Telesat Balance Sheet

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
Cash & Equivalents	482.61	552.06	1,669	1,678	1,450	818.38
Cash & Short-Term Investments	482.61	552.06	1,669	1,678	1,450	818.38
Cash Growth	-55.21%	-66.92%	-0.52%	15.74%	77.13%	-20.33%
Accounts Receivable	53.19	48.28	47.56	29.25	95.54	40.11
Other Receivables	8.33	139.91	47.24	30.41	30.38	14.93
Receivables	61.51	188.18	94.8	59.66	125.92	55.04
Inventory	-	1.46	4.32	2.02	16.98	5.22
Prepaid Expenses	295.95	6.6	6.61	14.34	6.43	5.94
Other Current Assets	0.44	272.97	41.88	34.47	18.51	9.03
Total Current Assets	840.51	1,021	1,817	1,788	1,617	893.62
Property, Plant & Equipment	2,654	2,277	1,260	1,364	1,430	1,319
Goodwill	2,545	2,613	2,447	2,447	2,447	2,447
Other Intangible Assets	461.4	497.47	692.76	756.88	762.66	779.19
Long-Term Deferred Tax Assets	4.04	3.06	2.95	49.98	46.19	79.91
Long-Term Deferred Charges	-	416.43	-	0.25	0.51	0.78
Other Long-Term Assets	421.08	116.84	94.07	73.51	59.37	62.57
Total Assets	6,926	6,945	6,313	6,480	6,362	5,581
Accounts Payable	111.58	107.95	4.57	1.98	3.46	5.39
Accrued Expenses	-	20.85	21.72	38.54	19.81	12.05
Current Portion of Long-Term Debt	-	-	-	-	5.37	12.58
Current Portion of Leases	1.11	2.04	2.22	2.12	1.95	2.13
Current Income Taxes Payable	0.84	5.91	1.92	3.48	5.62	7.33
Current Unearned Revenue	-	57.54	55.11	66.83	78.16	81.76
Other Current Liabilities	90.83	62.28	52.19	58.46	67.59	40.89
Total Current Liabilities	204.35	256.58	137.73	171.4	181.96	162.13
Long-Term Debt	3,309	3,097	3,197	3,850	3,793	3,193
Long-Term Leases	57.53	31.34	31.12	31.99	33.73	26.92
Long-Term Unearned Revenue	-	185.4	224.33	259.58	289.93	332.36
Pension & Post-Retirement Benefits	71.94	70.47	71.37	32.86	45.22	47.98
Long-Term Deferred Tax Liabilities	154.26	175.54	235.25	271.25	296.32	325.89
Other Long-Term Liabilities	880.78	632.53	17.58	22.29	26.41	33.37
Total Liabilities	4,678	4,448	3,914	4,639	4,666	4,121
Common Stock	68.53	59.08	51.25	46.55	42.84	155.69
Retained Earnings	452.13	467.33	534.06	356.27	350.03	1,267
Comprehensive Income & Other	146.37	183.87	76.61	78.61	22.8	37.72
Total Common Equity	667.02	710.28	661.92	481.44	415.67	1,460
Minority Interest	1,581	1,786	1,737	1,359	1,281	-
Shareholders' Equity	2,248	2,497	2,399	1,840	1,696	1,460
Total Liabilities & Equity	6,926	6,945	6,313	6,480	6,362	5,581
Total Debt	3,368	3,130	3,230	3,884	3,834	3,234
Net Cash (Debt)	-2,885	-2,578	-1,561	-2,206	-2,384	-2,416
Net Cash Per Share	-199.45	-184.96	-102.12	-179.22	-51.14	-48.51
Filing Date Shares Outstanding	14.8	14.19	13.61	12.81	12.02	119.8
Total Common Shares Outstanding	14.8	14.19	13.61	12.81	12.02	119.8
Working Capital	636.16	764.69	1,679	1,617	1,435	731.49
Book Value Per Share	45.07	50.04	48.63	37.60	34.58	12.19
Tangible Book Value	-2,340	-2,400	-2,477	-2,722	-2,794	-1,766
Tangible Book Value Per Share	-158.11	-169.11	-182.03	-212.57	-232.41	-14.74
Buildings	-	94.07	87.38	86.22	85.74	91.74
Machinery	-	3,663	3,599	3,609	3,550	3,607
Construction In Progress	-	1,720	554.14	470.24	390.54	89.75
Order Backlog	-	1,118	-	-	-	-

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

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