Telus cuts dividend 55% and posts Q2 loss as new CEO Victor Dodig takes charge

Telus Corp. announced a $1.8 billion loss for the quarter ended June 30, with earnings of –$1.17 per share, and cut its quarterly dividend by about 55% to 18.75 cents per share, ending the discounted dividend‑reinvestment plan on Oct 1.

The changes were made under new president and CEO Victor Dodig, former CIBC chief executive, who said the moves aim to save roughly $2.7 billion through 2028 for debt reduction and to focus capital on growth areas. Telus also lowered its 2026 service‑revenue outlook to flat‑to‑‑2%, reduced free‑cash‑flow guidance, and raised capital‑expenditure plans to $2.6 billion. Shares fell roughly 12% to $13.28, the lowest in a year.