Shareholders of Telesat voted in favour of all items of business, including the appointment of Deloitte LLP Chartered Professional Accountants as auditors of the Company, the amendment to the Company's Omnibus Plan to increase the number of Class A Common Shares and Class B Variable Voting Shares available for issuance under the Omnibus Plan and the election of each of the director nominees as follows: Final voting results on all matters voted on at the meeting will be filed on SEDAR+ at https://www.sedarpl ...

Group 1: Company Overview - Telesat (NASDAQ: TSAT) operates in the communication equipment industry as a satellite operator, providing direct-to-home (DTH) solutions and satellite capacity to enterprises in maritime and aeronautical markets [1][3] - The company has a market capitalization of approximately $400 million, while the total addressable market in the space economy could reach $1.8 trillion by 2035 [1] Group 2: Financial Performance - Telesat's revenue has declined from approximately $690 million in the fiscal year ended December 2019 to around $520 million last year, indicating a consecutive revenue decline [3] - The global satellite communication market is projected to grow at a CAGR of 9.4% from 2022 to 2030, contrasting with Telesat's declining financial trends [3] Group 3: Market Sentiment and Short Interest - Telesat is currently the most shorted security, with a short interest of 216.03% and a short interest ratio of 6.05 days to cover, suggesting potential volatility if the stock price increases [2][3] - The stock has stabilized under the $8 price since April, with a previous high of $11.31, indicating a potential for a significant upswing [4]

Telesat Corporation (NASDAQ:TSAT) Q1 2024 Earnings Conference Call May 10, 2024 10:30 AM ET Company Participants Michael Bolitho - Director, Treasury & Risk Management Daniel Goldberg - CEO & President Andrew Browne - CFO John Flaherty - VP, Business Planning and Marketing Conference Call Participants Edison Yu - Scotiabank Arun Seshadri - BNP Paribas Chris Quilty - Quilty Analytics Marcello Chermisqui - Ares Management Matt Lapides - ABRY Partners Evan McFadgen - Cormark Securities Alex Nolan - Invesco US ...

Financial Data and Key Metrics Changes - Telesat reported revenues of CAD704 million for the year 2023, with adjusted EBITDA of CAD534 million, and cash from operations of CAD169 million, ending the year with CAD1.7 billion in cash on the balance sheet [115] - In Q4 2023, revenues decreased by CAD41 million to CAD166 million compared to the same period in 2022, while adjusted EBITDA decreased by CAD15.7 million to CAD123 million, resulting in an adjusted EBITDA margin of 74.3% compared to 67.2% in 2022 [116][117] - The net income for Q4 2023 was CAD39 million, down from CAD91 million in the prior year, while the net income for the year was CAD583 million compared to a loss of CAD82 million the previous year [121] Business Line Data and Key Metrics Changes - The expected decline in video revenue is primarily driven by the lower rate on Nimiq 4 from the renewal with Bell and the upcoming renewal with EchoStar on Nimiq 5 [95][96] - The enterprise segment is experiencing significant revenue loss due to customer migration from GEO to LEO networks, particularly influenced by Starlink's market entry [96][104] Market Data and Key Metrics Changes - The transition to LEO networks is occurring faster than anticipated, with enterprise customers increasingly seeking affordable, low-latency broadband connectivity [96][104] - The maritime sector is particularly affected by competition from Starlink, leading to a decline in revenues from maritime services [103][104] Company Strategy and Development Direction - Telesat's highest priority is the focused execution of the Lightspeed program, which aims to transition to LEO networks and provide global broadband services [101][113] - The company plans to invest approximately CAD1 billion into Lightspeed in 2024, with expectations to launch the first satellites in June 2026 and achieve full global coverage by the end of 2027 [108][109] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financing arrangements with the Government of Canada, highlighting a CAD750 million reduction in total cost of borrowings compared to the original funding plan [109][110] - The company does not expect the same magnitude of revenue decline in future years as seen in 2024, indicating a more stable outlook beyond the current year [102][104] Other Important Information - Telesat's operational expenses are expected to increase by CAD40 million year-over-year, primarily due to investments in Lightspeed and headcount expansion [97][125] - The company has repurchased CAD587 million of debt at an aggregate cost of CAD332.7 million, resulting in annual interest savings of around CAD40 million [128] Q&A Session Summary Question: What are the conditions for the funding program? - Management indicated that the program is fully funded subject to entering definitive agreements and ensuring sufficient cash from multiple funding sources [11][14] Question: Can you elaborate on the CAD750 million reduction in funding? - The reduction is calculated based on the comparison of total borrowing costs under the original plan versus the new funding arrangements, factoring in CapEx and other costs [12][19] Question: What is the outlook for broadcast revenue? - The decline in broadcast revenue is primarily due to the lower rate from the Nimiq 4 renewal and anticipated reductions from DISH on Nimiq 5 [25][66] Question: How much is expected to be spent on Lightspeed before definitive agreements? - Management stated that spending is ongoing as they ramp up operations, but specific figures were not disclosed [31] Question: What is the expected impact of Starlink on enterprise revenue? - Management acknowledged that Starlink has significantly impacted maritime services, leading to non-renewals of contracts [37][65]

Exhibit 99.1 Telesat Reports Results for the Quarter and Twelve Months Ended December 31, 2023 OTTAWA, CANADA — March 28, 2024 — Telesat (NASDAQ and TSX: TSAT), one of the world's largest and most innovative satellite operators, today announced its financial results for the three-month and one-year periods ended December 31, 2023. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (IFRS) unless otherwise noted. "Telesat achieved a great deal in 2023 and I am p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 20-F __________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ SHELL COMPANY REPORT PURSUANT TO SECTI ...

Financial Data and Key Metrics Changes - In Q3 2023, Telesat reported revenues of $175 million, a decrease of $5 million compared to the same period in 2022. Adjusted EBITDA was $133 million, down by $4 million, resulting in an adjusted EBITDA margin of 75.9% compared to 76% in 2022 [89][90] - For the nine months ended September 30, 2023, net income was $545 million, primarily due to U.S. C-band clearing proceeds and gains from debt repurchase [8] - The net loss for Q3 2023 was $3.3 million, a significant improvement from a net loss of $228.7 million in the prior year, attributed to favorable currency conversion and debt repurchase gains [72] Business Line Data and Key Metrics Changes - Operating expenses decreased by $6 million to $50 million in Q3 2023, while cash inflow from operating activities was $156 million [89][8] - The revenue decrease was mainly due to lower revenue from certain South American customers, with a noted loss from foreign exchange of $77 million [71][90] Market Data and Key Metrics Changes - The company experienced competitive pressure in the enterprise segment, particularly from Starlink, which has gained traction in maritime and aeronautical services [120] - In Latin America, a specific contract in Peru was lost to a competitor, contributing to revenue softness in the region [32] Company Strategy and Development Direction - Telesat is focused on executing the Telesat Lightspeed program, an advanced broadband LEO network, and is optimistic about concluding funding arrangements with Canadian federal and provincial partners [5][4] - The company has secured a significant contract with SpaceX for the launch of 14 Falcon 9 rockets, which is expected to support the timely deployment of the Lightspeed network [69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the Lightspeed program and the expected customer commitments leading up to the first satellite launch in mid-2026 [12] - There are anticipated revenue headwinds due to a renewal with Bell Canada at a lower rate, which may impact operating margins [19][106] Other Important Information - Telesat has repurchased a total of $587 million in debt at an aggregate cost of $332.7 million, resulting in annual interest savings of approximately $40 million [9] - The company maintains a cash balance of approximately $1.8 billion, with $1.3 billion held in unrestricted subsidiaries, providing a strong liquidity position [73] Q&A Session Summary Question: Can you provide insights on OpEx and CapEx ramp-up? - Management indicated that OpEx will begin to ramp up in Q4 as the Lightspeed program commences, with detailed guidance expected in future calls [94][96] Question: Any updates on the constellation planning and capacity commitments? - Management confirmed ongoing engagement with customers and expects to announce additional capacity commitments throughout the next year [12][99] Question: What are the expectations regarding gross margins? - Management noted that while they have historically maintained high operating margins, there may be downward pressure due to revenue headwinds from contract renewals [19][106] Question: Can you clarify the funding arrangements with Canadian partners? - Management stated that they are making good progress with federal and provincial partners and expect to reach financial close either late this year or early next year [109] Question: How is the competitive landscape evolving with Starlink's entry? - Management acknowledged increased competitive intensity in the enterprise segment, particularly in maritime services, but remains confident in the value proposition of the Lightspeed constellation [120]

Exhibit 99.1 TELESAT CORPORATION Quarterly Report For the Three and Nine Month Periods Ended September 30, 2023 PART I. FINANCIAL INFORMATION | Item 1. | Financial Statements | 1 | | --- | --- | --- | | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 26 | | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 55 | PART II. OTHER INFORMATION | Item 1. | Legal Proceedings | 56 | | --- | --- | --- | | Item 1A. Risk Factors | | 56 | | Item 2. | ...

Financial Data and Key Metrics Changes - Telesat reported revenues of $180 million in Q2 2023, a decrease of $7 million compared to the same period in 2022 [63] - Adjusted EBITDA for Q2 2023 was $139 million, down from $147 million in Q2 2022, resulting in an adjusted EBITDA margin of 77.1%, compared to 78.4% in 2022 [42][43] - The company recognized approximately $260 million in C-band clearing proceeds during the quarter, contributing to a net income of $520 million, compared to a loss of $4 million in the prior year [36][44] Business Line Data and Key Metrics Changes - The revenue decrease was primarily due to a service termination by a South American customer and reduced revenues from a North American DTH customer, partially offset by increased revenue from NASA-related work [64] - Operating expenses decreased by $7 million to $52 million, attributed to lower noncash share-based compensation, despite higher costs for third-party satellite capacity [63] Market Data and Key Metrics Changes - The company maintains its guidance for 2023 revenues between $690 million and $710 million, assuming a Canadian dollar to U.S. dollar exchange rate of CAD1.35 [45] - Telesat's total program cost for the Lightspeed project is approximately $3.5 billion, with a capital expenditure of about $2.7 billion for the initial 156 satellites [53][60] Company Strategy and Development Direction - Telesat has selected MDA as the prime contractor for the Lightspeed satellites, leveraging advanced technology to reduce capital expenditures by roughly $2 billion while maintaining network capabilities [57][60] - The company is focused on the global enterprise broadband market and aims to grow revenue and adjusted EBITDA significantly, targeting an internal rate of return (IRR) of approximately 30% on the Lightspeed project [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing funding with government partners and emphasized the importance of timely execution moving forward [92][93] - The company is optimistic about the support from Canadian government partners, especially with MDA's increased role in the project [114][130] Other Important Information - Telesat has approximately $1 billion in cash held in unrestricted subsidiaries and continues to generate significant cash from operations [46] - The company has repurchased a total of $456 million in debt at an aggregate cost of $233.9 million, resulting in annual interest savings of approximately $27 million [78] Q&A Session All Questions and Answers Question: Can you confirm the capacity of the new network compared to the previous one? - Management confirmed that the new constellation will have the same or roughly the same amount of capacity as the prior network, despite spending $2 billion less [68][69] Question: What is the status of the government financing? - Management indicated that all government funding will be over on the unrestricted side, and they are confident in closing the funding with government partners [92][113] Question: What keeps management up at night regarding the project? - Management highlighted the need to close funding with government partners and the extensive work required to ramp up operations as key concerns [92][93] Question: Can you provide details on the funding structure for the remaining $900 million? - Management expects that all government funding will be allocated to the Lightspeed subsidiary, and they are focused on finalizing agreements with government partners [92][93] Question: What are the alternative uses of cash flow besides debt buybacks? - Management stated that while debt buybacks have been a priority, they remain open to other investment opportunities that could strengthen the business [134]

PART I. FINANCIAL INFORMATION This section presents the unaudited interim financial statements and management's analysis of Telesat Corporation's financial performance and condition [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Telesat Corporation's unaudited interim consolidated financial statements, including income, balance sheets, cash flows, and detailed notes [Unaudited Interim Condensed Consolidated Statements of Income (Loss)](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) Telesat reported a net income of **$519.9 million** for Q2 2023, driven by C-band clearing gains and debt repurchase gains Consolidated Statements of Income (Loss) Highlights (in thousands of CAD) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $179,752 | $186,614 | $363,174 | $372,383 | | **Operating Income** | $422,973 | $77,432 | $503,209 | $145,799 | | **Other operating gains (losses), net** | $344,890 | $(23) | $344,913 | $(53) | | **Gain on repurchase of debt** | $153,390 | $85,886 | $153,390 | $106,916 | | **Gain (loss) on foreign exchange** | $66,931 | $(98,834) | $77,067 | $(62,687) | | **Net Income (Loss)** | $519,940 | $(4,375) | $548,573 | $56,255 | | **Diluted Net Income (Loss) per Share** | $10.06 | $(0.16) | $10.82 | $0.96 | [Unaudited Interim Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets increased to **$6.55 billion**, liabilities decreased to **$4.20 billion**, and shareholders' equity rose to **$2.35 billion** Consolidated Balance Sheet Highlights (in thousands of CAD) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,964,045 | $1,788,288 | | **Total Assets** | $6,548,507 | $6,479,593 | | **Long-term Indebtedness** | $3,454,003 | $3,850,081 | | **Total Liabilities** | $4,197,225 | $4,643,891 | | **Total Shareholders' Equity** | $2,351,282 | $1,835,702 | | **Total Liabilities and Shareholders' Equity** | $6,548,507 | $6,479,593 | [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$102.3 million** for H1 2023, while investing and financing activities resulted in net cash outflows Consolidated Statements of Cash Flows Highlights (in thousands of CAD) | Cash Flow Activity (Six months ended June 30) | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash from operating activities** | $102,349 | $69,179 | | **Net cash (used in) generated from investing activities** | $(66,744) | $31,374 | | **Net cash (used in) generated from financing activities** | $(163,213) | $(93,733) | | **Changes in cash and cash equivalents** | $(160,793) | $32,657 | | **Cash and cash equivalents, end of period** | $1,516,999 | $1,482,250 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, segment revenue, C-band clearing income, debt, share capital, and subsequent events including the Lightspeed constellation agreement - The company operates as a single segment providing satellite-based services, categorized into Broadcast, Enterprise, and Consulting[25](index=25&type=chunk) - In June 2023, the company accrued **$344.9 million** (US**$259.6 million**) for Phase II accelerated C-band spectrum clearing, with proceeds expected later in 2023[37](index=37&type=chunk) - During Q2 2023, Telesat repurchased **$312.2 million** in principal of various notes for **$159.1 million**, resulting in a gain of **$153.4 million**[50](index=50&type=chunk)[51](index=51&type=chunk) - Subsequent to the reporting period, on August 10, 2023, the company entered into a LEO Satellite Design and Supply Agreement with MDA Ltd. for approximately **$2.1 billion** to manufacture the Telesat Lightspeed constellation[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting increased net income from C-band clearing and debt repurchase gains, alongside liquidity, debt, and Lightspeed program progress [Operating Highlights](index=30&type=section&id=OPERATING%20HIGHLIGHTS) Key operational achievements include significant debt repurchases, C-band clearing, LEO 3 satellite launch, and securing full funding for the Lightspeed program - From April 1, 2023, to August 10, 2023, the company repurchased US**$296.0 million** in principal of various notes for US**$156.9 million**[131](index=131&type=chunk)[132](index=132&type=chunk) - Completed Phase II C-band clearing, making Telesat eligible for an accelerated relocation payment of US**$259.6 million**[133](index=133&type=chunk)[134](index=134&type=chunk) - Successfully launched the LEO 3 demonstration satellite in July 2023 to continue customer and vendor testing[135](index=135&type=chunk) - Contracted MDA Ltd. to build the Telesat Lightspeed LEO satellites and announced the program is fully funded through global service delivery, with launches to commence in mid-2026[115](index=115&type=chunk)[136](index=136&type=chunk) [Results of Operations](index=33&type=section&id=RESULTS%20OF%20OPERATIONS) Q2 2023 revenue decreased by **3.7%** to **$179.8 million**, while net income surged to **$519.9 million** due to C-band clearing and debt repurchase gains Revenue by Service (in millions of CAD) | Service | Q2 2023 | Q2 2022 | % Change | YTD 2023 | YTD 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Broadcast | $86.3 | $89.6 | (3.7)% | $171.9 | $186.6 | (7.9)% | | Enterprise | $90.4 | $94.3 | (4.1)% | $185.5 | $179.7 | 3.2% | | Consulting and other | $3.1 | $2.8 | 11.8% | $5.8 | $6.1 | (4.9)% | | **Total Revenue** | **$179.8** | **$186.6** | **(3.7)%** | **$363.2** | **$372.4** | **(2.5)%** | - Q2 operating expenses decreased to **$51.6 million** from **$58.9 million** year-over-year, primarily due to an **$8.5 million** reduction in non-cash share-based compensation[166](index=166&type=chunk)[167](index=167&type=chunk) - Q2 interest expense rose to **$68.6 million** from **$49.7 million** year-over-year, driven by higher interest rates on the floating-rate Term Loan B facility[170](index=170&type=chunk)[171](index=171&type=chunk) - Contracted revenue backlog was approximately **$1.6 billion** as of June 30, 2023[188](index=188&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2023, Telesat had **$1.52 billion** in cash and short-term investments, with sufficient liquidity for operations and Lightspeed constellation funding - As of June 30, 2023, the company had **$1,517.0 million** of cash and short-term investments and US**$200.0 million** of borrowing availability[191](index=191&type=chunk) - Cash from operating activities for the first six months of 2023 was **$102.3 million**, a **$33.2 million** increase from the prior year, mainly due to lower income taxes paid[192](index=192&type=chunk) - The company may continue to repay, repurchase, or refinance its existing debt depending on market conditions and liquidity[201](index=201&type=chunk) - As of June 30, 2023, the company was in compliance with all financial covenants of its debt agreements[221](index=221&type=chunk) [Non-IFRS Measures](index=44&type=section&id=NON-IFRS%20MEASURES) This section reconciles non-IFRS measures, reporting Q2 2023 Adjusted EBITDA at **$138.7 million** and a compliant Consolidated Total Secured Debt to Consolidated EBITDA ratio of **5.03:1.00** Adjusted EBITDA Reconciliation (in millions of CAD) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss)** | $519.9 | $(4.4) | $548.6 | $56.3 | | **Adjustments (Taxes, Interest, FX, etc.)** | $(381.2) | $150.8 | $(271.0) | $235.7 | | **Adjusted EBITDA** | **$138.7** | **$146.4** | **$277.6** | **$292.0** | | **Adjusted EBITDA Margin** | 77.1% | 78.4% | 76.4% | 78.4% | - Consolidated EBITDA for Covenant Purposes for the twelve months ended June 30, 2023, was **$590.2 million**[256](index=256&type=chunk) - As of June 30, 2023, the Consolidated Total Secured Debt to Consolidated EBITDA ratio was **5.03:1.00**, compliant with the covenant requirement of being less than **5.75:1.00**[258](index=258&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses market risks, including credit, foreign exchange, and interest rate risks, particularly concerning U.S. dollar-denominated debt - The company is exposed to foreign exchange risk, with a **5%** change in the USD/CAD exchange rate estimated to impact net income by **$172.9 million** due to its U.S. dollar-denominated indebtedness[233](index=233&type=chunk) - The company is exposed to interest rate risk on its variable-rate debt; a **0.25%** change in interest rates would impact net income by **$1.3 million** for the quarter[240](index=240&type=chunk) PART II. OTHER INFORMATION This section provides updates on legal proceedings, risk factors, and other corporate information [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) No material developments in legal proceedings have occurred since the last annual report, including a Brazilian tax dispute - There have been no material developments in legal proceedings since the filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2022[290](index=290&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors since the last annual report, but specific risks for the Lightspeed constellation are highlighted - Key risks for the Telesat Lightspeed constellation include inflation, funding conditions, technological challenges, supply chain disruptions, and competition from other LEO systems[292](index=292&type=chunk) [Other Information](index=62&type=section&id=Item%205.%20Other%20Information) Janet Yeung was appointed to the Board of Directors on August 2, 2023, replacing Jason Caloras - Janet Yeung was appointed to the Board of Directors on August 2, 2023, replacing the resigning Jason Caloras[297](index=297&type=chunk)