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v3.25.3

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity - CAD ($) $ in Thousands | Telesat Corporation Shares | Accumulated earnings | Equity- settled employee benefits reserve | Foreign currency translation reserve | Total reserves | Total Telesat Corporation shareholders’ equity | Non- controlling Interest | Total
--- | --- | --- | --- | --- | --- | --- | --- | ---
Balance at Dec. 31, 2023 | $ 51,252 | $ 534,058 | $ 67,807 | $ 8,801 | $ 76,608 | $ 661,918 | $ 1,737,065 | $ 2,398,983
Net income (loss) |  | 38,591 |  |  |  | 38,591 | 106,173 | 144,764
Issuance of share capital on settlement of restricted share units, performance share units, and the exercise of stock options | 5,215 | 12,873 | (1,071) | 867 | (204) | 17,884 | (22,719) | (4,835)
Other comprehensive income (loss), net of tax (expense) recovery |  |  |  | 24,229 | 24,229 | 24,229 | 65,526 | 89,755
Share-based compensation |  |  | 3,882 |  | 3,882 | 3,882 | 10,145 | 14,027
Balance at Sep. 30, 2024 | 56,467 | 585,522 | 70,618 | 33,897 | 104,515 | 746,504 | 1,896,190 | 2,642,694
Net income (loss) |  | (126,311) |  |  |  | (126,311) | (320,919) | (447,230)
Issuance of share capital on settlement of restricted share units, performance share units, and the exercise of stock options | 2,615 | 3,168 | (516) | 800 | 284 | 6,067 | (7,934) | (1,867)
Other comprehensive income (loss), net of tax (expense) recovery |  | 4,954 |  | 78,213 | 78,213 | 83,167 | 216,882 | 300,049
Share-based compensation |  |  | 853 |  | 853 | 853 | 2,206 | 3,059
Balance at Dec. 31, 2024 | 59,082 | 467,333 | 70,955 | 112,910 | 183,865 | 710,280 | 1,786,425 | 2,496,705
Net income (loss) |  | (29,811) |  |  |  | (29,811) | (67,200) | (97,011)
Issuance of share capital on settlement of restricted share units, performance share units, and the exercise of stock options | 8,758 | 5,848 | (1,137) | 2,105 | 968 | 15,574 | (23,574) | (8,000)
Exchange of Limited Partnership units for Public Shares | 690 | 8,755 | 1,131 | 1,073 | 2,204 | 11,649 | (11,649) |
Other comprehensive income (loss), net of tax (expense) recovery |  |  |  | (43,141) | (43,141) | (43,141) | (109,143) | (152,284)
Share-based compensation |  |  | 2,473 |  | 2,473 | 2,473 | 6,140 | 8,613
Balance at Sep. 30, 2025 | $ 68,530 | $ 452,125 | $ 73,422 | $ 72,947 | $ 146,369 | $ 667,024 | $ 1,580,999 | $ 2,248,023

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