Slide 1: Building Momentum: A Quarter of Execution and Expansion
BUILDING MOMENTUM: A QUARTER OF EXECUTION AND EXPANSION 2026 Q2 Earnings Presentation MDA AURORATM undergoing testing at the David Florida Laboratory in Ottawa, January 2026. August 7, 2026 1 MDA SPACE |
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 | Q2 2026 Earnings Presentation
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Q2 y/y Δ H1 y/y Δ REVENUE $499M +34% $963M +33% ADJUSTED EBITDA1 $96M +26% $187M +29% ADJUSTED EBITDA MARGIN1 19.3% 19.4% RAISING MIDPOINT OF REVENUE AND ADJUSTED EBITDA GUIDANCE DRIVEN BY STRONG FIRST HALF RESULTS 1 Non-IFRS measure, see Financial Tables for reconciliation of n
Slide 5: Recent Commercial Highlights
RECENT COMMERCIAL HIGHLIGHTS Worldwide Order Momentum Drives Q2 Book-to-Bill Ratio of 1.6x Lightspeed LEO RCM Replenishment Next-Gen Defence Constellation Expansion Satellite Comms Satellite $474 million to cover an additional 27 $600M+ follow-on contract to supply an Contracted to design and manufa
Slide 6: Recent Operational Highlights
RECENT OPERATIONAL HIGHLIGHTS Inauguration of High-Volume Satellite Full Integration of Refresh of Global Procedure Manufacturing Facility in Montréal Spacecraft is Complete Designer One of the world's largest and most advanced satellite manufacturing MDA CHORUSTM has completed launch mission Signif
Slide 7: Acquisition of BCT
ACQUISITION OF BCT Increasing Access to ~$50B1 US Defence Space Budget WHAT BCT BRINGS THE COMBINED OPPORTUNITY • Profitable, cash generating Expanded Addressable Market: Q4 2026 spacecraft and satellite Expected close Greater participation in global component supplier space economy through • Indust
Slide 8: Acquisition of CLS
ACQUISITION OF CLS Creating a Global Space-based Geointelligence Leader WHAT CLS BRINGS THE COMBINED OPPORTUNITY • Value added-services that drive Q4 2026 - Customer Expansion: Cross-selling reliable, recurring revenue from global customer base to combined global customer base Q1 2027 accelerates go
Slide 9: Growth Strategy for Defence and Space Sector
GROWTH STRATEGY FOR DEFENCE AND SPACE SECTOR COMMUNICATION SPACE ROBOTICS & DEFENCE & LAUNCH & MARKET GEOINTELLIGENCE SATELLITES INFRASTRUCTURE SPACE DEFENCE ACCESS EXPANSION STRATEGY R&D INVESTMENTS TM TM TM Opened 185,000 sq ft Opened dedicated satellite Opened 200,000 sq ft Space Launched new ded
Slide 10: Q2 2026 Financial Update
Q2 2026 FINANCIAL UPDATE 10 MDA SPACE | Q2 2026 Earnings Presentation
Slide 11: Acquisition Strategy Receives Strong Capital Market Endorsement
ACQUISITION STRATEGY RECEIVES STRONG CAPITAL MARKET ENDORSEMENT STRATEGIC M&A ACCESS TO EQUITY AND DEBT CAPITAL SUCCESSFUL FINANCING COSTS ~$2B $1.15B $600M ~$250M Completion of funding plan on attractive terms to replace bridge • ~$0.9B BCT Equity bought deal 6.5% senior • Balance funded fina
Slide 12: Q2 Financials
Q2 FINANCIALS Revenue Adjusted EBITDA1 Adjusted Net Income1 $millions Adj. EBITDA Margin1 $millions $millions 499 96 63 19.3% 373 +34% 100 +26% 52 53 76 GEO 336 20.4% 88 RSO +13% 46 SAT 233 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 1 Non-IFRS measure, see Financial Tables for reconciliation of
Slide 13: Q2 Backlog Growth Driven by Strong Order Momentum
Q2 BACKLOG GROWTH DRIVEN BY STRONG ORDER MOMENTUM Backlog $40B Opportunity Pipeline $millions Provides meaningful runway for continued Telesat Award backlog growth ~4,4001 4,386 4,013 4,003 $30B of Active 3,097 Pursuits 1,378 $10B of Down-selected or Follow-on Opportunities 2022 2023 2024 2025 Q2 20
Slide 14: H1 Cash Generation & Financial Position
H1 CASH GENERATION & FINANCIAL POSITION Operating Cash Flow Capital Expenditure Free Cash Flow1 $millions $millions $millions 222 145 320 98 (178) (33) H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 LEVERAGE RATIO OF (0.4)X & TOTAL LIQUIDITY OF $1.1B 1 Non-IFRS measure, Free cash flow is operating
Slide 15: Raising Midpoint of Revenue and Adjusted EBITDA Guidance
RAISING MIDPOINT OF REVENUE AND ADJUSTED EBITDA GUIDANCE DRIVEN BY STRONG H1 RESULTS Financial Metric 2026 Financial Outlook H1 Results (August 7th, 2026) REVENUE $1.8 – $1.9B $963M (+13% at midpoint) +33% YoY ADJUSTED EBITDA1 $330M - $370M $187M (+8% at midpoint) +29% YoY ADJUSTED EBITDA MARGIN1 18
Slide 16: Building a Stronger, More Diversified MDA Space
BUILDING A STRONGER, MORE DIVERSIFIED MDA SPACE 2026 PRO FORMA REVENUE $millions 18%-20% 1.5-2.5x Adj. EBITDA Margin1 Net debt1 to LTM 465 2,540 Adj. EBITDA Combined entity expected to remain Expect to maintain a conservative within MDA Space target range while leverage ratio within MDA Space 225 op
Slide 17: Financial Tables
Appendix FINANCIAL TABLES 17 MDA SPACE | Q2 2026 Earnings Presentation
Slide 18: Reconciliation of Non-IFRS Measures
RECONCILIATION OF NON-IFRS MEASURES ($M) Q2-26 Q2-25 H1-26 H1-25 Net income $27.9 $27.2 $57.5 $60.1 Depreciation and amortization of assets 17.8 13.9 33.5 27.6 Amortization of intangible assets related to business combination 30.6 11.7 61.1 23.3 Income tax expense 13.7 8.6 25.3 21.0 Finance income (
Slide 19: Reconciliation of Non-IFRS Measures
RECONCILIATION OF NON-IFRS MEASURES ($M, except per share figures) Q2-26 Q2-25 H1-26 H1-25 Net income $27.9 $27.2 $57.5 $60.1 Amortization of intangible assets related to business combination 30.6 11.7 61.1 23.3 Acquisition, integration and reorganization costs 12.3 7.6 13.3 11.1 Loss on buy-out of
Slide 20: Backlog & Leverage Trends
BACKLOG & LEVERAGE TRENDS ($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
Slide 21: Investor contact
Investor contact Jim Floros 289.914.0209 jim.floros@mda.space 21 MDA SPACE | Q2 2026 Earnings Presentation