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T.TO October 6, 2026

Telus (T.TO): FCF-Backed Dividend Story Faces Earnings and Leverage Pressure

Telus Corp is a Canadian telecommunications company that operates in Canada and internationally, with businesses spanning TELUS Technology Solutions, TELUS Health and TELUS Digital Experience. Its offerings include mobile and fixed voice and data services, internet, TV, hosting, managed IT and cloud services, security and automation, healthcare and well-being solutions, and digital customer experience and AI-related services. For investors, Telus stands out as a large-scale, recurring-cash-flow name with about CAD 20.2B in trailing revenue and 111,500 employees, making it a key Canadian telecom and diversified services platform. The stockā€™s appeal is tied more to income and cash generation than earnings momentum, with a 14.6% dividend yield and free cash flow of CAD 2.35B in 2025 versus CAD 1.63B of dividends paid. However, reported profitability is under pressure, with quarterly revenue down 2.2% year over year and quarterly earnings down 58.5%, while net debt remains elevated at CAD 28.8B. That mix leaves the setup focused on dividend support and valuation discipline rather than near-term EPS growth.

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šŸ’” Key Insights / Thesis
  • ThesisTelus combines stable top-line scale with recurring cash generation, but reported earnings are under pressure ā€” revenue is roughly CAD 20.2B TTM with a 14.6% dividend yield, while quarterly earnings have been sharply negative, framing this as a cash-flow and income story rather than an EPS-growth story
  • FinancialsOperating margin remains solid at 15.1% TTM despite weak net profit margin of -4.6% and ROE of -6.4% ā€” core operations are still profitable, but below-the-line costs and leverage are weighing on bottom-line returns
  • FinancialsRevenue growth has turned slightly negative, with quarterly revenue down 2.2% YoY and quarterly earnings down 58.5% YoY ā€” this signals limited near-term fundamental acceleration and helps explain the depressed sentiment
  • CapitalFree cash flow remains supportive at CAD 2.35B in 2025, versus CAD 1.63B in dividends paid, and operating cash flow was CAD 4.87B ā€” this underpins dividend coverage even as earnings stay weak
  • CapitalBalance sheet leverage remains elevated, with net debt of CAD 28.8B and EV/EBITDA of 10.0x ā€” debt service stays a key constraint on equity upside and limits flexibility if operating trends weaken
  • ValuationShares trade at 0.88x sales, 1.43x book, and 15.7x forward EPS, below the CAD 14.19 analyst target ā€” valuation appears anchored to yield and cash flow rather than earnings momentum, suggesting upside depends on execution improving
  • RiskHigh interest expense and weak quarterly profitability create ongoing downside risk, especially with 2026 quarterly net income still mixed and short interest at 3.7% of float ā€” any cash flow or margin slippage could pressure the dividend thesis and valuation multiple
ā–¶

šŸ§© Gemini

Institutional Equity Research Memorandum: Telus Corporation (TSX: T | NYSE: TU)

Executive Summary

Telus Corporation is executing a decisive strategic pivot from a high-payout dividend growth model toward an aggressive balance-sheet deleveraging program under newly appointed Chief Executive Officer Victor Dodig and Chief Financial Officer Gopi Chande1. Following a 55% reduction in its quarterly dividend to C2.1 billion pre-tax non-cash intangible asset and goodwill impairment within TELUS Digital in Q2 20261, equity markets have heavily re-discounted the stock. This capital allocation reset prioritizes cumulative cash retention of approximately C2.0 billion in annual revenue, and expanding exposure to enterprise artificial intelligence infrastructure1.

Key Financial Metric

Value / Target

Analyst Context & Benchmarking

Current Share Price

C$11.80

Trading near multi-year low range post-Q2 earnings reset5

Market Capitalization

C$17.5 Billion

Reflects sector-wide weakness and equity re-rating6

Total Debt / Net Debt

C26.8 Billion

Debt-to-equity ratio at 202.7%; primary target of turn-around6

Base Case Target Price

C$16.50

39.8% potential capital appreciation over 18ā€“24 months13

Reset Annualized Dividend

C$0.75 per share (6.35% Yield)

Re-benchmarked to 45%ā€“60% of trailing 12-month FCF4

2026 Revised Free Cash Flow

C$1.8 Billion

Revised down from C$2.5 Billion due to operational drag15

Target Leverage Ratio

 Net Debt / Adjusted EBITDA

Scheduled milestone for year-end 20281

Conviction Score: 6.5 / 10 (Speculative Value Turnaround; 18ā€“36 Month Horizon)

Three Critical "Must-Be-Right" Assumptions

  1. Deleveraging Execution via Retained Cash and Asset Sales: Telus must successfully capture the full C$2.7 billion in cumulative dividend savings through 2028 while executing planned non-core asset monetizationā€”including corporate real estate holdings and potential minority equity stakes in TELUS Healthā€”to lower Net Debt to Adjusted EBITDA to 3.0x without compromising essential network CapEx1.
  2. TELUS Digital Workflow Transformation: The underlying operations of TELUS Digital must stabilize following its C$2.1 billion impairment1. The division must pivot from traditional customer care delivery to high-margin generative AI enablement, agent assist platforms, and sovereign cloud infrastructure without incurring further material write-downs3.
  3. Core Telecom ARPU and Churn Defense: Canadian wireless and wireline operations must preserve average revenue per user (ARPU) and keep postpaid mobile and internet churn under 1.00% amidst aggressive pricing pressure from Rogers-Shaw and Quebecor (Freedom Mobile), alongside regulatory friction from Canadian Radio-television and Telecommunications Commission (CRTC) wholesale wireline mandates3.

Impact on share price: Successful execution of this balance sheet reset removes bankruptcy/downgrade tail risks, paving the way for equity multiple expansion from 11.8x P/E toward the historical telecom baseline of 15.0xā€“16.5x, implying an equity target of C$16.5013.

Competitive Moat & Industry Strategic Positioning

Network Infrastructure Moat & Market Share Dynamics

Telus operates a dual-engine telecommunications infrastructure comprising its PureFibre wireline footprint and 5G wireless network1. Over the past decade, Telus directed capital toward replacing legacy copper architecture with direct fiber-to-the-premises (FTTP) across Western Canada and Eastern Quebec1. This front-loaded CapEx cycle established a structural competitive advantage over cable incumbents reliant on DOCSIS upgrades17. Fiber infrastructure yields lower long-term maintenance operating costs, lower customer churn, and higher average bandwidth capacity3.

In wireless, Telus continues to expand its 5G standalone (SA) core network while developing next-generation connectivity solutions9. A key technological milestone includes its partnership with AST SpaceMobile, which completed direct satellite-to-smartphone integration tests on the Telus network12. This capability addresses coverage gaps across Canada's expansive geography, creating a potential differentiator for enterprise, government, and resource-sector contracts12. Total subscriber connections reached 21.2 million at year-end 2025, expanding to nearly 18.0 million core telecom connections by mid-2026 despite heightened competitive churn across the industry3.

Adjacent Platform Scalability: TELUS Health, TELUS Digital, and Sovereign AI

Telusā€™s corporate strategy historically relied on scaling tech-adjacent verticals to generate higher revenue growth than traditional telecom operations9. However, recent operational shocks demonstrate divergent outcomes across these units:

  • TELUS Health: Represents a high-value asset, covering over 158.9 million lives globally across its Electronic Medical Records (EMR), Employee and Family Assistance Programs (EFAP), and virtual care platforms3. Generating over C400 million10. The platform benefits from high institutional switching costs among health authorities, corporations, and medical practitioners3.
  • TELUS Digital (TIXT): Experienced operational disruption due to rapid customer adoption of generative AI agents and automated customer experience (CX) tools, displacing traditional agent-based customer service center delivery3. This structural shift led to a pre-tax non-cash impairment of C$2.1 billion in Q2 2026, alongside client ramp-downs in European service delivery centers1. The division is restructuring around AI agent augmentation, partner integrations (e.g., ElevenLabs, Cresta), and NelsonHall/Everest-recognized enterprise AI enablement services to stem revenue contraction12.
  • Sovereign AI Infrastructure: Telus is leveraging its network facilities and data center footprint to build Canadian sovereign AI compute facilities9. This enterprise offering caters to government and regulated industry requirements for domestic data residency, establishing a strategic growth avenue alongside core connectivity9.

Peer Benchmarking & Comparative Return Metrics

Canadian telecommunications remains an oligopolistic market dominated by Telus, BCE Inc., Rogers Communications, and Quebecor Inc. (following its acquisition of Freedom Mobile). Telusā€™s focus on fiber deployment historically insulated its operational metrics, but elevated leverage across the sector has compressed return metrics relative to historical norms6.

Operating / Financial Metric

Telus Corp (TSX: T)

BCE Inc. (TSX: BCE)

Rogers Comm. (TSX: RCI.B)

Quebecor Inc. (TSX: QBR.B)

Market Capitalization

~C$17.5 Billion6

~C$33.5 Billion20

~C$26.0 Billion21

~C$7.2 Billion20

Return on Invested Capital (ROIC)

5.51% ā€“ 7.09%6

6.40%20

5.20%21

11.95%20

Return on Equity (ROE)

-6.39% (GAAP) / 8.53% (Norm.)6

13.63%20

7.80%21

37.38%20

Net Debt / Adjusted EBITDA

~4.5x ā€“ 5.1x6

~4.2x20

~4.7x6

~3.1x20

Interest Coverage Ratio

0.46x (GAAP) / ~2.8x (Adj.)20

5.18x20

2.10x20

5.10x20

EV / EBITDA Multiple

9.22x22

7.80x20

7.20x20

6.10x20

Current Dividend Yield

~6.35% (Post-Reset)4

~8.80%20

~3.90%20

~3.80%20

Quebecor demonstrates superior capital efficiency (ROIC 11.95%, ROE 37.38%) due to its lower debt intensity and focused regional strategy20. Telusā€™s lower normalized ROIC (5.51%) reflects the capital drag of its digital impairment and historic front-loaded CapEx6. However, Telus trades at a premium EV/EBITDA multiple (9.22x) relative to peers22, driven by investor recognition of its higher-growth non-telecom platforms (Health) once temporary restructuring headwinds subside3.

Impact on share price: Telus's premium fiber footprint and digital health vertical justify a valuation premium over pure-play telecom peers17. However, until ROIC recovers above the weighted average cost of capital (~7.2%), share price gains will remain constrained by debt overhang concerns6.

Financial Health, Governance & Capital Structure

Governance Restructuring & Executive Leadership Transition

The second quarter of 2026 marked a pivotal governance reset for Telus1. Long-standing Chief Executive Officer Darren Entwistle retired from his position effective June 30, 2026, after leading the corporation for over two decades2. The Board of Directors appointed Victor Dodigā€”former CEO of Canadian Imperial Bank of Commerce (CIBC) and an independent director on Telus's boardā€”as President and Chief Executive Officer, effective July 1, 20262. Concurrently, Gopi Chande assumed the role of Chief Financial Officer, succeeding Doug French1.

This leadership transition shifts organizational focus away from aggressive infrastructure and M&A expansion toward financial discipline, operational cost transformation, and debt reduction1. Board average tenure stands at 9.7 years, providing continuity through the strategic transition2.

Balance Sheet Architecture, Debt Maturity, and Coverage Analysis

Telusā€™s total assets stand at C42.7 billion in total liabilities, yielding total shareholder equity of C28.6 billion creates a Debt-to-Equity ratio of 202.7%13.

Balance Sheet Item / Debt Parameter

Metric Value (CAD)

Analytical Context

Total Assets

C$56.8 Billion

Driven by PureFibre infrastructure and health assets13

Total Debt / Net Debt

C26.8B

Comprises senior notes and junior hybrid notes13

Shareholder Equity

C$14.1 Billion

Reduced post-Q2 non-cash digital impairment1

Average Debt Tenor

> 10 Years

Long-dated maturities mitigate near-term refinance cliffs28

Weighted Average Coupon

4.20% ā€“ 4.75%

Hybrid notes rated with 50% equity credit by rating agencies29

Adjusted Interest Coverage

~2.8x ā€“ 3.1x

EBITDA interest coverage remains sufficient to meet covenants3

The debt structure relies predominantly on senior unsecured notes supplemented by junior subordinated hybrid notes28. Rating agencies accord 50% equity treatment to these hybrid securities, allowing Telus to mitigate headline leverage calculations while optimizing its weighted average cost of debt29. The average maturity on senior debt exceeds 10 years, with long-dated tranches extending to 2054ā€“2055 (e.g., 6.625% to 7.00% hybrid notes), which minimizes immediate refinancing cliff risks28.

Free Cash Flow Generation & The 2026 Capital Allocation Reset

To restore financial flexibility and protect investment-grade credit ratings, management executed three major capital allocation changes in Q2 20261:

  1. Dividend Policy Reset: Cut the quarterly dividend by 55% from C0.1875 per share (annualized C$0.75 per share)4. Payout target shifted from 60%ā€“75% of prospective FCF to 45%ā€“60% of trailing 12-month FCF14.
  2. Termination of DRIP Discount: Removed the 2% discount on its Dividend Reinvestment Plan effective October 1, 2026, eliminating dilution from discounted treasury share issuances1.
  3. FCF Guidance Revision: Adjusted 2026 full-year Free Cash Flow expectations from C1.8 billion15. The C$700 million reduced guidance reflects softer service revenues and elevated restructuring costs associated with operational streamlining1.

The C$2.7 billion in cumulative cash retained through 2028 will be directed to reduce net debt, targeting a Net Debt / Adjusted EBITDA ratio of 3.0x or lower by year-end 20285.

Insider Activity & Institutional Sentiment

Insider trading patterns provide positive signaling amidst broader market volatility2. Insiders recorded net open-market purchases of C1.1 million in shares, bringing his total direct holding to C3.5 million in shares2.

Institutional ownership stands at 47.5%, while retail ownership accounts for 52.3%33. The elevated retail footprint contributed to sharp selling pressure following the dividend reduction announcement11.

Impact on share price: The dividend reset addresses structural balance sheet vulnerabilities, removing cash drain and de-risking debt maturities1. Although retail exit pressure depressed trading levels to near multi-year lows (~C12.08)9, insider buying underscores executive alignment around the long-term deleveraging thesis2.

Valuation & Multi-Scenario Financial Modeling

Multiples-Based & DCF Framework Assumptions

Valuation modeling incorporates a Discounted Cash Flow (DCF) model paired with historical EV/EBITDA multiple bands16. Model assumptions utilize a Weighted Average Cost of Capital (WACC) of 7.20% (reflecting a cost of equity of 9.10%, cost of debt of 4.80%, and a tax rate of 26.5%) and a perpetual terminal growth rate of 1.50%, aligned with long-term Canadian GDP and population growth assumptions13.

Valuation Method

Multiple / Input

Implied Share Value (CAD)

Analytical Weight

DCF Baseline Model

WACC 7.20%, Terminal Growth 1.50%

C$16.85

40%

EV / Adjusted EBITDA

8.5x 2027E EBITDA (Historical Median 9.1x)

C$15.90

40%

Peer Multiples Relative Fair Value

Comparative P/E & EV/Sales Multiples

C$17.20

20%

Weighted Average Target Price

Consensus Baseline Strategy

C$16.50

100%

Multi-Scenario Projections: Bear, Base, and Bull Cases

The valuation scenarios below evaluate operational trajectories over a 36-month investment horizon:

Financial / Valuation Metric

Bear Case (25% Prob.)

Base Case (55% Prob.)

Bull Case (20% Prob.)

2026ā€“2028 Service Rev Growth

-2.0% to 0.0% p.a.1

+1.0% to +2.5% p.a.13

+3.5% to +4.5% p.a.13

Adjusted EBITDA Margin

34.5% (Persistent Cost Drag)

37.0% (Efficiency Gains)

39.5% (Health & AI Scale)

2026 Free Cash Flow

C$1.50 Billion

C$1.80 Billion15

C$2.10 Billion

2028 Net Debt / EBITDA

4.1x (Deleveraging Miss)

3.1x (Target Achieved)1

2.7x (Accelerated Paydown)

Terminal EV / EBITDA Multiple

6.8x

8.5x

10.0x

Fair Value Target Price (CAD)

C$9.50

C$16.50

C$22.50

Implied Total Return (%)

-19.5%

+39.8%

+90.7%

The probability-weighted expected target value is derived as follows:

This indicates an expected return of 35.2% over the current market price of C$11.805.

Analytical Scenario Breakdown

In the Bear Case (C$9.50 target), Telus experiences persistent wireless ARPU erosion driven by Quebecorā€™s price undercutting, alongside further corporate client churn at TELUS Digital3. Debt levels remain elevated above 4.0x Net Debt/EBITDA, forcing additional CapEx cuts that impair network performance6.

In the Base Case (C2.7 billion in retained cash5, reducing Net Debt/EBITDA to ~3.1x by 20281. TELUS Health maintains steady EBITDA growth toward C$400M+10, re-anchoring valuation to historical multi-year multiples22.

In the Bull Case (C2.0B+ in immediate net debt paydown15. TELUS Digital successfully scales high-margin enterprise generative AI infrastructure9, driving free cash flow beyond C$2.5 billion by 2028 and supporting multiple expansion back toward peak levels13.

Impact on share price: The market price of C$11.80 sits near the Bear Case threshold, offering an asymmetrical risk-reward profile where execution of the Base Case provides nearly 40% upside9.

Risk Matrix, ESG Profile & Catalysts

Operational Risk Matrix & Pre-Mortem Failure Analysis

Risk Factor

Impact Severity

Probability

Risk Mitigation Strategy

[R1] Price Competition & ARPU Compression

High

Medium

Premium service bundling (Mobile + Fiber + Health + Security) to enforce subscriber retention3.

[R2] Regulatory Mandates (CRTC)

High

High

Fiber network monetization via higher-speed tier differentiation and enterprise SLAs18.

[R3] TELUS Digital Workflow Disruption

Medium

High

Repositioning services toward enterprise AI agent assist, sovereign cloud, and system integration9.

[R4] Elevated Interest Rate Overhang

Medium

Medium

Extended debt maturity structure (>10 years avg tenor); application of hybrid notes to shield metrics28.

A pre-mortem evaluation of potential investment failure over a 3-year horizon highlights the following primary risk drivers. In this scenario, aggressive regional pricing by Quebecor/Freedom Mobile forces Telus into multi-year price discounting, cutting mobile ARPU by 4% per annum. Simultaneously, TELUS Digital experiences continued customer contract non-renewals as clients transition to automated end-to-end software solutions, resulting in further non-cash impairment write-downs3. With operating cash flows depressed, asset sales stall due to soft real estate markets, preventing net debt reduction and keeping leverage above 4.2x6. Consequently, credit agencies downgrade Telusā€™s debt to BBB-minus, elevating borrowing costs, suppressing FCF, and preventing dividend growth.

ESG & Sustainability Profile

Telus maintains high ESG ratings within the global telecommunications sector, driven by network efficiency investments and social initiatives17:

  • Environmental Impact: Converted 96% of electricity requirements to renewable or low-emitting sources in 202517. The multi-year migration from copper to PureFibre reduced cumulative greenhouse gas (GHG) emissions by 15,300 tonnes since 2021 due to the lower power consumption of fiber optics compared to powered copper lines17.
  • Social Responsibility: Distributed C$10.1 million in grants and bursaries through the TELUS Friendly Future Foundation in 2025, recording 1.5 million volunteer hours globally17.
  • Governance Alignment: Executive incentive metrics incorporate sustainability performance targets alongside deleveraging milestones1.

Near-to-Medium Term Price Catalysts

  • Q4 2026 / Q1 2027 Deleveraging Milestones: First quarterly earnings reports reflecting cash retention benefits from the lower dividend payout and DRIP discount removal, demonstrating tangible net debt reduction1.
  • Non-Core Asset Monetization: Formal announcements regarding the sale or sale-leaseback of corporate real estate assets or minority equity monetization in TELUS Health, generating direct cash proceeds for debt retirement15.
  • TELUS Digital Revenue Stabilization: Operational quarterly updates showing sequential revenue stabilization and margin expansion within TELUS Digital, signaling the end of contract churn following the Q2 2026 impairment1.
  • Macro Policy Shift: Potential monetary easing by the Bank of Canada lowering benchmark interest rates, reducing yield competition for telecom equities and easing debt refinancing costs13.

Impact on share price: Operational validation of cash savings and non-core asset sales will act as immediate catalysts to narrow the spread between the current price (C16.50)13.

Investment Recommendation & Conclusions

Thesis Synthesis & Final Rating

Telus Corporation represents a compelling value-turnaround proposition5. The company's Q2 2026 operational shockā€”characterized by a 55% dividend reset and a C$2.1 billion non-cash impairment in TELUS Digitalā€”triggered severe equity sell-offs that brought shares to historically depressed valuation levels1. However, this re-rating overlooks the fundamental cash-generative power of Telusā€™s core PureFibre network, its market-leading TELUS Health platform, and the structural benefits of its capital allocation pivot1.

By redirecting C11.80 against a probability-weighted fair value of C16.50, Telus offers an attractive margin of safety for patient institutional investors5.

  • Investment Recommendation: BUY / ACCUMULATE (Value Turnaround Class)
  • Target Price (18ā€“24 Months): C$16.50 (TSX) / US$12.20 (NYSE)
  • Expected Total Return: ~46.1% (comprising 39.8% capital appreciation + 6.35% annualized dividend yield)4

Key Operational Monitoring Triggers

  • Deleveraging Velocity: Net Debt to Adjusted EBITDA must show a downward trajectory toward 3.5x by year-end 2027, heading toward the 3.0x 2028 objective1.
  • Free Cash Flow Delivery: Achievement of the revised full-year 2026 FCF guidance of C2.2B+ in 202715.
  • TELUS Health Operating Margins: Maintenance of annual revenues above C$2.0 billion with Adjusted EBITDA margins scaling toward 20%10.

Thesis Reversal Conditions

An institutional stance downgrade to SELL would be triggered if:

  1. Net Debt to Adjusted EBITDA exceeds 5.2x due to persistent operational revenue declines or unmitigated cost inflation6.
  2. Annual Free Cash Flow drops below C0.75 dividend payout4.
  3. Core wireless postpaid churn rises above 1.25% for two consecutive quarters, signaling accelerated market share loss to competitors3.

Works cited

  1. TELUS reports second quarter 2026 financial and operational results, https://www.telus.com/about/news-and-events/media-releases/telus-reports-second-quarter-2026-financial-and-operational-results-and-resets-quarterly-dividend-to-support-deleveraging-and-fuel-long-term-growth
  2. TELUS Corporation (T) Leadership & Management Team Analysis, https://simplywall.st/stocks/ca/telecom/tsx-t/telus-shares/management
  3. TELUS reports second quarter 2026 financial and operational, https://www.prnewswire.com/news-releases/telus-reports-second-quarter-2026-financial-and-operational-results-and-resets-quarterly-dividend-to-support-deleveraging-and-fuel-long-term-growth-824663865.html
  4. Exhibit 99.1 News Release July 31, 2026 TELUS reports second, https://cdn.prod.nntech.io/company-events/reports/b619b93d-feb6-3f90-a2d3-dab3ace5cdb4/report.pdf
  5. TELUS (T) Earnings: What to Expect This Quarter - Moomoo, https://www.moomoo.com/ca/articles/telus-stock-earnings
  6. TELUS (TSX:T) Financial Ratios - Stock Analysis, https://stockanalysis.com/quote/tsx/T/financials/ratios/
  7. TELUS Q2 Earnings Fall Y/Y on Digital Weakness, Outlook Cut, https://www.zacks.com/stock/news/2966624/telus-q2-earnings-fall-yy-on-digital-weakness-outlook-cut
  8. TELUS Corp (TU) (Q2 2026) Earnings Call Highlights, https://ca.investing.com/news/company-news/telus-corp-tu-q2-2026-earnings-call-highlights-strategic-reset-and-aidriven-transformation-4769538
  9. TELUS Draws Heavy TSX:T Trading as Turnaround Strategy and, https://kalkine.ca/news/technology/telus-draws-heavy-tsxt-trading-as-turnaround-strategy-and-balance-sheet-reset-put-tsxt-in-focus-2
  10. TELUS Q1 Earnings Call Highlights - MarketBeat, https://www.marketbeat.com/instant-alerts/telus-q1-earnings-call-highlights-2026-05-15/
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  16. T Relative Valuation - Telus Corporation - Alpha Spread, https://www.alphaspread.com/security/tsx/t/relative-valuation
  17. 2025 at a glance | TELUS, https://www.telus.com/en/about/investor-relations/reports/annual-reports/2025/performance-at-a-glance
  18. TELUS CORPORATION Management's discussion and analysis 2025, https://assets.ctfassets.net/fltupc9ltp8m/5XMfEtySOfXg9mh25TUeS/2b711837335ec72e214a6130cae20392/TELUS_2025_MD_A_and_Financial_Statements__EN.pdf
  19. 99.1 - SEC.gov, https://www.sec.gov/Archives/edgar/data/868675/000110465926057527/tm2610993d2_ex99-1.htm
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  22. TSX:T EV-to-EBITDA: 9.22 ā€” Near Median | GuruFocus, https://www.gurufocus.com/term/enterprise-value-to-ebitda/TSX:T
  23. How One Dividend Cut Put the Canadian Utilities Story on Display, https://evolveetfs.com/2026/08/how-one-dividend-cut-put-the-canadian-utilities-story-on-display/
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  27. TELUS reports strong and industry leading operational and financial, https://www.prnewswire.com/news-releases/telus-reports-strong-and-industry-leading-operational-and-financial-results-for-the-fourth-quarter-and-full-year-2025-establishes-compelling-and-industry-best-2026-financial-targets-815945620.html
  28. Financial Statements and Other Information, https://americanbeaconfunds.com/wp-content/uploads/2026/08/AB-Funds-063026-Annual-Items-7-11_ADA-rev.pdf
  29. July 2025 Corporate Bond Newsletter | Canso Investment Counsel Ltd., https://www.cansofunds.com/july-2025-corporate-bond-newsletter/
  30. Brookfield Real Assets Income Fund Inc., https://privatewealth.brookfield.com/sites/default/files/funds/us-cefs/financial-reports/brookfield-real-assets-income-fund-semi-annual-report.pdf
  31. Neuberger Berman Investment Funds PLC - DBS Bank, https://www.dbs.com.hk/iwov-resources/pdf/investments/fundshareholders/Neuberger_Notice_AVQ_Aug26_071.pdf
  32. TELUS Corporation - NOTICE OF CASH DIVIDEND - PR Newswire, https://www.prnewswire.com/news-releases/telus-corporation-notice-of-cash-dividend-853657685.html
  33. TELUS Corporation Insider Trading & Ownership Structure, https://simplywall.st/stocks/ca/telecom/tsx-t/telus-shares/ownership
  34. What is the impact of suspending the 2026 dividend, announced, https://fintel.io/topic/what-is-the-impact-of-suspending-the-2026-dividend-announced-february-26-2026-on-shareholder-returns-and-capital-allocation-3033-1658