Iridium Communications — Q4 2025 Earnings Presentation

4 slides from Iridium Communications's earnings presentation, Feb 12, 2026

Slide 1: Pro Forma Free Cash Flow
Pro Forma Free Cash Flow* 2024 Pro Forma 2025 Pro Forma 2026 Pro Forma ($ in Millions, Except per Share Numbers) Results Results Outlook Operational EBITDA (OEBITDA) (1) $471 $495 $485 Hosted Payload Cash Timing (2) $4 $4 $4 Working Capital (3) ($10) ($10) $7 CapEx (4) ($65) ($96) ($90) Net Interest
Slide 2: Footnotes
FOOTNOTES (1) See below for the definition of Operational EBITDA, and a reconciliation of GAAP net income to OEBITDA for 2024 and 2025 is on the following page; for illustrative purposes, 2026 OEBITDA is presented as approximately $485 million, consistent with the midpoint of the Company’s full-year
Slide 3: Reconciliation of GAAP Net Income to OEBITDA
Reconciliation of GAAP Net Income to OEBITDA ($ Millions) 2024 2025 GAAP net income $113 $114 Interest expense, net $91 $88 Income tax (benefit) expense $12 $28 Depreciation and amortization $203 $210 Share-based compensation $63 $52 Transaction related expenses (1) $3 $0 (Gain) loss on equity metho
Slide 4: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Statements in this supplement that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include 2025 pro forma outlook and cer