Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial Instruments [Abstract]

Schedule of Maturity of Financial Assets

The following table provides breakdown by maturity of financial assets as at March 31, 2026:

		Carrying amount			Contractual cash flows
		Carrying amount			Remaining 2026			2027			2028			2029			2030			Thereafter
Cash and cash equivalents		$	522,725		$	522,725		$	—		$	—		$	—		$	—		$	—
Trade and other receivables, excluding deferred receivables			51,394			51,394			—			—			—			—			—
Deferred receivables			23,263			6,026			14,318			715			706			698			800
Other financial assets			1,752			426			—			—			—			—			1,326
		$	599,134		$	580,571		$	14,318		$	715		$	706		$	698		$	2,126

(1) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on repayment. The contractual cash flows for Telesat Lightspeed Financing include anticipated future drawings and mandatory repayments against the loan.

Schedule of Contractual Maturities of Financial Liabilities

The contractual maturities of financial liabilities as at March 31, 2026 were as follows:

		Carrying amount			Contractual cash flows (undiscounted)			Remaining 2026			2027			2028			2029			2030			Thereafter
Trade and other payables		$	88,845		$	88,845		$	88,845		$	—		$	—		$	—		$	—		$	—
Customer and other deposits			1,391			1,391			576			520			137			—			—			158
Satellite performance incentive payments			12,735			14,752			3,890			2,662			2,544			2,544			2,544			568
Derivative liabilities			848,313			848,313			848,313			—			—			—			—			—
Other financial liabilities			2,196			2,196			2,196			—			—			—			—			—
Indebtedness(1)			3,879,505			6,966,433			2,537,737			636,464			215,254			475,444			568,793			2,532,741
		$	4,832,985		$	7,921,930		$	3,481,557		$	639,646		$	217,935		$	477,988		$	571,337		$	2,533,467

(1) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on repayment. The contractual cash flows for Telesat Lightspeed Financing include anticipated future drawings and mandatory repayments against the loan.

Schedule of Interest Payable and Interest Payments

The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows:

		Interest payable			Interest payments
Satellite performance incentive payments		$	422		$	2,439
Indebtedness		$	34,991		$	1,126,045

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows:

As at March 31, 2026		Amortized cost				Fair value through profit or loss				Fair value				Fair value hierarchy
Cash and cash equivalents		$	522,725			$	—			$	522,725			Level 1
Trade and other receivables			58,823				—				58,823			(1)
Other current financial assets			426				—				426			Level 1
Other long-term financial assets			17,160				—				17,160			Level 1
Trade and other payables			(88,845	)			—				(88,845	)		(1)
Other current financial liabilities			(41,537	)			(848,313	)			(889,831	)		Level 2, Level 3
Other long-term financial liabilities			(9,788	)			—				(9,776	)		Level 2
Indebtedness(2)			(3,844,514	)			—				(3,008,025	)		Level 2
		$	(3,385,550	)		$	(848,313	)		$	(3,397,343	)

As at December 31, 2025		Amortized cost				Fair value through profit or loss				Fair value				Fair value hierarchy
Cash and cash equivalents		$	509,798			$	—			$	509,798			Level 1
Trade and other receivables			58,422				—				58,422			(1)
Other current financial assets			430				—				430			Level 1
Other long-term financial assets			18,283				—				18,283			Level 1
Trade and other payables			(57,447	)			—				(57,447	)		(1)
Other current financial liabilities			(25,205	)			(832,432	)			(857,652	)		Level 2
Other long-term financial liabilities			(10,091	)			—				(10,014	)		Level 2, Level 3
Indebtedness(2)			(3,660,787	)			—				(2,845,442	)		Level 2
		$	(3,166,597	)		$	(832,432	)		$	(3,183,622	)

(1) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.

(2) Indebtedness excludes deferred financing costs, prepayment options, warrants and loss on prepayment.

Schedule of Percentage of Face Value of the Indebtedness

The rates used, which are a percentage of face value of the indebtedness, were as follows:

		March 31, 2026			December 31, 2025
Term Loan B – U.S. Facility		80.12	%		79.21	%
2027 Senior Unsecured Notes		47.44	%		46.84	%
2027 Senior Secured Notes		77.89	%		77.41	%
2026 Senior Secured Notes		80.36	%		80.16	%
Telesat Lightspeed Financing		83.66	%		84.92	%

Schedule of Movements in Telesat Lightspeed Financing Warrants

The movements in Telesat Lightspeed Financing Warrants were as follows:

		Government of Canada			Government of Quebec			Total
As at December 31, 2025		$	701,340		$	131,092		$	832,432
Change in fair value			13,329			2,492			15,821
Impact of foreign exchange			51			9			60
As at March 31, 2026		$	714,720		$	133,593		$	848,313