EBITDA Outperformance Offset by LEO Delays and 2026 Maturities
 
Results in line. Q4 revenue was $94M, extending the 27% y/y decline seen through 2025, split evenly across broadcast and enterprise. Broadcast remained constrained by underutilization (~59% in Q4) and contract roll-offs (Nimiq-4/Anik-F3), while Enterprise was impacted by Indonesia contract expiry. Full year revenue stood at $418M - broadly in line with expectations.
 
EBITDA upside. Q4 AEBITDA was $40M, down 46% y/y but ahead of consensus, despite $33M in Lightspeed spin-out costs. The upside was supported by GEO cost cuts (-10% y/y) and higher LEO cost capitalization. Full year AEBITDA stood at $212M (51% margin).
 
LEO now in 1Q28. Satixfy ASIC delays pushed Lightspeed commercial service out by three months. MDA has assured prompt correction but remains a key risk to the program timeline. Pathfinder launches remain on track for 2026, with cadence building in H2 2027. Telesat targets 96 satellites for global coverage by 2027.