Telus directors, execs acquire total of 357,090 shares

Executive Summary

• Telus Corp. announced that its Board of Directors and executive leadership, including CEO Darren Entwistle, purchased a total of 357,090 shares in the open market during November and December 2025, signaling confidence in the company's value and long-term growth.
• The company executed share purchases for cancellation under its Normal Course Issuer Bid (NCIB), buying 2,299,753 shares at an average price of $17.3932, representing an 18% discount to the 12-month average traded price.
• Telus provided updated financial guidance, targeting a net debt to adjusted EBITDA ratio of circa 3.3 times or lower by year-end 2026 and 3.0 times by the end of 2027, driven by strong operational performance and a deleveraging program ahead of plan.

Key Details

• Insider Purchases:
  • Total shares acquired by Board and Executive Leadership (including CEO Darren Entwistle): 357,090 shares.
  • Acquisition period: November and December 2025.
  • Total holdings of senior officers and board members as of Dec. 31, 2025: Approximately 2.4 million Telus common shares.
  • CEO Compensation Structure: Mr. Entwistle has taken his entire salary in the form of Telus shares since 2024 (building on a practice from 2010-2015) and plans to continue this for the foreseeable future.
• Share Repurchases (NCIB):
  • Shares purchased for cancellation: 2,299,753 common shares.
  • Average purchase price: $17.3932 per share (excluding commissions).
  • Discount to market: 18% discount to Telus's average share price traded over the past 12 months.
  • NCIB Authorization: Part of a $500-million authorization over a 12-month period.
  • NCIB Start Date: December 17, 2025.
  • NCIB Announcement Date: December 15, 2025.
• Financial Guidance & Deleveraging:
  • Free Cash Flow Growth: Targeting a minimum 10% compounded annual growth rate through 2028.
  • Net Debt to Adjusted EBITDA Targets:
    • Year-end 2026: Circa 3.3 times or lower.
    • Year-end 2027: 3.0 times.
  • Dividend Policy: Commitment to systematically step down the discounted dividend reinvestment plan (DRIP) beginning in the first quarter of 2026.
  • Status: Deleveraging trajectory is progressing ahead of plan.

Notable Quotes

• "These purchases are reflective of the company's conviction that its current share price does not reflect the strong fundamentals of Telus's business and its significant growth opportunities."
• "Repurchases under the NCIB have been executed with discipline and are complementary to Telus's deleveraging program..."
• "Telus's strong operational and financial performance, combined with the company's confidence in delivering meaningful free cash flow growth... enable Telus to progress on the company's deleveraging trajectory ahead of plan."