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Telus: AI Spending Is Surging—Will It Fix the Digital Margin Problem or Deepen the Profitability Squeeze?

TELUS Corporation’s third-quarter 2025 financial results highlight noticeable growth in customer acquisition while demonstrating commitment to technological advancements and strategic investments across multiple business segments. The quarter was marked by industry-leading customer additions, including 288,000 total mobile and fixed customer gains, underscoring TELUS’s strategic emphasis on superior customer experiences and bundled service offerings across its mobile and home solutions. In terms of financial performance, TELUS reported a 3% growth in TTech EBITDA. The mobile segment drove significant results with 82,000 phone net additions and 169,000 connected device net additions, though these gains were mitigated by a slight decrease in mobile network revenue and average revenue per user (ARPU), reflecting a cautious outlook for ARPU recovery despite slight sequential improvements. TELUS maintained continuous progress in its wireline and health services divisions. Industry-leading wireline growth included 40,000 Internet net additions supported by the PureFibre initiative.