OTTAWA (dpa-AFX) - TELUS (T.TO, TU) reported a third quarter net loss of C$660 million and a basic loss per share of C$0.42. This is compared to net income of C$431 million or C$0.32 per share, prior year. The company noted that its net loss was driven by a pre-tax, non-cash goodwill impairment of C$800 million. Adjusted net income was C$251 million, down 32 percent from prior year. Adjusted EBITDA declined by 5 percent to C$1.8 billion. Excluding one-time items, adjusted EBITDA decreased by 2 percent. Adjusted basic EPS was C$0.16, down 33 percent. Consolidated operating revenues and other income were C$5.0 billion, compared with C$5.1 billion in the prior year. TELUS reaffirmed its full-year 2026 guidance.
Also, the company announced an efficiency program targeting annualized cash savings of approximately C$900 million exiting 2028 to be delivered via operational cost and margin improvement, and capital expenditure efficiencies. Approximately 80 percent of the cash savings will come from core Telecom and the balance from Global Platform Businesses.
Gopi Chande, CFO, said: 'The efficiency program we announced today is expected to structurally improve our earnings power and free cash flow, giving us the flexibility to reduce debt while continuing to invest in the business. Together with the dividend reset, and removal of the DRIP discount that we announced in July, coupled with our active asset monetization program, our plan creates a clear path to achieving our net debt to Adjusted EBITDA leverage target of 3.0-times or lower by year-end 2028.'
The Board declared a quarterly dividend of C$0.1875 per share on the issued and outstanding Common Shares payable on January 4, 2027, to holders of record at the close of business on December 11, 2026.
At prior close on Toronto, TELUS shares were trading at C$13.19.
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