TELUS leadership, including Board of Directors and CEO, demonstrates confidence in the Company's future with share purchases

Executive Summary

• TELUS board members and senior executives purchased an additional 357,090 shares in November‑December 2025, signalling confidence in the company’s valuation.
• The Company has repurchased and cancelled 2,299,753 shares at an average price of $17.3932 per share under its normal course issuer bid (NCIB), part of a $500 million authorized buy‑back program.
• TELUS reaffirmed its deleveraging targets – aiming for ≤3.3× net debt/adjusted EBITDA by year‑end 2026 and ≤3.0× by end‑2027 – and projected at least 10% compounded annual free‑cash‑flow growth through 2028.

Key Details

• Insider Purchases:
• Total of 357,090 TELUS common shares bought in the open market during Nov‑Dec 2025 by board members and senior leadership, including CEO Darren Entwistle.

• Senior officers now collectively hold ~2.4 million TELOS common shares as of Dec 31 2025.

• CEO Compensation:

• Since 2024, CEO Darren Entwistle has taken his entire salary in TELUS shares (as previously done 2010‑2015) and will continue this practice.

• NCIB Repurchases:

• 2,299,753 common shares cancelled at an average price of $17.3932 per share (ex‑commissions).
• Represents an 18% discount to TELUS’s twelve‑month average trading price.

• Purchases are part of a $500 million NCIB entitlement covering a 12‑month period starting Dec 17 2025.

• Deleveraging & Financial Outlook:

• Target net debt/adjusted EBITDA ≤3.3× by year‑end 2026; ≤3.0× by end‑2027.
• Expected free cash flow growth of ≥10% CAGR through 2028.

• Plan to step down the discounted dividend reinvestment plan (DRIP) beginning Q1 2026, aligning with deleveraging strategy.

• Operational Performance Reference:

• Management cited “strong operational and financial performance” as a basis for continued share repurchases and confidence in free‑cash‑flow generation.

Notable Quotes

(No direct quotes were provided in the release.)