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Share Capital

9 Months Ended

Sep. 30, 2025

Share Capital [Abstract]

SHARE CAPITAL

13. SHARE CAPITAL

The Class A Common shares together with the Class B Variable Voting shares represent Telesat Corporation’s Public Shares (“Telesat Public Shares”). The Class C Fully Voting shares and Class C Limited Voting shares shall be referred to as (“Class C Shares”). The Telesat Public Shares and Class C Shares together represent Telesat Corporation Shares (“Telesat Corporation Shares”).

The number of shares and stated value of the outstanding shares were as follows:

		September 30, 2025					December 31, 2024
		Number of shares		Stated value			Number of shares		Stated value
Telesat Public Shares		14,685,375		$	62,190		14,080,010		$	52,742
Class C Shares		112,841			6,340		112,841			6,340
		14,798,216		$	68,530		14,192,851		$	59,082

The breakdown of the number of shares of Telesat Public Shares, as at September 30, 2025, was as follows:

Telesat Public shares
Class A Common shares		3,955,135
Class B Variable Voting shares		10,730,240
Total Telesat Public shares		14,685,375

The number of Class A Common shares and Class B Variable Voting shares in the table above is based on information available to the Company.

In addition, the Company has one Class A Special Voting Share, one Class B Special Voting Share, one Class C Special Voting Share and one Golden Share outstanding, each with a nominal stated value as at September 30, 2025 and December 31, 2024. The voting rights of the Special Voting Shares and the Golden Share are more fully described in the Company’s Annual Report filed on Form 20-F for the year ended December 31, 2024 that can be obtained on the SEC’s website at https://www.sec.gov and on the SEDAR+ at https://www.sedarplus.ca.

During the nine months ended September 30, 2025, 450,054 Restricted Share Units (“RSUs”) were settled for 226,724 Telesat Public Shares, on a net settlement basis (nine months ended September 30, 2024 — 741,633 RSUs were settled for 356,127 Telesat Public Shares, on a net settlement basis).

During the nine months ended September 30, 2024, 12,434 Deferred Share Units (“DSUs”) were settled for an equal number of Telesat Public Shares. There were no settlements of DSUs in the nine months ended September 30, 2025.

During the nine months ended September 30, 2025, 187,349 Performance Share Units (“PSUs”) were settled for 103,678 Telesat Public Shares, on a net settlement basis (nine months ended September 30, 2024 — 93,896 PSUs were settled for 67,281 Telesat Public Shares, on a net settlement basis).

During the nine months ended September 30, 2025, 252,079 Telesat Public Shares were issued in exchange for an equal number of Limited Partnership units (“LP Units”) in Telesat Partnership LP (the “Partnership”). There were no settlements of exchanges of LP Units for Telesat Public Shares in the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, 22,884 stock options were exercised in exchange for an equal number of Telesat Public Shares (nine months ended September 30, 2024 — 6,743).

The number and stated value of the outstanding LP Units of the Partnership as at September 30, 2025 and December 31, 2024 were as follows:

		September 30, 2025					December 31, 2024
		Number of shares		Stated value			Number of shares		Stated value
Class A and Class B LP Units		18,069,713		$	49,451		18,321,792		$	50,141
Class C LP Units		18,098,362			38,893		18,098,362			38,893
		36,168,075		$	88,344		36,420,154		$	89,034

On consolidation into Telesat Corporation, the stated value of the LP Units is included under non-controlling interest.