Telus CEO expects Big Three wholesale access to continue, as company releases Q4 results

Telus Corp. CEO Darren Entwistle says the company expects the CRTC will uphold its decision to allow incumbent telecom companies to use the wholesale access framework to resell services over each other’s networks. Entwistle made the remarks during a conference call with financial analysts on Thursday, Feb. 13, while discussing the Vancouver-based company’s fourth quarter financial results for the 2024 fiscal year. “We will expect that particular decision to stand and we will adjudicate accordingly in terms of our go-to-market activities,” said the CEO, arguing that the CRTC’s Aug. 13 wholesale decision was the result of a “comprehensive and rigorous and exhaustive process” that was “confirmed twice over, from interim to final.” “I think that decision and our response, from a go-to-market perspective, is in the best interest, conclusively, of Canadian consumers and Canadian businesses, particularly small businesses…and I would expect that the government at this particular point in time would want to be making moves that are accretive to the welfare of consumers or the productivity of businesses.” Telus is at odds with many players in the telecom industry when it comes to the wholesale access regime. The company is of the view that allowing the Big Three incumbent carriers – BCE Inc., Rogers Communications Inc., and Telus – to use the wholesale mandate to access each other’s fibre networks, so long as it is outside of their traditional serving territories, is good for competition. Meanwhile, the majority of other stakeholders believe that it would disincentivize incumbents from investing in their own fibre networks and puts the long-term viability of competitors at risk. READ MORE: – Telus’ arguments for incumbent access to wholesale regime not supported by competitors – Bell wants CRTC to reverse Big Three wholesale ruling, as it issues quarterly results – CRTC will not change temporary wholesale decision; final decision still on the table Telus saw continued growth in both revenues and profits during its fourth quarter, according to the company’s financial results. For the three months ended Dec. 31, Telus reported consolidated revenues of $5.38 billion, marking a 3.5 per cent increase from $5.1 billion during the same period in 2023. Meanwhile, the company reported profits of $320 million, a 3.2 per cent increase from the previous year’s $310 million. Telus mainly attributed the gains to increases in TV and internet subscribers, higher service revenue, as well as higher income from real estate and legacy copper sales as it sells off some of its offices and transitions to fibre technology. Service revenues made up most of Telus’ earnings, amounting to $4.5 billion. Meanwhile, equipment revenues were $824 million, mainly driven by more customers signing contracts and higher-value smartphones on offer. Other income was $50 million, mostly made through real estate sales and copper decommissioning. Telus’ earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was $1.77 billion, a 3.7 per cent increase from Q4 2023’s $1.70 billion. Telus saw total telecom net additions of 328,000 subscribers, down 18.8 per cent compared to the previous year’s 404,000. This increase includes 70,000 net mobile phone subscribers, down 44.4 per cent from last year’s additions; 194,000 connected devices, down 4.4 per cent from last year; 37,000 internet subscribers, up 2.8 per cent; and 27,000 TV subscribers, up 17.4 per cent year-over-year. The company continued to see declines in residential phone subscribers, losing 10,000 net subscribers during Q4, a 42.9 per cent drop from the previous year. Telus’ total telecom subscribers came in at almost 20.18 million by the end of 2024. This marks a 5.9 per cent increase from nearly 19.1 million at the end of 2023. Mobile average revenue per user (ARPU) came in at $58.05, a $2.15 or 3.6 per cent decrease year-over-year. phalentm@thewirereport.ca

Telus CEO expects Big Three wholesale access to continue, as company releases Q4 results

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By Phalen Tynes-MacDonald
| February 13, 2025

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Telus CEO expects Big Three wholesale access to continue, as company releases Q4 results

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