Slide 1: Q2 2026 Results Conference Call
Q2 2026 Results Conference Call July 31, 2026
Slide 2: Caution regarding forward-looking statements
Caution regarding forward-looking statements Today’s discussion will contain forward-looking statements, including statements relating to: our objectives and our strategies to achieve those objectives; our revised full-year 2026 financial targets; our expectations regarding trends in the telecommuni
Slide 3: Mapping the course to transform
Mapping the course to transform TELUS Victor G. Dodig President and CEO
Slide 4: Key messages – Q2 2026
Key messages – Q2 2026 Experienced Accelerating TELUS’ Q2’26 results and leadership executing transformation with outlook underscore a a focused intentionality and company in active strategy speed transition Three priorities: Focusing the portfolio, Leveraging our Strengthen financial strengthening
Slide 5: Leadership update: Infusing talent and aligning organization for focused execution
Leadership update: Infusing talent and aligning organization for focused execution Gopi Chande Dave Fuller Navin Arora • Appointed EVP and CFO July 1, 2026 • Rejoining TELUS as EVP and Group President, • Appointed EVP and Group President, Global Communications, effective September 1, 2026 Platform B
Slide 6: New CEO initial observations and industry dynamics
New CEO initial observations and industry dynamics Foundational Strengths • Network leadership in TELUS PureFibre® • Sustained customer growth and loyalty • Advancing next gen, AI-enabling capabilities • Investment in nation-building infrastructure projects, including supporting Canada’s technologic
Slide 7: Introducing our near-term strategic priorities
Introducing our near-term strategic priorities 1 Strengthen our financial foundation 2 Hone Our operational discipline and reinvest in the core 3 Deploy Resources to drive profitable, sustainable growth and returns 7
Slide 8: Strengthen our financial foundation
STRATEGIC PRIORITY 1 Strengthen our financial foundation Dividend Reset Capital Discipline Strategic Portfolio Review • Quarterly amount reset to $0.1875 • 2026 capex reflects targeted • Active process underway for per share / ($0.75 annualized) incremental investment in core TELUS Health non-core a
Slide 9: Hone operational discipline and reinvest in the core
STRATEGIC PRIORITY 2 Hone operational discipline and reinvest in the core Customer Service Cost Discipline Reinvesting in Core • Customer excellence is in • Surgical review of cost • Investing in infrastructure, our DNA and a competitive structure, with a focus on including networks and advantage te
Slide 10: Deploy resources to drive profitable, sustainable growth and returns
STRATEGIC PRIORITY 3 Deploy resources to drive profitable, sustainable growth and returns Telecom Global Platform Businesses • Continuing to build on our wireless and • Continuing to invest to better serve our TELUS PureFibre network leadership customers and deliver a better return profile Returns-d
Slide 11: Update on asset monetization initiatives
Update on asset monetization initiatives Strategic processes active and support debt target Terrion TELUS Health Real Estate Tower infrastructure In market with Non-core asset monetization partnership delivered robust interest on certain underway with strong market 0.17x deleverage non-core assets i
Slide 12: Q2 financial and operational results
Q2 financial and operational results Gopi Chande EVP and CFO
Slide 13: Consolidated performance – Q2 2026
Consolidated performance – Q2 2026 CAD $M Service revenues Adjusted EBITDA1 Adjusted EPS1 Operating cash flow $(0.06), (1)% (2)% +15% (27)% • Solid underlying performance in • Normalizing for the y/y decline in non- • Basic loss per share of $1.17 reflecting • Strong focus on driving cash flow mobil
Slide 14: TELUS Technology Solutions (TTech)
TELUS Technology Solutions (TTech) CAD $M Service revenues Adjusted EBITDA Mobile phone net Internet net Blended mobile Mobile phone adds adds phone churn ARPU +17,000 +20,000 1.08% $56.36 (38,000) y/y (7,000) y/y +0.02 pts (0.4%) y/y —% —% • 3rd consecutive quarter of y/y mobile network revenue gro
Slide 15: TELUS Digital
TELUS Digital CAD $M Service revenues Adjusted EBITDA • Non-cash carrying value impairment of $2.1 billion reflecting: • Accelerated churn in legacy services for certain hyperscale clients – specifically content moderation and ad-relevancy, search-related services • Slower pivot to higher-value work
Slide 16: TELUS Health and TELUS Agriculture & Consumer Goods
TELUS Health and TELUS Agriculture & Consumer Goods CAD $M TELUS Health TELUS Agriculture & Consumer Goods Service revenues Adjusted EBITDA Service revenues +4% +1% +6% • Growth reflects ongoing Workplace Options integration • Strong support from animal agriculture • Quality and scale of global heal
Slide 17: Balance sheet and cash flow
Balance sheet and cash flow CAD $M Capital Summary and Financial Highlights Leverage Ratio (net debt to As of June 30, 2026 Adjusted EBITDA) $30,231 $1,387 Long-term debt Cash and temporary investments Leverage $25,963 $2,724 Target: 3.0x or Net Debt Total Available Liquidity1 below by end of 2028 L
Slide 18: Recalibrating near-term capital allocation strategy to support a stronger TELUS in the future
Recalibrating near-term capital allocation strategy to support a stronger TELUS in the future • Net debt to Adjusted EBITDA of 3.5x as of June 30, 2026, down from 3.7x as of June 30, 2025 Reduce leverage • Targeting 3.0x or lower by end of 2028, supported by organic free cash flow growth, dividend r
Slide 19: Updating 2026 financial guidance
Updating 2026 financial guidance CAD $M New Guidance Prior Guidance (as of July 31, Comments (as of May 8, 2026) 2026) • Positive trends in mobility are being offset by pressure in other parts of our Consolidated 2% to 4% Flat to (2)% business, including fixed data, TELUS Digital and slower than ant
Slide 20: Key takeaways
Key takeaways TELUS is built on Experienced leadership Decisive actions to genuine competitive executing a clear and accelerate deleveraging strengths focused strategy and reinvest in the core Industry-leading customer Meaningful work already Dividend reset, recalibrated service, PureFibre and 5G un
Slide 21: Q&A
Q&A 21
Slide 22: Appendix: Key Definitions
Appendix Key Definitions Our presentation and answers include the following non-GAAP and other specified financial measures, which may not be comparable to similar measures presented by other issuers: Consolidated Adjusted EPS is a non-GAAP ratio. Available liquidity is a non-GAAP financial measure.
Slide 23: Dividend reset: A sustainable base for capital returns
Dividend reset: A sustainable base for capital returns A reset to a level we can Prior Updated target sustain and grow from, with 60 to 75% of free cash flow on 45 to 60% trailing 12-month a competitive yield, Payout ratio policy prospective basis free cash flow disciplined payout, and a Dividend ra
Slide 24: 2026 impact of other income and non-recurring items
2026 impact of other income and non-recurring items Updated 2026 target Consolidated Includes 200 bps headwind (2)% to (4)% Adjusted EBITDA of non-recurring items 1 Consolidated other income ($ in millions) Q1’25 Q2’25 Q3’25 Q4’25 FY’25 Q1’26 Q2’26 FY’26 Composed primarily of Consolidated 39 51 39 3
Slide 25: Contact Us
Contact Us Investor relations 1-800-667-4871 telus.com/investors IR@telus.com