Slides
Page 1
MDA SPACE MDA AURORA ™ undergoing testing at the David Florida Laboratory in Ottawa , January 2026 . BUILDING MOMENTUM : A QUARTER OF EXECUTION AND EXPANSION 2026 Q2 Earnings Presentation August 7 , 2026
Page 2
MDA SPACE | FORWARD LOOKING STATEMENTS & NON-IFRS FINANCIAL MEASURES Forward-Looking Statements This presentation and the oral statements made during this meeting contain certain statements that constitute “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, among others, 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. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking information contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. 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. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data. 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+ at www.sedarplus.ca and EDGAR at www.sec.gov. Market and Industry Data Market data and industry information used in this presentation are based on management’s knowledge of the industry and the good faith estimates of management. Management also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. Any market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe such information included in this presentation are generally reliable, such information, which is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company as to the accuracy of any such statements. Q2 2026 Earnings Presentation2
Page 3
MDA SPACE | BUSINESS UPDATE Q2 2026 Earnings Presentation3
Page 4
MDA SPACE | 1 Non-IFRS measure, see Financial Tables for reconciliation of non-IFRS to nearest IFRS measure FINANCIAL HIGHLIGHTS Q2 2026 Earnings Presentation4 $96M $499M MDA SPACE | REVENUE ADJUSTED EBITDA1 ADJUSTED EBITDA MARGIN1 Q2 H1y/y Δ y/y Δ $963M $187M 19.4%19.3% +34% +26% +29% +33% RAISING MIDPOINT OF REVENUE AND ADJUSTED EBITDA GUIDANCE DRIVEN BY STRONG FIRST HALF RESULTS
Page 5
MDA SPACE | RECENT COMMERCIAL HIGHLIGHTS Q2 2026 Earnings Presentation5 Worldwide Order Momentum Drives Q2 Book-to-Bill Ratio of 1.6x RCM Replenishment Satellite $600M+ follow-on contract to supply an advanced SAR satellite for the RADARSAT Constellation Mission, including launch, ground control enhancements, and data management systems. Next-Gen Defence Comms Satellite Contracted to design and manufacture digital payload, antennas and other subsystems for a geostationary satellite program ordered by the Japan Ministry of Defense. Lightspeed LEO Constellation Expansion $474 million to cover an additional 27 satellites to the previously announced 198 satellites, as well as the incorporation of military Ka-band capabilities.US SSC MEO EPOCH 2 Constellation Selected to design and build antennas and control electronics for the MEO Resilient Missile Warning and Tracking satellites to be produced by BAE Systems. US Air Force IDIQ Contract Renewed contract with 49North for Global Procedure Designer services, including operations support, help desk services and software sustainment. Lunar Landing Sensors ESA Argonaut Mission Pre-authorization to proceed contract to procure long-lead items and begin engineering for critical lunar landing sensors in advance of the anticipated full contact.
Page 6
MDA SPACE | Refresh of Global Procedure Designer Significant refresh to Global Procedure Designer. An established and operationally proven expert software tool for the design and sustainment of instrument flight procedures, updated to align with the latest regulatory criteria and data standards. RECENT OPERATIONAL HIGHLIGHTS Q2 2026 Earnings Presentation6 Inauguration of High-Volume Satellite Manufacturing Facility in Montréal One of the world's largest and most advanced satellite manufacturing facilities in its class, the new facility doubles the company's manufacturing floor space, marking a defining milestone in the company’s growth as a satellite prime contractor. Full Integration of Spacecraft is Complete MDA CHORUSTM has completed launch mission analysis with SpaceX and is entering environmental and vibration testing phases. Smaller X-band satellite successfully completed pre-ship review.
Page 7
MDA SPACE | THE COMBINED OPPORTUNITY Expanded Addressable Market: Greater participation in global space economy through complementary technology set ACQUISITION OF BCT Q2 2026 Earnings Presentation7 Increasing Access to ~$50B1 US Defence Space Budget WHAT BCT BRINGS • Profitable, cash generating spacecraft and satellite component supplier • Industry-leading Guidance, Navigation & Control (GNC) technology: high-precision, high pointing accuracy, low jitter platforms and components • Proven component supplier to blue-chip US defence primes with facility security clearance and 18 years of flight heritage Q4 2026 Expected close US Defence Access: Adds US$3.5B pipeline with pathway to pursue US classified programs Synergies: Expanded US market access offers revenue synergies for MDA Space technologies; Complementary products support vertical integration within MDA Space product lines 1 Bank of America Global Research, Department of War report - Expectations for FY27
Page 8
MDA SPACE | THE COMBINED OPPORTUNITY ACQUISITION OF CLS WHAT CLS BRINGS • Value added-services that drive reliable, recurring revenue from global customer base • Advanced AI-driven multi-source Earth Observation data analytics delivering monitoring and forecasting solutions through 41 sites across 19 countries • Global downstream sales and distribution channels with 14,000+ customers across ~150 countries • 40-year partnership with French Space Agency, CNES Q2 2026 Earnings Presentation8 Creating a Global Space-based Geointelligence Leader Q4 2026 - Q1 2027 Expected close Customer Expansion: Cross-selling to combined global customer base accelerates go-to-market for next- gen MDA CHORUSTM constellation Full-stack Geointelligence: Vertical integration of satellites and ground stations (upstream) with data analytics and distribution (downstream) Recurring Revenue: Profitable, cash generating business doubles MDA Space recurring revenue base
Page 9
MDA SPACE | COMMUNICATION SATELLITES GEOINTELLIGENCE SPACE ROBOTICS & INFRASTRUCTURE DEFENCE & SPACE DEFENCE LAUNCH & ACCESS Opened 185,000 sq ft manufacturing facility Opened dedicated satellite control facility Opened 200,000 sq ft Space Robotics Centre of Excellence MARKET EXPANSION STRATEGY R&D INVESTMENTS SCALE & CAPACITY GROWTH STRATEGY FOR DEFENCE AND SPACE SECTOR Q2 2026 Earnings Presentation9 MDA SPACE | TM TM TM Strategic Acquisition Strategic Investment Launched new dedicated defence organization
Page 10
MDA SPACE | Q2 2026 FINANCIAL UPDATE Q2 2026 Earnings Presentation10
Page 11
MDA SPACE | ACQUISITION STRATEGY RECEIVES STRONG CAPITAL MARKET ENDORSEMENT 11 Q2 2026 Earnings Presentation STRATEGIC M&A COSTS ACCESS TO EQUITY AND DEBT CAPITAL SUCCESSFUL FINANCING $1.15B Equity bought deal of 23M common shares Upsized, driven by strong investor demand Proceeds towards CLS acquisition $600M 6.5% senior unsecured notes due 2033 Supported by strong investor demand Proceeds towards BCT acquisition ~$250M • Balance funded through existing cash and term loan facility ~$2B • ~$0.9B BCT • ~$0.9B CLS • ~$0.1B transaction fees Completion of funding plan on attractive terms to replace bridge financing Support from debt and equity investors reflect endorsement of MDA Space’s acquisition strategy Leverage ratio upon closing of transactions expected to be within target leverage range of 1.5x - 2.5x
Page 12
MDA SPACE | Adjusted Net Income1 46 52 Q2 2025 Q2 2026 Revenue 233 33688 100 53 63 Q2 2025 Q2 2026 GEO RSO SAT Adjusted EBITDA1 76 96 Q2 2025 Q2 2026 Q2 FINANCIALS Q2 2026 Earnings Presentation $millions $millions $millions +26%373 +13% 499 +34% Adj. EBITDA Margin1 20.4% 19.3% 12 1 Non-IFRS measure, see Financial Tables for reconciliation of non-IFRS to nearest IFRS measure
Page 13
MDA SPACE | 1,378 3,097 4,386 4,013 4,003 2022 2023 2024 2025 Q2 2026 Q2 BACKLOG GROWTH DRIVEN BY STRONG ORDER MOMENTUM $40B Opportunity Pipeline Provides meaningful runway for continued backlog growth Q2 2026 Earnings Presentation13 Backlog $30B of Active Pursuits $10B of Down-selected or Follow-on Opportunities Telesat Award ~4,4001 1 Q2 2026 pro forma backlog including the Telesat Lightspeed LEO constellation expansion award $millions
Page 14
MDA SPACE | Free Cash Flow1Capital Expenditure 98 145 H1 2025 H1 2026 Operating Cash Flow 320 (33) H1 2025 H1 2026 H1 CASH GENERATION & FINANCIAL POSITION Q2 2026 Earnings Presentation $millions $millions $millions LEVERAGE RATIO OF (0.4)X & TOTAL LIQUIDITY OF $1.1B 14 H1 2026H1 2025 222 (178) 1 Non-IFRS measure, Free cash flow is operating cash less net capital expenditure
Page 15
MDA SPACE | RAISING MIDPOINT OF REVENUE AND ADJUSTED EBITDA GUIDANCE DRIVEN BY STRONG H1 RESULTS Q2 2026 Earnings Presentation Financial Metric 2026 Financial Outlook (August 7th, 2026) H1 Results REVENUE $1.8 – $1.9B (+13% at midpoint) $963M +33% YoY ADJUSTED EBITDA1 $330M - $370M (+8% at midpoint) $187M +29% YoY ADJUSTED EBITDA MARGIN1 18% – 20% 19.4% CAPITAL EXPENDITURES2 $225M – $275M $145M FREE CASH FLOW1 Neutral to Negative $(178)M 1 Non-IFRS measure, 2 Capital expenditures include purchase of PPE and intangible assets, net of government grants for capital expenditure 15
Page 16
MDA SPACE | 2026 PRO FORMA REVENUE 1,850 225 465 2,540 MDA Space BCT CLS Total BUILDING A STRONGER, MORE DIVERSIFIED MDA SPACE Q2 2026 Earnings Presentation16 Pipeline Opportunities BCT and CLS expand MDA Space market reach, increase geographic customer access, and create cross- selling opportunities across a broader portfolio. 1.5-2.5x Net debt1 to LTM Adj. EBITDA Expect to maintain a conservative leverage ratio within MDA Space target range. 18%-20% Adj. EBITDA Margin1 Combined entity expected to remain within MDA Space target range while operating on a substantially higher revenue base. Growth Profile The combined entity is aligned with the MDA Space growth profile, positioning the company to elevate shareholder value creation through a more diversified portfolio. at midpoint of FY2026 guide 1 Non-IFRS measure $millions
Page 17
MDA SPACE | FINANCIAL TABLES Appendix Q2 2026 Earnings Presentation17
Page 18
MDA SPACE | ($M) Q2-26 Q2-25 H1-26 H1-25 Net income $27.9 $27.2 $57.5 $60.1 Depreciation and amortization of assets 17.8 13.9 33.5 27.6 Amortization of intangible assets related to business combination 30.6 11.7 61.1 23.3 Income tax expense 13.7 8.6 25.3 21.0 Finance income (3.0) (3.5) (4.0) (5.2) Finance costs 4.6 2.9 11.0 7.8 EBITDA 91.6 60.8 184.4 134.6 Unrealized foreign exchange gain (loss) (9.3) 8.0 (19.0) (3.4) Gain on financial instruments (3.3) (2.6) (2.9) (2.7) Loss on buy-out of pension liability - - 0.3 - Acquisition, integration and reorganization costs 12.3 7.6 13.3 11.1 Equity-settled share-based compensation 4.9 2.5 9.2 5.3 Share of loss of equity-accounted investee 0.1 - 1.6 - Adjusted EBITDA $96.3 $76.3 $186.9 144.9 RECONCILIATION OF NON-IFRS MEASURES Q2 2026 Earnings Presentation18
Page 19
MDA SPACE | ($M, except per share figures) Q2-26 Q2-25 H1-26 H1-25 Net income $27.9 $27.2 $57.5 $60.1 Amortization of intangible assets related to business combination 30.6 11.7 61.1 23.3 Acquisition, integration and reorganization costs 12.3 7.6 13.3 11.1 Loss on buy-out of pension liability - - 0.3 - Gain on financial instruments (3.3) (2.6) (2.9) (2.7) Unrealized foreign exchange gain (9.3) 8.0 (19.0) (3.4) Embedded derivative effects 0.2 (1.7) 1.2 (0.6) Equity-settled share-based compensation 4.9 2.5 9.2 5.3 Share of loss of equity-accounted investee 0.1 - 1.6 - Income taxes related to above items1 (11.6) (6.8) (19.8) (8.7) Adjusted net income 51.8 45.9 102.5 84.4 Weighted average number of shares outstanding – diluted 142,521,230 128,062,208 137,957,874 127,728,558 Adjusted earnings per share – diluted $0.36 $0.36 $0.74 $0.66 RECONCILIATION OF NON-IFRS MEASURES Q2 2026 Earnings Presentation19 1Adjusted effective tax rate applied starting 2026 to reflect the Company’s actual tax burden and provide a comprehensive view of underlying profitability, consistent with the tax expense reflected Statement of Comprehensive Income, versus the statutory income tax rate applied previously.
Page 20
MDA SPACE | BACKLOG & LEVERAGE TRENDS Q2 2026 Earnings Presentation20 ($M) Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Opening Backlog $3,692.7 $4,012.9 $4,392.8 $4,567.9 $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 Revenue recognized (498.6) (464.1) (499.1) (409.8) (373.3) (351.0) (346.6) (282.4) (242.0) Order Bookings 808.9 143.9 119.2 174.2 102.8 803.9 154.0 264.5 1,525.8 Adjustments - - - 60.51 - - - - - Ending Backlog 4,003.0 3,692.7 4,012.9 4,392.8 4,567.9 4,838.4 4,385.5 4,578.1 4,596.0 ($M, except ratios) Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Long-term Debt 245.0 $244.7 $272.0 $289.3 $249.1 - - $293.8 $398.7 Less: Cash (397.8) (544.0) (152.0) (195.7) (665.9) (376.3) (166.7) (139.2) (46.4) Net Debt (Cash) (152.8) (299.3) 120.0 93.6 (416.8) (376.3) (166.7) 154.6 352.3 TTM Adjusted EBITDA 365.9 345.9 323.9 298.6 271.3 243.7 217.1 188.3 175.6 Net Debt (Cash) to TTM Adjusted EBITDA (0.4)x (0.9)x 0.4x 0.3x (1.5)x (1.5)x (0.8)x 0.8x 2.0x 1 Backlog adjustment related to the recent acquisition of SatixFy Communications Ltd.
Page 21
MDA SPACE | 21 Q2 2026 Earnings Presentation Investor contact Jim Floros 289.914.0209 jim.floros@mda.space