Telesat Cash Flow Statement

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
Net Income	-155.35	-87.72	157.12	-23.76	92.53
Depreciation & Amortization	148.65	138.37	195.76	203.73	219.76
Other Amortization	0.24	0.24	-	-	-
Loss (Gain) From Sale of Assets	-4.06	-2.09	-0.06	-0.01	0.85
Asset Writedown & Restructuring Costs	365.22	267.02	79.74	-	-
Stock-Based Compensation	4.14	17.56	33.02	67.43	73.72
Other Operating Activities	-365.46	-225.8	-256.31	-1.1	-34.74
Change in Accounts Receivable	96.32	-13.8	-24.43	2.3	-55.43
Change in Accounts Payable	-3.52	18.28	-4.09	-7.07	14.07
Change in Other Net Operating Assets	-19.48	-49.6	-10.7	-1.97	-17.27
Operating Cash Flow	66.7	62.46	170.06	239.55	293.5
Operating Cash Flow Growth	6.79%	-63.27%	-29.01%	-18.38%	-21.04%
Capital Expenditures	-765.12	-1,110	-126.24	-64.51	-311.67
Sale of Property, Plant & Equipment	4.52	-	-	-	-
Divestitures	0.24	3.61	-	-	-
Sale (Purchase) of Intangibles	-	-0.05	-13.27	-0.07	-1.16
Investment in Securities	-0.86	-	-	-	-
Other Investing Activities	-	15.36	351.56	76.27	42.86
Investing Cash Flow	-761.23	-1,092	212.05	11.7	-269.97
Long-Term Debt Issued	689.79	-	-	-	619.9
Long-Term Debt Repaid	-7.21	-158.33	-346.19	-99.73	-2.18
Net Debt Issued (Repaid)	682.58	-158.33	-346.19	-99.73	617.72
Issuance of Common Stock	0.55	0.43	0.03	-	0.02
Repurchase of Common Stock	-8.73	-7.73	-3.2	-	-
Preferred Dividends Paid	-	-	-	-	-0.01
Dividends Paid	-	-	-	-	-0.01
Other Financing Activities	-2.04	-4.57	-6.39	-27.46	-12.49
Financing Cash Flow	672.36	-170.2	-355.74	-127.19	605.24
Foreign Exchange Rate Adjustments	-20.1	82.27	-35.07	104.14	2.45
Net Cash Flow	-42.27	-1,117	-8.7	228.2	631.22
Free Cash Flow	-698.42	-1,048	43.82	175.05	-18.17
Free Cash Flow Growth	-	-	-74.97%	-	-
Free Cash Flow Margin	-167.10%	-183.53%	6.22%	23.06%	-2.40%
Free Cash Flow Per Share	-47.70	-75.19	2.87	14.22	-0.39
Cash Interest Paid	205.19	231.32	271.93	184.78	158.81
Cash Income Tax Paid	-8.22	60.51	66.84	98.14	94.24
Levered Free Cash Flow	155.12	-1,167	255.44	305.44	54.01
Unlevered Free Cash Flow	291.24	-1,015	423.87	442.55	169.2
Change in Working Capital	73.31	-45.12	-39.21	-6.74	-58.63

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

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