Telesat Corporation

Hello and welcome to the Telesat third quarter 2025 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 on your telephone keypad. If you would like to withdraw your question, again, press star 1. I will now turn the conference over to James Radcliffe. Please go ahead.

Thank you, JL, and good morning. Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending September 30th, 2025 on Forum 6K with the SEC and on CDAR+. Our remarks today may contain forward-looking statements. There are risks that TELUSAT's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, please see TELUSAT's annual report and updates filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements. I'd now like to turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer.

Thanks, James, and good morning to everyone. Thanks for joining us this morning. Q3 was in line with our expectations, and I'm pleased with Telesat's performance in the first nine months of this year in both our GEO and LEO segments. In geo, our team continues to execute in a discipline-focused manner as we work to maximize the cash flow from our existing satellite fleet. The biggest revenue headwind in the quarter when compared to the third quarter of 2024 was the NIMIC 5 renewal with DISH. As we shared earlier, DISH renewed the NIMIC 5 contract, but at a lower rate and capacity that declines over the renewal period. That renewal combined with the non-renewal by dish of our ANAC F3 satellite, which reached the end of its station kept life, so it could no longer support direct-to-home video services, accounts for nearly half of the total revenue decline year over year. In LEO, we continue to make strong progress on the development of the satellites, ground infrastructure, and the software for the network. As a reminder, our first launch is planned to take place late next year. I'm very pleased with all the good work that's taking place on the program. And on the commercial side, we're seeing strong interest in Telesat Lightspeed across our target segments, particularly at this time with aero and government users. We remain very focused on concluding customer agreements and adding to our contractual backlog. In addition to our progress in the GEO and LEO businesses, we took an important step in the quarter to optimize the company's capital structure and enhance our financing options. In September, we distributed 62% of the equity in Telesat Lightspeed to a wholly owned indirect subsidiary of Telesat Corporation. I'm also pleased to say that our advisors are engaging with the advisors to the major holders of our GEO debt. with the objective of finding the best path forward to addressing that debt. Finally, and as we announced earlier this year, Andrew Brown will be retiring from Telesat after six years as the company's CFO. We found a worthy successor to Andrew in Donald Tremblay, who started with the company on October 20th. Donald has 35 years of leadership experience in finance and is very well suited to lead our finance team going forward. So a big welcome to Donald, who's here with me this morning. As Andrew is in the process of transitioning responsibilities over to Donald, we've asked Andrew to run you through the numbers one last time before his official retirement later this month. So with that, over to you, Andrew.