Slide 1: First Quarter 2025 Earnings Presentation
Can we get an image tied to Sat Systems rather than GEO? First Quarter 2025 Earnings Presentation May 8, 2025
Slide 2: Forward-Looking Statements and Non-IFRS Financial Measures
Forward-Looking Statements and Non-IFRS Financial Measures 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
Slide 3: Why Invest In MDA Space?
Why Invest In MDA Space? Established Industry Leader with a Attractive Fundamentals for Proven Track Record and Strong Long-term Value Creation Competitive Position Growing backlog, strong profitability and healthy balance sheet More than 55 years of innovation in space Strong customer relationships
Slide 4: Key Messages
Key Messages FIRST QUARTER 2025 – FINANCIAL HIGHLIGHTS • Backlog of $4.8B at quarter-end, up 46% YoY; provides good revenue visibility for 2025 and beyond • Revenues of $351.0M, up 68% YoY driven by execution on our backlog • Adjusted EBITDA(1) of $68.6M, up 63% YoY; Adjusted EBITDA margin(1) of 19.
Slide 5: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues $4,838M $1,222M $3,312M $815M Mar 31, 2024 Mar 31, 2025 Mar 31, 2024 Mar 31, 2025 LTM Adjusted EBITDA (1) LTM Adjusted Net Income (1) $244M $167M $130M Adj. EBITDA $90M Adj. EBITDA Margin Margin 19.9% 20.5% Mar 31, 2024 Mar 31, 2025 Mar 31, 2024 Mar 31
Slide 6: First Quarter 2025 Results
First Quarter 2025 Results ($M, except per share figures) Q1 2025 Q1 2024 YoY Change ($) YoY Change (%) Revenues $351.0 $209.1 $141.9 68% Gross Profit 79.7 57.9 21.8 38% Gross margin 22.7% 27.7% (1) Adjusted EBITDA 68.6 42.0 26.6 63% (1) Adjusted EBITDA margin 19.5% 20.1% (1) Adjusted Net Income 37.
Slide 7: Order Bookings & Backlog
Order Bookings & Backlog LTM Order Bookings (1) Backlog $4,359M $4,838M $4,596M $4,578M $4,386M $2,895M $2,748M $2,452M $2,526M $2,448M $2,369M $3,312M $3,069M $3,097M $1,232M $1,098M $430M $333M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1
Slide 8: Cash Generation & Financial Position
Cash Generation & Financial Position Operating Cash Flow Capital Expenditures Free Cash Flow (1) Maintenance Capex Q1 2024 $62M FCF Maintenance Capex Q1 2025 FCF excluding Growth $267M Capex $262M $40M $205M $20M $25M $5M $5M -$16M Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 • Operating cash flow of $267.0M
Slide 9: 2025 Financial Outlook Reaffirmed
2025 Financial Outlook Reaffirmed 2025 Financial Outlook 2025 Financial Outlook Financial Metric (May 8, 2025) (March 7, 2025) Revenue $1.50 - $1.65B $1.50 - $1.65B YoY Growth at mid-point ~45% ~45% Adjusted EBITDA $290 - $320M $290 - $320M YoY Growth at mid-point ~40% ~40% Adjusted EBITDA Margin ~1
Slide 10: APPENDIX
Can we get an image tied to Sat Systems rather than GEO? APPENDIX
Slide 11: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q1-25 Q1-24 Net income $32.9 $13.8 Depreciation and amortization of assets 13.7 10.5 Amortization of intangible assets related to 11.6 12.3 business combination Income tax expense 12.4 5.7 Finance income (1.7) (0.7) Finance costs 4.9 6.1 EBITDA 73.
Slide 12: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share figures) Q1-25 Q1-24 Net income $32.9 $13.8 Amortization of intangible assets related to business 11.6 12.3 combination Acquisition, integration and reorganization costs 3.5 - Gain on disposal of assets - (5.8) Unrealized gain on f
Slide 13: Appendix – Backlog and Leverage Trends
Appendix – Backlog and Leverage Trends ($M) Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Opening $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 $1,093.8 $1,232.4 $1,378.2 Backlog Revenue (351.0) (346.6) (282.4) (242.0) (209.1) (205.0) (204.7) (196.0) (201.9) recognized Order Bookings
Slide 14: Can we get an image tied to Sat Systems rather
Can we get an image tied to Sat Systems rather than GEO?