Mda Space Ltd · TSX:MDA
Mda Space — Q4 2025 Earnings Presentation
17 slides from Mda Space's earnings presentation, Mar 4, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Presentation
Can we get an image tied to Sat Systems rather than GEO? Fourth Quarter & Full Year 2025 Earnings Presentation March 4, 2026
Slide 2: Forward-Looking Statements and Non-IFRS Financial Measures
Forward-Looking Statements and Non-IFRS Financial Measures Forward-Looking Statements This news release contains certain statements that may constitute “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”), including but not limited to statemen
Slide 3: MDA Space – A Compelling Investment in the New Space Economy
MDA Space – A Compelling Investment in the New Space Economy 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 portf
Slide 4: Key Messages
Key Messages FULL YEAR 2025 – FINANCIAL HIGHLIGHTS 2025 Financial Outlook 2025 Reported Results Results vs. Outlook Financial Metric (November 14, 2025) (March 4, 2026) Revenue $1.57 - $1.63B $1.63B YoY Growth at mid-point ~48% 51% Adjusted EBITDA(1) $305 - $320M $324M Adjusted EBITDA Margin(1) ~19%
Slide 5: Key Messages (cont’d)
Key Messages (cont’d) FULL YEAR 2025 – OPERATIONAL & PROGRAM HIGHLIGHTS • Announced ~$1.1B contract from Globalstar Inc. to be the prime contractor for its next generation LEO constellation which includes the manufacturing of 50+ MDA AURORATM software-defined digital satellites • Completed the acqui
Slide 6: Key Messages (cont’d)
Key Messages (cont’d) FOURTH QUARTER 2025 – FINANCIAL HIGHLIGHTS • Record Revenues of $499M, up 44% YoY primarily driven by our Satellite Systems business • Record Adjusted EBITDA(1) of $96M, up 36% YoY; Adjusted EBITDA margin(1) of 19.3% • Adjusted Net Income(1) of $59M, up 67% YoY; Adjusted Dilute
Slide 7: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues $4,386M $4,013M $1,633M $1,080M Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 LTM Adjusted EBITDA (1) LTM Adjusted Net Income(1) $324M $217M $190M Adj. EBITDA Adj. EBITDA Margin $111M Margin 19.8% 20.1% Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 20
Slide 8: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results ($M Except per share figures) Q4 2025 Q4 2024 YoY Change ($) YoY Change (%) Revenues $499.1 $346.6 $152.5 44% Gross profit 127.1 81.9 45.2 55% Gross Margin 25.5% 23.6% Adjusted EBITDA(1) 96.2 70.9 25.3 36% Adjusted EBITDA margin(1) 19.3% 20.5% Adjusted Net Income(1) 58.5
Slide 9: Full Year 2025 Results
Full Year 2025 Results ($M Except per share figures) Q4 2025 Q4 2024 YoY Change ($) YoY Change (%) Revenues $1,633.2 $1,080.1 $553.1 51% Gross profit 409.7 281.7 128.0 45% Gross Margin 25.1% 26.1% Adjusted EBITDA(1) 323.9 217.1 106.8 49% Adjusted EBITDA margin(1) 19.8% 20.1% Adjusted Net Income(1) 1
Slide 10: Order Bookings, Backlog and Pipeline
Order Bookings, Backlog and Pipeline (In $Millions) LTM Order Booking (1) Backlog $4,359 $4,838 $4,596 $4,578 $4,568 $4,386 $4,393 $4,013 $2,895 $2,748 $3,312 $2,526 $2,448 $3,097 $2,369 $1,325 $1,295 $1,200 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2
Slide 11: Cash Generation & Financial Position
Cash Generation & Financial Position Operating Cash Flow Capital Expenditures Free Cash Flow(1) $813M FCF FCF excluding Growth Capex $242M $198M $785M $615M $376M $407M $365M $379M $70M $315M $61M $165M $51M $40M -$20M Q4-24 Q4-25 2024 2025 Q4-24 Q4-25 2024 2025 Q4-24 Q4-25 2024 2025 Net Debt to LTM
Slide 12: 2026 Financial Outlook
2026 Financial Outlook 2025 Financial Outlook Financial Metric (March 4, 2026) Revenue $1.7 - $1.9B YoY Growth at mid-point ~10% Adjusted EBITDA $320M - $370M Adjusted EBITDA margin % 18% - 20% YoY Adjusted EBITDA Growth at mid-point ~7% Capital Expenditures (1) $225 - $275M Free Cash Flow Neutral t
Slide 13: APPENDIX
Can we get an image tied to Sat Systems rather than GEO? APPENDIX
Slide 14: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q4-25 Q4-24 2025 2024 Net income $ 24.0 $ 25.1 $ 108.5 $ 79.4 Depreciation and amortization of assets 15.0 12.7 56.0 43.8 Amortization of intangible assets related to business combination 31.3 11.5 84.6 47.0 Income tax expense 8.5 11.3 43.9 31.6 Fi
Slide 15: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share figures) Q4-25 Q4-24 2025 2024 Net income $ 24.0 $ 25.1 $ 108.5 $ 79.4 Amortization of intangible assets related to 31.3 11.5 84.6 47.0 business combination Impairment of long-lived assets - 3.3 - 3.3 Acquisition, integration and r
Slide 16: Appendix – Backlog and Leverage Trends
Appendix – Backlog and Leverage Trends ($M) Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Opening Backlog $4,392.80 $4,567.9 $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 Revenue (499.1) (409.8) (373.3) (351.0) (346.6) (282.4) (242.0) (209.1) (205.0) recognized Order Booking
Slide 17: Can we get an image tied to Sat Systems rather
Can we get an image tied to Sat Systems rather than GEO?