Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation | May 2026 MDA AURORATM undergoing testing at the David Florida Laboratory in Ottawa, January 2026. 1 MDA SPACE | Q1 2026 Earnings Presentation
Slide 2: Forward Looking Statements & Non-IFRS Financial Measures
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-look
Slide 3: Business Update
BUSINESS UPDATE 3 MDA SPACE | Q1 2026 Earnings Presentation
Slide 4: Q1 2026 Financial Highlights
Q1 2026 FINANCIAL HIGHLIGHTS SUCCESSFUL NYSE IPO STRONG Q1 RESULTS GROSS PROCEEDS OF $341M USD Successfully completed our U.S. IPO enhancing market visibility and investor access $464M $91M 19.5% $61M $299M Revenue Adj. EBITDA1 Adj. EBITDA Margin1 Operating Cash Flow Net Cash Position REITERATING FY
Slide 5: Recent Commercial Highlights
RECENT COMMERCIAL HIGHLIGHTS Launched a Canadian MOU to Pursue Korean IDIQ Contract for Defence Business Military Constellation SHIELD Program Exclusively focused on delivering secure and Leveraging MDA AURORATM satellites to Approved by the U.S. Missile Defense Agency multi-domain C4ISR1 and missio
Slide 6: Recent Operational Highlights
RECENT OPERATIONAL HIGHLIGHTS Achieved CDR First Shipment of First Delivery of Milestone Space-grade Chips Satellites Achieved Critical Design Review milestone for Started shipments of Prime 2.0 space-grade First set of satellites under our initial MDA AURORATM satellites on the next- chips to be in
Slide 7: Market Opportunity
MARKET OPPORTUNITY 7 MDA SPACE | Q1 2026 Earnings Presentation
Slide 8: Significant Opportunity Pipeline
SIGNIFICANT OPPORTUNITY PIPELINE BUSINESS AREA COMMERCIAL VS GOVERNMENT HIGH % OF DOWN-SELECTED & OPPORTUNITIES OPPORTUNITIES FOLLOW-ON OPPORTUNITIES Geointelligence Active Pursuits Robotics & Space Operations Government Commercial Down-selected / Satellite Follow-on Systems Opportunities TOTAL PIPE
Slide 9: Positioned to Win in a Market with Significant Opportunity
SATELLITE SYSTEMS POSITIONED TO WIN IN A MARKET WITH SIGNIFICANT OPPORTUNITY ADDRESSABLE MARKET COMPETITIVE ADVANTAGE DEMONSTRATED SUCCESS • 40,000-50,000 satellites to be • Technology launched 2025-2034 – Space-grade ASIC chips – Digitally formed and electronically steered beams Next-Generation Lig
Slide 10: World Leader in Space-Based Robotics
ROBOTICS & SPACE OPERATIONS WORLD LEADER IN SPACE-BASED ROBOTICS ADDRESSABLE MARKET COMPETITIVE ADVANTAGE DEMONSTRATED SUCCESS • Space exploration missions are • Leading technology and innovation expected to grow by 185% over a in robotic systems, robotic ten-year period interfaces and sensors • Wor
Slide 11: MDA Midnight: Defend and Protect the Space Domain
ROBOTICS & SPACE OPERATIONS MDA MIDNIGHT : DEFEND AND PROTECT THE SPACE DOMAIN SPACE CONTROL CAPABILITIES TM • Maneuverable spacecraft that defend and protect critical space infrastructure Rendezvous and proximity • Enables defence organizations to operations, cooperative satellite maintain operatio
Slide 12: Uniquely Positioned to Serve a Growing Market
GEOINTELLIGENCE UNIQUELY POSITIONED TO SERVE A GROWING MARKET ADDRESSABLE MARKET COMPETITIVE ADVANTAGE DEMONSTRATED SUCCESS EO Data and Services $U.S. Billions • Market-leading wide-area SAR 7.9 satellites and global near real time delivery capability Contract Selected to Deliver Extension for Situa
Slide 13: 49North: Meeting the Moment for Canadian Defence
GEOINTELLIGENCE 49NORTH: MEETING THE MOMENT FOR CANADIAN DEFENCE CAPABILITIES • Brings together proven MDA Space defence and mission- Multi-domain C4ISR1 systems and critical systems expertise integration under a dedicated, focused team Advanced sensing, radar, and data fusion technologies • Purpose
Slide 14: Q1 2026 Financial Update
Q1 2026 FINANCIAL UPDATE 14 MDA SPACE | Q1 2026 Earnings Presentation
Slide 15: Q1 Financials
Q1 FINANCIALS Revenue Adjusted EBITDA1 Adjusted Net Income1 $millions Adj. EBITDA Margin1 $millions $millions 464 91 59 19.5% +32 % +32% 351 92 69 51 52 19.5% 77 313 38 +32% GEO RSO 222 SAT Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1 Non-IFRS measure, see Financial Tables for reconciliation of
Slide 16: Backlog
BACKLOG Backlog Over Time HIGHLIGHTS ($billions) • Q1 2026 backlog is over 4x higher compared to 2021 year-end 4.4 • $40B opportunity pipeline 4.0 3.7 provides opportunity for a book-to-bill ratio of greater than 1x 3.1 • Opportunity pipeline includes $10B of down- selected opportunities with govern
Slide 17: Q1 Cash Generation & Financial Position
Q1 CASH GENERATION & FINANCIAL POSITION Operating Cash Flow Capital Expenditure Free Cash Flow1 $millions $millions $millions 267 205 88 61 62 -28 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 LEVERAGE RATIO OF -0.9X & TOTAL LIQUIDITY OF $1.2B 1 Non-IFRS measure, Free cash flow is operating cash l
Slide 18: Reiterating Full-Year 2026 Guidance
REITERATING FULL-YEAR 2026 GUIDANCE Financial Metric 2026 Financial Outlook Q1 Results (May 7th, 2026) REVENUE $1.7 – $1.9B $464M (+10% at mid-point) +32% YoY ADJUSTED EBITDA1 $320M - $370M $91M (+7% at mid-point) +32% YoY ADJUSTED EBITDA MARGIN1 18% – 20% 19.5% CAPITAL EXPENDITURES2 $225M – $275M $
Slide 19: Financial Tables
Appendix FINANCIAL TABLES 19 MDA SPACE | Q1 2026 Earnings Presentation
Slide 20: Reconciliation of Non-IFRS Measures
RECONCILIATION OF NON-IFRS MEASURES ($M) Q1-26 Q1-25 Net income $29.6 $32.9 Depreciation and amortization of assets 15.7 13.7 Amortization of intangible assets related to business combination 30.5 11.6 Income tax expense 11.6 12.4 Finance income (1.0) (1.7) Finance costs 6.4 4.9 EBITDA 92.8 73.8 Unr
Slide 21: Reconciliation of Non-IFRS Measures
RECONCILIATION OF NON-IFRS MEASURES ($M, except per share figures) Q1-26 Q1-25 Net income $29.6 $32.9 Amortization of intangible assets related to business combination 30.5 11.6 Acquisition, integration and reorganization costs 1.0 3.5 Loss on buy-out of pension liability 0.3 - Loss (gain) on financ
Slide 22: Backlog & Leverage Trends
BACKLOG & LEVERAGE TRENDS ($M) Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Opening Backlog $4,012.9 $4,392.8 $4,567.9 $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 Revenue recognized (464.1) (499.1) (409.8) (373.3) (351.0) (346.6) (282.4) (242.0) (209.1) Order Bookings 143.9 119.2