TELUS completes redemption of 3.75% Notes, Series CV due March 10, 2026

Executive Summary

• TELUS completed the full redemption of its C$600 million 3.75% Notes, Series CV due March 10 2026, using proceeds from a C$2.9 billion Hybrid Notes offering.
• The redemption is part of a broader deleveraging plan that aims to reduce net‑debt/EBITDA to ~3.3× by end‑2026 and ~3.0× by end‑2027.
• Management highlighted the transaction as evidence of disciplined balance‑sheet management and increased financial flexibility for capital allocation.

Key Details

• Redemption amount: C$600 million of 3.75% Notes, Series CV (CUSIP 87971MBC6).
• Funding source: Proceeds from the December 2025 Fixed‑to‑Fixed Rate Junior Subordinated (“Hybrid”) Notes offering, which raised approximately C$2.9 billion.
• Previous related activity: Early redemption of seven series of discounted notes totaling C$1.0 billion (announced Dec 10 2025).
• Deleveraging targets:
• 2025 net‑debt to adjusted EBITDA projected at ~3.4×.
• Target ≤3.3× by year‑end 2026.
• Target ≈3.0× by end‑2027.
• Management comment: Doug French, EVP & CFO, said the redemption “demonstrates our disciplined approach to balance sheet management…creating greater financial flexibility to support our capital allocation priorities and drive long‑term shareholder value.”
• Forward‑looking statements: Includes expectations for debt reduction trajectory and related financial metrics; subject to customary risk factors.

Notable Quotes

“This successful redemption demonstrates our disciplined approach to balance sheet management and our commitment to strengthening our financial foundation,” – Doug French, Executive Vice‑President & CFO, TELUS Corporation.