Q2 2026 Telesat Corp Earnings Call Transcript

Aug 13, 2026 / 02:30 PM GMT

Release Date Price: €49.4 (-2.18%)

Transcript

Key Points

Positve

Telesat Corp (TSAT) secured the first contract in the ESCAPE program with the Canadian Armed Forces, a key strategic win that supports the company's defense and government segment growth.
The Telesat Lightspeed constellation has been expanded to 225 satellites, fully funded for an accelerated rollout, with a substantial $5.6 billion contractual backlog.
The company raised its publicly available revenue and EBITDA forecast for Lightspeed, reflecting strong commercial traction and increased confidence in future prospects.
Telesat Corp (TSAT) secured almost all launch capacity needed for the 225-satellite constellation, with an agreement for the final Falcon 9 rocket expected soon, maintaining the target for global commercial availability in Q1 2028.
The GEO segment's backlog increased during the quarter due to a five-year extension of a broadcast video contract, improving cash flow visibility in the legacy business.
The FCC's order to repurpose C-band spectrum will provide Telesat Corp (TSAT) with $189 million in incentive payments, adding to the $344 million received from the prior proceeding.
The company secured a new $120 million term loan, providing additional financial resources to support the legacy GEO business.

Negative

Telesat Corp (TSAT) reported a consolidated net loss of $559 million for Q2 2026, impacted by a $475 million increase in the fair value of Lightspeed warrants and a weakening Canadian dollar.
GEO segment revenue declined 26% year-over-year, driven by non-renewals and lower revenue renewals in broadcast activities and reduced services for fixed broadband customers.
Two GEO satellites, Anik F4 and Telstar 14R, were retired during the quarter, creating a headwind for revenue for the balance of the year and into the future.
The company increased its 2026 Lightspeed total investment guidance to CAD $1.3-1.5 billion, up from CAD $1-1.2 billion, reflecting higher capital expenditure needs.
The GEO segment's adjusted EBITDA declined significantly, impacted by lower revenue and higher expenses related to the debt refinancing process, which included $14 million in costs during the quarter.
The upcoming Telesat GEO debt maturities remain a key priority, with the company focused on achieving a consensual outcome with lenders, though details remain limited.
The decommissioning of satellites and ongoing revenue pressures in the GEO segment continue to pose challenges, despite efforts to mitigate impacts through cost controls and contract extensions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TSAT.OQ - Telesat Corp
Q2 2026 Telesat Corp Earnings Call
Aug 13, 2026 / 02:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by.

My name is Jordan, and I'll be your conference operator today.

At this time, I'd like to welcome everyone to the Telesat second quarter, 2026, in place to prevent any background noise.

After the speaker's remarks, there'll be a question-and-answer session.

If you'd like to ask questions during this time, simply press star, followed by the number one on your telephone keypad.

If you'd like to withdraw your question,

Press one again.

Thank you.

I would now like to turn the call over to James Ratcliffe, Vice President, investor relations.

Please go ahead.

Thank you, Jordan.

Good morning, everyone, and thank you for

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