Q2 AEBITDA is down 26%. Similar to Q1, revenues declined 15%, and AEBITDA dropped 26% due primarily to the Nimiq 4 renewal in 4Q23. Results beat the consensus forecast by 5% and 15%, respectively. Broadcast 2H step down. We expect Telesat to incur a ~$40M run-rate loss in its Broadcast business when EchoStar renews on Nimiq 5 in October. No similar-sized renewals are pending in 2025.