Telesat Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

DB:ZE2 Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
26 Jun 25	Sell€48,910	Glenn Katz	Individual	2,477	€19.75
26 Jun 25	Sell€272,970	Glenn Katz	Individual	13,649	€20.09
26 Jun 25	Sell€109,408	Glenn Katz	Individual	5,402	€20.78
26 Jun 25	Sell€138,339	Glenn Katz	Individual	6,472	€21.81

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of ZE2?
Owner Type	Number of Shares	Ownership Percentage
Hedge Funds	1,649,532	10.8%
Individual Insiders	2,154,391	14.2%
General Public	4,189,171	27.5%
Institutions	7,225,802	47.5%

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 30.7%.

Top Shareholders

Top 25 shareholders own 62.5% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
16.2%	GAMCO Investors, Inc.	2,466,777	€474.8m	-4.44%	0.44%
6.76%	Daniel Goldberg	1,029,535	€198.2m	-21%	no data
5.54%	Rubric Capital Management LP	843,781	€162.4m	0%	0.5%
5.29%	Greywolf Capital Management LP	805,751	€155.1m	0%	21.59%
4.01%	Heard Capital LLC	610,570	€117.5m	-59.8%	1.47%
3.25%	Qwest Investment Fund Management Ltd.	494,000	€95.1m	0%	39.55%
2.51%	Lm Asset (im) Inc.	382,650	€73.7m	16.1%	10.61%
2.44%	PenderFund Capital Management Ltd.	371,153	€71.4m	-9.42%	3.99%
2.3%	Highland Capital Management, L.P.	349,523	€67.3m	0%	1.75%
1.64%	Vestcor Inc.	250,000	€48.1m	25%	0.32%
1.07%	Morgan Stanley	162,121	€31.2m	155%	no data
1.02%	Christopher DiFrancesco	155,505	€29.9m	16.7%	no data
1.01%	Glenn Katz	153,406	€29.5m	28.3%	no data
1%	Millennium Management LLC	151,743	€29.2m	18.1%	no data
0.97%	Ayal Capital Advisors Limited	148,000	€28.5m	0%	3.39%
0.9%	Senvest Management, LLC	137,668	€26.5m	2.23%	0.18%
0.9%	Osaic Wealth, Inc.	137,035	€26.4m	23,700%	0.01%
0.9%	Citadel Advisors LLC	136,582	€26.3m	100%	no data
0.81%	Connor, Clark & Lunn Investment Management Ltd.	123,267	€23.7m	9.56%	0.01%
0.76%	Michèle Beck	115,417	€22.2m	16.3%	no data
0.7%	David Wendling	106,110	€20.4m	0%	no data
0.65%	Michael Targoff	99,408	€19.1m	0%	no data
0.63%	Gabelli & Company Investment Advisers, Inc.	95,522	€18.4m	-27.5%	0.86%
0.62%	John Flaherty	94,161	€18.1m	20.8%	no data
0.61%	Pembroke Management Ltd.	92,829	€17.9m	0%	0.41%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/21 05:45
End of Day Share Price	2026/05/21 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Telesat Corporation is covered by 6 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
David McFadgen	ATB Cormark
David McFadgen	ATB Cormark Historical (Cormark Securities)
Xin Yu	Deutsche Bank