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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