SCHEDULE: Bank of Montreal Updates TELUS CORP Stake to 3.78%

Bank of Montreal and its affiliates have filed an amendment to their Schedule 13G, reporting a beneficial ownership of 3.78% in TELUS CORP common shares as of September 30, 2025.

Summary

• Bank of Montreal, along with its various subsidiaries, has filed an Amendment No. 1 to its Schedule 13G regarding its beneficial ownership in TELUS CORP common shares.
• As of September 30, 2025, Bank of Montreal beneficially owns an aggregate of 58,129,433 common shares of TELUS CORP.
• This aggregate ownership represents 3.78% of the class of TELUS CORP's common shares.
• The filing indicates that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• Key reporting entities include Bank of Montreal (3.78%), BANK OF MONTREAL HOLDING INC. (3.62%), BMO NESBITT BURNS INC. WEALTH MANAGEMENT (3.57%), BMO ASSET MANAGEMENT INC. (1.74%), BMO PRIVATE INVESTMENT COUNSEL INC. (0.25%), BMO NESBITT BURNS INC. (0.05%), BMO NESBITT BURNS SECURITIES LTD. (0.01%), and BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY (0%).
• Bank of Montreal holds sole voting power over 57,441,195 shares and shared voting power over 458,350 shares.
• Bank of Montreal holds sole dispositive power over 57,671,083 shares and shared dispositive power over 458,350 shares.

Sentiment

Score: 5

Explanation: The filing is a standard regulatory disclosure of beneficial ownership, which is inherently neutral in sentiment. It reports factual holdings without expressing positive or negative outlooks on the company's performance or future prospects.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Industry Context

This filing reflects a routine disclosure by a large financial institution, Bank of Montreal, regarding its passive investment holdings in TELUS CORP. Such Schedule 13G filings are common for institutional investors who hold a significant, but non-controlling, stake in a public company, indicating their position as a long-term or strategic investor rather than an activist seeking to influence management.

Comparison to Industry Standards

• NA

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, which can offer some stability or liquidity to the stock.
• Management: Awareness of a large, passive institutional investor's position, though without direct influence on control.

Next Steps

• Bank of Montreal and its affiliates will continue to monitor their beneficial ownership in TELUS CORP.
• Further amendments to this Schedule 13G will be filed if there are significant changes (e.g., crossing a 5% threshold, or a change of 1% or more in ownership while above 5%) or if the reporting persons decide to change their investment intent from passive to active.

Key Dates

Keywords

TELUS CORP, Bank of Montreal, BMO, Beneficial Ownership, Schedule 13G, Common Shares, Institutional Investor, Equity Holdings, Investment Management