Telesat Corporation

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to the Telesat third quarter 2026 financial results. All lines have been placed on you 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 followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 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, Kate, and good morning, everyone. Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending September 30th, 2026 on Form 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 known and unknown risks and uncertainties. For a discussion of known risks, please see TELUSAT's annual report and updates filed with the SEC. TELUSAT assumes no responsibility to update or revise these forward-looking statements. I would now like to turn the call over to Dan Goldberg, TELUSAT's President and Chief Executive Officer.

Okay, thank you, James, and thank you all for joining us this morning. I'll start with a few words about the business and then hand over to Donald to speak to the numbers in more detail, and we'll then open the call up to questions. We made good progress last quarter and in the first nine months of the year to advance our core strategic objectives and position the company for significant growth and value creation. Certainly the agreement we announced in August with Canada's Defense Investment Agency is a major validation of the essential and differentiated capabilities of the Lightspeed network and of what we believe the magnitude of the opportunities in the defense vertical to be. The agreement, including option periods, is valued at $2.7 billion. and we'll provide high performance secure communication services using military KA band frequencies to the Canadian Armed Forces in the Arctic. And as we emphasized when we announced the agreement, this is Talasat's first contract under the ESCAPE program. There are more to come under ESCAPE for satellite communications in the Arctic and we see meaningful additional opportunities above and beyond ESCAPE. with the Canadian Armed Forces for Services outside of the Arctic, namely the rest of Canada and other geographic areas of interest. And we're also seeing very significant concrete opportunities with Canada's allies for defense and sovereignty requirements. The hostilities in Ukraine in particular have governments and their militaries all over the world focused on having assured access to an advanced LEO capability like the one we're building, to protect their citizens and their territorial sovereignty. We're very focused on supporting those needs. And of course, there's strong demand for advanced LEO services and other market verticals, including rural broadband connectivity, broadband for planes and ships, and other enterprise applications. Customers increasingly recognize the value of a resilient, secure, high performance network designed for demanding mission critical applications. On the implementation side of things, the Lightspeed program continues to advance across the satellites, ground infrastructure, user terminals, and software systems that make up the end-to-end network. It's a significant undertaking and I'm very pleased with the progress my colleagues are making across the technical, operational, regulatory, and commercial domains. With regards to schedule, MDA is progressing the first two initial satellites, which we need in orbit so that we can validate performance of the spacecraft and end-to-end network. We've been exploring the best solution to launch these satellites, and given the very tight launch vehicle market, we're loath to use one of our valuable Falcon 9 launch slots to launch just two satellites. We believe we've found a solution that will allow us to launch the satellites at a reasonable cost by piggybacking on a third-party Falcon 9 rocket, which we expect will launch in mid-2027. We plan to test those initial satellites on the network for roughly two months. Once we're satisfied, we'll be able to start our full launch cadence, launching 15 satellites on each of the Falcon 9 rockets we've secured. With all that said, we now plan to have full global service around the end of Q2 2028, as opposed to the end of Q1 2028, which was our previous target. To mitigate that slight delay, we've altered our satellite deployment strategy so that we can still support service in the higher latitudes by the end of Q1 2028, which means we'll be able to start the services for the Canadian military in the Arctic under the escape program, as well as our other northern rural broadband services as previously planned. The three-month delay in the global service date is reflected in our updated LEO FAPEX guidance for the year. Turning to GEO, the business performed largely as expected through the first nine months of the year. The revenue reductions reflect the continuing structural changes in the video distribution and broadband markets we've discussed in the past The impact of specific contract renewals and expirations and the retirement of certain of our geo satellites over the past 12 months. Against that backdrop, we remain laser focused on providing outstanding customer service and maintaining our strict OPEX and CAPEX cost discipline. We're reiterating our 2026 geo revenue and adjusted EBITDA guidance. Lastly, we remain focused on refinancing the Teleset geo debt. which begins to mature later this year. Our advisors continue to seek good faith engagement with the Telesat GEO debt holders and we're evaluating other alternatives as well with the goal of reaching an outcome that's fair to all stakeholders. And while I have no doubt that investors have questions on where things stand and the likely path forward, I hope folks appreciate that When it comes to the Q&A part of today's call, we're pretty constrained in terms of what we can say at this time. And so with that, I'll hand the call over to Donald, who will take you through the financial results in more detail.