General Cell and Mounted buyer enlargement of 332,000, up 39,000 over utmost yr, representing a document 2d quarter, pushed by way of sturdy call for for our main portfolio of Mobility and Mounted products and services

Powerful Cell Telephone internet additions of 101,000, and document 2d quarter Hooked up Software internet additions of 161,000; industry-leading postpaid cell phone churn of 0.89 in step with cent

Report 2d quarter Mounted buyer internet additions of 70,000, together with 33,000 web buyer additions, pushed by way of our main TELUS PureFibre community, premier portfolio of bundled products and services throughout Cell and House, and main family shopper constancy

TTech Adjusted EBITDA enlargement of five.1 in step with cent and robust margin growth of 150 foundation issues to 38.2 in step with cent reflecting a cheaper price to provide and concentrate on using increased margin in step with consumer and persevered double digit momentum in condition products and services EBITDA contribution enlargement

Internet revenue and income in step with percentage increased by way of 13 in step with cent and seven.1 in step with cent, respectively and on an adjusted foundation higher by way of 34 and 32 in step with cent; Adjusted Consolidated EBITDA increased by way of 5.6 in step with cent and margin higher 170 foundation issues to 36.1 in step with cent; Consolidated sovereign coins wave higher by way of 71 in step with cent

Complete yr 2024 TTech working revenues and Adjusted EBITDA trending to abase finish in their respective actual goal enlargement levels; Consolidated sovereign coins wave being up to date to roughly $2.1 billion totally reflecting the wave thru from TELUS Virtual Revel in’s revised EBITDA outlook; Consolidated capital expenditures of roughly $2.6 billion residue unchanged

VANCOUVER, BC, Aug. 2, 2024 /PRNewswire/ – TELUS Company as of late excused its unaudited effects for the second one quarter of 2024. Consolidated working revenues and alternative revenue higher by way of 0.6 in step with cent over the similar duration a yr in the past to $5.0 billion. This enlargement was once pushed by way of increased provider earnings in our TELUS era answers (TTech) branch offset by way of abase provider earnings in our TELUS virtual enjoy branch (TELUS Virtual), previously referred to as Digitally-led buyer reviews – TELUS World. Inside of TTech, increased earnings from cellular community, residential web and safety products and services, pushed in large part by way of subscriber enlargement, increased natural enlargement throughout a couple of strains of commercial in condition products and services and better agriculture and client items provider revenues connected to trade acquisitions and making improvements to natural enlargement throughout sure strains of commercial in agriculture products and services was once in part offset by way of declines in TV and stuck legacy resonance products and services revenues because of technological substitution. The moderate in TELUS Virtual working revenues have been from abase exterior revenues reflecting macroeconomic situations. See 2nd Quarter 2024 Running Highlights inside of this information shed for a dialogue on TTech and TELUS virtual enjoy effects.

“In the second quarter, our team built upon our track record of execution excellence to drive industry-leading customer growth and strong financial results, leveraging our premier portfolio of assets, coupled with a relentless pursuit to drive cost efficiency and effectiveness,” mentioned Darren Entwistle, President and CEO. “Our results demonstrate how we are delivering sustainable profitable growth, underpinned by our consistent strategic focus on margin-accretive customer expansion, globally leading broadband networks and customer-centric culture. This enabled a record second quarter, with total customer net additions of 332,000, up 13 per cent, year-over-year, including healthy mobile phone net additions of 101,000, and record second quarter customer additions for both connected devices of 161,000 and total fixed net additions of 70,000. Our team’s passion for delivering customer service excellence once again contributed to leading loyalty across our key product lines. Notably, postpaid mobile phone churn was 0.89 per cent, alongside PureFibre churn circa one per cent, further showcasing the consistent potency of our unmatched bundled product offerings across Mobile and Home, over our industry-best PureFibre and wireless broadband networks.”

“Today, TELUS International, which will formally complete its rebranding to TELUS Digital Experience (TELUS Digital) in the third quarter, reported its second quarter results that reflect a macroeconomic and operating environment that remains challenged. Notwithstanding the persistent headwinds, TELUS Digital continues to generate consistently strong cash flows that are being leveraged to reinvest into the business to support the reacceleration of top line growth along with an ongoing focus on surfacing cost efficiency initiatives to optimize its operations. As our TELUS Digital team advances opportunities with existing and prospective clients, their comprehensive and growing suite of AI solutions is capturing customer demand as demonstrated by the double-digit revenue growth within its AI Data Solutions line of service in the first half of this year. Furthermore, the strength of the generative AI fueled solutions, and tools created for TELUS across all areas of our business, fortify their go-to-market efforts with other clients. While we are encouraged by these positive indicators of longer-term growth opportunities, the challenged near-term environment impacts the expected levels of revenue and profit for 2024, leading TELUS Digital to revise its annual outlook for the full year. Our confidence in TELUS Digital remains steadfast as the business continues its evolution to a technology-centric model with significant opportunities in respect of digital transformation. This includes driving innovative generative AI solutions for our customers to elevate leading and differentiated digital client experiences in the market, creating a positive tailwind for TELUS Digital’s medium- and long-term growth.”

“Within TELUS Health, we are pleased with the solid performance, returning to positive top line growth of four per cent as investments in our products, sales and distribution channels deliver strong momentum across multiple lines of service. This includes MyCare, pharmacy management systems, virtual pharmacy, retirement benefits solutions, health benefits management, our precision health, and our employee assistance programmes. Our team also delivered over 33 per cent adjusted EBITDA contribution growth. This was supported by the aforementioned revenue growth along with the achievement of $297 million in combined annualized synergies since the acquisition of LifeWorks in 2022, including $248 million in cost synergies along with $49 million in cross selling, as we work towards our overall objective of $427 million by the end of 2025. Furthermore, we drove a 10 per cent year-over-year increase in our global lives covered to more than 75 million. Similarly, within TELUS Agriculture & Consumer Goods, we are yielding positive outcomes as we strengthen our market position, delivering strong revenue growth of more than 15 per cent reflecting inorganic growth from tuck-in acquisitions, and improving organic revenue performance in our consumer goods, precision agronomy, and animal agriculture businesses. This comes on the heels of continuing strong sales performance where we have more than doubled our year-to-date sales bookings versus this time last year. Our commitment to amplifying the substantial growth potential of these distinctive global businesses is underscored by harnessing the expertise, experience and high-performance culture and talent of our entire team. This includes capitalizing on the significant cross-selling opportunities across all of our businesses, showcasing the collective talent and effectiveness of our team in propelling our success.”

“Our TELUS team remains deeply committed to making the world a better place,” added Darren. “This is reflected in the incredible work of our TELUS Community Boards, which leverage the expertise of local leaders to ensure charitable funding is directed to where it will have the most impact, as well as the TELUS Friendly Future Foundation, with a mission to help youth realize their full potential. Impressively, since 2005, our 19 TELUS Community Boards around the world and the Foundation have contributed close to $130 million in cash donations in support of 10,300 initiatives, positively impacting the lives of 33.5 million youth, globally.”

Doug French, Government Vice-president and CFO mentioned, “Our strong performance during the second quarter is a testament to our consistent track record of operational execution excellence. Despite facing a challenging competitive and macroeconomic environment, we are executing against our strategic objectives, including our significant cost efficiency programs. In the quarter, this supported strong consolidated EBITDA growth of 5.6 per cent, alongside margin expansion of 170 basis points to 36.1 per cent. Our unrelenting focus on efficiency and effectiveness is further demonstrated by surpassing our full year assumption on restructuring investments in the first half of the year as we look to maximize the in-year financial benefit. For 2024, we now anticipate restructuring expense to be $400 million as we further optimize our cost structure to drive EBITDA expansion, margin accretion and accelerated cash flow growth.”

“As we enter the back half of the year, our financial position remains strong. At the end of the second quarter, we had approximately $2.5 billion of available liquidity, our average cost of long-term debt was 4.42 per cent, our average term to maturity of long-term debt is 11 years and our net debt to EBITDA ratio was 3.85 times. As we progress through 2024 and into future years, we anticipate our leverage ratio to improve as we work back towards our target ratio through continued EBITDA growth, declining capital intensity toward the 10 per cent level and ongoing free cash flow expansion.”

“Looking ahead, in light of the highly competitive environment in mobility and fixed, we are trending to the lower end of our 2024 growth target for TTech operating revenues. Despite these industry pressures, we remain confident in our commitment to driving strong, sustainable and margin accretive growth. This will be supported by maintaining our keen focus on driving a lower cost to serve as we work towards achieving the lower end of our annual TTech Adjusted EBITDA growth target. Consolidated free cash flow is being updated to approximately $2.1 billion, fully reflecting the flow through from TELUS Digital’s lower EBITDA outlook. Our confidence in the strength and resilience of our business remains unwavering, and we are excited about the future prospects that lie ahead for our organization. This includes our expectations for continued free cash flow expansion in the years ahead, driven by ongoing strong EBITDA growth and moderating capital expenditure intensity, further supporting the long-term sustainability and quality of our long-standing and leading dividend growth program,” concluded Doug.

As in comparison to the similar duration a yr in the past, internet revenue within the quarter of $221 million was once up 13 in step with cent and Plain income in step with percentage (EPS) of $0.15 higher by way of 7.1 in step with cent. Those will increase have been pushed by way of increased Adjusted EBITDA as crystal clear under, in part offset by way of increased financing prices, pushed by way of higher long-term debt and better rates of interest on each floating-rate and up to date fixed-rate issuances. Those prices have been principally related to investments in spectrum and fiber era, trade acquisitions, and better restructuring prices connected to potency methods, together with personnel discounts and actual property clarification.

Because it pertains to EPS, the traits additionally replicate the impact of a better choice of Regular stocks exceptional. When except for sure prices and alternative changes (see ‘Reconciliation of adjusted Internet revenue‘ on this information shed), adjusted internet revenue of $366 million higher by way of 34 in step with cent over the similar duration utmost yr, day adjusted plain EPS of $0.25 was once up 32 in step with cent over the similar duration utmost yr. Adjusted internet revenue is a non-GAAP monetary measure and changed plain EPS is a non-GAAP ratio. For additional clarification of those measures, see ‘Non-GAAP and alternative specified monetary measures‘ on this information shed.

In comparison to the similar duration utmost yr, consolidated EBITDA higher by way of 5.5 in step with cent to roughly $1.7 billion and Adjusted EBITDA higher by way of 5.6 in step with cent to roughly $1.8 billion. The expansion in Adjusted EBITDA displays: (i) broad-based value relief efforts, synergies completed between LifeWorks^® and our legacy condition trade, and an build up in TTech outsourcing to TELUS Virtual, in addition to financial savings in advertising and marketing, discretionary and administrative prices; (ii) cellular community, residential web and safety subscriber enlargement; (iii) increased good points in alternative revenue; and (iv) enlargement in condition products and services earnings. Those components have been partially offset by way of: (i) abase cell phone ARPU; (ii) merit-based reimbursement will increase; (iii) abase operational enlargement in TELUS Virtual except for alternative revenue; (iv) increased community operations prices; (v) declining TV and stuck legacy resonance margins; (vi) abase cellular apparatus margins; (vii) increased sinful debt expense; and (viii) increased prices connected to the scaling of our virtual features.

In the second one quarter, we added 332,000 internet buyer additions, up 39,000 over the similar duration utmost yr, and inclusive of 101,000 cell phones and 161,000 attached units, along with 33,000 web, 25,000 TV and 20,000 safety buyer connections. This was once partially offset by way of residential resonance losses of 8,000. Our overall TTech subscriber bottom of nineteen.5 million is up 6.9 in step with cent over the utmost one year, reflecting a 4.5 in step with cent build up in our cell phones subscriber bottom to over 9.9 million and a 24 in step with cent build up in our attached units subscriber bottom to roughly 3.4 million. Moreover, our web connections grew by way of 5.3 in step with cent over the utmost one year to roughly 2.7 million buyer connections, our TV buyer bottom stands at greater than 1.3 million buyer connections, and our safety subscriber bottom higher by way of 8.2 in step with cent to roughly 1.1 million buyer connections. Finally, our residential resonance subscriber bottom declined relatively by way of 2.9 in step with cent to greater than 1.0 million.

In condition products and services, as of the tip of the second one quarter of 2024, digital help individuals have been 6.3 million and healthcare lives lined have been 75.1 million, up 19 in step with cent and 10 in step with cent over the utmost one year, respectively. Virtual condition transactions in the second one quarter of 2024 have been 163.3 million, up 6.8 in step with cent over the second one quarter of 2023.

Money supplied by way of working actions of $1.4 billion higher by way of 24 in step with cent in the second one quarter of 2024 and sovereign coins wave of $478 million higher by way of 71 in step with cent in comparison to the similar duration a yr in the past, reflecting increased EBITDA, abase capital expenditures and abase revenue taxes paid. Those components have been partially offset by way of higher restructuring disbursements and higher hobby paid. Our definition of sovereign coins wave, for which there is not any {industry} alignment, is unaffected by way of accounting requirements that don’t have an effect on coins.

Consolidated capital expenditures of $691 million, together with $23 million for actual property construction, reduced by way of $116 million or 14 in step with cent in the second one quarter of 2024. TTech operations drove $121 million of the scale down in the second one quarter of 2024, basically pushed by way of the deliberate slowdown of our string and wi-fi community builds and techniques construction. By means of June 30, 2024, our 5G community lined roughly 32.0 million Canadians, representing over 86 in step with cent of the crowd. TTech actual property construction capital expenditures higher by way of $11 million in the second one quarter of 2024 because of an build up in capital funding to backup building of multi-year construction initiatives, together with TELUS Ocean^TM, TELUS Residing residential constructions and alternative business constructions in British Columbia. TELUS Virtual capital expenditures higher by way of $6 million in the second one quarter of 2024, basically pushed by way of higher utility funding in our Controlled Virtual Answers trade and AI Information Answers (utility and alertness construction), in addition to persevered growth in Africa.

Consolidated Monetary Highlights

2nd Quarter 2024 Running Highlights

TELUS era answers (TTech)

• TTech working revenues (coming up from oaths with consumers) higher by way of $23 million or 0.5 in step with cent in the second one quarter of 2024, basically reflecting will increase in cellular community earnings, constant records products and services revenues, condition products and services and agriculture and client items products and services, as described under. Decreases in cellular apparatus and alternative provider revenues, constant resonance products and services revenues and stuck apparatus and alternative provider revenues have been bias offsets.
• TTech EBITDA higher by way of $65 million or 4.4 in step with cent in the second one quarter of 2024, day TTech Adjusted EBITDA higher by way of $80 million or 5.1 in step with cent, reflecting: i) broad-based value relief efforts, together with personnel discounts, synergies completed between LifeWorks and our legacy condition trade, and an build up in TTech outsourcing to TELUS Virtual make happen aggressive advantages given the cheaper price construction in TELUS Virtual, in addition to financial savings in advertising and marketing, discretionary and administrative prices; (ii) cellular community, residential web and safety subscriber enlargement; (iii) increased good points in alternative revenue; and (iv) enlargement in condition products and services earnings. Those components have been in part offset by way of: (i) abase cell phone ARPU; (ii) merit-based reimbursement will increase; (iii) increased community operations prices; (iv) declining TV and stuck legacy resonance margins; (v) abase cellular apparatus margins; (vi) increased sinful debt expense; and (vii) increased prices connected to the scaling of our virtual features, inclusive of higher subscription-based licenses and cloud utilization prices.

Cell services

• Cell community earnings higher by way of $16 million or 0.9 in step with cent in the second one quarter of 2024, in large part because of enlargement in our cell phone and attached gadget subscriber bottom, partially offset by way of abase cell phone ARPU.
• Cell apparatus and alternative provider revenues reduced by way of $16 million or 3.1 in step with cent in the second one quarter of 2024, because of a discount in shriveled volumes as a result of our efforts to compare handiest on successful deals because of competitive promotional job, along with the rising choice of consumers making the most of bring-your-own-device promotional choices. Those have been partially offset by way of the have an effect on of higher-value smartphones within the gross sales combine.
• TTech cellular services direct contribution reduced by way of $16 million or 1.0 in step with cent in the second one quarter of 2024, in large part reflecting the have an effect on of abase cell phone ARPU, abase cellular apparatus margin from abase shriveled quantity and higher competitor-driven discounting, and better amortization of deferred commissions as a result of emerging retail site visitors within the flow and prior classes. Those have been partially offset by way of cell phone subscriber enlargement.
• Cell phone ARPU was once $58.49 in the second one quarter of 2024, a scale down of $2.07 or 3.4 in step with cent, as a result of the adoption of bottom fee plans with abase costs in line with extra competitive advertising and marketing and promotional pricing concentrated on each pristine and current consumers, and a moderate in overage and roaming revenues, partially offset by way of increased IoT earnings. We proceed to peer expanding adoption of limitless records and Canada– U.S. plans which serve increased and extra strong ARPU on a per thirty days foundation day additionally giving consumers value simple task in abase roaming charges to the U.S. and abase records overage charges, respectively.
• Cell phone improper additions have been 415,000 in the second one quarter of 2024, reflecting will increase of 39,000 for the quarter, pushed by way of better promotional job, our shift to virtual loading, and enlargement within the Canadian crowd.
• Cell phone internet additions have been 101,000 in the second one quarter of 2024, reflecting decreases of 9,000 for the quarter, pushed by way of the next cell phone churn fee, in part offset by way of increased cell phone improper additions.
• Our cell phone churn fee was once 1.07 in step with cent in the second one quarter of 2024, in comparison to 0.94 in step with cent in the second one quarter of 2023, in large part on account of buyer switching selections in line with extra competitive advertising and marketing and promotional pricing. Those components were partially mitigated by way of our persevered center of attention on buyer retention thru our industry-leading provider and community constituent, together with a hit promotions and bundled choices.
• Hooked up gadget internet additions have been 161,000 in the second one quarter of 2024, an build up of 37,000 for the quarter, as a result of enlargement in IoT connections from consumers within the transportation, intriguing constructions and healthcare industries.

Mounted services

• Mounted records products and services revenues higher by way of $12 million or 1.0 in step with cent in the second one quarter of 2024, pushed by way of an build up in our web, safety and TV subscribers. Our earnings in step with web buyer remained in keeping with the prior yr, day constant records products and services enlargement was once in part offset by way of abase TV earnings in step with buyer, reflecting an higher combine of consumers settling on smaller TV mixture applications and technological substitution, in addition to abase safety earnings in step with buyer reflecting higher call for for inherently lower-ARPU house automation products and services.
• Mounted resonance products and services revenues reduced by way of $12 million or 6.3 in step with cent in the second one quarter of 2024, reflecting the continued moderate in legacy resonance revenues on account of technological substitution and value plan adjustments. Declines have been partially mitigated by way of the luck of our bundled product choices, our retention efforts, and the migration from legacy to IP products and services choices.
• Mounted apparatus and alternative provider revenues reduced by way of $6 million or 4.6 in step with cent in the second one quarter of 2024, in large part because of a discount in trade premises apparatus gross sales, as apparatus gross sales have a tendency to be extra one-time in nature.
• TTech constant services direct contribution higher by way of $37 million or 2.8 in step with cent in the second one quarter of 2024, reflecting higher web and safety margins, pushed by way of subscriber enlargement, and higher condition and agriculture revenues. Those have been partially offset by way of declines in TV and legacy resonance margins as a result of technological substitution.
• Web internet additions have been 33,000 in the second one quarter of 2024, a scale down of two,000, as a result of the next churn fee because of macroeconomic and aggressive pressures that experience persevered to have an effect on client buying selections, partially offset by way of our luck in using sturdy improper additions thru powerful gross sales methods.
• TV internet additions have been 25,000 in the second one quarter of 2024, an build up of 8,000, as a result of our various choices catered against the converting wishes of our shoppers, partially offset by way of the next churn fee because of the similar components as web internet additions.
• Safety internet additions have been 20,000 in the second one quarter of 2024, an build up of five,000, as a result of increased call for for our bundled choices and various suite of services, partially offset by way of the next churn fee because of the similar components as web internet additions
• Residential resonance internet losses have been 8,000 in the second one quarter of 2024, in keeping with the prior yr.

Fitness products and services

• Thru TELUS Fitness, we’re leveraging era in order attached answers and products and services, making improvements to get admission to to help and revolutionizing the wave of data day facilitating collaboration, potency, and productiveness around the healthcare ecosystem, progressing our ocular of remodeling healthcare and empowering crowd to are living fitter lives.
• Fitness products and services revenues higher by way of $17 million or 4.0 in step with cent in the second one quarter of 2024, pushed by way of enlargement from pharmacy control utility upgrades, digital pharmacy gross sales, TELUS Fitness MyCare^TM, worker help program and higher call for for condition advantages control products and services mirrored by way of increased virtual condition transactions.
• On the finish of the second one quarter of 2024, 6.3 million individuals have been enrolled in our digital help products and services, an build up of one.0 million over the occasion three hundred and sixty five days, as a result of the ongoing adoption of digital answers that accumulation Canadians and others safely attached to condition and wellness help.
• On the finish of the second one quarter of 2024, our healthcare methods lined 75.1 million lives, an build up of 6.8 million over the occasion three hundred and sixty five days, principally reflecting powerful enlargement in our worker and public help methods from each pristine and current purchasers throughout all of our areas, along with persevered call for for digital answers.
• Virtual condition transactions totalled 163.3 million in the second one quarter of 2024, an build up of 10.4 million, in large part pushed by way of higher paid alternate of healthcare records between our condition advantages control machine and help suppliers because of increased affected person call for for optional condition products and services.

Agriculture and client items products and services

• Thru TELUS Agriculture & Client Items, we serve leading edge virtual answers and actionable data-insights that higher attach the worldwide provide chain, using extra environment friendly manufacturing processes and making improvements to the security, constituent and sustainability of meals and client items. Importantly, those efforts also are enabling higher traceability to the tip client, additional supporting stepped forward meals and client items results.

Agriculture and client items products and services revenues higher by way of $12 million or 15 in step with cent, basically attributed to trade acquisitions and making improvements to natural enlargement throughout sure strains of commercial in agriculture products and services. This was once in part tempered by way of an build up of agriculture buyer churn and macroeconomic headwinds slowing unwell subscription enlargement and gross sales funnel alternatives.

TELUS Virtual

• TELUS Virtual working revenues (coming up from oaths with consumers) reduced by way of $57 million or 7.9 in step with cent in the second one quarter of 2024. The scale down was once basically as a result of abase revenues from a main social media shopper and alternative era purchasers, and a discount in earnings in alternative {industry} verticals, particularly in communications (except for the TTech branch), eCommerce, and banking, monetary products and services and insurance coverage, additionally reflective of a constantly difficult macroeconomic situation and aggressive situations within the {industry}, which have been in part offset by way of enlargement in products and services supplied to current purchasers, together with Google, in addition to pristine purchasers added because the similar duration within the prior yr. Those decreases have been in part offset by way of the good of each the U.S. greenback and the Ecu euro towards the Canadian greenback, which ended in a beneficial foreign exchange have an effect on on our TELUS Virtual working effects. Revenues from oaths denominated in U.S. greenbacks, Ecu euros and alternative currencies can be suffering from adjustments in foreign currency echange charges.
• Earnings from our tech and video games {industry} vertical reduced by way of $22 million or 5.5 in step with cent in the second one quarter of 2024, basically because of abase earnings from a main social media shopper and likely alternative era purchasers, in part offset by way of enlargement in earnings from Google and alternative purchasers inside of this {industry} vertical.
• Earnings from our communications and media {industry} vertical higher by way of $5 million or 2.4 in step with cent in the second one quarter of 2024, pushed basically by way of extra products and services supplied to the TTech branch, in part offset by way of abase provider earnings from sure alternative telecommunication purchasers.
• Earnings from our eCommerce and fintech {industry} vertical was once unchanged in the second one quarter of 2024.
• Earnings from our healthcare {industry} vertical higher by way of $14 million or 28 in step with cent in the second one quarter of 2024, basically because of supplementary products and services supplied to the healthcare trade unit of the TTech branch.
• Earnings from our banking, monetary products and services and insurance coverage {industry} vertical higher by way of $3 million or 6.0 in step with cent in the second one quarter of 2024 because of enlargement from sure Canadian banks and smaller regional monetary products and services companies in North The us.
• All alternative verticals reduced by way of $3 million or 3.1 in step with cent in the second one quarter of 2024, because of abase earnings throughout numerous shopper accounts particularly within the proceed and hospitality {industry} vertical.
• TELUS Virtual EBITDA higher by way of $35 million or 27 in step with cent in the second one quarter of 2024 day TELUS Virtual Adjusted EBITDA higher by way of $26 million or 18 in step with cent in the similar duration. The will increase in Adjusted EBITDA have been basically because of increased alternative revenue coming up from the revaluation of our provisions for written put choices, which have been in part offset by way of increased share-based reimbursement expense.

TELUS updates 2024 monetary objectives

TELUS’ monetary objectives for 2024 are guided by way of a variety of long-term monetary targets, insurance policies and tips, which can be crystal clear in Division 4.3 of the 2023 annual MD&A.

Complete yr 2024 TTech working revenues and Adjusted EBITDA are trending to the abase finish in their respective actual goal enlargement levels, reflecting the aggressive situation in mobility and stuck. Consolidated sovereign coins wave is being up to date because of the wave thru from TELUS Virtual Revel in’s revised EBITDA outlook. Consolidated capital expenditures of roughly $2.6 billion residue unchanged.

TELUS’ Consolidated Running Revenues and Adjusted EBITDA at the moment are anticipated to be within the low unmarried digit length as in comparison to our earlier expectation of being approximate to our TTech objectives. Consolidated Running Revenues and Adjusted EBITDA can also be approximated when combining the abase finish of our TTech objectives referenced above with the revised 2024 monetary objectives prepared by way of TELUS Virtual, as introduced August 2, 2024.

The previous disclosure respecting TELUS’ 2024 monetary objectives is forward-looking knowledge and is totally certified by way of the ‘Warning relating to forward-looking statements’ under and in keeping with control’s expectancies and suppositions as put forth under and in Division 9.3 TELUS suppositions for 2024 within the 2023 annual MD&A and up to date in Divisions 9 and 10 of our 2d quarter 2024 intervening time MD&A. This disclosure is gifted resulting in aiding our buyers and others in figuring out sure key components of our anticipated 2024 monetary effects in addition to our targets, strategic priorities and trade outlook. Such knowledge will not be suitable for alternative functions.

TELUS Virtual pronounces government management appointments

TELUS Virtual as of late introduced government management appointments. Efficient September 3, 2024, Jeff Puritt, President and CEO of TELUS Virtual will quit from his flow place, and think a pristine function as Government Vice-Chair of the Board of Administrators at TELUS Virtual. Supported by way of powerful senior management skill succession, and in alignment with the corporate’s means of bringing the most efficient of era to allow excellence in customer support, we’re happy to welcome Jason Macdonnell as Appearing CEO of TELUS Virtual and President, TELUS Virtual Buyer Revel in. Jason is a 20-year tenured member of our TELUS senior management staff, with core experience and a confirmed observe document in main enlargement trade and digitally enabled customer support transformation throughout a couple of groups at TELUS. As well as, Tobias Dengel, founder and President of WillowTree, will rush at the increased function of President of TELUS Virtual Answers, to propel the ongoing and a hit evolution of our corporate to the subsequent frontier of AI enabled virtual transformation in CX. In the meantime, in Jeff’s pristine capability, he’s going to be accountable for our company construction actions, given his experience in mergers and acquisitions. Jeff’s efforts will supplement and magnify the corporate’s go back to successful enlargement. In his function, Jeff can even backup the federal government and investor members of the family purposes inside of TELUS Virtual. This will likely permit Jason and Tobias to totally center of attention at the natural development of our technique and the fabric elevation of our operational excellence and monetary efficiency.

Dividend Declaration

The TELUS Board of Administrators declared a quarterly dividend of $0.3891 in step with percentage at the issued and exceptional Regular Stocks of the Corporate payable on October 1, 2024 to holders of document on the related of commercial on September 10, 2024. This quarterly dividend displays an build up of seven.0 in step with cent from the $0.3636 in step with percentage dividend declared one yr previous and in keeping with our multi-year dividend enlargement program. When a dividend fee age falls on a weekend or amusement, the fee will probably be made at the subsequent succeeding past that may be a trade past.

Company Highlights

TELUS makes important contributions and investments within the communities the place staff individuals are living, paintings and provide and to the Canadian financial system on behalf of consumers, shareholders and staff individuals. Those come with:

• Paying, accumulating and remitting roughly $1.3 billion within the first six months of 2024 to federal, provincial and municipal governments in Canada consisting of company revenue taxes, gross sales taxes, feature taxes, employer portion of payroll taxes and numerous regulatory charges. Since 2000, we’ve got remitted over $36 billion in those taxes.
• Making an investment $1.4 billion in capital expenditures basically in communities throughout Canada within the first part of 2024 and $55 billion since 2000.
• Disbursing spectrum renewal charges of $56 million to Innovation, Science and Financial Construction Canada within the first six months of 2024. Since 2000, our overall tax and spectrum remittances to federal, provincial and municipal governments in Canada have totalled greater than $45 billion.
• Spending $4.8 billion in overall working bills within the first part of 2024, together with items and products and services bought of roughly $3.2 billion. Since 2000, we’ve got spent $164 billion and $111 billion, respectively, in those disciplines.
• Producing a complete staff member payroll of $1.9 billion within the first part of 2024, together with wages and alternative worker advantages, and payroll taxes of $125 million. Since 2000, overall staff member payroll totals $63 billion.
• Returning roughly $1.1 billion in dividends declared thru July 2024 to particular person shareholders, mutual treasure house owners, pensioners and institutional buyers. Since 2004, we’ve got returned $26 billion to shareholders thru our dividend and percentage acquire methods, together with roughly $21 billion in dividends and $5.2 billion in percentage repurchases, representing greater than $17 in step with percentage.

Public Highlights
Giving Again to Our Communities

• In Would possibly 2024, our nineteenth annual TELUS Days of Giving^® impressed 83,000 TELUS staff individuals, retirees, public and buddies to volunteer throughout 33 international locations in backup of our native communities, surpassing utmost yr’s document and making this yr’s tournament our maximum giving yr but.
• Lately, we’ve got 19 TELUS Public Forums, 13 working in Canada and 6 global forums. Our Public Forums entrust native leaders to put together suggestions at the allocation of grants of their communities. Those grants backup registered charities that deal condition, schooling or era methods to backup early life thrive. Since 2005, our 19 TELUS Public Forums and TELUS Pleasant Age Understructure^® (the Understructure) have supported 33.5 million early life in-need in Canada, and world wide, by way of granting related to $130 million in coins donations to ten,300 tasks.
• Running in related collaboration with our 13 Canadian TELUS Public Forums, the Understructure supplies grants to charities that advertise schooling, condition and well-being for early life around the nation. Moreover, in the course of the TELUS Pupil Bursary program, the Understructure supplies bursaries for post-secondary scholars who’re going through monetary limitations and are dedicated to creating a too much of their communities. Right through the primary six months of 2024, the Understructure supported over 400,000 early life by way of granting $5 million to greater than 300 Canadian registered charities. Since its inception in 2018, the Understructure has supplied $52 million in coins donations to our communities, serving to 15.6 million early life achieve their complete attainable. For more info in regards to the TELUS Pupil Bursary program, please consult with friendlyfuture.com/bursary.

• • In June 2024, the Understructure hosted its inaugural fundraising gala, with greater than 700 visitors attending the development, elevating over $2.5 million in coins donations and in-kind contributions to backup early life from underserved communities achieve their complete attainable. With the backup of our companions, 100 in step with cent of finances raised will progress at once to backup the Understructure’s TELUS Pupil Bursary.

• The TELUS Indigenous Communities Investmrent deals grants for Indigenous-led social, condition and nation methods. Within the first part of 2024, the Investmrent allotted its first spherical of grants to Indigenous-led organizations throughout Canada totalling $200,000 in coins donations. Since its inception in 2021, the Investmrent has disbursed $785,000 in coins donations to 35 nation methods supporting meals safety, schooling, cultural and linguistic revitalization, wildfire vacation efforts, and the condition, psychological condition and well-being of Indigenous Peoples throughout Canada.

Empowering Canadians with Connectivity

• All over the primary part of 2024, we persevered to leverage our Connecting for Just right^® methods to backup marginalized folks by way of bettering their get admission to to each era and healthcare, in addition to our TELUS Smart^® program to fortify virtual literacy and on-line protection wisdom. For the reason that establishing of those methods, they have got supplied backup for 1.25 million folks.

• • Right through the primary six months of 2024, we welcomed greater than 4,500 pristine families to our Web for Just right^® program. Since we introduced this system in 2016, we’ve got attached 60,000 families, make happen 188,500 low-income public individuals and seniors, individuals in desire who’re residing with disabilities, government-assisted refugees and early life escape foster help with low cost, high-speed web provider.
  • Our Mobility for Just right^® program deals sovereign or low cost smartphones and mobility plans to early life getting old out of foster help, low-income seniors and low-income households throughout Canada. Right through the primary part of 2024, we added 4,000 early life, low-income seniors and households, in addition to Indigenous ladies prone to or surviving violence, government-assisted refugees and alternative marginalized folks to this system. Since we introduced Mobility for Just right in 2017, this system has supplied backup for over 56,000 crowd.

• • • In Would possibly 2024, we expanded Mobility for Just right to low-income households which might be receiving the utmost Canada Kid Get advantages.
    • In Would possibly 2024, we expanded the Mobility for Just right for Indigenous Girls at Chance program to the province of Quebec in partnership with Quebec First International locations Girls’s Length. Since launching Mobility for Just right for Indigenous Girls at Chance in 2021, we’ve got supported 3,500 folks.

• • Our Fitness for Just right^® cellular condition clinics facilitated 32,000 affected person visits right through the primary part of 2024. For the reason that program’s inception, we’ve got enabled 232,000 cumulative affected person visits in 25 communities throughout Canada, bringing number one and psychological healthcare to folks experiencing homelessness.
  • Right through the primary six months of 2024, our Tech for Just right^® program supplied get admission to to customized tests, suggestions and coaching on cellular units, computer systems, pc and connected assistive era and/or get admission to to discounted cellular plans for 1,600 Canadians residing with disabilities, serving to them fortify their self government and constituent of day. For the reason that program’s inception in 2017, we’ve got supported greater than 10,400 folks in Canada who’re residing with disabilities thru this system and/or the TELUS Wi-fi Accessibility Cut price.
  • Right through the primary six months of 2024, greater than 85,000 folks in Canada and world wide participated in digital TELUS Smart workshops and occasions to fortify virtual literacy and on-line protection, bringing overall cumulative participation to 765,000 because the program introduced in 2013.

Making an investment in Social Have an effect on

• Right through the second one quarter of 2024, TELUS Pollinator Investmrent for Just right^® portfolio funding Dryad Networks, a Germany-based corporate which produces IoT sensors to allow ultra-early wildfire detection inside of mins, finished a TELUS reseller contract with Canadian exclusivity thru to 2025. Since its inception in 2020, the Investmrent has invested in over 30 socially leading edge corporations, with 39 in step with cent led by way of ladies and 50 in step with cent led by way of Indigenous or racialized founders.

World Social Capitalism awards and popularity

• In April 2024, we have been known by way of Mediacorp Canada Inc. as one in all Canada’s Greenest Employers (2024).
• In June 2024, we have been known by way of TIME Book and Statista of their inaugural checklist of the International’s Maximum Sustainable Firms, score twenty first out of 500 corporations globally. TELUS was once ranked as probably the most sustainable telecommunications corporate in Canada and the second one maximum sustainable Canadian corporate total, spotting our international management in company citizenship and philanthropy, innovation control, and environmental and social have an effect on reporting for greater than 20 years.
• In June 2024, we have been named to the Company Knights Best possible 50 Company Voters in Canada for the 18th day.

Get admission to to Quarterly effects knowledge

buyers, the media and others would possibly evaluate this quarterly income information shed, control’s dialogue and research, quarterly effects slides, audio and transcript of the investor webcast name, backup monetary knowledge at telus.com/investors.

TELUS’ 2d quarter 2024 convention name is scheduled for Friday, August 2, 2024 at 12:30 pm ET (9:30 am PT) and can property a presentation adopted by way of a query and resolution duration with funding analysts. events can get admission to the webcast at telus.com/investors. An audio recording can be to be had roughly 60 mins upcoming the decision till September 2, 2024 at 1-855-201-2300. Please quote convention get admission to code 96045# and playback get admission to code 0114521#. An archive of the webcast can also be to be had at telus.com/investors and a transcript can be posted at the site inside of a couple of trade days.

Warning relating to forward-looking statements

This information shed comprises forward-looking statements about anticipated occasions and the monetary and working efficiency of TELUS Company. The phrases TELUS, the Corporate, we, us and our please see TELUS Company and, the place the context of the narrative lets in or calls for, its subsidiaries.

This information shed comprises forward-looking statements about anticipated occasions and the monetary and working efficiency of TELUS Company. The phrases TELUS, the Corporate, we, us and our please see TELUS Company and, the place the context of the narrative lets in or calls for, its subsidiaries.

Ahead-looking statements come with any statements that don’t please see historic details. They come with, however don’t seem to be restricted to, statements with regards to our targets and our methods to succeed in the ones targets, our expectancies relating to traits within the telecommunications {industry} (together with call for for records and ongoing subscriber bottom enlargement), and our financing plans (together with our multi-year dividend enlargement program). Ahead-looking statements are most often recognized by way of the phrases supposition, purpose, steerage, purpose, outlook, technique, goal and alternative indistinguishable expressions, or presen or conditional verbs similar to try, watch for, consider, may just, be expecting, intend, would possibly, plan, are expecting, search, must, try and will. Those statements are made pursuant to the “safe harbour” provisions of appropriate securities regulations in Canada and america Personal Securities Litigation Reform Office of 1995.

By means of their nature, forward-looking statements are matter to inherent dangers and uncertainties and are in keeping with suppositions, together with suppositions about presen financial situations and classes of motion. Those suppositions would possibly in the end end up to were erroneous and, consequently, our untouched effects or alternative occasions would possibly vary materially from expectancies expressed in or implied by way of the forward-looking statements.

The suppositions for our 2024 outlook, as described in Division 9 in our 2023 annual MD&A, stay the similar, with the exception of for refer to:

• Our revised estimates for 2024 economic expansion in Canada, B.C., Alberta, Ontario and Quebec are 1.1%, 0.9%, 2.0%, 0.8% and nil.7%, respectively (in comparison to 0.6%, 0.4%, 1.1%, 0.4% and nil.4%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual inflation charges in B.C., Alberta, and Quebec are 2.5%, 2.9%, and a couple of.7%, respectively (in comparison to 2.4%, 2.4%, and a couple of.5%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual unemployment charges in Canada, B.C., Alberta, Ontario and Quebec are 6.3%, 5.8%, 6.6%, 6.9% and 5.3%, respectively (in comparison to 6.4%, 6.1%, 6.3%, 6.7% and 5.5%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual charges of housing begins on an unadjusted foundation in Canada, B.C., Alberta, Ontario and Quebec are 241,000 devices, 49,000 devices, 42,000 devices, 83,000 devices and 44,000 devices, respectively (in comparison to 234,000 devices, 42,000 devices, 36,000 devices, 79,000 devices and 46,000 devices, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual charges of housing begins on an unadjusted foundation in Canada, B.C., Alberta, Ontario and Quebec are 241,000 devices, 49,000 devices, 42,000 devices, 83,000 devices and 44,000 devices, respectively (in comparison to 234,000 devices, 42,000 devices, 36,000 devices, 79,000 devices and 46,000 devices, respectively, as reported in our 2023 annual MD&A).
  • The level to which those financial estimates have an effect on us and the timing in their have an effect on will rely upon the untouched enjoy of explicit sectors of the Canadian financial system.
• The Results of oath asset, acquisition and fulfilment and TELUS Simple Cost gadget financing supposition has been revised to a internet coins outflow of roughly $100 million to $200 million from a internet coins outflow of roughly $150 million to $250 million.
• Our restructuring and alternative prices supposition has been revised to roughly $400 million from roughly $300 million. This was once in large part pushed by way of pristine value potency methods applied to pressure EBITDA growth, margin accretion and sped up coins wave enlargement. Roughly $200 million of money restructuring and alternative disbursements from our 2023 potency program flowed into our 2024 sovereign coins wave steerage, and we think overall coins restructure and alternative disbursements of roughly $500 million in 2024 from roughly $400 million.
• Our revenue taxes computed at an appropriate statutory fee supposition has been revised downward to 24.0 to 24.6% from 24.5 to twenty-five.1%, and our coins revenue tax bills supposition has been revised downward to a length of roughly $310 million to $390 million from a length of roughly $370 million to $450 million. The scale down in appropriate statutory fee supposition is basically because of abase revenue earned in jurisdictions with increased statutory revenue tax charges. The scale down in our coins revenue tax bills length is because of profusion instalment quantities from the prior duration implemented to the flow duration.
• Life Innovation, Science and Financial Construction Canada (ISED) had first of all introduced its purpose to conserve its millimetre stream spectrum public sale in 2024, it’s conceivable that the public sale could also be deferred till upcoming 2024. We don’t be expecting to be materially impacted must the timing of the public sale be upcoming 2024.
• We watch for a 2024 Canadian greenback to U.S. greenback common alternate fee of C$1.35: US$1.00, in comparison to our actual supposition of C$1.32: US$1.00.

Dangers and uncertainties that might reason untouched efficiency or alternative occasions to vary materially from the forward-looking statements made herein and in alternative TELUS filings come with, however don’t seem to be restricted to, refer to:

• Regulatory issues. We perform in a variety of extremely regulated industries and are subsequently matter to all kinds of regulations and rules regionally and the world over. Insurance policies and practices of elected officers and regulatory selections, opinions and authorities job can have strategic, operational and/or monetary implications (together with on earnings and sovereign coins wave).

Dangers and uncertainties come with:

• • attainable adjustments to our regulatory regime or the results of lawsuits, instances or inquiries with regards to its software, together with however now not restricted to these put forth in Division 9.1 Communications {industry} regulatory trends and lawsuits in our 2d quarter 2024 MD&A.
  • our talent to conform to advanced and converting law of the healthcare, digital help and scientific units industries within the jurisdictions through which we perform, together with as an operator of condition clinics; and
  • our talent to conform to, or facilitate our purchasers’ compliance with, diverse, advanced and every now and then conflicting criminal regimes, each regionally and the world over.

• Aggressive situation. Competitor growth, job and depth (pricing, together with discounting, bundling), in addition to non-traditional festival, disruptive era and disintermediation, would possibly regulate the character of the markets through which we compete and have an effect on our marketplace percentage and monetary effects (together with earnings and sovereign coins wave). TELUS Virtual Revel in (previously TELUS World), TELUS Fitness and TELUS Agriculture & Client Items face intense festival in numerous markets.
• Generation. Client adoption of supplementary applied sciences and converting buyer expectancies have the possible to have an effect on our earnings streams and buyer churn charges.’

Dangers and uncertainties come with:

• • a declining total marketplace for TV products and services;
  • disruptive applied sciences, together with software-defined networks within the trade marketplace, that can displace or reason us to reprice our current records products and services, and self-installed era answers;
  • any failure to innovate, uphold technological benefits or reply successfully and in a well timed way to adjustments in era;
  • the roll-out, expected advantages and efficiencies, and ongoing evolution of wi-fi broadband applied sciences and techniques;
  • our reliance on wi-fi community get admission to commitments, that have facilitated our deployment of cellular applied sciences;
  • our selection of providers and the ones providers’ talent to uphold and repair their product strains, which might have an effect on the luck of upgrades to, and evolution of, era that we deal;
  • provider boundaries and focus and marketplace energy for merchandise similar to community apparatus, TELUS TV and cellular handsets;
  • our anticipated long-term want to gain supplementary spectrum capability thru presen spectrum auctions and from 1/3 events to deal with expanding call for for records, and our talent to make use of spectrum we gain;
  • deployment and operation of pristine constant broadband community applied sciences at an affordable value and the provision and luck of pristine services to be rolled out the usage of such community applied sciences; and
  • our deployment of self-learning equipment and automation, which would possibly exchange the way in which we have interaction with consumers.

• Safety and knowledge coverage. Our talent to locate and determine attainable warnings and vulnerabilities relies on the effectiveness of our safety controls in protective our infrastructure and working situation, and our timeliness in responding to assaults and recuperating trade operations. A a hit assault would possibly obstruct the operations of our community or top to the unauthorized interception, ruination, virtue or dissemination of shopper, staff member or trade knowledge.
• Generative AI (GenAI). GenAI exposes us to diverse dangers together with dangers connected to the accountable virtue of AI, records privateness and cybersecurity, and the likelihood that our virtue of AI would possibly construct erroneous or beside the point content material or develop unfavorable perceptions amongst corporations and regulators that might have an effect on call for for our products and services.
• State and the situation. Herbal failures, pandemics, disruptive occasions and shape exchange would possibly have an effect on our operations, buyer delight and staff member enjoy.

Our objectives to succeed in carbon neutrality and shed our greenhouse fuel (GHG) emissions in our operations are matter to our talent to spot, procure and put into effect answers to shed power intake and undertake cleaner resources of power, our talent to spot and put together appropriate investments in renewable power, together with within the method of digital energy acquire commitments, and our talent to proceed to understand important absolute discounts in power virtue and the ensuing GHG emissions in our operations.

• Operational efficiency and trade mixture. Investments and acquisitions provide alternatives to amplify our operational scope, however would possibly disclose us to pristine dangers. We could also be unsuccessful in gaining marketplace traction/percentage and understanding advantages, and integration efforts would possibly divert sources from alternative priorities. Dangers come with:

• • our reliance on third-party cloud-based computing products and services in order our IT products and services; and
  • financial, political and alternative dangers related to doing trade globally (together with battle and alternative geopolitical trends).

• Our techniques and processes. Programs and era innovation, upkeep and control would possibly have an effect on our IT techniques and community reliability, in addition to our working prices.

Dangers and uncertainties come with:

• • our talent to uphold customer support and perform our community within the tournament of human error or human-caused warnings, similar to cyberattacks and gear disasters that might reason numerous levels of community outages;
  • technical disruptions and infrastructure breakdowns;
  • delays and emerging prices, together with on account of authorities restrictions or industry movements; and
  • the completeness and effectiveness of commercial endurance and emergency cure plans and responses.

• Our staff. The all of a sudden evolving and extremely aggressive nature of our markets and working situation, together with the globalization and evolving demographic profile of our personnel, and the effectiveness of our interior coaching, construction, succession and condition and well-being methods, would possibly have an effect on our talent to draw, assemble and reserve staff individuals with the abilities required to fulfill the converting wishes of our consumers and our trade. There could also be better bodily and psychological condition demanding situations confronted by way of staff individuals (and their households) on account of the pandemic and its aftermath, and the impact of alternative important exchange tasks on the group would possibly end result within the lack of key staff individuals thru temporary and long-term incapacity.
• Providers. We could also be impacted by way of provide chain disruptions and dearth of resiliency on the subject of international or native occasions. Dependence on a unmarried provider for merchandise, elements, provider supply or backup would possibly have an effect on our talent to successfully meet repeatedly converting and emerging buyer expectancies day keeping up constituent of provider.
• Actual property issues. Actual property investments are uncovered to conceivable financing dangers and unsureness connected to presen call for, occupancy and apartment charges, particularly following the pandemic. Age actual property trends will not be finished on price range or on day and would possibly not download rent loyalty as deliberate.
• Financing, debt and dividends. Our talent to get admission to investment at optimum pricing could also be impacted by way of common marketplace situations and converting tests within the fixed-income and capital markets relating to our talent to generate adequate presen coins wave to provider our debt. Our flow purpose to pay dividends to shareholders may just constrain our talent to spend money on our operations to backup presen enlargement.

Dangers and uncertainties come with:

• • our talent to virtue fairness as attention in trade acquisitions is impacted by way of conserve marketplace valuations of TELUS Regular Stocks and TELUS World (Cda) Inc. subordinate vote casting stocks;
  • our capital expenditure ranges and attainable outlays for spectrum licences in auctions or purchases from 1/3 events have an effect on and are suffering from: our broadband tasks; our ongoing deployment of more moderen cellular applied sciences; investments in community era required to conform to regulations and rules with regards to the protection of cyber techniques, together with bans at the services of sure distributors; investments in community resiliency and reliability; the allocation of sources to acquisitions and presen spectrum auctions held by way of Innovation, Science and Financial Construction Canada (ISED). Our capital expenditure ranges may well be impacted if we don’t succeed in our focused operational and monetary effects or if there are adjustments to our regulatory situation; and
  • less than deliberate sovereign coins wave may just constrain our talent to spend money on operations, shed leverage or go back capital to shareholders. Quarterly dividend selections are made by way of our Board of Administrators in keeping with our monetary place and outlook. There can also be refuse contract that our dividend enlargement program can be maintained thru 2025 or renewed.

Components that can have an effect on TELUS Virtual’s monetary efficiency are described in TELUS World (Cda) Inc. population filings to be had on SEDAR+ and EDGAR. TELUS Virtual would possibly select to publicize objectives or serve alternative steerage relating to its trade and it would possibly not succeed in such objectives. Failure to fulfill those objectives may just have an effect on TELUS’ talent to succeed in objectives for the group as an entire and may just lead to a moderate within the buying and selling value of the TELUS World (Cda) Inc. subordinate vote casting stocks or the TELUS Regular Stocks or each.

• Tax issues. Complexity of home and international tax regulations, rules and reporting necessities making use of to TELUS and our global working subsidiaries would possibly have an effect on monetary effects. World acquisitions and growth of operations heighten our publicity to a couple of methods of taxation.
• The financial system. Converting international financial situations, together with a possible recession and alternating expectancies about inflation, in addition to our effectiveness in tracking and revising enlargement suppositions and contingency plans, would possibly have an effect on the success of our company targets, our monetary effects (together with sovereign coins wave), and our explained get advantages pension plans.
• Litigation and criminal issues. Complexity of, and compliance with, regulations, rules, loyalty and expectancies can have a monetary and reputational have an effect on. Dangers come with:

• • our talent to secure towards current and attainable claims or our talent to barter and workout indemnity rights or alternative protections in admire of such claims; and
  • the complexity of criminal compliance in home and international jurisdictions, together with compliance with festival, anti-bribery and international corrupt practices regulations.

The suppositions underlying our forward-looking statements are described in supplementary constituent in Division 9 Normal traits, outlook and suppositions, and regulatory trends and lawsuits and Division 10 Dangers and possibility control in our 2023 annual MD&A. The ones descriptions are integrated by way of reference on this cautionary observation. Updates to the suppositions on which our 2024 outlook is founded are introduced in Division 9 Replace to common traits, outlook and suppositions, and regulatory trends and lawsuits of our 2d quarter 2024 MD&A.

Many of those dangers and uncertainties are past our regulate or outdoor of our flow expectancies or wisdom. Spare dangers and uncertainties that don’t seem to be recently recognized to us or that we recently deem to be immaterial might also have a subject material adversarial impact on our monetary place, monetary efficiency, coins flows, trade or recognition. Excluding as differently indicated on this report, the forward-looking statements made herein don’t replicate the possible have an effect on of any non-recurring or particular pieces or any mergers, acquisitions, inclinations or alternative trade mixtures or transactions that can be introduced or that can happen upcoming the age of this report.

Readers are cautioned to not park undue reliance on forward-looking statements. Ahead-looking statements on this report describe our expectancies, and are in keeping with our suppositions, as on the age of this report and are matter to modify upcoming this age. Excluding as required by way of regulation, we deny any purpose or legal responsibility to replace or revise any forward-looking statements.

This cautionary observation qualifies the entire forward-looking statements on this report.

Non-GAAP and alternative specified monetary measures

We have now issued steerage on and file sure non-GAAP measures which might be old to judge the efficiency of TELUS, in addition to to decide compliance with debt covenants and to supremacy our capital construction. As non-GAAP measures most often shouldn’t have a standardized that means, they will not be similar to indistinguishable measures introduced by way of alternative issuers. For sure monetary metrics, there are definitional variations between TELUS and TELUS World reporting. Those variations in large part be on one?s feet from TELUS World adopting definitions in keeping with follow in its {industry}. Securities rules require such measures to be obviously explained, certified and reconciled with their later GAAP measure. Positive of the metrics shouldn’t have most often accredited {industry} definitions.

Adjusted Internet revenue and changed plain income in step with percentage (EPS): Those are non-GAAP measures that shouldn’t have any standardized that means prescribed by way of IFRS-IASB and are subsequently not going to be similar to indistinguishable measures introduced by way of alternative issuers. Adjusted Internet revenue excludes the consequences of restructuring and alternative prices, revenue tax-related changes, alternative fairness (revenue) losses connected to actual property joint ventures, long-term debt prepayment top class, unrealized adjustments in digital energy acquire commitments ahead component, and alternative changes (recognized in refer to tables). Adjusted plain EPS is calculated as adjusted Internet revenue divided by way of the plain weighted-average choice of Regular Stocks exceptional. Those measures are old to judge efficiency at a consolidated degree and exclude pieces that, in control’s view, would possibly difficult to understand underlying traits in trade efficiency or pieces of an peculiar nature that don’t replicate our ongoing operations. They must now not be thought to be choices to Internet revenue and plain EPS in measuring TELUS’ efficiency.

Reconciliation of adjusted Internet revenue

Reconciliation of adjusted plain EPS

EBITDA (income sooner than hobby, revenue taxes, depreciation and amortization): We have now issued steerage on and file EBITDA as a result of this is a key measure old to judge efficiency at a consolidated degree. EBITDA is often reported and extensively old by way of buyers and lending establishments as a trademark of an organization’s working efficiency and talent to incur and repair debt, and as a valuation metric. EBITDA must now not be thought to be as an supplementary to Internet revenue in measuring TELUS’ efficiency, nor must or not it’s old as a measure of money wave. EBITDA as calculated by way of TELUS is identical to Running revenues and alternative revenue much less the full of Items and products and services bought expense and Worker advantages expense.

We additionally calculate Adjusted EBITDA to exclude pieces of an peculiar nature that don’t replicate our ongoing operations and must now not, in our opinion, be thought to be in a long-term valuation metric or must now not be integrated in an evaluate of our talent to provider or incur debt.

Adjusted EBITDA much less capital expenditures is calculated for our reportable areas, because it represents a efficiency measure that can be extra similar to alternative issuers.

Sovereign coins wave: We file this measure as a backup indicator of our working efficiency, and there is not any most often accredited {industry} definition of sovereign coins wave. It must now not be thought to be as an supplementary to the measures within the condensed intervening time consolidated statements of money flows. Sovereign coins wave excludes sure operating capital adjustments (similar to industry receivables and industry payables), proceeds from divested property and alternative resources and makes use of of money, as discovered within the condensed intervening time consolidated statements of money flows. It supplies a sign of what quantity of money generated by way of operations is to be had upcoming capital expenditures that can be old to, amongst alternative issues, pay dividends, pay off debt, acquire stocks or put together alternative investments. We exclude affects of accounting requirements that don’t have an effect on coins, similar to IFRS 15 and IFRS 16. Sovereign coins wave could also be supplemented from day to day by way of proceeds from divested property or financing actions.

Cell phone common earnings in step with subscriber in step with date (ARPU) is calculated as community earnings derived from per thirty days provider plan, roaming and utilization fees; divided by way of the common choice of cell phone subscribers at the community right through the duration, and is expressed as a fee in step with date.

Appendix

Running revenues and alternative revenue – TTech branch

Running revenues and alternative revenue – TELUS virtual enjoy branch

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications era corporate with greater than $20 billion in annual earnings and over 19 million buyer connections spanning wi-fi, records, IP, resonance, tv, leisure, video, and safety. Our social function is to leverage our global-leading era and compassion to pressure social exchange and allow noteceable human results. Our longstanding constancy to placing our consumers first fuels each side of our trade, making us a definite chief in customer support excellence and constancy. The diverse, sustained accolades TELUS has earned over time from free, industry-leading community perception companies exhibit the energy and hurry of TELUS’ global-leading networks, reinforcing our constancy to serve Canadians with get admission to to stunning era that connects us to the crowd, sources and data that put together our lives higher.

Running in 32 international locations world wide, TELUS Virtual Revel in (TSX andNYSE: TIXT) is a main virtual buyer enjoy innovator that designs, builds, and delivers next-generation answers, together with AI and content material moderation, for international and disruptive manufacturers throughout strategic {industry} verticals, together with tech and video games, communications and media, eCommerce and fintech, banking, monetary products and services and insurance coverage, healthcare, and others.

TELUS Fitness is a world healthcare chief, which gives worker and public number one and preventive healthcare and wellbeing answers. Our TELUS staff, together with our 100,000 condition pros, are leveraging the mix of TELUS’ sturdy virtual and knowledge analytics features with our unsurpassed shopper provider to dramatically fortify remedial, preventive and psychological condition results masking over 75 million lives, and rising, world wide. As the most important supplier of virtual answers and virtual insights of its liberate, TELUS Agriculture & Client Items permits environment friendly and sustainable manufacturing from seed to bundle, serving to fortify the security and constituent of meals and alternative items in some way this is traceable to finish shoppers.

Pushed by way of our decision and ocular to attach all voters for excellent, our deeply significant and enduring philosophy to provide the place we are living has impressed TELUS and our staff to give a contribution $1.7 billion, together with 2.2 million days of provider since 2000. This unheard of generosity and exceptional volunteerism have made TELUS probably the most giving corporate on the earth. In combination, let’s put together the presen pleasant.

For more info about TELUS, please consult with telus.com, practice us at @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Members of the family
Robert Mitchell
(647) 837-1606
[email protected]

Media Members of the family
Steve Beisswanger
(514) 865-2787
[email protected]

SOURCE TELUS Company