Exhibit 99.2

TELUS CORPORATION

Management’s discussion and analysis

2025 Q1

TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Caution regarding forward-looking statements

The terms TELUS, the Company, we, us and our refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries.

This document contains forward-looking statements about expected events and our financial and operating performance. Forward-looking statements include any statements that do not refer to historical facts. They include, but are not limited to, statements relating to our objectives and our strategies to achieve those objectives, our expectations regarding trends in the telecommunications industry (including demand for data and ongoing subscriber base growth), and our financing plans (including our multi-year dividend growth program). Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or verbs such as aim, anticipate, believe, could, expect, intend, may, plan, predict, seek, should, strive and will. These statements are made pursuant to the “safe harbour” provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995.

By their nature, forward-looking statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, our actual results or other events may differ materially from expectations expressed in, or implied by, the forward-looking statements.

These risks and the assumptions underlying our forward-looking statements are described in additional detail in Section 9 General trends, outlook and assumptions, and regulatory developments and proceedings and Section 10 Risks and risk management in our 2024 annual Management’s discussion and analysis (MD&A). Those descriptions are incorporated by reference in this cautionary statement but are not intended to be a complete list of the risks that could affect the Company, or of our assumptions. Updates to the assumptions on which our 2025 outlook is based are presented in Section 9 Update to general trends, outlook and assumptions, and regulatory developments and proceedings in this MD&A.

Risks and uncertainties that could cause actual performance or other events to differ materially from the forward-looking statements made herein and in other TELUS filings include, but are not limited to, the following:

Risks and uncertainties include:

Risks and uncertainties include:

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Our goals to achieve carbon neutrality and reduce our greenhouse gas (GHG) emissions in our operations are subject to our ability to identify, procure and implement solutions that reduce energy consumption and adopt cleaner sources of energy, our ability to identify and make suitable investments in renewable energy, including in the form of virtual power purchase agreements, and our ability to continue to realize significant absolute reductions in energy use and the resulting GHG emissions from our operations.

Risks include:

Risks and uncertainties include:

Risks and uncertainties include:

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Risks include:

Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation. Except as otherwise indicated in this document, the forward-looking statements made herein do not reflect the potential impact of any non-recurring or special items or any mergers, acquisitions, dispositions or other business combinations or transactions that may be announced or that may occur after the date of this document.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this document describe our expectations, and are based on our assumptions, as at the date of this document and are subject to change after this date. We disclaim any intention or obligation to update or revise any forward-looking statements except as required by law.

This cautionary statement qualifies all of the forward-looking statements in this MD&A.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Management’s discussion and analysis (MD&A)

May 9, 2025

Contents

© 2025 TELUS Corporation. All rights reserved. The symbols ™ and ^® indicate trademarks owned by TELUS Corporation or its subsidiaries used under license. All other trademarks are the property of their respective owners.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

The forward-looking statements in this section, including, for example, estimates regarding economic growth, inflation, unemployment, housing starts and immigration, are qualified by the Caution regarding forward-looking statements at the beginning of this Management’s discussion and analysis (MD&A).

1.1 Preparation of the MD&A

The following sections provide a discussion of our consolidated financial position and financial performance for the three-month period ended March 31, 2025, and should be read together with our March 31, 2025 condensed interim consolidated statements of income and other comprehensive income, statements of financial position, statements of changes in owners’ equity and statements of cash flows, and the related notes (collectively referred to as the interim consolidated financial statements). The generally accepted accounting principles (GAAP) that we use are International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), and Canadian GAAP. In this MD&A, the term IFRS Accounting Standards refers to these standards. In our discussion, we also use certain non-GAAP and other specified financial measures to evaluate our performance, monitor compliance with debt covenants and manage our capital structure. These measures are defined, qualified and reconciled with their nearest GAAP measures, as required by National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure, in Section 11.1. All currency amounts are stated in Canadian dollars, unless otherwise specified.

Additional information relating to the Company, including our Annual Information Form and other filings with securities commissions or similar regulatory authorities in Canada, is available on SEDAR+ (sedarplus.com). Our information filed with or furnished to the Securities and Exchange Commission in the United States, including Form 40-F, is available on EDGAR (sec.gov). Additional information about our TELUS International (Cda) Inc. subsidiary (d.b.a. TELUS Digital Experience), including a discussion of its business and results, can be found in its public filings available on SEDAR+ and EDGAR; the legal name of the company remains TELUS International (Cda) Inc.

Our disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management on a timely basis, so that appropriate decisions can be made regarding public disclosure. This MD&A and the interim consolidated financial statements were reviewed by our Audit Committee and authorized by our Board of Directors (Board) for issuance on May 9, 2025.

In this MD&A, unless otherwise indicated, results for the first quarter of 2025 (three-month period ended March 31, 2025) are compared with results for the first quarter of 2024 (three-month period ended March 31, 2024).

Effective January 1, 2025, our segmented reporting structure was retrospectively restated. This change arose from the modification of our internal and external reporting processes, systems and internal controls from the acquisition, and ongoing integration, of LifeWorks^® and the evolution of information regularly reported to our chief operating decision maker for purposes of allocating capital resources and assessing performance. The currently reported TELUS health results were previously included with the TELUS technology solutions results. Comparative TELUS technology solutions segment results have been restated to conform with the reportable segments presented in the current period. See Section 5.1 General for additional details.

1.2 The environment in which we operate

The success of our business and the challenges we face can best be understood with reference to the environment in which we operate, including broader economic conditions that affect both TELUS and our customers, and the competitive nature of our business operations.

TELUS technology solutions segment (TTech)

Across TTech, we are leveraging our leading technology and our social purpose to enable remarkable human outcomes. Our long-standing commitment to put our customers first fuels every aspect of our business across the full range of our differentiated solutions spanning mobile, data, IP, voice, TV, entertainment, video, and security and automation, delivered over our reliable, expansive, award-winning networks. Leveraging data analytics and artificial intelligence (AI) to enhance our services has strengthened our leading position in customer service excellence and loyalty, reducing already-low rates of customer churn and demonstrating our commitment to provide Canadians with access to superior technology that connects all of us to the people, resources and information that matter most. We are also implementing innovative technology solutions to help feed the world, putting data to work for customers in the agriculture, food and consumer goods sectors. This efficient and effective collaboration helps ensure the quality and safety of food and consumer goods.

TELUS health segment (TELUS Health)

TELUS Health operates at the forefront of modern healthcare innovation, where technology is fundamentally transforming how people access and receive health services. We stand at the critical intersection of digital innovation and human care, bridging traditional healthcare settings with virtual well-being platforms to support the mental, physical and financial health of organizations and individuals all over the world. As a global technology leader, we connect and empower all participants in the health ecosystem from healthcare providers, payors and employers, to patients and individuals. We achieve our objective of enabling people to live healthier lives by making health information and support services easily accessible through advanced technology and data-driven insights. Our comprehensive approach integrates primary and preventive care with ongoing wellness support. By revolutionizing healthcare delivery and enhancing well-being, we are improving health outcomes and helping consumers, patients, healthcare professionals, employers and employees thrive in today's digital world.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

TELUS digital experience segment (TELUS Digital)

We are dedicated to crafting unique and enduring experiences for customers and employees, and creating future-focused digital transformations that deliver value for our clients. Our portfolio of end-to-end, integrated capabilities is structured around four key service lines: customer experience management (CXM), digital solutions, AI and data solutions, and trust, safety and security. In CXM, the market is experiencing significant transformation driven by the adoption of digital solutions, including the use of generative AI (GenAI). In digital solutions, we address the ongoing digital transformation needs of organizations seeking future-oriented strategies and next-generation technology integration. For example, through Fuel iX^TM, we enable organizations to manage, monitor, and maintain GenAI across the enterprise, offering both standardized capabilities and custom application development tools for creating tailored enterprise solutions. The AI and data solutions market continues to expand, driven by investments in foundational model development and growing industry demand for AI-powered solutions. TELUS Digital supports this expansion by providing services in more than 50 languages across multiple areas of expertise. The trust, safety and security market is seeing growing demand due to the exponential amount of user-generated content, and increasingly GenAI-created content, requiring sophisticated digital risk management solutions. The competitive landscape is global, fragmented, and rapidly evolving.

Economic estimates

Our estimates regarding our economic and operational environment, including economic growth, inflation, unemployment, housing starts and immigration, serve as important inputs for the assumptions on which our targets are based. The extent of the impact these estimates will have on us, and the timing of that impact, will depend upon the actual future outcomes in specific sectors of the Canadian economy.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

1.3 Consolidated highlights

Long-term debt issues

Subsequent to March 31, 2025, we issued $1.1 billion of fixed-to-fixed rate junior subordinated Series CAR notes initially bearing interest at 6.25% and due July 2055 and $500 million of fixed-to-fixed rate junior subordinated Series CAS notes initially bearing interest at 6.75% and due July 2055. For purposes of calculating leverage ratios and determining compliance with covenants, only one-half of the principal is included as debt. See Note 26(e) of the interim consolidated financial statements for additional details. The net proceeds from this issuance were used for the repayment of outstanding indebtedness, including the repayment of commercial paper, the reduction of cash amounts outstanding under an arm’s-length securitization trust, the repayment of TELUS revolving credit facility amounts outstanding, and for other general corporate purposes.

Business acquisition – subsequent to March 31, 2025

On May 1, 2025, we acquired 100% of Workplace Options for cash of approximately $500 million (US$350 million), net of assumed debt of approximately $100 million (US$70 million). We have also signed a non-binding term sheet for a synergistic third-party’s future investment in this acquisition of approximately $285 million (US$200 million), which is expected to be completed prior to June 30, 2025. Workplace Options is a global provider of integrated employee well-being solutions. The investment was made with a view to growing our employee and family assistance programs business and will be consolidated within our TELUS Health segment.

Multi-year dividend growth program

On May 9, 2025, we announced our intention to target ongoing semi-annual dividend increases, with the annual increase in the range of 3 to 8% from 2026 through to the end of 2028. This announcement further extends our dividend program originally announced in May 2011 and extended for four additional terms in each of May 2013, May 2016, May 2019 and May 2022. Dividend decisions will continue to be subject to our Board’s assessment and the determination of our financial situation and outlook on a quarterly basis. There can be no assurance that we will maintain a dividend growth program through 2028. See Section 4.3 Liquidity and capital resources.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Consolidated highlights

Notations used in MD&A: n/m – not meaningful; pts. – percentage points.

Operating highlights

Service revenues increased by $114 million in the first quarter of 2025, reflecting: (i) mobile, residential internet, security and automation, and TV subscriber growth; (ii) growth across multiple lines of business in health services, reflecting both business acquisitions and organic growth; (iii) higher external revenues in TELUS Digital; and (iv) higher agriculture and consumer goods services revenues. These factors were partially offset by: (i) rate reductions in mobile network services; and (ii) declines in fixed legacy voice and TV services revenues.

Equipment revenues increased by $38 million in the first quarter of 2025, primarily driven by an increase in mobile equipment revenues due to higher-value smartphones volume in the sales mix, partially offset by a modest reduction in contracted volumes.

Other income decreased by $27 million in the first quarter of 2025, largely due to lower net reversals of provisions related to business combinations and lower gains on real estate projects. These factors were partially offset by higher net gains from the divestiture of non-core assets as planned.

For additional details on Operating revenues and other income, see Section 5.4 TELUS technology solutions segment, Section 5.5 TELUS health segment and Section 5.6 TELUS digital experience segment.

EBITDA increased by $106 million in the first quarter of 2025. EBITDA also included a reduction of $121 million in restructuring and other costs in the first quarter of 2025, related to prior year investments in cost efficiency and effectiveness programs, including real estate rationalization.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Adjusted EBITDA, which excludes restructuring and other costs, decreased by $15 million in the first quarter of 2025. This decline reflects varied results across our reportable segments. TELUS Digital Adjusted EBITDA decreased by 38%, primarily due to lower net reversals of provisions related to business combinations and higher investments in corporate initiatives. These initiatives included the expansion of its commercial sales team and operational effectiveness programs. TTech, however, saw a 3% growth in Adjusted EBITDA. This growth was driven by several factors: (i) cost reduction efforts, including workforce reductions and increased leveraging of TELUS Digital resulting in competitive benefits given the lower cost structure in TELUS Digital, as well as savings in administrative and marketing costs; (ii) mobile, residential internet, security and automation, and TV subscriber growth; (iii) higher net gains from the divestiture of non-core assets as planned; (iv) higher agriculture and consumer goods margins; and (v) higher Other income. These factors were partially offset by: (i) lower mobile ARPU; (ii) lower mobile equipment margins; (iii) an increase in bad debt expense; (iv) declining fixed legacy voice and TV margins; (v) higher network operations costs; and (vi) increased costs of subscription-based licenses and cloud usage. Lastly, TELUS Health experienced a 30% increase in Adjusted EBITDA driven by organic growth across multiple revenue streams. (See Section 5.3 Consolidated operations for additional details.)

Adjusted Net income excludes the effects of restructuring and other costs, income tax-related adjustments, real estate rationalization-related restructuring impairments, and VPPAs when accounted for as held for trading (see Section 5.3). Adjusted Net income decreased by $2 million in the first quarter of 2025.

Adjusted basic EPS excludes the effects of restructuring and other costs, income tax-related adjustments, real estate rationalization-related restructuring impairments and VPPAs when accounted for as held for trading (see Section 5.3). Adjusted basic EPS was unchanged in the first quarter of 2025.

Liquidity and capital resource highlights

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Our core business and our strategic imperatives were described in our 2024 annual MD&A.

Our annual corporate priorities are used to advance our long-term strategic imperatives and address near-term opportunities and challenges. The following table provides a discussion of activities and initiatives that relate to our 2025 corporate priorities.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

The forward-looking statements in this section, including statements regarding our dividend growth program and our financial objectives in Section 4.3, are qualified by the Caution regarding forward-looking statements at the beginning of this MD&A.

4.1 Principal markets addressed and competition

For a discussion of our principal markets and an overview of competition, refer to Section 4.1 in our 2024 annual MD&A.

4.2 Operational resources

TELUS technology solutions (TTech)

From mid-2013 through March 31, 2025, we invested approximately $8.2 billion to acquire wireless spectrum licences in spectrum auctions and other private transactions. These investments have more than doubled our national spectrum holdings in support of our top priority to put customers first.

Mobile data consumption has been increasing rapidly and is expected to continue growing at a fast rate as the industry continues to transition to 5G. We have responded by investing in the coverage, capacity, performance and reliability of our network to ensure we are able to support additional data consumption and growth in our mobile subscriber base in a geographically diverse country, while maintaining the high quality of our network. This includes investments in wireless small cells connected directly to our TELUS PureFibre^® technology to improve coverage and capacity utilized in our 5G network.

As at March 31, 2025, our 4G LTE technology covered 99% of Canada’s population, consistent with March 31, 2024. We have continued to invest in the roll-out of our LTE advanced technology, which covered approximately 96% of Canada’s population at March 31, 2025, up from over 95% one year earlier. Furthermore, our 5G network covered over 87% of Canada’s population at March 31, 2025, up from approximately 86% at March 31, 2024.

We are continuing to invest in urban and rural communities across B.C., Alberta and Eastern Quebec with commitments to deliver broadband technology capabilities to as many Canadians in these communities as possible, including expanding our PureFibre footprint by connecting more homes and businesses directly to PureFibre. In addition, we have increased broadband internet speeds, expanded our IP TV video-on-demand library and high-definition content, including 4K TV and 4K HDR capabilities, and enhanced the marketing of data products and bundles. This has resulted in improved churn rates. Our PureFibre technology is also an essential component of our wireless access technology and has enabled our 5G deployment. Our home and business security and automation solutions integrate safety and security monitoring with smart devices.

As at March 31, 2025, approximately 3.5 million households and businesses in B.C., Alberta and Eastern Quebec were connected to fibre-optic cable. This is up from more than 3.2 million households and businesses in the first quarter of 2024.

Our agriculture and consumer goods solutions include agronomy record-keeping and recommendations, rebate management services, supplier management, order management, index labelling, compliance management, animal agriculture solutions, food traceability and quality assurance, data management solutions and software solutions for trade promotion management, optimization and analytics (TPx), retail execution, supply chain solutions and analytics capabilities.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

TELUS health (TELUS Health)

TELUS Health leverages the power of technology and passion of our team members to support the mental, physical and financial health and well-being of organizations and individuals around the globe. Our core areas of focus in the global healthcare marketplace are: employers (small, medium and large enterprise), payors (insurers, third-party payors and third-party administrators, and public sector), providers (clinics and physicians, pharmacists and allied health professionals) and consumer solutions. We offer a variety of integrated health and well-being products, solutions and services including: employee and family assistance programs (EFAP), cognitive behavioural therapy (CBT), absence and disability management, executive, preventive and occupational health services, corporate reward, recognition and perks programs, and training programs; pension and benefits administration solutions, and retirement and financial consulting; virtual care (encompassing comprehensive primary care, mental health support, wellness offerings, and pet care); virtual pharmacy, and pharmacy management systems (providing remote patient monitoring, personal emergency response and medication management services); personal health records and electronic medical records (EMR) management; claims management solutions; and curation of health content.

TELUS digital experience (TELUS Digital)

TELUS Digital provides digitally enabled customer experience solutions and creates future-focused digital transformations that can withstand disruption and deliver value for our clients. Our end-to-end capabilities address multiple client needs, including digital customer experience management and the digital transformation of IT and customer experience systems, as well as new and emerging client needs, such as digital trust, safety and security, AI data services and generative AI solutions in customer experience.

Over the years, we have grown through organic investments and acquisitions to serve our global clients, including the expansion of our delivery model in multiple regions, including Asia-Pacific, Europe, North America and Central America, and developed a broader set of digital capabilities.

Our delivery locations are strategically selected based on factors, such as access to: diverse, skilled talent; proximity to clients; and ability to deliver our services over multiple time zones and in multiple languages. They are connected through a robust infrastructure backed by cloud technologies, enabling globally distributed and virtualized teams.

4.3 Liquidity and capital resources

Capital structure financial policies

Our objective when managing financial capital is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk. In our definition of financial capital, we include:

We manage our financial capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our business. In order to maintain or adjust our financial capital structure, we may:

We monitor financial capital utilizing a number of measures, including net debt to EBITDA – excluding restructuring and other costs ratio, coverage ratios and dividend payout ratios. (See definitions in Section 11.1 Non-GAAP and other specified financial measures.)

Financing and capital structure management plans

Report on financing and capital structure management plans

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

4.4 Changes in internal control over financial reporting

For the three-month period ended March 31, 2025, there were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This section contains forward-looking statements, including those with respect to mobile phone average revenue per subscriber per month (ARPU) growth, products and services trends regarding loading and retention spending, equipment margins, subscriber growth and various future trends. There can be no assurance that we have accurately identified these trends based on past results or that these trends will continue. See Caution regarding forward-looking statements at the beginning of this MD&A.

5.1 General

Operating segments are components of an entity that engage in business activities from which they earn revenues and incur expenses (including revenues and expenses related to transactions with the other component(s)), the operations of which can be clearly distinguished and for which the operating results, and in particular, Adjusted EBITDA, are regularly reviewed by a chief operating decision-maker to make resource allocation decisions and to assess performance. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our Chief Executive Officer (CEO) (our chief operating decision-maker).

The TELUS technology solutions segment (TTech) includes: network revenues and equipment sales arising from mobile technologies; data revenues (which include internet protocol; television; hosting, managed information technology and cloud-based services; and home and business security and automation); agriculture and consumer goods services (software, data management and data analytics-driven smart-food chain and consumer goods technologies); voice and other telecommunications services revenues; and equipment sales.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

We embarked upon the modification of our internal and external reporting processes, systems and internal controls arising from the acquisition, and ongoing integration, of LifeWorks; commencing with the three-month period ended March 31, 2025, we have transitioned to our new segmented reporting structure and have restated comparative amounts on a comparable basis. The TELUS health segment (TELUS Health), the results of which were included in TELUS technology solutions’ results in the comparative periods, includes: healthcare services, software and technology solutions (including employee and family assistance programs and benefits administration).

The TELUS digital experience segment (TELUS Digital), which has the U.S. dollar as its primary functional currency, includes key service lines provided by our TELUS International (Cda) Inc. subsidiary: customer experience management; digital solutions; AI and data solutions; and trust, safety and security.

5.2 Summary of consolidated quarterly results and trends

Summary of quarterly results

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Trends

For further discussion of trends related to revenues, EBITDA and Adjusted EBITDA, see Section 5.4 TELUS technology solutions segment, Section 5.5 TELUS health segment and Section 5.6 TELUS digital experience segment.

The trend of year-over-year decreases in Depreciation and amortization reflects lower real estate rationalization and fewer asset retirements. Our expenditures have supported the expansion of our broadband footprint, including our generational investment to connect homes and businesses to TELUS PureFibre and 5G technology coverage, as well as successful internet, TV, and security and automation subscriber loading. Investments in our PureFibre technology also support our technology strategy to improve network coverage and capacity, including the ongoing build-out of our 5G network.

The trend of general year-over-year increases in Financing costs reflects greater long-term debt outstanding and increases in effective interest rates attributable to both floating-rate debt and recent fixed-rate issuances, primarily associated with our investments in spectrum licences and PureFibre technology, as well as business acquisitions. Financing costs are net of capitalized interest related to spectrum licences acquired during the 3500 MHz spectrum auction held in 2021 and during the 3800 MHz spectrum auction held in 2023 (paid in fiscal 2024). Financing costs also include Interest accretion on provisions (asset retirement obligations and written put options) and Employee defined benefit plans net interest. Additionally, for the eight periods shown, Financing costs include varying amounts of foreign exchange gains or losses, varying amounts of interest income and unrealized changes in VPPA forward element, which contributed to income up to the third quarter of 2022 and to losses up to the fourth quarter of 2024. Effective for the first quarter of 2025, arising from a prospective change in accounting policy (see Note 2(a) of the interim consolidated financial statements), fair value adjustments for VPPAs, which were previously included within Financing costs, are now included within Other comprehensive income.

5.3 Consolidated operations

The following is a discussion of our consolidated financial performance. Segment information in Note 5 of the interim consolidated financial statements is regularly reported to our CEO. We discuss the performance of our segments in Section 5.4 TELUS technology solutions segment, Section 5.5 TELUS health segment and Section 5.6 TELUS digital experience segment.

Operating revenues

Consolidated Operating revenues and other income increased by $125 million in the first quarter of 2025.

Operating expenses

Consolidated operating expenses decreased by $52 million in the first quarter of 2025.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Operating income

Operating income increased by $177 million in the first quarter of 2025, while EBITDA increased by $106 million in the first quarter of 2025. In addition to the growth drivers discussed within Adjusted EBITDA below, EBITDA also reflected a reduction of $121 million in restructuring and other costs in the first quarter of 2025, related to prior year investments in cost efficiency and effectiveness programs, including real estate rationalization.

Adjusted EBITDA

Adjusted EBITDA, decreased by $15 million or 1% in the first quarter of 2025. This decline reflects varied results across our reportable segments. TELUS Digital Adjusted EBITDA decreased by 38%, primarily due to lower net reversals of provisions related to business combinations and higher investments in corporate initiatives. These initiatives included the expansion of its commercial sales team and operational effectiveness programs. TTech, however, saw a 3% growth in Adjusted EBITDA. This growth was driven by several factors: (i) cost reduction efforts, including workforce reductions and increased leveraging of TELUS Digital resulting in competitive benefits given the lower cost structure in TELUS Digital, as well as savings in administrative and marketing costs; (ii) mobile, residential internet, security and automation, and TV subscriber growth; (iii) higher net gains from the divestiture of non-core assets as planned; (iv) higher agriculture and consumer goods margins; and (v) higher Other income. These factors were partially offset by: (i) lower mobile ARPU; (ii) lower mobile equipment margins; (iii) an increase in bad debt expense; (iv) declining fixed legacy voice and TV margins; (v) higher network operations costs; and (vi) increased costs of subscription-based licenses and cloud usage. Lastly, TELUS Health experienced a 30% increase in Adjusted EBITDA driven by organic growth across multiple revenue streams.

Financing costs

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Financing costs decreased by $50 million in the first quarter of 2025, mainly due to the following factors:

Income taxes

Total income tax expense increased by $66 million in the first quarter of 2025. The effective tax rate increased from 22.9% to 26.2% in the first quarter of 2025, largely as a result of lower non-taxable amounts and an increased portion of income earned in jurisdictions with higher statutory income tax rates.

Comprehensive income

Comprehensive income increased by $94 million in the first quarter of 2025, largely driven by an increase in Net income. This was partially offset by the relative changes in foreign exchange rates, an unfavourable VPPA impact of $13 million and relative changes in discount rates affecting employee defined benefit plan re-measurements. Items that may subsequently be reclassified to income include changes in the unrealized fair value of derivatives designated as cash flow hedges and foreign currency translation adjustments arising from translating financial statements of foreign operations. Items never subsequently reclassified to income include employee defined benefit plans re-measurement amounts and changes in measurement of investment financial assets.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

5.4 TELUS technology solutions segment

TTech trends and seasonality

The historical trend over the past eight quarters of improvements in mobile network revenue primarily reflects growth in our mobile phone subscriber base, as well as an increase in Internet of Things (IoT) connections. The recent decelerated growth in immigration observed has slowed our ability to grow our subscriber base. Domestic ARPU declines were largely attributable to larger allotments of data for a given price point, as well as intense retail price competition, which has persisted since the second quarter of 2023. Roaming revenues continued to decline, driven by the adoption of North America wide plans and competitive roaming packages in the market.

Mobile equipment revenues have been growing largely as a result of the impact of higher-value smartphones in the sales mix. As a partial offset, sales volumes of mobile devices have been slowly declining, which was attributable to a combination of improvements in durability and cost increases that are prompting customers to defer upgrades and driving an increase in the adoption of bring-your-own-device (BYOD) plans. We continue to offer certified pre-owned devices and our Bring-It-Back^® program, providing customers with alternative options for handset upgrades while also supporting a circular economy.

Our spectrum investments and capital expenditures to improve our network is enhancing its capacity, coverage and reliability, enabling us to drive revenue growth through net additions of new mobile phone and connected device subscribers. Growth in our mobile phone subscriber base is attributable to: (i) industry-leading product offerings with continuous improvements in the speed, performance and reliability of our network, coupled with our enhanced digital capabilities; (ii) the success of our promotions, including our bundling of mobility and home services; (iii) our ability to attract a larger share of the Canadian population, with growth that is being driven by immigration (albeit slowing) and changing demographics, as well as ongoing growth in the number of customers with multiple devices; and (iv) our relatively low churn rate, which reflects our customers first efforts and upgrade volume programs.

Our connected device subscriber base has been growing, primarily in response to our expanded IoT offerings across various industries, including transportation, security, healthcare, smart buildings and smart cities, energy, retail and agriculture. Our investments in network infrastructure and the expansion of our IoT product portfolio have also allowed us to provide reliable and scalable IoT solutions to our customers.

Growth in our internet subscriber base has been supported by our continued investments in building out our fibre-optic infrastructure, as well as our relatively low customer churn rate. Our TV subscriber base has continued to grow, reflecting net subscriber additions in response to our diverse and flexible product offerings, which address the changing needs and preferences of consumers. Growth in our security and automation subscriber base is driven by the success of our bundled offerings of mobility and home services. Bundling increases our services per home and has a positive impact on churn for most services, supported by our effective self-install and virtual-install models. Residential voice subscriber losses have remained low as a result of the success of our bundled services and lower-priced offerings, as well as effective retention efforts to mitigate the ongoing substitution to mobile and internet-based services.

The trend of growth in our fixed data services revenue reflects the growth of our internet and security and automation subscriber bases, bolstered by sustained demand for faster internet speeds and larger bandwidth, as well as home and business security and automation offerings and other advanced applications, which are supported by investments in our fibre-optic footprint. The trend of declines in TV revenues and fixed voice revenues is a result of technological substitution and more intense competition. However, we are mitigating this trend with our bundled product and lower-priced offerings, product diversification and effective retention efforts. The migration of business product and service offerings to IP platforms and the entry of new competitors have resulted in inherently lower margins compared to some legacy business product and service offerings. However, we are continuing to refine and diversify our portfolio of innovative business offerings.

Previous trends of agriculture and consumer goods services were attributable to customer churn which hampered subscription growth and limited the sales funnel; however, our agriculture and consumer goods business showed improvement throughout 2024 and into 2025. With our global team and cloud-based solutions, we are able to serve a diverse client base, including growers, producers, agronomists, advisors, processors and retailers, by enabling more effective and agile decision-making that can address changing consumer demands, improve profitability and generate a better flow of information across the value chain. This improves the safety and sustainability of our outputs and drives efficiencies in the way we produce, distribute and consume food and consumer goods.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

TTech operating indicators

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Operating revenues and other income – TTech segment

TTech Operating revenues and other income increased by $87 million in the first quarter of 2025.

Mobile network revenue decreased by $14 million or 1% in the first quarter of 2025, largely due to lower mobile phone ARPU, partially offset by growth in our mobile phone subscriber base and an increase in IoT connections.

Mobile equipment and other service revenues increased by $43 million in the first quarter of 2025, reflecting the impact of higher-value smartphones in the sales mix, partially offset by a modest reduction in contracted volumes.

Fixed data services revenues increased by $33 million in the first quarter of 2025, driven by growth in our internet, security and automation and TV subscriber bases, paired with higher revenue per customer from internet and security and automation. These factors were partially offset by lower TV revenue per customer, reflecting an increase in the mix of customers selecting smaller TV combination packages and technological substitution.

Fixed voice services revenues decreased by $9 million in the first quarter of 2025, reflecting the ongoing decline in legacy voice revenues as a result of technological substitution and shifts in consumer purchasing decisions. Declines were partially mitigated by the success of our bundled product offerings and our retention efforts.

Fixed equipment and other service revenues increased by $5 million in the first quarter of 2025, largely driven by increases in security premises equipment sales.

Agriculture and consumer goods services revenues increased by $16 million in the first quarter of 2025, primarily attributable to business acquisitions, improved organic growth in consumer goods services and favourable foreign exchange rate impacts. These factors were partially offset by declines in animal agriculture solutions.

Other income increased by $12 million in the first quarter of 2025, largely due to higher net gains from the divestiture of non-core assets as planned and higher net reversals of provisions related to business combinations, partially offset by lower gains on real estate projects.

Intersegment revenues represent services provided to the TELUS health and TELUS digital experience segments that are eliminated upon consolidation, together with the associated TELUS health and TELUS digital experience segment expenses.

Direct contribution – TTech segment

The direct expenses included in the direct contribution calculations in the preceding table represent components of the Goods and services purchased and Employee benefits expense totals included in the table below and have been calculated in accordance with the accounting policies used to prepare the totals presented in the financial statements. TTech direct contribution decreased by $27 million or 1% in the first quarter of 2025.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

TTech mobile products and services direct contribution decreased by $52 million in the first quarter of 2025, largely reflecting the impact of lower mobile phone ARPU and lower mobile equipment margin as a result of more intense competitive price discounting and lower contracted volumes. These factors were partially offset by mobile phone subscriber growth.

TTech fixed products and services direct contribution increased by $25 million in the first quarter of 2025, primarily driven by continued internet and security and automation subscriber growth, and growth in agriculture and consumer goods revenues. These factors were partially offset by declines in legacy voice and TV margins attributable to technological substitution.

Operating expenses – TTech segment

TTech operating expenses decreased by $67 million in the first quarter of 2025. See TTech Adjusted EBITDA below for further details.

EBITDA – TTech segment

TTech EBITDA increased by $154 million or 11% in the first quarter of 2025. In addition to the growth drivers discussed within TTech Adjusted EBITDA below, EBITDA also reflected a reduction of $105 million in restructuring and other costs in the first quarter of 2025, primarily related to prior year investments in cost efficiency and effectiveness programs, inclusive of real estate rationalization.

TTech Adjusted EBITDA increased by $49 million or 3% in the first quarter of 2025, reflecting: (i) cost reduction efforts, including workforce reductions, and increased adoption of TELUS Digital’s solutions across TTech operations, resulting in competitive benefits given the lower cost structure in TELUS Digital, as well as reductions in marketing and administrative costs; (ii) mobile, residential internet, security and automation, and TV subscriber growth; (iii) higher net gains from the divestiture of non-core assets as planned; and (iv) higher agriculture and consumer goods margins. These factors were partially offset by: (i) lower mobile phone ARPU; (ii) lower gains on real estate projects; (iii) lower mobile equipment margins; (iv) an increase in bad debt expense; (v) declining fixed legacy voice and TV margins; (vi) higher network operations costs; and (vii) increased costs of subscription-based licences and cloud usage.

TTech Adjusted EBITDA margin increased by 0.3 percentage points in the first quarter of 2025. This improvement was largely driven by our cost efficiency and effectiveness programs as described above.

Adjusted EBITDA less capital expenditures – TTech segment

TTech Adjusted EBITDA less capital expenditures increased by $197 million in the first quarter of 2025. See Section 7.3 for further discussion of capital expenditures.

EBIT – TTech segment

TTech EBIT increased by $229 million in the first quarter of 2025, in line with the increase in EBITDA. TTech depreciation decreased by $92 million primarily driven by lower real estate rationalization and fewer asset retirements. TTech amortization increased by $17 million largely from increased additions of software assets.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

5.5 TELUS health segment

TELUS Health trends

The trend of growth in health services revenues has been driven by growth in our employee and family assistance programs (EFAP), following our acquisition of several businesses globally throughout 2024. It also reflects continued organic growth in our existing health offerings, driven by increased adoption and expansion of our digital health solutions and the growing member base across our health services, which include: (i) employer solutions: provides physical, mental and financial well-being solutions focused on the global employer segment, including EFAP, total mental health, consulting and TELUS Health Wellbeing; (ii) payvider: delivers integrated health solutions to our payor and provider businesses – the payor business encompasses both the public and private sectors (health benefits management, e-claims, patient health records and public health managed services) and the provider business includes pharmacy software solutions, collaborative health medical records and virtual pharmacy; (iii) retirement and benefits solutions: work to improve the financial health and well-being of organizations and individuals with sustainable and flexible pensions and benefits administration and retirements solutions; (iv) TELUS Health care centres: oversees clinic operations and transformation, as well as medical and mental health clinical delivery; and (v) consumer health: offers market leading solutions for primary care, pet care, aging in place and chronic disease management. Growth in the number of lives covered is largely driven by the expansion of our EFAP.

TELUS Health operating indicators

Operating revenues and other income – TELUS health segment

TELUS Health Operating revenues and other income increased by $51 million in the first quarter of 2025.

Across TELUS Health, the reported rate of revenue growth was positively impacted by the strengthening of the U.S. dollar, the British pound and the European euro against the Canadian dollar compared to the same period in the prior year.

Our health services revenues increased by $54 million in the first quarter of 2025, driven by: (i) global business acquisitions throughout 2024 in employer solutions as well as organic growth; (ii) growth in payvider, with strong performance in health benefits management services, collaborative health records and virtual pharmacy solutions; and (iii) growth in the retirement and benefits solutions business.

Health equipment revenues decreased by $3 million in the first quarter of 2025, due to increased revenue in the prior period from a pharmacy hardware upgrade program in our payvider vertical.

Intersegment revenues represent services provided to the TTech segment that are eliminated upon consolidation, together with the associated TTech expenses.

Direct contribution – TELUS health segment

The direct expenses included in the direct contribution calculations in the preceding table represent components of the Goods and services purchased and Employee benefits expense totals included in the table below and have been calculated in accordance with the accounting policies used to prepare the totals presented in the financial statements. The nature of the direct expenses are mainly counsellor network costs, clinicians, implementation and support costs. TELUS Health direct contribution increased by $37 million in the first quarter of 2025, reflecting: (i) revenue growth as described in the revenue section; and (ii) cost reduction efforts, focused on lowering our cost to serve.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Operating expenses – TELUS health segment

TELUS Health operating expenses increased by $19 million in the first quarter of 2025, in line with revenue growth. See TELUS Health direct contribution above and TELUS Health Adjusted EBITDA below for further details.

EBITDA – TELUS health segment

TELUS Health EBITDA increased by $32 million or 90% in the first quarter of 2025. TELUS Health Adjusted EBITDA increased by $17 million or 30% in the first quarter of 2025, reflecting revenue growth and cost reduction efforts as described in the direct contribution section, as well as continued realization of acquisition integration synergies. These factors were partially offset by higher indirect costs related to: (i) global business acquisitions throughout 2024; and (ii) the scaling of our digital capabilities, inclusive of increased subscription-based licences, contractor and cloud usage costs.

TELUS Health Adjusted EBITDA margin increased by 2.2 percentage points in the first quarter of 2025. This improvement was largely driven by our lower cost to serve and the continued realization of acquisition integration synergies, as previously described.

Adjusted EBITDA less capital expenditures – TELUS health segment

TELUS Health Adjusted EBITDA less capital expenditures increased by $17 million in the first quarter of 2025. See Section 7.3 for further discussion of capital expenditures.

EBIT – TELUS health segment

TELUS Health EBIT increased by $38 million in the first quarter of 2025, in line with the increase in EBITDA. TELUS Health depreciation decreased by $10 million primarily driven by lower real estate rationalization. TELUS Health amortization increased by $4 million largely from amortization from business acquisitions.

5.6 TELUS digital experience segment

TELUS Digital trends

The historical trend over the past eight quarters in TELUS Digital revenue reflects changes in service volume demand from our existing clients and services provided to new clients. During 2024 and in the first quarter of 2025, we observed a stabilization in service volume demand after experiencing a notable reduction which became more pronounced beginning in the second quarter of 2023, arising from some of our larger technology clients, where the service volume reduction was more significant than expected, particularly in Europe. At the same time, several of our key clients also began to reduce their costs, which resulted in delays and near-term reductions in spending commitments.

Goods and services purchased and Employee benefits expense increased, reflecting: (i) the expansion of our TELUS Digital team member base to service stabilizing volumes and increased complexity from both existing and new customers; (ii) higher average salaries and wages over time, and higher training costs due to elevated attrition levels; (iii) restructuring and other costs related to cost efficiency programs; (iv) changes in external labour requirements to support the growth in our digital services business; (v) changes in our crowdsourced-enabled workforce to support our AI and data solutions service line; (vi) increases in our software licensing costs associated with our growing team member base; and (vii) increases in administrative expenses and facility costs to support overall business growth. Beginning in the second quarter of 2023, Employee benefits expense was positively impacted by employee-related cost efficiency initiatives resulting in decreases in our team member count in certain regions in response to the reduction in service volume demand from some clients, and a favourable mix of labour sourced from lower-cost jurisdictions.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Depreciation and amortization has increased, reflecting growth in capital assets such as facilities, platform development in our AI and data solutions service line, and capital costs to maintain our existing operations, partially offset by the timing of full depreciation or amortization of existing capital assets.

TELUS Digital operating indicators

Across all of our verticals, the reported rates of revenue growth were positively impacted by the strengthening of both the U.S. dollar and the European euro against the Canadian dollar compared to the same period in the prior year.

Revenue from our tech and games industry vertical increased by $31 million in the first quarter of 2025, primarily due to higher revenue from a leading social media client and certain other technology clients, partially offset by a decrease in revenue from other clients within this industry vertical. Revenue from our communications and media industry vertical increased by $32 million in the first quarter of 2025, driven primarily by more services provided to the TTech segment, partially offset by lower service revenue from certain other telecommunication clients. Revenue from our eCommerce and fintech industry vertical decreased by $9 million in the first quarter of 2025, due to a decline in service volumes from a large eCommerce client as well as certain fintech clients. Revenue from our healthcare industry vertical increased by $6 million in the first quarter of 2025, primarily due to additional services provided to the TELUS health segment. Revenue from our banking, financial services and insurance industry vertical increased by $8 million in the first quarter of 2025, primarily due to growth from certain Canadian-based banks and smaller regional financial services firms in North America and a global financial institution client. All other verticals increased by $9 million in the first quarter of 2025, due to higher revenue across various client accounts.

We serve our clients, who are primarily domiciled in North America and Europe, from multiple delivery locations across various geographic regions. In addition, our AI and data solutions service line clients are largely supported by crowdsourced contractors that are globally dispersed and not limited to the physical locations of our delivery centres. During the first quarter of 2025, the increase in revenue earned in each of our geographic regions was primarily driven by the strengthening of both the U.S. dollar and the European euro against the Canadian dollar, which resulted in a favourable foreign currency impact on our TELUS Digital Operating revenues. The table above presents the revenue generated in each geographic region, based on the location of our delivery centre or where the services were provided from, for the periods presented.

Operating revenues and other income – TELUS digital experience segment

TELUS Digital Operating revenues and other income increased by $38 million in the first quarter of 2025.

Our Operating revenues (arising from contracts with customers) increased by $27 million in the first quarter of 2025, primarily attributable to: (i) the strengthening of both the U.S. dollar and the European euro against the Canadian dollar, which resulted in a favourable foreign currency impact on our TELUS Digital operating results; (ii) growth in services provided to existing clients, including a leading social media client; and (iii) new clients added since the same period in the prior year. These increases were partially offset by lower revenues earned from certain technology and eCommerce clients.

Other income decreased by $39 million in the first quarter of 2025, due to the prior period revision in our estimates of certain performance-based criteria associated with our provisions for written put options, which resulted in a reduction of our provisions for written put options.

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TELUS Corporation – Management’s discussion and analysis – 2025 Q1

Intersegment revenues represent services provided to the TTech and TELUS health segments. Such revenues are eliminated upon consolidation, together with the associated expenses, as well as the TELUS digital experience segment margin on costs capitalized within the TTech segment. Services have been provided to the TTech and TELUS health segments which include capital expenditures for software and contract acquisition costs that are deferred and amortized.

The increase in intersegment revenues reflects the competitive benefits TELUS derives from the lower cost structure in the TELUS digital experience segment and the significant amounts of value-generating digital, customer experience, telecommunications, health and consumer goods received, while maintaining control over the quality of the associated services delivered and, on a consolidated basis, retaining the margin that a third-party vendor would otherwise earn.

Operating expenses – TELUS digital experience segment

TELUS Digital operating expenses increased by $115 million in the first quarter of 2025. See TELUS Digital Adjusted EBITDA below for further details.

EBITDA – TELUS digital experience segment

TELUS Digital EBITDA decreased by $77 million or 39% in the first quarter of 2025. TELUS Digital Adjusted EBITDA decreased by $78 million or 38% in the first quarter of 2025, while Adjusted EBITDA margin decreased by 9.0 percentage points in the first quarter of 2025. The decrease in Adjusted EBITDA was due to an increase in salaries and benefits and goods and services purchased outpacing revenue growth, as well as Other income generated in the prior year’s comparative period associated with a reduction of our provisions for written put options, and higher share-based compensation.