Telesat Corp 2026年年度报告和过渡报告

(Exact name of Registrant as specified in its charter)_______________________ Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the AnnualReport: At December31, 2025, 14,730,782 ClassA Common Shares and ClassB Variable Voting Shares, 112,841 ClassC Shares, 3 Special Voting Shares, and1 Golden Share were issued and outstanding. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.☐Yes☒NoIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d)of the Securities ExchangeActof1934.☐Yes☒NoIndicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeActof1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.☒Yes☐NoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit such files).☒Yes☐NoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule12b-2 of the ExchangeAct. If an emerging growth company that prepares its financial statements in accordance with U.S.GAAP, indicate by check mark if the registrant haselected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchangeAct.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☒If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP☐InternationalFinancialReportingStandardsasissuedbytheInternationalAccountingStandardsBoard☒Other☐ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected tofollow.☐Item17☐Item18If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct).☐Yes☒No Telesat Corporation Table of Contents PageINTRODUCTION1CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS2GLOSSARY OF TERMS4PARTI8ITEM1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS8ITEM2. OFFER STATISTICS AND EXPECTED TIMETABLE8ITEM3. KEY INFORMATION8ITEM4. INFORMATION ON THE COMPANY46ITEM4A.UNRESOLVED STAFF COMMENTS78ITEM5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS78ITEM6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES110ITEM7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS133ITEM8. FINANCIAL INFORMATION137ITEM9. THE OFFER AND LISTING138ITEM10. ADDITIONAL INFORMATION138ITEM11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK168ITEM12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES168PARTII169ITEM13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES169ITEM14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS ANDUSE OF PROCEEDS169ITEM15. CONTROLS AND PROCEDURES169ITEM 16. [RESERVED]170ITEM16A.AUDIT COMMITTEE FINANCIAL EXPERT170ITEM16B.CODE OF ETHICS171ITEM16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES171ITEM16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES171ITEM16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATEDPURCHASERS172ITEM16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT172ITEM16G.CORPORATE GOVERNANCE172ITEM16H.MINE SAFETY DISCLOSURE172ITEM16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS172ITEM 16J.INSIDER TRADING POLICIES172ITEM 16K.CYBERSECURITY173PARTIII175ITEM17. FINANCIAL STATEMENTS175ITEM18. FINANCIAL STATEMENTS175ITEM19. EXHIBITS175FINANCIAL STATEMENT SCHEDULE I — CONDENSED FINANCIAL INFORMATION OFTHE PAREN