Telesat Balance Sheet

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	509.8	552.06	1,669	1,678	1,450
Cash & Short-Term Investments	509.8	552.06	1,669	1,678	1,450
Cash Growth	-7.66%	-66.92%	-0.52%	15.74%	77.13%
Accounts Receivable	30.56	48.28	47.56	29.25	95.54
Other Receivables	33.81	139.91	47.24	30.41	30.38
Receivables	64.37	188.18	94.8	59.66	125.92
Inventory	1.49	1.46	4.32	2.02	16.98
Prepaid Expenses	13.69	6.6	6.61	14.34	6.43
Other Current Assets	242.71	272.97	41.88	34.47	18.51
Total Current Assets	832.06	1,021	1,817	1,788	1,617
Property, Plant & Equipment	2,717	2,277	1,260	1,364	1,430
Goodwill	2,215	2,613	2,447	2,447	2,447
Other Intangible Assets	442.28	497.47	692.76	756.88	762.66
Long-Term Deferred Tax Assets	4.23	3.06	2.95	49.98	46.19
Long-Term Deferred Charges	231.66	416.43	-	0.25	0.51
Other Long-Term Assets	162.27	116.84	94.07	73.51	59.37
Total Assets	6,604	6,945	6,313	6,480	6,362
Accounts Payable	5.18	107.95	4.57	1.98	3.46
Accrued Expenses	19.34	20.85	21.72	38.54	19.81
Current Portion of Long-Term Debt	2,341	-	-	-	5.37
Current Portion of Leases	2.73	2.04	2.22	2.12	1.95
Current Income Taxes Payable	2.77	5.91	1.92	3.48	5.62
Current Unearned Revenue	45.33	57.54	55.11	66.83	78.16
Other Current Liabilities	900.94	62.28	52.19	58.46	67.59
Total Current Liabilities	3,317	256.58	137.73	171.4	181.96
Long-Term Debt	1,152	3,097	3,197	3,850	3,793
Long-Term Leases	37.38	31.34	31.12	31.99	33.73
Long-Term Unearned Revenue	157.53	185.4	224.33	259.58	289.93
Pension & Post-Retirement Benefits	65.16	70.47	71.37	32.86	45.22
Long-Term Deferred Tax Liabilities	91.99	175.54	235.25	271.25	296.32
Other Long-Term Liabilities	12.23	632.53	17.58	22.29	26.41
Total Liabilities	4,834	4,448	3,914	4,639	4,666
Common Stock	70	59.08	51.25	46.55	42.84
Retained Earnings	330.81	467.33	534.06	356.27	350.03
Comprehensive Income & Other	130.01	183.87	76.61	78.61	22.8
Total Common Equity	530.82	710.28	661.92	481.44	415.67
Minority Interest	1,239	1,786	1,737	1,359	1,281
Shareholders' Equity	1,770	2,497	2,399	1,840	1,696
Total Liabilities & Equity	6,604	6,945	6,313	6,480	6,362
Total Debt	3,534	3,130	3,230	3,884	3,834
Net Cash (Debt)	-3,024	-2,578	-1,561	-2,206	-2,384
Net Cash Per Share	-206.54	-184.96	-102.12	-179.22	-51.14
Filing Date Shares Outstanding	14.84	14.19	13.61	12.81	12.02
Total Common Shares Outstanding	14.84	14.19	13.61	12.81	12.02
Working Capital	-2,485	764.69	1,679	1,617	1,435
Book Value Per Share	35.76	50.04	48.63	37.60	34.58
Tangible Book Value	-2,126	-2,400	-2,477	-2,722	-2,794
Tangible Book Value Per Share	-143.23	-169.11	-182.03	-212.57	-232.41
Buildings	99.85	94.07	87.38	86.22	85.74
Machinery	3,629	3,663	3,599	3,609	3,550
Construction In Progress	2,311	1,720	554.14	470.24	390.54
Order Backlog	826.7	1,100	-	-	-

Updated Mar 17, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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