Telesat Corporation · NASDAQ:TSAT
Telesat — Investor Presentation (December 2025)
26 slides from Telesat's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025 1
Slide 2: Disclosures
Disclosures Note: unless otherwise stated, all values included are in Canadian dollars. This Presentation is provided to you on the condition that you agree that you will not reproduce, forward or distribute it in whole or in part to any third party without the prior written consent of Telesat Corpo
Slide 3: Disclosures: Forward-looking Statements
Disclosures Forward-looking Statements This Presentation contains statements that are not based on historical fact, including financial outlook for 2025 and the growth opportunities of Telesat Lightspeed, and are “forward-looking statements’’ and “future-orientated financial performance” within the
Slide 4: Telesat investment highlights
Telesat investment highlights Leading Global Satellite Operator Developing Highly Advanced Enterprise- (Nasdaq & TSX: TSAT) Class Low Earth Orbit (“LEO”) Network C$446M 3Q’25 LTM GEO Revenue US$320B Enterprise LEO addressable market C$322M 3Q’25 LTM GEO Adj. EBITDA 156+ Next-gen. enterprise-class sa
Slide 5: Telesat Lightspeed Overview
Telesat Lightspeed Overview
Slide 6: Exponential demand for low latency broadband
Exponential demand for low latency broadband Low Latency is Critical for High- Global Data Traffic is Growing Rapidly Value Applications Exabytes (1 EB = 1B GB) 9,693 AI, 5G, Cloud, VPN, video and encrypted websites 6,589 Aircraft, ships, UAVs and 4,301 vehicles on the move 2,602 1,473 Secure govern
Slide 7: The world is moving to LEO; ~$650B addressable market
The world is moving to LEO; ~$650B addressable market Global LEO TAM 2032 Exponential Demand for Data Exponential growth in connected devices and Enterprise / Terrestrial data intensive applications $292B Enterprise ~$320B Seamless Connectivity Aviation Proliferated LEO constellations ensure global,
Slide 8: Telesat Lightspeed: Designed to serve $320B enterprise market with mission-critical connectivity
Telesat Lightspeed: Designed to serve $320B enterprise market with mission-critical connectivity Low Latency 30 to 50 msec Enterprise customer driven design High Speed & High Capacity Gbps links to user terminals Cost Effective Transformational economics Fully Global Anywhere, Anytime Disciplined ap
Slide 9: Built with state-of-the-art digital architecture
Built with state-of-the-art digital architecture End-to-end software defined Optical inter-satellite lasers creating network delivers mission critical a global low latency mesh network connectivity Ka-band direct radiating antennas Guaranteed SLAs aligned with global with beam hopping generate ~300k
Slide 10: Partnership go-to-market model; Enterprise-class service for underserved verticals
Partnership go-to-market model; Enterprise-class service for underserved verticals Enterprise / Maritime Aviation Government Terrestrial $292B 2032 TAM $5B 2032 TAM $17B 2032 TAM $6B 2032 TAM ▲ 4G-/5G-backhaul ▲ High-speed broadband for ▲ High-speed broadband for ▲ Secure connectivity for ships, ▲ H
Slide 11: Telesat expects strong LEO revenue growth driven by fast-growing demand
Telesat expects strong LEO revenue growth driven by fast-growing demand and compelling enterprise-grade service value proposition US$M $3,200 Enterprise/Terrestrial Telesat expects to capture ~1% of Maritime Aviation 2032 US$320 billion Enterprise TAM Government with EBITDA margin in line with its h
Slide 12: Telesat Lightspeed offers attractive financial profile supported by conservative market share capture
Telesat Lightspeed offers attractive financial profile supported by conservative market share capture projections Telesat expects to capture ~1% of 2032 US$320B enterprise TAM with EBITDA in line with historic GEO performance. Telesat Lightspeed Revenue(1) (in US$M) Telesat Lightspeed EBITDA(1) (in
Slide 13: Sources and uses of Telesat Lightspeed – Initial 198 Satellites
Sources and uses of Telesat Lightspeed – Initial 198 Satellites Sources of Funding Uses Constellation Investment Launch and Development of Initial 156 Telesat Equity $1.6B $2.8B Satellites Government Financing $1.9B Operational Expenditures $0.7B Vendor Financing $0.3B Contingency $0.3B Total Invest
Slide 14: Telesat Lightspeed capex
Telesat Lightspeed capex Telesat Lightspeed Capex $1,000 $800 ▲ 156 satellites are scheduled to be in $600 service by early 2028 with an additional 42 by $400 the end of 2030 ▲ Requires front-loaded $200 capex profile to deploy the satellite network – $– setting the path to long- 2023 and Prior 2024
Slide 15: C$1.1B in contracted backlog signals strong market adoption
C$1.1B in contracted backlog signals strong market adoption C$1.1B backlog with blue chip customers Strong pipeline; further serving every vertical backlog expected 130+ Commercial MOUs underpinning strong pipeline DARPA, NASA, ESA, and CSA are development contracts and excluded from C$1.1B backlog
Slide 16: Largest space program in Canadian history with strong government support
Largest space program in Canadian history with strong government support C$2.54B GoC and GoQ Loan(1) + 11.87% warrants C$0.1B C$0.6B GoC R&D Grant GoC Rural Broadband Take or Pay Note(s): All $ figures in CAD, unless otherwise noted (1) GoC refers to Government of Canada; GoQ refers to Government of
Slide 17: GEO Segment Overview
GEO Segment Overview
Slide 18: Revenue supported by blue chip customers and diversified by application and region
Revenue supported by blue chip customers and diversified by application and region Existing 14 GEO Geostationary Satellites Today Business Enterprise 50% GEO Revenue By Service Type (3Q25 LTM) ▲ Satellite-delivered broadband and communications services for telcos, MNOs, ISPs, aviation, maritime, oil
Slide 19: Recent performance – 3Q25 YTD update
Recent performance – 3Q25 YTD update Generated total revenues of C$324 million in the first nine months of 2025. - Decrease in revenues of C$119 million (or 27%) compared to the same period last year. Adjusting for changes in foreign exchange rates, revenues declined 28% or C$125 million compared
Slide 20: Telesat is strongly positioned to execute its growth plan and create significant shareholder value
Telesat is strongly positioned to execute its growth plan and create significant shareholder value 55+ years of innovation, industry firsts, engineering excellence and world class customer service Longstanding and trusted provider of mission-critical, enterprise-grade communications services to ente
Slide 21: Appendix
Appendix
Slide 22: Telesat ownership and debt structure
Telesat ownership and debt structure Telesat Sharecount (000s) Basic Class A Common 3,955 Class B Variable Voting 10,730 Outstanding Description Rate Maturity US$M C$M Class C Shares 113 Term Loan B SOFR+275bps Dec-26 $1,321 C$1,838 Total Telesat Corp. 14,798 2026 Sr. Sec Notes 5.625% Dec-26 $387 C$
Slide 23: Telesat 2025 financial guidance
Telesat 2025 financial guidance Financial Metric 2025 Guidance Revenue (Consolidated) C$405M-C$425M Adjusted EBITDA (Consolidated) C$170M-C$190M LEO Operating Expense C$75M-C$85M Capital Expenditures(1) C$900M-C$1.1B (1) Includes both cash paid and capital expenditures accrued 23
Slide 24: Revenue and Adjusted EBITDA reconciliation: LTM September 2025
Revenue and Adjusted EBITDA reconciliation: LTM September 2025 C$000 4Q24 1Q-3Q25 3Q25 LTM Net Income (loss) $(447,230) $(97,011) $(544,241) Tax Expense (recovery) (53,229) (12,105) (65,334) (Gain) loss on changes in fair value of financial instruments 12,761 109,780 122,541 (Gain) loss on foreign e
Slide 25: Telesat’s commitment to ESG
Telesat’s commitment to ESG Environmental Social Governance 1. Responsible use of space 1. Committed to STEM community 1. Equal votes across shareholders • 55+ years of experience • Major employer of co-op students • Advanced features to mitigate space traffic and • Women in STEM Annual Scholarship
Slide 26: Investor contact
Investor contact: James Ratcliffe +1 613 748 8424 IR@Telesat.com www.telesat.com vimeo.com/telesat