Message from our CEO
Leading with purpose, innovating with passion
Over the past 25 years, our TELUS team has demonstrated an unparalleled commitment to social capitalism. In 2024, our team continued leveraging our world-leading technology, talent and caring culture to achieve industry-leading financial, operational and customer service results. We realized these outcomes through a relentless focus on putting our customers first, integrated with a social purpose thesis that strives to make the future friendly for underserved constituencies.
Joining 150 team members in Amsterdam for a canal clean-up during TELUS Days of Giving. Together, we worked to liberate the canal of plastic bottles and other environmentally destructive materials, collecting 500 bags of waste from the canal and illustrating our passion for purpose in action.
Achieving leading operational, financial and customer loyalty results that differentiate your Company in hearts and minds
Once again in 2024, your Company continued to achieve strong customer growth and retention, including the most loyal customer base in our industry. Indeed, there are very few telcos in the world that have achieved such remarkable results so consistently, which is a testament to the qualities of our TELUS team, our Customers First commitment in action and the synergistic relationship we have with our communities at a humanistic level.
In 2024, TELUS delivered an industry-best postpaid mobile churn rate of 0.99 per cent, marking 11 consecutive years below one per cent. Notably, we added over 1.2 million new customer connections – an industry-leading result that represented our third straight year of achieving more than one million new customer additions. Moreover, TELUS was the only company among our national peer group to realize positive total fixed net additions in 2024, with 255,000 net additions, alongside our industry-leading 961,000 total mobile net additions. Furthermore, over the last three years, we have driven more than 3.5 million net customer additions across mobility and fixed, including nearly 1.2 million mobile phones, over 1.5 million connected devices and nearly 420,000 internet customers – significantly outpacing all of our competitors.
Certainly, 2024 was an incredibly challenging year with macroeconomic headwinds and a frustrating regulatory and competitive environment. These latter factors also precipitated a less-than-rational market dynamic. Notwithstanding this, your Company’s superior and differentiated asset mix, proactive approach to cost efficiencies and excellence in the execution of our strategy yielded a markedly superior shareholder return relative to our peers in a down Canadian telecom market.
Our team also drove strong operating revenue growth of 1.8 per cent and Adjusted EBITDA growth of 5.5 per cent, achieving the low end of our full-year target, including finishing the fourth quarter on a high note with 7 per cent EBITDA growth. These industry-leading operational, customer service and financial results once again demonstrate the potent combination of our Customers First ideology and social capitalism model in action.
Revolutionizing health, agriculture and consumer goods in a way that preserves our planet for future generations
In TELUS Health, we expanded our virtual care services in Canada to 6.5 million members in 2024 – a 16 per cent increase year-over-year – while also executing 654 million digital health transactions. TELUS Health now covers 76 million lives across 160 countries, marking a 10 per cent increase, year-over-year, in the number of lives covered. Notably, our TELUS Health team achieved $1.8 billion in revenue and 18 per cent Adjusted EBITDA growth, while progressing our focus towards illness prevention, exemplified by the launch of our state-of-the-art
Precision Health services
.TELUS Agriculture & Consumer Goods (TAC) demonstrated robust performance in 2024, with revenue increasing by 12 per cent, supported by improved profitability and margin contributions. Our TAC team serves more than 5,400 customers in over 60 countries and we will continue to grow in the years ahead as we materially accelerate and significantly scale our TAC business into a major asset of consequence.
Importantly, through our virtual healthcare and precision agriculture – in addition to our fleet management and high-speed broadband networks – TELUS is enabling our customers to avoid emissions at nearly 7.5 times our own operational footprint. In 2024, we avoided 1.4 million metric tons of gross CO2 emissions, which is equivalent to planting a forest of 56 million trees. By advancing virtualization technology, we continue to enable smarter, more sustainable operations, driving significant carbon avoidance benefits for our customers.
Within TELUS, we are taking further steps, as evidenced by our aspirations to reach 100 per cent of our electricity requirements effectively procured from renewable or low-emitting sources by year-end while also improving energy intensity by 50 per cent from 2019 levels by 2030.
Importantly, through our virtual healthcare and precision agriculture – in addition to our fleet management and high-speed broadband networks – TELUS is enabling our customers to avoid emissions at nearly 7.5 times our own operational footprint. In 2024, we avoided 1.4 million metric tons of gross CO2 emissions, which is equivalent to planting a forest of 56 million trees. By advancing virtualization technology, we continue to enable smarter, more sustainable operations, driving significant carbon avoidance benefits for our customers.
Within TELUS, we are taking further steps, as evidenced by our aspirations to reach 100 per cent of our electricity requirements effectively procured from renewable or low-emitting sources by year-end while also improving energy intensity by 50 per cent from 2019 levels by 2030.
Embracing innovation and AI to drive growth and improve economic, human and environmental outcomes
Looking ahead, your Company is well-positioned for continued growth, given our differentiated products and services, our ability to cross-sell within TELUS Business, TELUS Health, TELUS Agriculture & Consumer Goods and TELUS Digital, and our advanced data and artificial intelligence (AI) capabilities. This includes our powerful
Fuel iX
platform, with a suite of state-of-the-art AI tools for businesses to significantly enhance enterprise and employee AI enablement, customer support, employee training and digital security leveraging an impressive array of 43 world-leading large language models, including from OpenAI, Google, Amazon and Meta to name just a few.
TELUS made history in 2024 when we launched our AI-powered customer support tool, one of the first from a Canadian organization, to provide customers a more seamless digital experience by offering fast and intuitive responses to their queries. This tool was the first in the world to be internationally certified in Privacy by Design (ISO 31700-1).
Our internal AI tools, created with the support of TELUS Digital, exemplify our progress in next-generation technology applications, now used by more than 57,000 team members each month across TELUS and TELUS Digital. Importantly, we are harnessing the transformative power of AI in a safe, secure and responsible manner to create value across our organization and stakeholders – from enhancing team member productivity to optimizing network infrastructure, simplifying processes and providing more dynamic ways of interacting with and serving our customers.
By way of example, we developed an internal IT help desk copilot that has transformed technical support across TELUS by empowering our team members to self-serve for IT-related needs while driving significant savings. Moreover, our AI solutions provide guidance for field techs at customer homes, helping to monetize these visits while giving customers a choice of free remote support or a premium in-home service. Our AI-based agent for network technicians offers real-time, personalized support and quick answers to job-specific questions, leading to improved service and operational efficiencies. From a network infrastructure standpoint, your Company introduced predictive AI models to optimize network performance and fuel an insights-driven network investment strategy to maximize impact on customer satisfaction.
These represent just a few examples of the more than 30 large-scale AI solutions at TELUS that have driven over $78 million in benefits to date. As we continue progressing our own digital transformation journey, it offers a unique opportunity for TELUS Digital to leverage TELUS as an innovation lab, which they, in turn, can exploit as a meaningful reference case for the productization of solutions with their external clients.
Further demonstrating our commitment to using AI for good, we developed our global SmartHome+ platform that integrates real-time data analytics, automation and a natural language AI assistant to set up routines, manage your home and assist with smart home setup. Our team launched
TELUS HomeView
using the TELUS SmartHome+ platform featuring AI-enabled smart cameras to provide customers with peace of mind, allowing them to easily identify people, pets and packages, and communicate with people at their door from anywhere. Utilizing the same platform and application, TELUS SmartEnergy
empowers customers to manage their home’s energy consumption and save up to 15 per cent on their utility bill. TELUS SmartEnergy helps consumers make smarter energy decisions and is a positive step towards addressing the challenges facing Canada’s energy infrastructure through demand-side management and furthering Canada’s net-zero ambitions. The SmartHome+ platform was built as a global Platform as a Service solution and we will be partnering with communication companies around the world to bring this technology to consumers globally.Leveraging our technology innovation to create a more connected and sustainable world
At TELUS, we believe that business success and environmental stewardship go hand in hand. Indeed, our world-leading broadband networks and technology are the backbone of our digital economy and societies. To this end, we are harnessing our technology leadership and expertise in data analytic insights to stimulate innovation and create a more connected and sustainable world, in a synergistic combination with a more robust economy.
Notably, TELUS provides critical connectivity for millions of people and businesses, enabling our digital economies and contributing to societal well-being. In 2024, we reached several key milestones, including offering TELUS PureFibre in
Ontario and Quebec
. We also enhanced our 5G network, unveiled our new PureFibre 5Gigabit plan
– the fastest home internet in Western Canada – and extended our broadband networks to 60 additional Indigenous lands. TELUS now connects 278 Indigenous communities with TELUS PureFibre and 805 Indigenous lands with 5G, demonstrating our commitment to deploy spectrum and expand our networks and technology across our Canadian landscape.Furthermore, we have migrated 99.1 per cent of eligible customers to TELUS PureFibre, which is good for our customers and our company. By way of example, TELUS PureFibre is more resistant to environmental factors, making it less prone to outages or disruptions, while also enabling a two-thirds reduction in repair activity. Moreover, with TELUS PureFibre we have seen a 25 per cent lower cost to serve, 60 per cent increase in product intensity and 15 per cent higher ARPU, with lower churn than traditional copper.
TELUS PureFibre is also good for our environment, given that fibre is up to 85 per cent more energy-efficient. Our transition from copper to fibre has reduced over 9,300 tonnes of greenhouse gas emissions – equivalent to removing nearly 2,000 gasoline-powered cars from our roads for one year. To date, we have repurposed more than 4,300 tonnes of copper through our innovative urban copper mining program, supporting the circular economy. The value of our green copper urban mine is estimated at $1 billion at current market prices, with a net value of approximately $500 million after refining and other costs; highlighting again the mutualism between environmental responsibility and attractive business economics.
Media release
FEB. 15, 2024
TELUS partners with Samsung to build Canada’s first 5G Virtualized RAN, Open RAN network
Media release
NOV. 12, 2024
TELUS PureFibre Internet arrives in Ontario and Quebec with blazing fast 1.5 Gbps speeds
Earning customer trust and loyalty by investing in our communities
A hallmark of our organization is being there for our communities when and where they need us the most. Indeed, since 2000, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions and programs, including 2.4 million days of volunteerism, to communities worldwide.
TELUS’ leadership in social capitalism elevates our globally admired brand in the hearts and minds of consumers, building trust and loyalty and supporting the growth of our business as customers choose to give their patronage to a company with superior products, service and an authentic and distinguished track record of giving back to their communities, year after year. As a result, our TELUS brand has increased in value from a few hundred million dollars in 2000 to $12.1 billion in 2025 according to Brand Finance. This ranks us as the most valuable telco brand in Canada and the eighth most valuable Canadian brand overall. The power of our brand sets TELUS apart from our peers and underpins our growth ambitions, which continue to realize positively differentiated value for all of our stakeholders, including you, our valued investors.
TELUS’ leadership in social capitalism elevates our globally admired brand in the hearts and minds of consumers, building trust and loyalty and supporting the growth of our business as customers choose to give their patronage to a company with superior products, service and an authentic and distinguished track record of giving back to their communities, year after year. As a result, our TELUS brand has increased in value from a few hundred million dollars in 2000 to $12.1 billion in 2025 according to Brand Finance. This ranks us as the most valuable telco brand in Canada and the eighth most valuable Canadian brand overall. The power of our brand sets TELUS apart from our peers and underpins our growth ambitions, which continue to realize positively differentiated value for all of our stakeholders, including you, our valued investors.
Setting bold financial and social targets for 2025, building off of 2024 momentum
For 2025, we have once again set industry-leading financial targets, including TTech operating revenues and Adjusted EBITDA growth of up to four per cent and five per cent, respectively, and consolidated free cash flow of approximately $2.15 billion, supported by consolidated capital expenditures of approximately $2.5 billion. Notably, our TTech EBITDA guidance contrasts markedly with our peers, who anticipate significantly lower EBITDA growth (including negative growth at the low end of the range).
In concert with this, we have set ambitious social capitalism and environmental targets. These include contributing 1.5 million volunteer hours in 2025, further amplifying our efforts in 2024 when we engaged 83,000 volunteers across 33 countries for our TELUS Days of Giving – our most giving year yet. This year, we will also support an additional 240,000 citizens, over and above the 1.3 million individuals we have assisted since inception, through our Connecting for Good and TELUS Wise programs. At the same time, we will gift over $10 million in charitable grants and bursaries through TELUS Friendly Future Foundation. This will build on the
$2.5 million raised at the Foundation’s inaugural gala
, the $8.6 million committed to 550 charities, and more than 500 bursaries that were awarded through the TELUS Student Bursary program in 2024.TELUS Friendly Future Foundation provided financial assistance to more than 500 socially-minded students in 2024 through the TELUS Student Bursary programme, including Carleton University student Clementine Jarrett.
Expressing gratitude for your patronage and support
The above is but a sampling of our TELUS team’s important achievements in 2024. On behalf of our 130,000 team members and retirees worldwide, thank you to our shareholders, customers and community partners for your support. We are committed to leading with purpose and innovating courageously in the years ahead while delivering the industry-leading results our shareholders expect from our team. Together, let’s continue to make the future friendly.
Darren Entwistle
Proud member of the TELUS team
April 4, 2025
