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long-term debt | 6 Months Ended
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Jun. 30, 2026
long-term debt |
long-term debt |
26 | long-term debt
(a)Details of long-term debt ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | June 30, | ​ ​ ​ | December 31,
As at (millions) | ​ | Note | ​ | 2026 | ​ | 2025
Senior unsecured | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TELUS Corporation senior notes |  | (b) | ​ | $ | 17,247 | ​ | $ | 18,191
TELUS Corporation commercial paper |  | (c) | ​ |  | 2,093 | ​ |  | 952
Other | ​ | (e) | ​ | ​ | 34 | ​ | ​ | 295
Junior unsecured | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TELUS Corporation junior subordinated notes | ​ | (f) | ​ | ​ | 7,403 | ​ | ​ | 7,250
Secured | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other | ​ | (g) | ​ | ​ | 479 | ​ | ​ | 537
​ | ​ | ​ | ​ | ​ | 27,256 | ​ | ​ | 27,225
Lease liabilities |  | (h) | ​ | ​ | 2,975 | ​ | ​ | 3,314
Long-term debt |  | ​ | ​ | $ | 30,231 | ​ | $ | 30,539
Current |  | ​ | ​ | $ | 3,802 | ​ | $ | 3,102
Non-current |  | ​ | ​ | ​ | 26,429 | ​ | ​ | 27,437
Long-term debt | ​ | ​ | ​ | $ | 30,231 | ​ | $ | 30,539
​
(b) | TELUS Corporation senior notes
The notes are senior unsecured and unsubordinated obligations, ranking equally with all of our existing and future unsecured unsubordinated obligations, are senior in right of payment to all of our existing and future subordinated indebtedness, and are effectively subordinated to all existing and future obligations of, or guaranteed by, our subsidiaries. The notes’ indentures contain covenants that, among other things, limit our ability, and that of certain of our subsidiaries, to: grant security in respect of indebtedness; enter into sale-leaseback transactions; and incur new indebtedness. Interest is payable semi-annually. Upon a change in control triggering event, as defined in the supplemental trust indenture, we must offer to repurchase the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest to the repurchase date. Notes issued before September 2023 are redeemable at our option, in whole at any time, or in part from time to time, on not fewer than 30 days’ and not more than 60 days’ prior notice before their respective maturity dates; for notes issued subsequent to August 2023, the notice period is not fewer than 10 days’ and not more than 60 days’ prior notice. On or after the respective redemption present value spread cessation dates set out in the table below, notes issued before September 2023 are redeemable at our option, in whole but not in part, on not fewer than 30 days’ and not more than 60 days’ prior notice, at redemption prices equal to 100% of their principal amounts; for notes issued subsequent to August 2023, the notice period is not fewer than 10 days’ and not more than 60 days’ prior notice. Accrued and unpaid interest, if any, will be paid to the date fixed for redemption. ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Redemption present
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Principal face amount | ​ | value spread
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ ​ ​ | Outstanding | ​ ​ ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Effective | ​ | Originally | ​ | at financial | ​ | Basis | ​ | Cessation
TELUS Corporation senior note series | ​ | Issued | ​ | Maturity | ​ | Issue price | ​ | interest rate 1 | ​ | issued | ​ | statement date | ​ | points 2 | ​ ​ ​ | date
3.75% Notes, Series CV |  | December 2015 |  | March 2026 3 | ​ | $ | 992.14 | ​ | 3.84 | % | $ | 600 | million | ​ | $ | NIL | ​ | ​ | 53.5 | ​ | Dec. 10, 2025
2.75% Notes, Series CZ |  | July 2019 |  | July 2026 4 | ​ | $ | 998.73 | ​ | 2.77 | % | $ | 800 | million | ​ | $ | 300 | million 4 | ​ | 33 | ​ | May 8, 2026
2.80% U.S. Dollar Notes 5 |  | September 2016 |  | February 2027 | ​ | US$ | 991.89 | ​ | 2.89 | % | US$ | 600 | million | ​ | US$ | 600 | million | ​ | 20 | ​ | Nov. 16, 2026
3.70% U.S. Dollar Notes 5 |  | March 2017 |  | September 2027 | ​ | US$ | 998.95 | ​ | 3.71 | % | US$ | 500 | million | ​ | US$ | 500 | million | ​ | 20 | ​ | June 15, 2027
2.35% Notes, Series CAC |  | May 2020 |  | January 2028 | ​ | $ | 997.25 | ​ | 2.39 | % | $ | 600 | million | ​ | $ | 600 | million | ​ | 48 | ​ | Nov. 27, 2027
3.625% Notes, Series CX |  | March 2018 |  | March 2028 | ​ | $ | 989.49 | ​ | 3.75 | % | $ | 600 | million | ​ | $ | 600 | million | ​ | 37 | ​ | Dec. 1, 2027
4.80% Notes, Series CAO | ​ | February 2024 | ​ | December 2028 | ​ | $ | 998.95 | ​ | 4.83 | % | $ | 700 | million | ​ | $ | 700 | million | ​ | 28 | ​ | Nov. 15, 2028
3.30% Notes, Series CY |  | April 2019 |  | May 2029 | ​ | $ | 991.75 | ​ | 3.40 | % | $ | 1.0 | billion | ​ | $ | 1.0 | billion | ​ | 43.5 | ​ | Feb. 2, 2029
5.00% Notes, Series CAI | ​ | September 2022 | ​ | September 2029 | ​ | $ | 995.69 | ​ | 5.07 | % | $ | 350 | million | ​ | $ | 350 | million | ​ | 46.5 | ​ | July 13, 2029
3.15% Notes, Series CAA |  | December 2019 |  | February 2030 | ​ | $ | 996.49 | ​ | 3.19 | % | $ | 600 | million | ​ | $ | 600 | million | ​ | 39.5 | ​ | Nov. 19, 2029
5.60% Notes, Series CAM | ​ | September 2023 | ​ | September 2030 | ​ | $ | 998.85 | ​ | 5.62 | % | $ | 500 | million | ​ | $ | 500 | million | ​ | 46 | ​ | July 9, 2030
2.05% Notes, Series CAD | ​ | October 2020 | ​ | October 2030 | ​ | $ | 997.93 | ​ | 2.07 | % | $ | 500 | million | ​ | $ | 500 | million | ​ | 38 | ​ | July 7, 2030
4.95% Notes, Series CAP | ​ | February 2024 | ​ | February 2031 | ​ | $ | 997.07 | ​ | 5.00 | % | $ | 600 | million | ​ | $ | 600 | million | ​ | 34.5 | ​ | Dec. 18, 2030
4.65% Notes, Series CAQ | ​ | August 2024 | ​ | August 2031 | ​ | $ | 999.11 | ​ | 4.66 | % | $ | 700 | million | ​ | $ | 700 | million | ​ | 38.5 | ​ | June 13, 2031
2.85% Sustainability-Linked Notes, Series CAF | ​ | June 2021 | ​ | November 2031 | ​ | $ | 997.52 | ​ | 2.88 | % 6 | $ | 750 | million | ​ | $ | 750 | million | ​ | 34 | ​ | Aug. 13, 2031
3.40% U.S. Dollar Sustainability-Linked Notes 5 | ​ | February 2022 | ​ | May 2032 | ​ | US$ | 997.13 | ​ | 3.43 | % 6 | US$ | 900 | million | ​ | US$ | 900 | million | ​ | 25 | ​ | Feb. 13, 2032
5.25% Sustainability-Linked Notes, Series CAG | ​ | September 2022 | ​ | November 2032 | ​ | $ | 996.73 | ​ | 5.29 | % 6 | $ | 1.1 | billion | ​ | $ | 1.1 | billion | ​ | 51.5 | ​ | Aug. 15, 2032
4.95% Sustainability-Linked Notes, Series CAJ | ​ | March 2023 | ​ | March 2033 | ​ | $ | 998.28 | ​ | 4.97 | % 6 | $ | 500 | million | ​ | $ | 500 | million | ​ | 54.5 | ​ | Dec. 28, 2032
5.75% Sustainability-Linked Notes, Series CAK | ​ | September 2023 | ​ | September 2033 | ​ | $ | 997.82 | ​ | 5.78 | % 6 | $ | 850 | million | ​ | $ | 850 | million | ​ | 52 | ​ | June 8, 2033
5.10% Sustainability-Linked Notes, Series CAN | ​ | February 2024 | ​ | February 2034 | ​ | $ | 996.44 | ​ | 5.15 | % 6 | $ | 500 | million | ​ | $ | 500 | million | ​ | 38.5 | ​ | Nov. 15, 2033
4.40% Notes, Series CL |  | April 2013 |  | April 2043 | ​ | $ | 997.68 | ​ | 4.41 | % | $ | 600 | million | ​ | $ | 129 | million 7 | ​ | 47 | ​ | Oct. 1, 2042
5.15% Notes, Series CN | ​ | November 2013 | ​ | November 2043 | ​ | $ | 995.00 | ​ | 5.18 | % | $ | 400 | million | ​ | $ | 400 | million | ​ | 50 | ​ | May 26, 2043
4.85% Notes, Series CP | ​ | Multiple 8 | ​ | April 2044 | ​ | $ | 987.91 | 8 | 4.93 | % 8 | $ | 500 | million 8 | ​ | $ | 900 | million 8 | ​ | 46 | ​ | Oct. 5, 2043
4.75% Notes, Series CR | ​ | September 2014 | ​ | January 2045 | ​ | $ | 992.91 | ​ | 4.80 | % | $ | 400 | million | ​ | $ | 400 | million | ​ | 51.5 | ​ | July 17, 2044
4.40% Notes, Series CU | ​ | March 2015 | ​ | January 2046 | ​ | $ | 999.72 | ​ | 4.40 | % | $ | 500 | million | ​ | $ | 60 | million 7 | ​ | 60.5 | ​ | July 29, 2045
4.70% Notes, Series CW | ​ | Multiple 9 | ​ | March 2048 | ​ | $ | 998.06 | 9 | 4.71 | % 9 | $ | 325 | million 9 | ​ | $ | 89 | million 7, 9 | ​ | 58.5 | ​ | Sept. 6, 2047
4.60% U.S. Dollar Notes 5 | ​ | June 2018 | ​ | November 2048 | ​ | US$ | 987.60 | ​ | 4.68 | % | US$ | 750 | million | ​ | US$ | 561 | million 7 | ​ | 25 | ​ | May 16, 2048
4.30% U.S. Dollar Notes 5 | ​ | May 2019 | ​ | June 2049 | ​ | US$ | 990.48 | ​ | 4.36 | % | US$ | 500 | million | ​ | US$ | 371 | million 7 | ​ | 25 | ​ | Dec. 15, 2048
3.95% Notes, Series CAB | ​ | Multiple 10 | ​ | February 2050 | ​ | $ | 997.54 | 10 | 3.97 | % 10 | $ | 400 | million 10 | ​ | $ | 73 | million 7, 10 | ​ | 57.5 | ​ | Aug. 16, 2049
4.10% Notes, Series CAE | ​ | April 2021 | ​ | April 2051 | ​ | $ | 994.70 | ​ | 4.13 | % | $ | 500 | million | ​ | $ | 49 | million 7 | ​ | 53 | ​ | Oct. 5, 2050
5.65% Notes, Series CAH | ​ | September 2022 | ​ | September 2052 | ​ | $ | 996.13 | ​ | 5.68 | % | $ | 550 | million | ​ | $ | 550 | million | ​ | 61.5 | ​ | Mar. 13, 2052
5.95% Notes, Series CAL | ​ | September 2023 | ​ | September 2053 | ​ | $ | 992.67 | ​ | 6.00 | % | $ | 400 | million | ​ | $ | 400 | million | ​ | 61.5 | ​ | Mar. 8, 2053
​
1 | The effective interest rate represents the yield the notes would provide to an initial debt holder if held to maturity and, in respect of sustainability-linked notes, if no trigger events or MFN step-ups occur.
2 | For Canadian dollar-denominated notes, the redemption price is the greater of (i) the present value of the notes discounted at the Government of Canada yield plus the redemption present value spread calculated over the period to the cessation date, or (ii) 100% of the principal amount thereof.
For U.S. dollar-denominated notes, the redemption price is the greater of (i) the present value of the notes discounted at the U.S. Adjusted Treasury Rate (at the U.S. Treasury Rate for the 3.40% U.S. Dollar Sustainability-Linked Notes) plus the redemption present value spread calculated over the period to the cessation date, or (ii) 100% of the principal amount thereof.
3 | On December 16, 2025, we exercised our right to, and did, early redeem, on January 16, 2026, all of our 3.75% Notes, Series CV.
4 | On March 9, 2026, we exercised our right to, and did, early redeem, on May 8, 2026, $500 million of our 2.75% Notes, Series CZ.
5 | We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert the principal payments and interest obligations to Canadian dollar obligations as follows:
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ ​ ​ | Canadian dollar | ​ ​ ​ | ​ | ​
​ | ​ | Interest rate | ​ | equivalent | ​ | Exchange
TELUS Corporation senior note series | ​ ​ ​ | fixed at | ​ | principal | ​ ​ ​ | rate
2.80% U.S. Dollar Notes | ​ | 2.95 | % | $ | 792 million | ​ | $ | 1.3205
3.70% U.S. Dollar Notes |  | 3.41 | % | $ | 667 million | ​ | $ | 1.3348
3.40% U.S. Dollar Sustainability-Linked Notes | ​ | 3.89 | % | $ | 1.1 billion | ​ | $ | 1.2753
4.60% U.S. Dollar Notes |  | 4.41 | % | $ | 728 million | ​ | $ | 1.2985
4.30% U.S. Dollar Notes |  | 4.27 | % | $ | 498 million | ​ | $ | 1.3435
​
6 | If we have not obtained a sustainability performance target verification assurance certificate for the fiscal year ending December 31, 2030, the sustainability-linked notes will incur increased interest rates from the trigger date through to their individual maturities. The interest rate on certain sustainability-linked notes may also increase (MFN step-up) if we fail to meet additional sustainability and/or environmental, social or governance targets specified in a sustainability-linked bond; the interest rate on these notes, however, in no event can exceed the initial rate by more than the combined MFN step-up and trigger event limit, whether as a result of not obtaining a sustainability performance target verification assurance certificate and/or any targets provided for in one or more future sustainability-linked bonds. Similarly, if we redeem any sustainability-linked notes without having obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the redemption date, any interest accrued will be determined using the following rates:
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Sustainability performance | ​ | ​ | ​ | ​ | ​
​ | ​ | target verification | ​ | ​ | ​ | ​ | ​
​ | ​ | assurance certificate | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Post- | ​ | ​ | ​ | Redemption | ​
​ | ​ | ​ | ​ | ​ | ​ | trigger | ​ | Aggregate | ​ | interest | ​
​ | ​ | ​ | ​ | ​ | ​ | event | ​ | MFN step-up | ​ | accrual rate | ​
​ | ​ | Fiscal | ​ | Trigger | ​ | interest | ​ | and trigger | ​ | if certificate | ​
TELUS Corporation senior note series | ​ ​ ​ | year | ​ ​ ​ | date | ​ ​ ​ | rate | ​ ​ ​ | event limit | ​ ​ ​ | not obtained | ​
2.85% Sustainability-Linked Notes, Series CAF | ​ | 2030 | ​ | Nov. 14, 2030 | ​ | 3.85 | % | N/A | ​ | 3.85 | %
3.40% U.S. Dollar Sustainability-Linked Notes | ​ | 2030 | ​ | Nov. 14, 2030 | ​ | 4.40 | % | 1.50 | % | 4.40 | %
5.25% Sustainability-Linked Notes, Series CAG | ​ | 2030 | ​ | Nov. 15, 2030 | ​ | 6.00 | % | 1.50 | % | 6.00 | %
4.95% Sustainability-Linked Notes, Series CAJ | ​ | 2030 | ​ | Mar. 28, 2031 | ​ | 5.70 | % | 1.50 | % | 5.70 | %
5.75% Sustainability-Linked Notes, Series CAK | ​ | 2030 | ​ | Apr. 30, 2031 | ​ | 6.35 | % | 1.20 | % | 6.35 | %
5.10% Sustainability-Linked Notes, Series CAN | ​ | 2030 | ​ | Feb. 15, 2031 | ​ | 5.60 | % | 1.00 | % | 5.60 | %
​
7 | In the year ended December 31, 2025, we acquired TELUS Corporation senior notes pursuant to our tender offers, as set out in the following table.
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​ | ​ ​ ​ | ​ | ​ | Tender offer principal face
​ | ​ | ​ | ​ | amount acquired (millions)
TELUS Corporation senior note series | ​ ​ ​ | Maturity | ​ ​ ​ | June 2025 | ​ ​ ​ | Dec. 2025 | ​ ​ ​ | Total
4.40% Notes, Series CL |  | April 2043 | ​ | ​ | — | ​ | $ | 471 | ​ | $ | 471
4.40% Notes, Series CU |  | Jan. 2046 | ​ | $ | 267 | ​ | $ | 173 | ​ | $ | 440
4.70% Notes, Series CW |  | Mar. 2048 | ​ | ​ | — | ​ | $ | 386 | ​ | $ | 386
4.60% U.S. Dollar Notes |  | Nov. 2048 | ​ | US$ | 189 | ​ | ​ | — | ​ | US$ | 189
4.30% U.S. Dollar Notes | ​ | June 2049 | ​ | US$ | 129 | ​ | ​ | — | ​ | US$ | 129
3.95% Notes, Series CAB | ​ | Feb. 2050 | ​ | $ | 695 | ​ | $ | 32 | ​ | $ | 727
4.10% Notes, Series CAE |  | April 2051 | ​ | $ | 422 | ​ | $ | 29 | ​ | $ | 451
​
8 | $500 million of 4.85% Notes, Series CP were issued in April 2014 at an issue price of $998.74 and an effective interest rate of 4.86%. This series of notes was reopened in December 2015 and a further $400 million of notes were issued at an issue price of $974.38 and an effective interest rate of 5.02%.
9 | $325 million of 4.70% Notes, Series CW were issued in March 2017 at an issue price of $990.65 and an effective interest rate of 4.76%. This series of notes was reopened in February 2018 and a further $150 million of notes were issued in March 2018 at an issue price of $1,014.11 and an effective interest rate of 4.61%.
10 | $400 million of 3.95% Notes, Series CAB were issued in December 2019 at an issue price of $991.54 and an effective interest rate of 4.00%. This series of notes was reopened in May 2020 and a further $400 million of notes were issued at an issue price of $1,003.53 and an effective interest rate of 3.93%.
(c) | TELUS Corporation commercial paper
TELUS Corporation has an unsecured commercial paper program, backstopped by our $2.75 billion revolving syndicated credit facility (see (d)), which is used for general corporate purposes, including capital expenditures and investments. Subject to conditions related to debt ratings, this program allows us to issue commercial paper up to a maximum aggregate equivalent amount at any one time of $2.1 billion (US$1.5 billion maximum). We use foreign currency forward contracts to manage currency risk arising from U.S. dollar-denominated commercial paper. Although commercial paper debt matures within one year, we classify it as a current portion of long-term debt as these amounts are supported by the revolving credit facility and we expect that they will continue to be supported by the revolving credit facility, which has no repayment requirements within the next year. As at June 30, 2026, we had $2.1 billion (December 31, 2025 - $1.0 billion) of commercial paper outstanding, all of which was denominated in U.S. dollars (US$1.5 billion; December 31, 2025 - US$0.7 billion), with an effective average interest rate of 4.4%, maturing through December 2026.
(d) | TELUS Corporation credit facilities
As at June 30, 2026, TELUS Corporation had a $2.75 billion unsecured revolving syndicated bank credit facility, expiring on August 21, 2030 (December 31, 2025 – August 21, 2030), with a syndicate of financial institutions, which is used for general corporate purposes, including the backstopping of commercial paper. The TELUS Corporation credit facilities incur interest at prime rate, U.S. Dollar Base Rate, Canadian Overnight Repo Rate Average (CORRA) or term secured overnight financing rate (SOFR) (as such terms are used or defined in the credit facilities), plus applicable margins. The credit facilities include customary representations, warranties and covenants, including two financial quarter-end ratio tests: our leverage ratio must not exceed 4.25:1.00; and our operating cash flow to interest expense ratio must not be less than 2.00:1.00, all as defined in the credit facilities. TELUS Corporation’s continued access to these credit facilities does not depend upon TELUS Corporation maintaining a specific credit rating. ​
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​ | ​ ​ ​ | June 30, | ​ ​ ​ | December 31,
As at (millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Net available |  | $ | 657 |  | $ | 1,798
Backstop of commercial paper | ​ | ​ | 2,093 | ​ | ​ | 952
Gross available revolving $2.75 billion bank credit facility |  | $ | 2,750 |  | $ | 2,750
​ As at June 30, 2026, we had letters of credit outstanding of $61 million (December 31, 2025 – $67 million), issued under various uncommitted facilities. These letter of credit facilities are in addition to our ability to provide letters of credit under our committed revolving bank credit facility. (e)Other (unsecured) In 2025, a wholly owned subsidiary issued preferred shares for US$200 million to a private equity investor, in connection with the acquisition of Workplace Options; IFRS Accounting Standards required that the preferred shares be accounted for as financial liabilities. In the first quarter of 2026, the preferred shares were exchanged with the private equity investor for a US$200 million promissory note issued by the wholly owned subsidiary. The promissory note, and previously the preferred shares, were similarly featured in that they were: unsubordinated obligations, senior in right of payment to all of our existing and future subordinated indebtedness, and effectively subordinated to all existing and future obligations of, or guaranteed by, our subsidiaries; redeemable, in whole but not in part, at our option and, after May 13, 2030, also at the holder’s option; change in control events, as defined in the preferred investment agreement, may also have required redemption of the preferred shares; the redemption price was generally equal to a multiple of invested capital; and any accrued and un-reinvested interest would have been included in determining the redemption amount. During the three-month period ended June 30, 2026, at our option, the promissory note was repaid and a prepayment premium of $51 million was recorded. (f)TELUS Corporation junior subordinated notes The notes are direct unsecured obligations, are subordinated to all existing and future senior indebtedness, and are effectively subordinated to all existing and future indebtedness and obligations of, or guaranteed by, our subsidiaries. For purposes of calculating leverage ratios, only one-half of the principal is included as debt in the initial post - issuance decade. Interest is payable semi-annually and has a fixed rate reset at the interest payment date coinciding with the cessation date of the no-call period and every five years thereafter. Upon a rating event, as defined in the supplemental trust indenture, we must offer to repurchase the notes at a price equal to 102% of their principal amount plus accrued and unpaid interest to the repurchase date. After the initial no-call period, the notes are redeemable at our option, in whole at any time, or in part from time to time, on not fewer than 10 days’ and not more than 60 days’ prior notice, on any interest payment date (prior to elapsing of the initial no-call periods, the notes are redeemable, on not fewer than 10 days’ and not more than 90 days’ prior notice, on each note’s unique first rate reset date) at redemption prices equal to 100% of their principal amounts. Accrued and unpaid interest, if any, will be paid to the date fixed for redemption. ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Principal face amount | ​ | ​ | ​ | ​ |
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | Outstanding | ​ ​ ​ | ​ | ​ ​ ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Initial effective | ​ | Originally | ​ | at financial | ​ | No-call period | ​ | Rate reset |
TELUS Corporation junior subordinated note series | ​ | Issued | ​ | Maturity | ​ | Issue price | ​ | interest rate 1 | ​ | issued | ​ | statement date | ​ | cessation date | ​ | minimum 2 |
6.25% Fixed-to-Fixed Rate, Series CAR |  | Multiple | 3 | July 2055 | ​ | $ | 1,006.41 | 3 | 6.09 | % 3 | $1.1 billion | 3 | $1.5 billion | 3 | July 21, 2030 |  | 6.25 | %
6.75% Fixed-to-Fixed Rate, Series CAS |  | Multiple | 4 | July 2055 | ​ | $ | 1,020.45 | 4 | 6.46 | % 4 | $500 million | 4 | $925 million | 4 | July 21, 2035 |  | 6.75 | %
U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series A 5 |  | June 2025 | ​ | Oct. 2055 | ​ | US$ | 1,000.00 | ​ | 6.625 | % | US$700 million | ​ | US$700 million | ​ | Oct. 15, 2030 |  | 6.625 | %
U.S. Dollar 7.000% Fixed-to-Fixed Rate, Series B 5 | ​ | June 2025 | ​ | Oct. 2055 | ​ | US$ | 1,000.00 | ​ | 7.000 | % | US$800 million | ​ | US$800 million | ​ | Oct. 15, 2035 | ​ | 7.000 | %
U.S. Dollar 6.375% Fixed-to-Fixed Rate, Series C 5 | ​ | Dec. 2025 | ​ | June 2056 | ​ | US$ | 1,000.00 | ​ | 6.375 | % | US$800 million | ​ | US$800 million | ​ | June 9, 2031 | ​ | 6.375 | %
U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series D 5 | ​ | Dec. 2025 | ​ | June 2056 | ​ | US$ | 1,000.00 | ​ | 6.625 | % | US$700 million | ​ | US$700 million | ​ | June 9, 2036 | ​ | 6.625 | %
5.375% Fixed-to-Fixed Rate, Series CAT | ​ | Dec. 2025 | ​ | June 2056 | ​ | $ | 1,000.00 | ​ | 5.375 | % | $400 million | ​ | $400 million | ​ | June 9, 2031 | ​ | 5.375 | %
5.875% Fixed-to-Fixed Rate, Series CAU |  | Dec. 2025 | ​ | June 2056 | ​ | $ | 1,000.00 | ​ | 5.875 | % | $400 million | ​ | $400 million | ​ | June 9, 2036 |  | 5.875 | %
​
1 | The effective interest rate represents the minimum yield the notes would provide to an initial debt holder if held to maturity.
2 | For the Canadian dollar – denominated notes, the rate reset is based upon a spread to the Five Year Government of Canada Bond Yield at the rate reset date, but is subject to a rate reset minimum.
For the U.S. Dollar - denominated notes the rate reset is based upon a spread to Five-Year U.S. Treasury Rate at the rate reset date, but is subject to a reset minimum.
3 | $1.1 billion of 6.25% Fixed-to-Fixed Rate, Series CAR Notes were issued in April 2025 at an issue price of $999.65 and an initial effective interest rate of 6.25%. This series of notes was reopened in June 2025 and a further $375 million of notes were issued at an issue price of $1,026.25 and an initial effective interest rate of 5.61%.
4 | $500 million of 6.75% Fixed-to-Fixed Rate, Series CAS Notes were issued in April 2025 at an issue price of $999.59 and an initial effective interest rate of 6.75%. This series of notes was reopened in June 2025 and a further $425 million of notes were issued at an issue price of $1,045.00 and an initial effective interest rate of 6.13%.
5 | We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that, during the first no-call periods, effectively convert the principal payments and interest obligations to Canadian dollar obligations as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First no-call | ​ | Canadian dollar | ​ | ​ | ​
​ | ​ | period interest | ​ | equivalent | ​ | Exchange
TELUS Corporation junior subordinated note series | ​ ​ ​ | rate fixed at | ​ ​ ​ | principal | ​ ​ ​ | rate
U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series A |  | 5.79 | % | $ | 1.0 billion | ​ | $ | 1.3743
U.S. Dollar 7.000% Fixed-to-Fixed Rate, Series B | ​ | 6.42 | % | $ | 1.1 billion | ​ | $ | 1.3743
U.S. Dollar 6.375% Fixed-to-Fixed Rate, Series C | ​ | 5.64 | % | $ | 1.1 billion | ​ | $ | 1.3957
U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series D |  | 6.07 | % | $ | 1.0 billion | ​ | $ | 1.3955
​ (g)Other (secured) Other liabilities incur interest at 4.4%, are secured by the AWS-4 spectrum licences associated with these other liabilities, and are subject to amortization schedules, so that the principal is repaid over the periods to maturity, the last period ending March 31, 2035. (h)Lease liabilities Lease liabilities are subject to amortization schedules, so that the principal is repaid over various periods, which include reasonably expected renewals. The weighted average interest rate on lease liabilities was approximately 5.2% as at June 30, 2026.
(i) | Long-term debt maturities
Anticipated requirements for long-term debt repayments, calculated for long-term debt owed as at June 30, 2026, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​
Composite long-term debt denominated in | ​ | Canadian dollars | ​ | U.S. dollars | ​ | currencies | ​ |  | ​
​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-term | ​ | ​ | ​ | ​ | Currency swap agreement | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | debt, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | debt, | ​ | ​ | ​ | ​ | amounts to be exchanged | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | excluding | ​ | Leases 1 | ​ | ​ | ​ | ​ | excluding | ​ | Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Leases | ​ |  | ​
Years ending December 31 (millions) | ​ ​ ​ | leases | ​ ​ ​ | (Note 19) | ​ ​ ​ | Total | ​ ​ ​ | leases | ​ ​ ​ | (Note 19) | ​ | (Receive) 2 | ​ ​ ​ | Pay | ​ ​ ​ | Total | ​ ​ ​ | (Note 19) | ​ ​ ​ | Total
2026 (remainder of year) | ​ | $ | 321 | ​ | $ | 201 | ​ | $ | 522 | ​ | $ | 2,094 | ​ | $ | 21 | ​ | $ | (2,094) | ​ | $ | 2,038 | ​ | $ | 2,059 | ​ | $ | 32 | ​ | $ | 2,613
2027 | ​ |  | 50 | ​ | ​ | 374 | ​ | ​ | 424 | ​ |  | 1,563 | ​ | ​ | 34 | ​ |  | (1,564) | ​ |  | 1,459 | ​ |  | 1,492 | ​ | ​ | 57 | ​ |  | 1,973
2028 | ​ |  | 1,952 | ​ | ​ | 334 | ​ | ​ | 2,286 | ​ |  | — | ​ | ​ | 33 | ​ |  | — | ​ |  | — | ​ |  | 33 | ​ | ​ | 47 | ​ |  | 2,366
2029 | ​ |  | 1,404 | ​ | ​ | 265 | ​ | ​ | 1,669 | ​ |  | — | ​ | ​ | 37 | ​ |  | — | ​ |  | — | ​ |  | 37 | ​ | ​ | 39 | ​ |  | 1,745
2030 | ​ | ​ | 1,652 | ​ | ​ | 219 | ​ | ​ | 1,871 | ​ | ​ | — | ​ | ​ | 39 | ​ | ​ | (995) | ​ | ​ | 962 | ​ | ​ | 6 | ​ | ​ | 28 | ​ | ​ | 1,905
2031 - 2035 | ​ | ​ | 5,251 | ​ | ​ | 463 | ​ | ​ | 5,714 | ​ | ​ | 1,279 | ​ | ​ | 32 | ​ | ​ | (3,553) | ​ | ​ | 3,364 | ​ | ​ | 1,122 | ​ | ​ | 72 | ​ | ​ | 6,908
Thereafter | ​ |  | 6,283 | ​ | ​ | 609 | ​ | ​ | 6,892 | ​ |  | 5,587 | ​ | ​ | — | ​ |  | (2,713) | ​ |  | 2,204 | ​ |  | 5,078 | ​ | ​ | 3 | ​ |  | 11,973
Future cash outflows in respect of composite long-term debt principal repayments | ​ |  | 16,913 | ​ | ​ | 2,465 | ​ | ​ | 19,378 | ​ |  | 10,523 | ​ | ​ | 196 | ​ |  | (10,919) | ​ |  | 10,027 | ​ |  | 9,827 | ​ | ​ | 278 | ​ |  | 29,483
Future cash outflows in respect of associated interest and like carrying costs 3 | ​ |  | 11,500 | ​ | ​ | 750 | ​ | ​ | 12,250 | ​ |  | 10,145 | ​ | ​ | 68 | ​ |  | (3,386) | ​ |  | 3,390 | ​ |  | 10,217 | ​ | ​ | 89 | ​ |  | 22,556
Undiscounted contractual maturities (Note 4(b)) | ​ | $ | 28,413 | ​ | $ | 3,215 | ​ | $ | 31,628 | ​ | $ | 20,668 | ​ | $ | 264 | ​ | $ | (14,305) | ​ | $ | 13,417 | ​ | $ | 20,044 | ​ | $ | 367 | ​ | $ | 52,039
​
1 | Where applicable, cash flows reflect foreign exchange rates as at June 30, 2026. Maturities and gross cash flows for the TELUS Corporation junior subordinated notes reflect the initial fixed rate reset date.
2 | Future cash outflows in respect of associated interest and like carrying costs for sustainability-linked notes, commercial paper, amounts drawn under our credit facilities (if any), other (unsecured) and junior subordinated notes have been calculated based upon the rates in effect as at June 30, 2026.

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