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Can we get an image tied to Sat Systems rather than GEO? Third Quarter 2025 Earnings Presentation November 14, 2025
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Forward-Looking Statements and Non-IFRS Financial Measures 2 Forward-Looking Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, information with respect to MDA Space Ltd.’s (“MDA Space”, “MDA” or the “Company“) objectives and strategies to achieve these objectives, as well as information with respect to the Company’s beliefs, plans, expectations, anticipations, estimates, intentions and views of future events. The Company has based the forward-looking information on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. Statements containing forward-looking information are based on certain assumptions and analyses made by the Company in light of management’s experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. These assumptions include our ability to maintain and expand the scope of our business; our ability to execute on our growth strategies; assumptions relating to government support and funding levels for space programs and missions; continued and accelerated growth in the global space economy; the impact of competition; our ability to retain key personnel; our ability to obtain and maintain existing financing on acceptable terms; changes and trends in our industry or the global economy; currency exchange and interest rates; and changes in laws, rules, regulations. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward-looking information. Given these risks, uncertainties and assumptions, readers should not place undue reliance on the forward-looking information. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those described in the Company’s latest Annual Information Form (AIF) and listed under the heading “Risk Factors”, which factors should not be considered exhaustive. If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results might vary materially from those anticipated in the forward-looking information. Although the Company bases the forward-looking information on assumptions that it believes are reasonable when made, the Company cautions investors that statements containing forward-looking information are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this presentation. Given these risks and uncertainties, investors are cautioned not to place undue reliance on the forward-looking information. Any forward-looking information that is made in this presentation speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking information or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Non-IFRS Financial Measures This presentation refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Order Bookings, Net Debt and Free Cash Flow to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Additional details for these non-IFRS measures, including a reconciliation of such measures to the most directly comparable IFRS measures, can be found in our most recently issued MD&A which is posted on www.mda.space and available on SEDAR+.
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3 Favourably positioned in a growing space economy expected to reach US$1.8 trillion(1) by 2035 driven by secular tailwinds Established industry leader with proven flight heritage, strong competitive position, differentiated technology portfolio and world class manufacturing facilities Diversified business portfolio across customers and geography that serves almost every sector of the space market Track record of delivering compelling revenue growth, solid profitability, operating cash flow with large backlog that provides good revenue visibility Healthy balance sheet supportive of strategic M&A to complement strong organic growth Experienced management team with strong track record of execution MDA Space – A Compelling Investment in the New Space Economy (1) World Economic Forum
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Key Messages 4(1) Non-IFRS measure; (2) Capital expenditures include purchase of PPE and Intangible assets THIRD QUARTER 2025 – FINANCIAL HIGHLIGHTS • Backlog of $4.4B at quarter-end, provides revenue visibility for 2025 and beyond • Revenues of $409.8M, up 45% YoY driven by execution on our backlog • Adjusted EBITDA(1) of $82.8M, up 49% YoY; Adjusted EBITDA margin(1) of 20.2% • Adjusted Net Income(1) of $46.1M, up 33% YoY; Adjusted diluted EPS(1) of $0.35, up 25% YoY • Net debt position of $93.6M at quarter-end represents net debt to LTM adjusted EBITDA (1) ratio of 0.3x • Completed the previously announced acquisition of SatixFy Communications Ltd. • Reaffirmed 2025 full-year financial outlook o Revenues expected to be $1.57-$1.63B, up ~48% YoY at mid-point of guidance o Adjusted EBITDA (1) expected to be $305-$320M, up ~45% YoY at mid-point of guidance, and adjusted EBITDA margin expected to be 19%-20% o Capital expenditures(2) expected to be $210-$240M o Free cash flow expected to be neutral to positive
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Key Performance Indicators 5 $4,578M $4,393M September 30, 2024 September 30, 2025 Backlog $939M $1,481M September 30, 2024 September 30, 2025 LTM Revenues $188M $299M September 30, 2024 September 30, 2025 LTM Adjusted EBITDA (1) Adj. EBITDA Margin 20.1% Adj. EBITDA Margin 20.2% (1) Non-IFRS measure $104M $167M September 30, 2024 September 30, 2025 LTM Adjusted Net Income (1)
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($M, except per share figures) YoY Change ($) YoY Change (%) Revenues $409.8 $282.4 $127.4 45% Gross Profit 108.1 75.7 32.4 43% Gross margin 26.4% 26.8% Adjusted EBITDA 82.8 55.5 27.3 49% Adjusted EBITDA margin 20.2% 19.7% Adjusted Net Income 46.1 34.7 11.4 33% Adjusted Diluted Earnings per share 0.35 0.28 0.07 25% Q3 2025 Q3 2024 • Revenues of $409.8M in Q3 2025 compared to $282.4M in Q3 2024, up 45% YoY driven by higher volumes of work in Satellite Systems and Robotics & Space Operations businesses; Q3 2025 revenues in line with our guidance of $385 -$415M • Adjusted EBITDA of $82.8M in Q3 2025 compared to $55.5M in Q3 2024, up 49% YoY . Adjusted EBITDA margin of 20.2% in Q3 2025 is consistent with Company’s full year margin guidance of 19%-20% and compared to adjusted EBITDA margin of 19.7% in Q3 2024 • Adjusted net income of $46.1M in Q3 2025 compared to $34.7M in Q3 2024, up 33% YoY; adjusted diluted earnings per share of $0.35 in Q3 2025 compared to $0.28 in Q3 2024, up 25% YoY Third Quarter 2025 Results 6 (1) (1) Non-IFRS measure; refer to Appendix for reconciliation of non-IFRS to IFRS measures (1) (1) (1)
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• LTM order bookings of $1.3B driven by contract awards across the 3 business areas with strong contributions from Satellite Systems • Backlog of $4.4B at quarter-end provides revenue visibility for 2025 and beyond • LTM Book-to-Bill ratio of 0.9x Order Bookings & Backlog 7(1) Non-IFRS measure $2,452M $2,526M $2,895M $4,359M $2,448M $2,369M $2,748M $1,325M $1,295M Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 LTM Order Bookings (1) $3,069M $3,097M $3,312M $4,596M $4,578M $4,386M $4,838M $4,568M $4,393M Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Backlog
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• Operating cash flow of $33M in Q3 2025 compared to $259M in Q3 2024 reflecting working capital fluctuations • Capex of $70M in Q3 2025 primarily to support growth capex • Net debt to LTM adjusted EBITDA ratio of 0.3x as of September 30, 2025 reflects incremental borrowing to complete the SatixFy Communications Ltd. transaction Cash Generation & Financial Position 8(1) Non-IFRS measure 1.7x 2.4x 2.6x 2.0x 0.8x -0.8x -1.5x -1.5x 0.3x Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Net Debt to LTM Adj. EBITDA(1) $6M $7M $18M $19M Q3-24 Q3-25 YTD 2024 YTD 2025 Capital Expenditures $259M $33M $428M $353M Q3-24 Q3-25 YTD 2024 YTD 2025 Operating Cash Flow $205M -$37M $300M $185M $253M $26M $410M $334M Q3-24 Q3-25 YTD 2024 YTD 2025 Free Cash Flow (1) FCF FCF excluding Growth Capex $53M $128M $168M Maintenance Capex 2024 Maintenance Capex 2025 $70M
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Outlook Assumptions • Financial outlook reflects management’s judgment based on Company’s current backlog and information available at the time of this release • Provided financial outlook does not incorporate any potential impact from U.S. tariffs announced this year on articles imported from Canada or any retaliatory Canadian tariffs that may be imposed on Canadian imports from the U.S. The Company will continue to closely monitor developments and may elect to update its financial outlook, if deemed necessary • Capital expenditures comprised primarily of growth investments; full-year maintenance capex expected to be ~$30 - $40M 2025 Financial Outlook Reaffirmed 9 Financial Metric 2025 Financial Outlook (November 14, 2025) 2025 Financial Outlook (August 7, 2025) Revenue YoY Growth at mid-point $1.57 - $1.63B ~48% $1.57 - $1.63B ~48% Adjusted EBITDA YoY Growth at mid-point Adjusted EBITDA Margin $305 - $320M ~45% ~19% - 20% $305 - $320M ~45% ~19% - 20% Capital Expenditures (1) $210 - $240M $210 - $240M Free Cash Flow Neutral to Positive Neutral to Positive (1) Capital expenditures include PPE and Intangible assets, net of government grants for capital expenditure
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Can we get an image tied to Sat Systems rather than GEO? APPENDIX
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Appendix – Reconciliation of Non-IFRS Measures 11 ($M) Q3-25 Q3-24 YTD 2025 YTD 2024 Net income $24.2 $29.5 $84.5 $54.3 Depreciation and amortization of assets 13.4 9.7 41.0 31.1 Amortization of intangible assets related to business combination 30.0 11.6 53.3 35.5 Income tax expense 14.4 11.1 35.4 20.3 Finance income (1.9) (2.3) (7.1) (3.7) Finance costs 5.6 4.4 13.4 18.4 EBITDA 85.9 64.0 220.5 155.9 Unrealized foreign exchange gain (14.2) (10.7) (17.6) (10.4) Unrealized loss (gain) on financial instruments 4.7 - 2.0 (1.2) Gain on disposal of assets - - - (5.8) Acquisition, integration and reorganization costs 2.4 - 13.5 - Equity-settled share-based compensation 4.0 2.2 9.3 7.7 Adjusted EBITDA 82.8 55.5 227.7 146.2
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Appendix – Reconciliation of Non-IFRS Measures 12 ($M, except per share figures) Q3-25 Q3-24 YTD 2025 YTD 2024 Net income $24.4 $29.5 $84.5 $54.3 Amortization of intangible assets related to business combination 30.0 11.6 53.3 35.5 Acquisition, integration and reorganization costs 2.4 - 13.5 - Gain on disposal of assets - - - (5.8) Unrealized loss (gain) on financial instruments 4.7 - 2.0 (1.2) Net foreign exchange gain (13.1) (7.2) (15.2) (8.7) Embedded derivative effects 1.5 0.5 0.9 2.2 Equity-settled share-based compensation 4.0 2.2 9.3 7.7 Income taxes related to above items (1) (7.8) (1.9) (16.9) (8.0) Adjusted Net income 46.1 34.7 131.4 76.0 Weighted average number of shares outstanding – Diluted 130,081,115 124,286,353 128,845,691 123,610,685 Adjusted Earnings per share – Diluted 0.35 0.28 1.02 0.61 (1) Statutory income tax rate of 26.5% applied
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Appendix – Backlog and Leverage Trends 13 ($M) Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Opening Backlog $4,567.9 $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 $1,093.8 Revenue recognized (409.8) (373.3) (351.0) (346.6) (282.4) (242.0) (209.1) (205.0) (204.7) Order Bookings 174.2 102.8 803.9 154.0 264.5 1,525.8 424.3 233.3 2,175.1 Adjustments 60.5 (1) - - - - - - - - Ending Backlog 4,392.8 4,567.9 4,838.4 4,385.5 4,578.1 4,596.0 3,312.2 3,097.0 3,068.7 ($M, except ratios) Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Total Debt $289.3 $249.1 - - $293.8 $398.7 $468.6 $438.9 $303.8 Cash (195.7) (665.9) (376.3) (166.7) (139.2) (46.4) (29.3) (22.5) (13.4) Net Debt 93.6 (416.8) (376.3) (166.7) 154.6 352.3 439.3 416.4 290.4 Adjusted EBITDA (LTM) 298.6 271.3 243.7 217.1 188.3 175.6 167.3 174.2 172.0 Net Debt to Adjusted EBITDA Ratio 0.3x (1.5)x (1.5)x (0.8)x 0.8x 2.0x 2.6x 2.4x 1.7x (1) Backlog adjustment related to the recent acquisition of SatixFy Communications Ltd.
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Can we get an image tied to Sat Systems rather than GEO?