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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