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v3.25.3

Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Financial Instruments [Abstract] |
Schedule of Maturity of Financial Assets | The following table provides breakdown by maturity of financial assets as at September 30, 2025:
|  | Carrying amount |  | Contractual cash flows
Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Cash and cash equivalents |  | $ | 482,605 |  | $ | 482,605 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Trade and other receivables, excluding deferred receivables |  |  | 47,422 |  |  | 47,422 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Deferred receivables |  |  | 22,276 |  |  | 2,228 |  |  | 15,968 |  |  | 949 |  |  | 828 |  |  | 768 |  |  | 1,535
Other financial assets |  |  | 1,593 |  |  | 442 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,151
|  | $ | 553,896 |  | $ | 532,697 |  | $ | 15,968 |  | $ | 949 |  | $ | 828 |  | $ | 768 |  | $ | 2,686
Schedule of Contractual Maturities of Financial Liabilities | The contractual maturities of financial liabilities as at September 30, 2025 were as follows:
|  | Carrying amount |  | Contractual cash flows (undiscounted) |  | Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Trade and other payables |  | $ | 111,577 |  | $ | 111,577 |  | $ | 111,577 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Customer and other deposits |  |  | 1,380 |  |  | 1,380 |  |  | 610 |  |  | 475 |  |  | — |  |  | — |  |  | — |  |  | 295
Satellite performance incentive payments |  |  | 12,776 |  |  | 15,214 |  |  | 863 |  |  | 3,485 |  |  | 2,663 |  |  | 2,545 |  |  | 2,545 |  |  | 3,113
Derivative liabilities |  |  | 726,941 |  |  | 726,941 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 726,941
Other financial liabilities |  |  | 2,414 |  |  | 2,414 |  |  | 2,414 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Indebtedness(1) |  |  | 3,444,032 |  |  | 7,173,074 |  |  | 78,078 |  |  | 2,567,396 |  |  | 636,647 |  |  | 223,349 |  |  | 489,789 |  |  | 3,177,815
|  | $ | 4,299,120 |  | $ | 8,030,600 |  | $ | 193,542 |  | $ | 2,571,356 |  | $ | 639,310 |  | $ | 225,894 |  | $ | 492,334 |  | $ | 3,908,164
(1) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on repayment. The contractual cash flows for Telesat Lightspeed Financing include anticipated future drawings and mandatory repayments against the loan.
Schedule of Interest Payable and Interest Payments | The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows:
|  | Interest payable |  | Interest payments
Satellite performance incentive payments |  | $ | 38 |  | $ | 2,476
Indebtedness |  | $ | 35,860 |  | $ | 1,258,233
Schedule of Financial Assets and Financial Liabilities | Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows:
As at September 30, 2025 |  | Amortized cost |  | Fair value through profit or loss |  | Fair value |  | Fair value hierarchy
Cash and cash equivalents |  | $ | 482,605 |  |  | $ | — |  |  | $ | 482,605 |  |  | Level 1
Trade and other receivables |  |  | 53,187 |  |  |  | — |  |  |  | 53,187 |  |  | ​(1)
Other current financial assets |  |  | 442 |  |  |  | — |  |  |  | 442 |  |  | Level 1
Other long-term financial assets |  |  | 17,662 |  |  |  | — |  |  |  | 17,662 |  |  | Level 1
Trade and other payables |  |  | (111,577 | ) |  |  | — |  |  |  | (111,577 | ) |  | ​(1)
Other current financial liabilities |  |  | (41,537 | ) |  |  | — |  |  |  | (41,571 | ) |  | Level 2
Other long-term financial liabilities |  |  | (10,894 | ) |  |  | (726,941 | ) |  |  | (737,642 | ) |  | Level 2, Level 3
Indebtedness(2) |  |  | (3,408,172 | ) |  |  | — |  |  |  | (2,628,199 | ) |  | Level 2
|  | $ | (3,018,284 | ) |  | $ | (726,941 | ) |  | $ | (2,965,093 | ) |  |
As at December 31, 2024 |  | Amortized cost |  | Fair value through profit or loss |  | Fair value |  | Fair value hierarchy
Cash and cash equivalents |  | $ | 552,064 |  |  | $ | — |  |  | $ | 552,064 |  |  | Level 1
Trade and other receivables |  |  | 158,930 |  |  |  | — |  |  |  | 158,930 |  |  | ​(1)
Other current financial assets |  |  | 565 |  |  |  | — |  |  |  | 565 |  |  | Level 1
Other long-term financial assets |  |  | 9,767 |  |  |  | — |  |  |  | 9,767 |  |  | Level 1
Trade and other payables |  |  | (158,276 | ) |  |  | — |  |  |  | (158,276 | ) |  | ​(1)
Other current financial liabilities |  |  | (26,483 | ) |  |  | — |  |  |  | (26,272 | ) |  | Level 2
Other long-term financial liabilities |  |  | (13,421 | ) |  |  | (617,135 | ) |  |  | (630,962 | ) |  | Level 2, Level 3
Indebtedness(2) |  |  | (3,098,058 | ) |  |  | — |  |  |  | (1,688,023 | ) |  | Level 2
|  | $ | (2,574,912 | ) |  | $ | (617,135 | ) |  | $ | (1,782,207 | ) |  |
(1) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments. (2) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on prepayment (December 31, 2024 — excludes deferred financing costs, prepayment options and loss on prepayment).
Schedule of Calculation of Fair Value of the Indebtedness | The rates used, which are a percentage of face value of the indebtedness, were as follows:
|  | September 30, 2025 |  | December 31, 2024
Term Loan B – U.S. Facility – Senior Secured Credit Facilities |  | 79.50 | % |  | 55.88 | %
2027 Senior Unsecured Notes |  | 49.64 | % |  | 40.66 | %
2027 Senior Secured Notes |  | 77.13 | % |  | 56.10 | %
2026 Senior Secured Notes |  | 80.44 | % |  | 56.72 | %
Telesat Lightspeed Financing |  | 81.77 | % |  | — | %
Schedule of Telesat Financing Warrants | For the nine-months ended September 30, 2025, the value of the Telesat Financing Warrants was as follows:
|  | Government of Canada |  | Government of Quebec |  | Total
As at December 31, 2024 |  | $ | 519,948 |  | $ | 97,187 |  | $ | 617,135
Change in fair value |  |  | 92,492 |  |  | 17,288 |  |  | 109,780
Impact of foreign exchange |  |  | 21 |  |  | 4 |  |  | 25
As at September 30, 2025 |  | $ | 612,461 |  |  | 114,479 |  |  | 726,940

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