Telesat Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	451.91	571.04	704.16	759.17	758.21	820.47
Revenue Growth (YoY)	-25.79%	-18.90%	-7.25%	0.13%	-7.59%	-9.93%
Cost of Revenue	218.32	205.97	202.85	258.99	236.95	181.63
Gross Profit	233.59	365.08	501.31	500.18	521.26	638.84
Selling, General & Admin	2.11	2.79	2.56	2.39	3.68	4.1
Amortization of Goodwill & Intangibles	36.75	11.34	13.09	14.98	15.98	17.2
Other Operating Expenses	-	-	-344.68	-	-108.46	-
Operating Expenses	143.85	141.41	-146.36	206.12	114.97	238.18
Operating Income	89.74	223.67	647.67	294.06	406.3	400.66
Interest Expense	-222.13	-242.76	-269.49	-219.37	-184.32	-199.66
Interest & Investment Income	27.72	66	63.84	23.56	3.42	5.2
Currency Exchange Gain (Loss)	-92.5	-244.53	77.76	-239.59	27.54	47.61
Other Non Operating Income (Expenses)	-165.22	-55.44	2.69	4.23	-18.68	-13.12
EBT Excluding Unusual Items	-362.39	-253.07	522.47	-137.11	234.25	240.68
Gain (Loss) on Sale of Assets	3.9	2.09	0.06	0.01	-0.85	-0.22
Asset Writedown	-267.02	-267.02	-79.74	-	-	-
Other Unusual Items	15.93	202.49	230.08	106.92	-	-
Pretax Income	-609.58	-315.5	672.87	-30.19	233.4	240.47
Income Tax Expense	-65.33	-13.04	89.6	51.41	71.04	-4.35
Earnings From Continuing Operations	-544.24	-302.47	583.27	-81.6	162.37	244.82
Minority Interest in Earnings	388.12	214.75	-426.15	57.83	-69.84	-
Net Income	-156.12	-87.72	157.12	-23.76	92.53	244.82
Net Income to Common	-156.12	-87.72	157.12	-23.76	92.53	244.82
Net Income Growth	-	-	-	-	-62.20%	30.78%
Shares Outstanding (Basic)	14	14	13	12	45	50
Shares Outstanding (Diluted)	14	14	15	12	47	50
Shares Change (YoY)	-8.31%	-8.83%	24.18%	-73.59%	-6.39%	-0.00%
EPS (Basic)	-10.79	-6.29	11.71	-1.93	2.05	4.94
EPS (Diluted)	-11.05	-6.29	11.29	-1.93	1.99	4.92
EPS Growth	-	-	-	-	-59.55%	30.85%
Free Cash Flow	-1,010	-1,048	43.82	175.05	-18.17	279.48
Free Cash Flow Per Share	-69.79	-75.19	2.87	14.22	-0.39	5.61
Gross Margin	51.69%	63.93%	71.19%	65.89%	68.75%	77.86%
Operating Margin	19.86%	39.17%	91.98%	38.73%	53.59%	48.83%
Profit Margin	-34.55%	-15.36%	22.31%	-3.13%	12.20%	29.84%
Free Cash Flow Margin	-223.41%	-183.53%	6.22%	23.06%	-2.40%	34.06%
EBITDA	228.05	358.85	840.03	497.8	626.05	634.74
EBITDA Margin	50.46%	62.84%	119.30%	65.57%	82.57%	77.36%
D&A For EBITDA	138.31	135.17	192.36	203.73	219.76	234.08
EBIT	89.74	223.67	647.67	294.06	406.3	400.66
EBIT Margin	19.86%	39.17%	91.98%	38.73%	53.59%	48.83%
Effective Tax Rate	-	-	13.32%	-	30.44%	-

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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