Analysis of the age of customer accounts receivable

Customer accounts receivable, net of allowance for doubtful accounts


As at (millions)		Note		Gross			Allowance			Net ¹
June 30, 2026
Less than 30 days past billing date				$	1,131		$	(18)		$	1,113
30-60 days past billing date					336			(17)			319
61-90 days past billing date					96			(21)			75
More than 90 days past billing date					177			(46)			131
Unbilled customer finance receivables					1,494			(37)			1,457
				$	3,234		$	(139)		$	3,095
Current ²		6(b)		$	2,669		$	(126)		$	2,543
Non-current ³		20			565			(13)			552
				$	3,234		$	(139)		$	3,095
December 31, 2025
Less than 30 days past billing date				$	1,002		$	(23)		$	979
30-60 days past billing date					466			(19)			447
61-90 days past billing date					146			(21)			125
More than 90 days past billing date					206			(45)			161
Unbilled customer finance receivables					1,588			(35)			1,553
				$	3,408		$	(143)		$	3,265
Current ²		6(b)		$	2,809		$	(130)		$	2,679
Non-current ³		20			599			(13)			586
				$	3,408		$	(143)		$	3,265

1	Net amounts represent customer accounts receivable for which an allowance had not been made as at the dates of the Consolidated statements of financial position (see Note 6(b)).

2	Presented in the Consolidated statements of financial position as Accounts receivable.

3	Presented in the Consolidated statements of financial position as Other long-term assets.

Summary of contract assets and related impairment allowance activity


Contract assets, net of impairment allowance

As at (millions)		Gross			Allowance			Net (Note 6(c))
June 30, 2026
To be billed and thus reclassified to accounts receivable during:
The 12-month period ending one year hence		$	576		$	(22)		$	554
The 12-month period ending two years hence			231			(9)			222
Thereafter			43			(2)			41
		$	850		$	(33)		$	817
December 31, 2025
To be billed and thus reclassified to accounts receivable during:
The 12-month period ending one year hence		$	612		$	(22)		$	590
The 12-month period ending two years hence			240			(9)			231
Thereafter			44			(1)			43
		$	896		$	(32)		$	864

Schedule of contractual maturities of undiscounted financial liabilities, Derivative


		Non-derivative												Derivative

								Composite long-term debt
								Long-term
		Non-interest						debt,
		bearing						excluding						Currency swap agreement									Currency swap agreement
		financial			Short-term			leases ¹			Leases			amounts to be exchanged									amounts to be exchanged ³
(millions)		liabilities			borrowings ¹			(Note 26)			(Note 26)			(Receive) ²			Pay			Other			(Receive)			Pay			Total
As at June 30, 2026
2026 (remainder of year)		$	3,000		$	22		$	3,067		$	331		$	(2,350)		$	2,257		$	2		$	(468)		$	453		$	6,314
2027			259			1,252			2,830			603			(1,988)			1,841			4			(454)			430			4,777
2028			64			—			3,111			528			(387)			347			3			(486)			510			3,690
2029			8			—			2,493			434			(387)			347			3			—			—			2,898
2030			6			—			2,695			356			(1,381)			1,309			3			—			—			2,988
2031 - 2035			6			—			10,596			789			(4,678)			4,379			15			—			—			11,107
Thereafter			—			—			24,289			805			(3,134)			2,937			16			—			—			24,913
Total		$	3,343		$	1,274		$	49,081		$	3,846		$	(14,305)		$	13,417		$	46		$	(1,408)		$	1,393		$	56,687

								Total (Note 26(i))									$	52,039
As at December 31, 2025
2026		$	3,106		$	37		$	3,754		$	837		$	(1,373)		$	1,356		$	3		$	(845)		$	841		$	7,716
2027			108			939			2,799			739			(1,917)			1,841			3			(52)			47			4,507
2028			62			—			3,137			589			(373)			347			3			(469)			505			3,801
2029			8			—			2,519			422			(373)			347			3			—			—			2,926
2030			6			—			2,977			276			(1,332)			1,309			3			—			—			3,239
2031 - 2035			7			—			10,500			648			(4,512)			4,379			11			—			—			11,033
Thereafter			—			—			23,842			646			(3,023)			2,937			3			—			—			24,405
Total		$	3,297		$	976		$	49,528		$	4,157		$	(12,903)		$	12,516		$	29		$	(1,366)		$	1,393		$	57,627

								Total									$	53,298

1

Cash outflows in respect of interest payments on our short-term borrowings, 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 interest rates and, if applicable, foreign exchange rates, in effect as at the relevant statement of financial position date.

2

The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the foreign exchange rates in effect as at the relevant statement of financial position date. The contractual amounts of hedged U.S. dollar-denominated long-term debt at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements; however, the maturities and gross cash flows for the TELUS Corporation junior subordinated notes reflect the initial fixed-rate reset date.

3

The amounts included in undiscounted short-term borrowings in respect of U.S. dollar-denominated short-term borrowings, and the corresponding derivative liability amounts, if any, included in the currency swap pay column amounts, have been determined based upon the foreign exchange rates in effect as at the relevant statement of financial position date. The derivative liability hedging amounts, if any, for the contractual amounts of hedged U.S. dollar-denominated short-term borrowings are included in the currency swap pay column amounts as net cash flows are exchanged pursuant to the currency swap agreements. Gross cash flows are exchanged pursuant to European euro – U.S. dollar currency swaps and have been calculated based upon the interest rates and foreign exchange rates in effect as at the relevant statement of financial position date.

Schedule of derivative financial instruments measured at fair value on a recurring basis


As at ($ in millions except price or rate)			June 30, 2026						December 31, 2025
			Maximum			Fair value ¹			Maximum			Fair value ¹
			maturity	Notional		and carrying			maturity	Notional		and carrying
		Designation	date	amount		value		Price or rate	date	amount		value		Price or rate
Current derivative assets ²
Derivatives used to manage currency risk associated with
U.S. dollar-denominated transactions		HFT ⁴	2027	$	26	$	—	US$1.00: ₱66	2026	$	30	$	—	US$1.00: ₱59
U.S. dollar-denominated transactions		HFH ³	2027	$	528		18	US$1.00: C$1.36	2026	$	134		1	US$1.00: C$1.35
U.S. dollar-denominated debt (Notes 22, 26(b)-(c))		HFH ³	2027	$	3,184		114	US$1.00: C$1.36	2026	$	1,170		1	US$1.00: C$1.37
European euro-denominated transactions swapped to U.S. dollar-denominated transactions		HFT ⁴	2028	$	48		10	€1.00: US$1.09	2028	$	33		6	€1.00: US$1.09
						$	142					$	8
Other long-term assets ² (Note 20)
Derivatives used to manage currency risk associated with
U.S. dollar-denominated long-term debt ⁵ (Note 26(b))		HFH ³	2055	$	6,550	$	87	US$1.00: C$1.31	2055	$	4,219	$	40	US$1.00: C$1.32

Current derivative liabilities²
Derivatives used to manage currency risk associated with
U.S. dollar-denominated transactions		HFT ⁴	2027	$	257	$	11	US$1.00: ₱59	2026	$	254	$	6	US$1.00: ₱58
U.S. dollar-denominated transactions		HFH ³	—	$	—		—	—	2026	$	374		7	US$1.00: C$1.39
U.S. dollar-denominated debt (Notes 22, 26(c))		HFH ³	2026	$	923		—	US$1.00: C$1.42	2026	$	733		10	US$1.00: C$1.39
Derivatives used to manage other price risk associated with
Purchase of electrical power		HFH ³	2047		0.3 TWh ⁶		10	$26.51/MWh⁶	2047		0.3 TWh ⁶		7	$32.41/MWh ⁶
						$	21					$	30
Other long-term liabilities ² (Note 27)
Derivatives used to manage currency risk associated with
U.S. dollar-denominated long-term debt ⁵ (Note 26(c))		HFH ³	2056	$	3,990	$	46	US$1.00: C$1.35	2056	$	7,332	$	102	US$1.00: C$1.33
European euro-denominated transactions swapped to U.S. dollar-denominated transactions		HFT ⁴	2028	$	533		30	€1.00: US$1.09	2028	$	568		44	€1.00: US$1.09
Derivatives used to manage other price risk associated with
Purchase of electrical power		HFH ³	2047		4.7 TWh ⁶		36	$41.63/MWh ⁶	2047		4.9 TWh ⁶		21	$40.92/MWh ⁶
						$	112					$	167

1

Fair value measured at the reporting date using significant other observable inputs (Level 2), except the fair value of virtual power purchase agreements (which we use to manage the price risk associated with the purchase of electrical power), which is measured at the reporting date using significant unobservable inputs (Level 3). Changes in the fair value of derivative financial instruments classified as Level 3 in the fair value hierarchy were as follows:


		Six months
Periods ended June 30		2026			2025
Unrealized changes in virtual power purchase agreements forward element
Included in net income, excluding income taxes (see (e))		$	3		$	2
Included in other comprehensive income, excluding income taxes (see (e))			(21)			17
Balance, beginning of period – asset (liability)			(28)			(38)
Balance, end of period – asset (liability)		$	(46)		$	(19)

2	Caption reflects line item in which derivative financial instruments are presented in the Consolidated statements of financial position. Derivative financial assets and liabilities are not set off.

3

Designated as held for hedging (HFH) upon initial recognition (cash flow hedging item), except for derivatives used to manage other price risk associated with the purchase of electrical power which were entered into prior to fiscal 2025 and were designated as HFH on January 1, 2025; hedge accounting is applied. Unless otherwise noted, hedge ratio is 1:1 and is established by assessing the degree of matching between the notional amounts of hedging items and the notional amounts of the associated hedged items (variable notional amounts of hedging items and variable notional amounts of associated hedged items in respect of virtual power purchase agreements).

4	Designated as held for trading (HFT) and classified as fair value through net income upon initial recognition; hedge accounting is not applied.

5	We designate only the spot element as the hedging item. As at June 30, 2026, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $(24) (December 31, 2025 – $(22)).

6	Terawatt hours (TWh) are 1x10⁹ kilowatt hours and megawatt hours (MWh) are 1x10³ kilowatt hours.

Schedule of long-term debt amortized cost and fair value

As at (millions)

June 30, 2026

December 31, 2025

Carrying

 

value

Fair value

 

value

Fair value

Long-term debt, excluding leases (Note 26)

$

27,256

$

27,412

$

27,225

$

27,507

Schedule of gains and losses arising from derivative instruments classified as held for trading


	Gain (loss) on derivatives recognized in income
	Three months				Six months
Periods ended June 30 (millions)	2026		2025		2026		2025
Derivatives used to manage other market risks (purchase of electrical power)	$	(1)	$	2	$	—	$	3

Gain (loss) on derivatives recognized in income

Three months

Six months

Periods ended June 30 (millions)

 

2026

 

2025

 

2026

 

2025

Derivatives used to manage currency risk

$

(7)

$

(1)

$

(8)

$

(6)