing Condition, which must be satisfied or waived for the offers to proceed [11] Offer Details - The offers will expire at 5:00 p.m. (Eastern time) on December 11, 2025, unless extended or terminated earlier by the company [5] - Settlement for accepted notes is expected to occur three business days after the expiration date, anticipated to be December 16, 2025 [6] - Holders of notes accepted for purchase will receive the Total Consideration in cash, along with accrued and unpaid interest [7][8] Notes Information - The offers include various series of notes with different outstanding amounts, interest rates, and maturity dates, such as: - 3.95% Notes, Series CAB due February 2050: C$105,257,000 - 4.10% Notes, Series CAE due April 2051: C$78,105,000 - 4.40% Notes, Series CU due January 2046: C$233,187,000 - 4.40% Notes, Series CL due April 2043: C$600,000,000 - 4.70% Notes, Series CW due March 2048: C$475,000,000 - 2.85% Notes, Series CAF due November 2031: C$750,000,000 - 4.75% Notes, Series CR due January 2045: C$400,000,000 [4] Conditions and Management - The company reserves the right to increase or waive the Maximum Purchase Amount and may accept more or less of any series of notes at its discretion [3][10] - CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. are acting as lead dealer managers for the offers [12]