TELUS Corporation announced a $500 million normal‑course issuer bid (NCIB) that began on December 17 2025 and was approved by the TSX on December 15 2025. The program has already seen the repurchase and cancellation of 2,299,753 shares at an average price of $17.3932, an 18 % discount to the 12‑month average price, and the company has committed to continue buying shares for the next 12 months until December 16 2026.
During November and December 2025, several members of TELUS’s board of directors and executive leadership team—including President and CEO Darren Entwistle—purchased a total of 357,090 shares on the open market. The insider buying reflects the leadership’s confidence that the current share price undervalues the company’s fundamentals and growth prospects. Entwistle has been receiving his entire salary in TELUS shares since 2024, a practice that began in 2010‑2015 and underscores the alignment of management and shareholder interests.
TELUS’s share‑repurchase program is a key component of its deleveraging strategy. The company is targeting a net debt to adjusted EBITDA ratio of 3.3× or lower by year‑end 2026 and 3.0× by year‑end 2027. The program, coupled with a planned reduction in the discount on its discounted dividend reinvestment plan (DDRIP) starting in Q1 2026 and a temporary pause on dividend growth, is designed to preserve free cash flow and accelerate the balance‑sheet cleanup.
Beyond the buyback, TELUS is investing heavily in artificial‑intelligence initiatives, including a sovereign AI platform that is expected to generate significant revenue growth. The company’s diversification into health, agriculture, and international services provides additional growth avenues, while its competitive position in the Canadian telecom market remains strong against BCE and Rogers. These strategic moves support the company’s long‑term value proposition and justify the share‑repurchase program as a return of capital to shareholders.
"Our share‑repurchase program demonstrates that we believe the stock is undervalued and that we have the cash flow to support it," said CEO Darren Entwistle. CFO Doug French added that the program will help the company reach its deleveraging targets and that the continued share buying reflects confidence in the company’s ability to generate a minimum 10 % compounded annual growth rate in free cash flow through 2028.
The announcement signals that TELUS is actively managing its capital structure, rewarding shareholders, and reinforcing management’s commitment to long‑term growth. The insider purchases, the sizable buyback, and the company’s strategic investments together paint a picture of a firm that is confident in its fundamentals and focused on creating sustainable shareholder value.
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