TELUS provides three-year free cash flow growth target

TELUS advances plan to step down Discounted DRIP in 2026 

TELUS pauses dividend growth until share price reflects growth prospects

VANCOUVER, BC, Dec. 3, 2025 /PRNewswire/ - TELUS Corporation ("TELUS" or the "Company") today provided an updated mid-term outlook and further details of its enhanced capital allocation framework, including a new multi-year free cash flow growth target. In addition, TELUS will systematically step down its Discounted DRIP beginning in early 2026 and pause its dividend growth while continuing to pay its quarterly dividend at the most recent level of $0.4184 per share. These actions augment TELUS' plan to reduce its net debt to EBITDA leverage ratio¹ to approximately 3-times by the end of 2027. As of September 30, 2025, the Company's leverage ratio improved to 3.5-times, supported by its successful Terrion partnership, hybrid note issuances, other strategic partnerships and non-core asset divestitures, and continued access to TELUS Digital's strong cash flow generation. We expect further improvement to approximately 3.3-times by the end of 2026, supported by considerable deleveraging initiatives, potential hybrid note offerings and meaningful free cash flow generation.

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