TELUS engages TD Securities and Jefferies as financial advisors to support TELUS Health partnership and monetisation strategy

Executive Summary

• TELUS Corporation engaged TD Securities Inc. and Jefferies Securities, Inc. as financial advisors to explore strategic partnership and monetisation options for its TELUS Health business.
• TELUS Health generated YTD operating revenue of $1.5 bn, EBITDA of $258 m and cash flow of $99 m (Q3‑2025), serving over 160 million lives in >200 countries.
• The advisory engagement supports TELUS’s broader deleveraging plan, targeting net‑debt/EBITDA of ~3.4× now, ≤3.3× by end‑2026 and ≤3.0× by end‑2027.

Key Details

• Advisors Appointed: TD Securities Inc. (Canada) and Jefferies Securities, Inc. (U.S.) to assist with strategy, timeline, and evaluation of potential partnership structures for TELOS Health.
• Financial Snapshot of TELUS Health (Q3‑2025):
• Operating revenue YTD: $1.5 bn
• EBITDA YTD: $258 m
• Cash flow YTD: $99 m
• Strategic Rationale: Monetisation of TELUS Health is viewed as a “near‑term” lever to accelerate deleveraging, enhance free cash flow, and capture growth from AI‑driven digital health assets.
• Deleveraging Targets (TELUS Corp.):
• Current net‑debt/adjusted EBITDA: ~3.4× (as of Q3‑2025)
• Target ≤ 3.3× by year‑end 2026
• Target ≤ 3.0× by end‑2027
• Growth Outlook: TELUS aims for a minimum 10 % compounded annual growth rate (CAGR) in free cash flow through 2028, underpinned by the health‑care monetisation pipeline and other portfolio opportunities.
• Board Oversight: Any eventual transaction will require approval of TELUS’s Board of Directors.

Notable Quotes

“Our engagement of TD Securities and Jefferies demonstrates progress toward executing on the commitments we have made to the investment community… TELUS Health is a key near‑term monetisation opportunity … that will support TELUS realising its deleveraging targets in the next 18 months.” – Darren Entwistle, President & CEO, TELUS

Materiality Assessment: Material – Positive (the appointment of high‑profile advisors and disclosed financial metrics signal a substantive strategic initiative likely to influence investor perception and future valuation).