Slide 1: Fourth Quarter & Full Year 2024 Earnings Presentation
Can we get an image tied to Sat Systems rather than GEO? Fourth Quarter & Full Year 2024 Earnings Presentation March 7, 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: Full Year 2024 Financial Highlights
Key Messages FULL YEAR 2024 – FINANCIAL HIGHLIGHTS 2024 Financial Outlook 2024 Reported Results Results vs. Financial Metric (November 15, 2024) (March 7, 2025) Outlook Revenue $1,045 - $1,065M $1,080.1M YoY Growth at mid-point ~30% 34% Adjusted EBITDA(1) $205 - $210M $217.1M Adjusted EBITDA Margin
Slide 5: Key Messages (cont'd): Operational & Program Highlights
Key Messages (cont’d) FULL YEAR 2024 – OPERATIONAL & PROGRAM HIGHLIGHTS • Announced $1B contract from Canadian Space Agency (CSA) for next phases of Canadarm3 program • Announced $250M contract extension from CSA to continue supporting robotics operations on ISS • Continued to advance manufacturing
Slide 6: Key Messages (cont'd): Fourth Quarter 2024 Financial Highlights
Key Messages (cont’d) FOURTH QUARTER 2024 – FINANCIAL HIGHLIGHTS • Revenues of $346.6M, up 69% YoY driven by execution on our backlog • Adjusted EBITDA(1) of $70.9M, up 68% YoY; Adjusted EBITDA margin(1) of 20.5% • Adjusted Net Income(1) of $35.1M, up 26% YoY; Adjusted diluted EPS(1) of $0.28, up 22
Slide 7: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues $4,386M $3,097M $1,080M $808M Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 LTM Adjusted EBITDA (1) LTM Adjusted Net Income (1) +25% $217M $174M Adj. EBITDA $98M $111M Adj. EBITDA Margin Margin 20.1% 21.6% Dec. 31, 2023 Dec. 31, 2024 Dec. 31,
Slide 8: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results ($M, except per share figures) Q4 2024 Q4 2023 YoY Change ($) YoY Change (%) Revenues $346.6 $205.0 $141.6 69% Gross Profit 81.9 57.8 24.1 42% Gross margin 23.6% 28.2% (1) Adjusted EBITDA 70.9 42.1 28.8 68% Adjusted EBITDA margin (1) 20.5% 20.5% (1) Adjusted Net Income 35
Slide 9: Full Year 2024 Results
Full Year 2024 Results ($M, except per share figures) 2024 2023 YoY Change ($) YoY Change (%) Revenues $1,080.1 $807.6 $272.5 34% Gross Profit 281.7 244.0 37.7 15% Gross margin 26.1% 30.2% (1) Adjusted EBITDA 217.1 174.2 42.9 25% (1) Adjusted EBITDA margin 20.1% 21.6% (1) Adjusted Net Income 111.1 9
Slide 10: Order Bookings & Backlog
Order Bookings & Backlog LTM Order Bookings (1) Backlog $4,359M $4,596M $4,578M $4,386M $2,895M $3,312M $3,069M $3,097M $2,452M $2,526M $2,448M $2,369M $1,155M $1,378M $1,232M $1,098M $430M $333M Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4
Slide 11: Cash Generation & Financial Position
Cash Generation & Financial Position Operating Cash Flow Capital Expenditures Free Cash Flow (1) Maintenance Capex 2023 FCF Maintenance Capex 2024 $193M $201M FCF excluding Growth $816M Capex $788M $615M $372M $383M $315M $68M $58M $14M $24M $28M $10M $11M -$51M -$11M -$99M -$41M -$180M Q4-23 Q4-24
Slide 12: 2025 Financial Outlook
2025 Financial Outlook 2025 Financial Outlook Financial Metric (March 7, 2025) Revenue $1.50 - $1.65B YoY Growth at mid-point ~45% Adjusted EBITDA $290 - $320M YoY Growth at mid-point ~40% Adjusted EBITDA Margin ~19% - 20% Capital Expenditures (1) $210 - $240M Free Cash Flow Neutral to Positive Outl
Slide 13: Appendix
Can we get an image tied to Sat Systems rather than GEO? APPENDIX
Slide 14: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q4-24 Q4-23 2024 2023 Net income $25.1 $13.5 $79.4 $48.8 Depreciation and amortization of 12.7 9.2 43.8 31.6 assets Amortization of intangible assets 11.5 11.7 47.0 46.5 related to business combination Income tax expense 11.3 (0.1) 31.6 18.6 Financ
Slide 15: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share figures) Q4-24 Q4-23 2024 2023 Net income $25.1 $13.5 $79.4 $48.8 Amortization of intangible assets related to 11.5 11.7 47.0 46.5 business combination Impairment of long-lived assets 3.3 - 3.3 4.8 Acquisition, integration and reor
Slide 16: Appendix – Backlog and Leverage Trends
Appendix – Backlog and Leverage Trends ($M) Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Opening $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 $1,093.8 $1,232.4 $1,378.2 $1,405.1 Backlog Revenue (346.6) (282.4) (242.0) (209.1) (205.0) (204.7) (196.0) (201.9) (186.1) recognized Order Bookings
Slide 17: Can we get an image tied to Sat Systems rather
Can we get an image tied to Sat Systems rather than GEO?