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v3.25.3

Unaudited Interim Condensed Consolidated Balance Sheets - CAD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Assets |  |
Cash and cash equivalents | $ 482,605 | $ 552,064
Trade and other receivables | 53,187 | 158,930
Other current financial assets | 442 | 565
Current income tax recoverable | 8,326 | 29,253
Prepaid expenses and other current assets | 295,950 | 280,460
Total current assets | 840,510 | 1,021,272
Satellites, property and other equipment | 2,653,619 | 2,277,143
Deferred tax assets | 4,038 | 3,059
Other long-term financial assets | 17,662 | 9,767
Long-term income tax recoverable | 6,993 | 6,993
Other long-term assets | 396,425 | 516,507
Intangible assets | 461,403 | 497,466
Goodwill | 2,545,357 | 2,612,972
Total assets | 6,926,007 | 6,945,179
LIABILITIES |  |
Trade and other payables | 111,577 | 158,276
Other current financial liabilities | 41,537 | 26,483
Income taxes payable | 840 | 5,913
Other current liabilities | 50,397 | 65,906
Total current liabilities | 204,351 | 256,578
Long-term indebtedness | 3,309,132 | 3,096,615
Deferred tax liabilities | 154,264 | 175,544
Other long-term financial liabilities | 737,833 | 630,556
Other long-term liabilities | 272,404 | 289,181
Total liabilities | 4,677,984 | 4,448,474
SHAREHOLDERS’ EQUITY |  |
Share capital | 68,530 | 59,082
Accumulated earnings | 452,125 | 467,333
Reserves | 146,369 | 183,865
Total Telesat Corporation shareholders’ equity | 667,024 | 710,280
Non-controlling interest | 1,580,999 | 1,786,425
Total shareholders’ equity | 2,248,023 | 2,496,705
Total liabilities and shareholders’ equity | $ 6,926,007 | $ 6,945,179

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