TELUS Corporation (TU): PESTLE Analysis [Nov-2025 Updated]

You need to know if TELUS Corporation's massive $70 billion network investment through 2029 can outrun the mounting regulatory pressure from the Canadian Radio-television and Telecommunications Commission (CRTC). The 2025 external landscape shows a telecom giant pivoting hard into digital healthcare and sovereign Artificial Intelligence (AI) data factories, targeting a strong Consolidated Free Cash Flow of approximately $2.15 billion this year. But the CRTC's mandate for wholesale fibre access is a defintely near-term risk that could squeeze margins, so we need to map out the specific political, economic, and technological forces driving their strategic decisions and stock performance right now.

TELUS Corporation (TU) - PESTLE Analysis: Political factors

CRTC Mandates Wholesale Fibre-to-the-Premise (FTTP) Access, Increasing Competition

The most significant political and regulatory event in 2025 for TELUS Corporation is the Canadian Radio-television and Telecommunications Commission (CRTC) decision on wholesale fibre access. The federal government upheld the CRTC's final ruling in August 2025, mandating that large incumbent carriers must provide competitors with aggregated wholesale access to their existing fibre-to-the-premise (FTTP) networks. This ruling aims to boost competition and affordability.

For TELUS, this means increased competition in its core territories of British Columbia and Alberta, as rivals like Bell Canada can now access its fibre network to offer services outside their traditional regions. Conversely, TELUS gains the ability to use Bell's network in Ontario and Quebec, allowing it to compete nationally without having to build costly duplicate infrastructure. The policy is already showing effects on pricing, with wireline internet access services seeing a price decline of approximately 8 percent in Ontario and 11 percent in Quebec between November 2023 and August 2024.

The regulatory framework attempts to balance competition with investment by exempting all new fibre infrastructure built after the decision from wholesale access obligations until 2029. This five-year head start is a crucial incentive for TELUS to continue its network build-out.

Government Funding Supports Rural Broadband Expansion

Government policy continues to prioritize bridging the digital divide, which translates into significant co-investment opportunities for TELUS, especially in rural and Indigenous communities. The federal Universal Broadband Fund (UBF), a $3.225 billion investment, is the primary vehicle, aiming to connect 98% of Canadian households to high-speed internet by 2026.

TELUS is a key recipient of this funding, which supports its own large-scale capital plan. For example, in July 2025, the Government of Canada announced a federal funding commitment of over $4.2 million to TELUS for high-speed internet projects in British Columbia, connecting 727 households. Plus, there were two separate mobile wireless projects in BC receiving federal funding of $1,174,173 and $1,585,598. This public-private partnership model defintely lowers the financial risk for TELUS's expansion into less profitable, remote markets.

Here's the quick math on some recent government-supported projects:

Project Type	Region	Federal Funding (2025)	Households/Coverage
High-Speed Internet (Fibre)	British Columbia (Spallumcheen/Hullcar)	$4,207,773	727 Households
Mobile Wireless	British Columbia (Tŝideldel First Nation)	$1,174,173	24 Kilometres of road
Mobile Wireless	British Columbia (Skeetchestn Indian Band)	$1,585,598	98 Kilometres of road

Ongoing Federal Review of the Online Streaming Act

The implementation of the federal Online Streaming Act (formerly Bill C-11), which updates the Broadcasting Act, is ongoing through phased CRTC decisions as of November 2025. This act requires online streaming services to contribute to Canadian and Indigenous content (CanCon).

While the main financial impact falls on global streaming giants, the review is important for TELUS's television service, Optik TV. The CRTC is actively working to streamline reporting requirements for certified productions, which could reduce the regulatory burden on traditional broadcasters and distributors like TELUS. The focus is shifting the regulatory and financial obligation more toward the large foreign streaming platforms, which is a net positive for incumbent Canadian content distributors.

Continued Political Stability Supports Long-Term Infrastructure Investment Certainty

The relative political stability in Canada, particularly the government's consistent support for national broadband targets, underpins TELUS's massive capital expenditure plans. This certainty allows the company to commit to multi-year, multi-billion-dollar projects.

TELUS's capital expenditure guidance for the 2025 fiscal year is approximately $2.5 billion (excluding real estate monetization). This is part of a broader, five-year commitment announced in May 2025 to invest over $70 billion across Canada through 2029. This long-term spending is a direct vote of confidence in the predictable regulatory environment, even with the new wholesale access rules.

• 2025 Capex Guidance: Approximately $2.5 billion (excluding real estate).
• 5-Year Investment Commitment: Over $70 billion through 2029.
• Action: The political environment enables TELUS to launch strategic initiatives like a $2 billion investment over five years in Ontario and Quebec broadband expansion to capitalize on the new wholesale access framework.

TELUS Corporation (TU) - PESTLE Analysis: Economic factors

The economic landscape for TELUS Corporation in 2025 is defined by a strategic shift from heavy capital investment to free cash flow generation and targeted growth in high-margin segments like health and digital. Honestly, the core takeaway is that the massive network build-out phase is maturing, and the focus is now squarely on financial discipline and shareholder returns.

You're seeing a classic transition in a mature telecom business: capital spending moderates, and cash flow expands. This is defintely a good sign for investors who prioritize dividends and balance sheet strength over pure top-line acceleration. The company's reaffirmed 2025 financial targets, even amidst a dynamic macroeconomic environment, show management's confidence in this shift. Here's the quick math on their financial targets, all figures in Canadian Dollars (CAD) unless otherwise noted:

Consolidated Free Cash Flow target for 2025 is approximately $2.15 billion.

TELUS Corporation has consistently reaffirmed its target for Consolidated Free Cash Flow (FCF) at approximately $2.15 billion for the 2025 fiscal year. This FCF target is a critical indicator of the company's financial health, representing the cash generated after all capital expenditures and working capital changes. This strong cash generation is the engine that supports the dividend growth program and deleveraging efforts. The figure is a slight increase from the approximately $2.0 billion generated in 2024.

Capital expenditures (excluding real estate) are targeted at approximately $2.5 billion in 2025.

The company is targeting Consolidated Capital Expenditures (CapEx), excluding real estate development initiatives, of approximately $2.5 billion in 2025. This figure is a moderation from previous, higher-intensity investment years, reflecting the near-completion of major fiber-optic and 5G network build-outs. Moderating CapEx is the key lever driving the expansion in free cash flow, as the company moves toward a lower capital intensity ratio, targeting approximately 10%.

TTech Adjusted EBITDA is expected to grow by circa 3% to 5% in 2025.

The core Technology Solutions (TTech) segment, which includes the wireless and wireline operations, along with the newly reported TELUS Health segment, is expected to see Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) growth in the range of 3% to 5% in 2025. This growth is driven by several factors:

• Continued robust customer additions in mobile and fixed broadband.
• Focus on cost efficiency and effectiveness, including workforce reductions.
• Expanding margins from the TELUS Health segment, which saw Adjusted EBITDA grow by 24% in Q3 2025.

AI-enabled revenue is projected to reach approximately $800 million by the end of 2025.

A significant, forward-looking economic opportunity lies in the company's Artificial Intelligence (AI) strategy. External AI-enabled revenue is projected to reach approximately $800 million by the end of 2025. This is a clear strategic bet on business-to-business (B2B) digital transformation and AI-powered customer experience solutions, primarily driven through the TELUS Digital and TELUS Business Solutions units. This segment is expected to grow substantially, with a long-term target of surpassing $2 billion by 2028.

Quarterly dividend increased to $0.4184 per share in Q3 2025, demonstrating cash flow confidence.

The Board of Directors declared a quarterly dividend of $0.4184 per share in November 2025, which is payable in January 2026. This increase, part of the company's long-standing dividend growth program, signals management's confidence in the sustained growth of the Consolidated Free Cash Flow. The dividend increase reflects a 4% year-over-year growth. The company's long-term Common Share dividend payout ratio guideline is 60% to 75% of free cash flow on a prospective basis.

To be fair, the economic picture is not without its risks. High interest rates still impact the cost of carrying the company's debt, and the competitive pricing environment in the telecom sector remains a consistent pressure point. Still, the diversification into TELUS Health and the disciplined capital allocation strategy provide a resilient foundation.

2025 Financial Target (CAD)	Target Value / Range	Key Economic Driver
Consolidated Free Cash Flow	Approximately $2.15 billion	Supports dividend growth and debt reduction.
Consolidated Capital Expenditures (Excl. Real Estate)	Approximately $2.5 billion	Moderating CapEx drives FCF expansion.
TTech Adjusted EBITDA Growth	3% to 5%	Core business profitability and cost efficiencies.
AI-Enabled Revenue	Approximately $800 million	New high-growth, high-margin revenue stream.
Quarterly Dividend (Q4 2025 Payment)	$0.4184 per share	Demonstrates confidence in FCF sustainability.

Finance: Monitor the net debt to EBITDA ratio, which is targeting circa 3.55-times exiting 2025, as a key measure of economic stability after the Terrion tower partnership.

TELUS Corporation (TU) - PESTLE Analysis: Social factors

The social landscape for TELUS Corporation is a powerful tailwind, moving beyond simple connectivity to address major societal needs like healthcare access and affordable housing. This focus isn't just altruistic; it's a core growth strategy, turning social challenges into profitable, long-term business opportunities. You see this clearest in the expansion of TELUS Health and the innovative repurposing of their real estate assets.

TELUS Health covers 160.6 million healthcare lives as of Q3 2025, a massive growth driver.

TELUS Health's global reach is a significant social and economic factor, positioning the company as a major player in digital healthcare. As of the third quarter of 2025, TELUS Health covered approximately 160.6 million healthcare lives worldwide. This massive scale-driven by acquisitions and organic growth in employer solutions and payor/provider services-gives them a powerful platform to influence public health outcomes and capture a growing market. The segment's operating revenue grew by 18% in Q3 2025, with Adjusted EBITDA surging by 24%, showing that social impact can defintely drive financial performance.

Here's the quick math on the healthcare segment's recent performance:

Metric	Q3 2025 Value	Year-over-Year Growth
Lives Covered	160.6 million	Up 85 million (largely due to acquisitions)
Operating Revenues	$517 million (CAD)	+18%
Adjusted EBITDA	$91 million (CAD)	+24%

Strong demand for bundled services drives customer growth, with over 1.2 million total net additions in 2024.

The company's ability to bundle services-combining mobility, internet, TV, and security-taps directly into the consumer desire for simplicity and value. This strategy is a key social factor because it improves customer loyalty (a low churn rate) and drives consistent subscriber growth, which is a sign of strong social acceptance of their product ecosystem. TELUS reported total mobility and fixed customer additions of 1,216,000 for the full year 2024, marking the third consecutive year of net additions above the one million threshold. This momentum continued into 2025, with the company adding an industry-best 288,000 mobile and fixed customers in Q3 2025 alone. That's a huge vote of confidence from the market.

Redeveloping old central offices into rental housing addresses the need for affordable living.

TELUS is actively turning underutilized legacy real estate, like old central telephone offices, into purpose-built rental housing through its 'TELUS Living' project. This is a brilliant move that addresses the acute social need for housing while monetizing non-core assets. It's a win-win for the community and the balance sheet. For example, a proposed redevelopment in Vancouver's Kitsilano neighborhood is slated to include 221 secured purpose-built rental homes, with 45 units designated as below-market housing to meet affordability targets.

The broader social impact plan is significant:

• A further 18 properties are proposed for redevelopment.
• These projects aim to add more than 3,000 homes across British Columbia over the next six years.
• One Vancouver-Point Grey development is set to deliver 55 rental units, helping to ease local housing pressures.

Programs like Health for Good focus on bridging the digital and healthcare divide for vulnerable populations.

The Health for Good program directly tackles the social issue of healthcare inequity by deploying mobile health clinics powered by TELUS Health technology. This initiative is about more than charity; it's about demonstrating a commitment to the communities they serve. Since its founding, the program has supported over 250,000 patient visits nationwide. Crucially, data shows that 36% of these patients would not have accessed healthcare otherwise, highlighting the program's essential role in the social safety net. This focus on vulnerable groups, including those experiencing homelessness and low-income seniors (via low-cost Medical Alert services), builds substantial social capital and goodwill, which is an intangible but critical asset for a major corporation.

TELUS Corporation (TU) - PESTLE Analysis: Technological factors

Investing $70 billion across Canada through 2029 to enhance network infrastructure

You need to know where the capital is going, and TELUS Corporation is making a massive, long-term bet on Canadian infrastructure. The company is investing more than $70 billion over the five-year period through 2029 to expand and enhance its network infrastructure and operations across Canada. This is a significant commitment, especially against a backdrop of macroeconomic uncertainty, and it builds on a long history, with over $276 billion already invested since 2000.

For the 2025 fiscal year, this translates to a disciplined capital deployment. The company's guidance for 2025 Consolidated Capital Expenditures, excluding real estate initiatives, is approximately $2.5 billion. This consistent capital allocation is critical for advancing digital inclusion, particularly in rural and Indigenous communities, and it's a clear signal that network superiority remains the core competitive advantage. It's a long-term play, but the near-term capital expenditure is right on target.

Rapid deployment of 5G and expansion of the high-speed PureFibre (FTTP) network continues

The core of TELUS Corporation's network strategy is the continued, aggressive deployment of its 5G and PureFibre (Fiber-to-the-Premise, or FTTP) networks. This dual-pronged strategy ensures both mobile and fixed broadband leadership. As of the third quarter of 2025, the 5G network covered approximately 32.9 million Canadians, which is over 89% of the population. That's a dominant footprint.

On the wireline side, the PureFibre network is the gold standard for fixed broadband. As of Q3 2025, TELUS had connected over 3.6 million premises to its fiber technology. This superior network quality drives customer growth; in Q3 2025, the company delivered 288,000 total mobile and fixed customer additions, including 40,000 new internet customers. The transition to fiber isn't just about speed; PureFibre is also 85% more energy-efficient than the legacy copper network, which is a major sustainability and operating cost win.

Here's the quick math on the network's 2025 reach:

Metric	Value (as of Q3 2025)	Significance
5G Population Coverage	Over 89% (approx. 32.9 million Canadians)	Enables advanced mobile services and IoT.
PureFibre Premises Connected	Over 3.6 million premises	Drives high-margin residential internet growth.
Q3 2025 Internet Customer Additions	40,000 net additions	Demonstrates successful fiber migration and market capture.
PureFibre Energy Efficiency vs. Copper	85% more efficient	Substantial long-term operational cost and ESG benefit.

Strategic investment in sovereign Artificial Intelligence (AI) data factories in B.C. and Quebec

The new frontier isn't just connectivity; it's what you do with it. TELUS Corporation is making a strategic move into Artificial Intelligence (AI) infrastructure with its Sovereign AI Factory initiative, in partnership with NVIDIA. The goal is to provide Canadian businesses and researchers with high-performance computing while ensuring data remains within the country's borders-a critical data sovereignty (control over data stored domestically) play. The inaugural site in Rimouski, Quebec, is already operational as of September 2025, with expansion planned for a facility in British Columbia (Kamloops).

This is a high-stakes, high-return investment. The factory leverages NVIDIA's latest-generation Hopper- and Blackwell-based supercomputers, positioning TELUS Corporation at the forefront of Canada's AI ecosystem. This investment is expected to be a significant revenue driver, with the company projecting its AI-enabling capabilities revenue to grow from approximately $800 million in 2025 to $2 billion by 2028. That's a compound annual growth rate exceeding 30%, which is defintely a growth engine to watch.

The AI Factory also aligns with sustainability goals:

• Powered by 99% renewable energy.
• Operates with three times greater energy efficiency than the industry average.

Copper network retirement program is enabling real estate monetization and network efficiency gains

The technological shift from copper to fiber is unlocking significant non-core assets. The copper network retirement program is freeing up approximately 200 properties in Western Canada that are no longer needed for network service. This is a classic asset-light move following a heavy infrastructure build.

TELUS Corporation is monetizing this real estate through its 'TELUS Living' initiative, which redevelops old central office buildings into purpose-built rental residential properties, addressing the Canadian housing crisis. The potential gross value for this real estate portfolio is estimated to be between $2 billion and $3 billion. This capital can be recycled back into core network investments. The company broke ground on a development in Vancouver in late 2025 and has two other projects in Nanaimo and Sechelt that will deliver 254 rental homes in early 2026. Also, the retirement process itself is environmentally beneficial, with over 4,600 tonnes of copper reclaimed and repurposed to date, leading to a reduction of 9,300 tonnes of GHG emissions.

Next step: Finance should track the progress of the 'TELUS Living' developments against the $2 billion to $3 billion gross value estimate by the end of Q4 2025.

TELUS Corporation (TU) - PESTLE Analysis: Legal factors

Facing complex and changing regulation in the virtual care and medical devices industries for TELUS Health

You need to understand that the rapid growth of TELUS Health, particularly in virtual care and digital medical products, puts the company right at the intersection of evolving federal and provincial health regulations. This is a high-stakes compliance area because it involves sensitive personal health information (PHI).

The scale of this challenge is clear: TELUS Health covered 76.5 million global lives in the first quarter of 2025, a 7 per cent year-over-year increase, and that number surged to 157.1 million by the second quarter of 2025, driven by acquisitions like Workplace Options in May 2025, which serves 88 million employees worldwide.

Compliance costs are rising. The Q1 2025 financial report noted that TELUS Health's strong Adjusted EBITDA growth of 30 per cent was partially offset by higher indirect costs, specifically for scaling their digital and security capabilities, which includes increased subscription-based licenses, contractor, and cloud usage costs for compliance. Plus, the regulatory landscape is global, with new EU requirements, such as Unique Device Identification (UDI) marking for certain medical devices, coming into effect in May 2025, which impacts their international offerings. That's a lot of moving parts to track.

CRTC's 2024-180 policy mandates wholesale access to fibre, creating legal compliance and pricing pressure

The Canadian Radio-television and Telecommunications Commission (CRTC) decision, Telecom Regulatory Policy 2024-180, is a major regulatory headwind that became operational in 2025. This policy mandates that TELUS Corporation and other Incumbent Local Exchange Carriers (ILECs) must provide competitors with wholesale access to their fibre-to-the-premises (FTTP) networks.

The initial deadline for a workable solution was February 13, 2025. TELUS Corporation requested an extension to June 13, 2025, for British Columbia and Alberta, but the CRTC denied this in Telecom Decision 2025-37 on January 31, 2025. This forced a rapid compliance effort.

The direct financial impact is already visible in the market. An analysis of the interim policy found that it reduced broadband price levels by approximately 8% in Ontario and 11% in Quebec between November 2023 and August 2024. This is a clear measure of the pricing pressure now extended across the country.

Here's the quick math on the price impact:

Province	Time Period	Approximate Broadband Price Reduction
Ontario	Nov 2023 - Aug 2024	8%
Quebec	Nov 2023 - Aug 2024	11%

What this estimate hides is the strategic opportunity: TELUS is using the wholesale mandate to invest an additional $2 billion over the next five years to expand its broadband services in Ontario and Quebec, effectively becoming a national competitor in those markets.

Compliance with the Personal Information Protection and Electronic Documents Act (PIPEDA) remains a key cost factor

Compliance with the Personal Information Protection and Electronic Documents Act (PIPEDA) is a constant, expensive factor, especially for a company handling vast amounts of customer and health data. While the current maximum penalty for a PIPEDA offense is up to $100,000 CAD per violation, the looming threat of new legislation drastically increases the risk.

The proposed Consumer Privacy Protection Act (Bill C-27), which is still under federal review in 2025, would dramatically increase the financial risk of non-compliance. Under this proposed law, penalties for contraventions could be the higher of $10 million or 3% of the organization's gross global revenue.

For a company with annual revenues around $20 billion, that 3% fine represents a potential penalty of approximately $600 million if applied to global revenue, a massive jump in legal exposure. This potential exposure forces significant, ongoing investment in privacy and security infrastructure.

• Maximum current PIPEDA fine: $100,000 CAD per violation.
• Potential new fine (Bill C-27): Higher of $10 million or 3% of gross global revenue.
• TELUS Health updated its privacy practices as recently as April 2025.

CRTC decision 2025-96 eases competitor access to ILEC support structures for wireless equipment deployment

In a move that will further intensify competition in the wireless market, the CRTC issued Telecom Decision 2025-96 on May 14, 2025. This decision confirmed that competitors can attach wireless network equipment, like small cells needed for 5G coverage, to the support structures (poles and strands) owned or controlled by ILECs such as TELUS Corporation.

This ruling is a significant win for competitors, as it lowers a major barrier to deploying advanced wireless technologies and expanding 5G coverage. TELUS Corporation had argued that new tariffs should be imposed for this new type of attachment, but the CRTC ultimately ruled that the current tariffs were sufficient, meaning no new revenue stream from higher rates for TELUS. The decision forces TELUS to manage increased access requests and logistical coordination on its infrastructure while facing a more competitive wireless build-out from rivals.

The regulatory activity around this is ongoing, with Telecom Order CRTC 2025-77, issued on March 11, 2025, having already set interim wholesale support structure rates for TELUS Communications Inc. and Bell Canada. You defintely need to monitor the final rates, as they determine the direct revenue and cost of managing this mandated access.

TELUS Corporation (TU) - PESTLE Analysis: Environmental factors

You're looking for a clear map of TELUS Corporation's environmental strategy, and the takeaway is simple: their massive network upgrade is not just a business decision; it's a core environmental risk mitigation and efficiency play. The transition from legacy copper to fiber optics is fundamentally changing their operational carbon footprint and resilience, which is a major positive for long-term investors.

As a seasoned analyst, I see this as a significant competitive edge, especially when you consider the regulatory and public pressure on Scope 1 and 2 emissions (direct and indirect operational emissions). TELUS is putting real capital behind this, with a multi-year investment that explicitly ties network expansion to sustainability goals.

TELUS PureFibre is 85% more energy-efficient than old copper infrastructure.

The core of TELUS Corporation's environmental advantage lies in its network technology shift. The company's PureFibre network, which uses fiber-optic cables, is up to 85% more energy-efficient than the older copper infrastructure it is replacing. This isn't just a marginal gain; it's a structural change that drives down operating costs and energy consumption per unit of data transmitted.

The move to fiber-to-the-home (FTTH) technology means fewer powered devices are needed in the field to boost the signal over distance. Here's the quick math on the copper retirement program's impact so far:

• Copper Extracted: Over 4,600 tonnes of copper reclaimed from legacy networks.
• GHG Emissions Cut: Approximately 9,300 tonnes of Greenhouse Gas (GHG) emissions avoided through copper reclamation and recycling.
• Customer Migration: Migrating 99% of eligible internet customers from copper to PureFibre Internet.

This copper is then repurposed, supporting the circular economy and offsetting the need for new, energy-intensive mining, which is a smart, tangible example of their environmental commitment.

Stated goals to achieve carbon neutrality and reduce Greenhouse Gas (GHG) emissions in operations.

TELUS Corporation has set ambitious, science-based targets (SBTi approved) for reducing its operational emissions. Their stated goal is to achieve operational carbon neutrality by 2030 or sooner, which is a strong commitment in the telecom sector. This target is underpinned by specific, measurable reductions in their direct and indirect energy use.

For the 2025 fiscal year, a critical milestone is the commitment to source 100% of their electricity requirements from renewable or low-emitting sources. This is a major step toward de-risking their energy supply and stabilizing operating expenses against volatile fossil fuel costs. Anyway, the long-term target is the one you need to watch closely.

Metric	Target	Baseline/Context
Operational Carbon Neutrality	By 2030 or sooner	Covers Scope 1 (direct) and Scope 2 (indirect) emissions.
Absolute Scope 1 & 2 GHG Reduction	46% reduction by 2030	From a 2019 baseline.
Renewable Electricity Sourcing	100% of electricity requirements effectively procured by end of 2025	Focus on clean and low-emitting power sources.

Network infrastructure is built to be more durable against extreme weather, a defintely rising climate risk.

Climate change isn't just about carbon; it's also about physical risk to assets. Extreme weather events-floods, ice storms, high winds-are a defintely rising climate risk that can cripple legacy copper networks. TELUS PureFibre is inherently more resilient to these events.

Fiber-optic cables are physically stronger than copper of the same size and, crucially, are not susceptible to electromagnetic interference or water damage in the same way. This increased durability translates directly to lower maintenance costs, fewer service disruptions, and a more resilient network for customers, which is a key factor in network quality of service (QoS) and customer retention.

Investing in environmentally-friendly technologies to reduce GHG emissions is part of the $70 billion capital plan.

The company's massive, five-year capital plan of more than $70 billion (through 2029) is not solely focused on connectivity; it explicitly includes reducing GHG emissions with environmentally-friendly technologies. This capital deployment is a strategic move, integrating sustainability into core infrastructure spending.

The investment in fiber and 5G upgrades, while primarily for speed and capacity, is the main driver of energy efficiency improvements. Plus, the capital plan supports the launch of new, energy-efficient data centers-like the two Sovereign AI Factories in Kamloops, British Columbia, and Rimouski, Quebec-which are essential for future growth but must also meet modern efficiency standards.

Next Step: Portfolio Managers: Cross-reference TELUS Corporation's 2025 renewable electricity procurement contracts against regional grid carbon intensity data to model the true Scope 2 emissions reduction for the current fiscal year.