Slide 1: Second Quarter 2025 Earnings Presentation
Can we get an image tied to Sat Systems rather than GEO? Second Quarter 2025 Earnings Presentation August 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: 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 SECOND QUARTER 2025 – FINANCIAL HIGHLIGHTS • Backlog of $4.6B at quarter-end, provides revenue visibility for 2025 • Revenues of $373.3M, up 54% YoY driven by execution on our backlog • Adjusted EBITDA(1) of $76.3M, up 57% YoY; Adjusted EBITDA margin(1) of 20.4% • Adjusted Net Income(1)
Slide 5: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues -1% $4,596M $4,568M $1,353M $861M June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 LTM Adjusted EBITDA (1) LTM Adjusted Net Income (1) $271M $176M $155M Adj. EBITDA $91M Adj. EBITDA Margin Margin 20.0% 20.4% June 30, 2024 June 30, 2025 June 30,
Slide 6: Second Quarter 2025 Results
Second Quarter 2025 Results ($M, except per share figures) Q2 2025 Q2 2024 YoY Change ($) YoY Change (%) Revenues $373.3 $242.0 $131.3 54% Gross Profit 94.8 66.2 28.6 43% Gross margin 25.4% 27.4% (1) Adjusted EBITDA 76.3 48.7 27.6 57% Adjusted EBITDA margin (1) 20.4% 20.1% (1) Adjusted Net Income 48
Slide 7: Order Bookings & Backlog
Order Bookings & Backlog LTM Order Bookings (1) Backlog $4,359M $4,838M $4,596M $4,578M $4,568M $4,386M $2,895M $2,748M $2,452M $2,526M $2,448M $2,369M $3,312M $3,069M $3,097M $1,325M $1,098M $333M Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Slide 8: Cash Generation & Financial Position
Cash Generation & Financial Position Operating Cash Flow Capital Expenditures Free Cash Flow (1) FCF Maintenance Capex 2024 FCF excluding Growth Capex Maintenance Capex 2025 $320M $308M $222M $169M $98M $145M $158M $75M $139M $110M $95M $53M $34M $37M $6M $11M $12M $46M $7M $16M Q2-24 Q2-25 YTD 2024
Slide 9: 2025 Financial Outlook Updated
2025 Financial Outlook Updated 2025 Financial Outlook 2025 Financial Outlook Financial Metric (August 7, 2025) (May 8, 2025) Revenue $1.57 - $1.63B $1.50 - $1.65B YoY Growth at mid-point ~48% ~45% Adjusted EBITDA $305 - $320M $290 - $320M YoY Growth at mid-point ~45% ~40% Adjusted EBITDA Margin ~19%
Slide 10: APPENDIX
Can we get an image tied to Sat Systems rather than GEO? APPENDIX
Slide 11: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q2-25 Q2-24 YTD Q2-25 YTD Q2-24 Net income $27.2 $11.0 $60.1 $24.8 Depreciation and amortization of assets 13.9 10.9 27.6 21.4 Amortization of intangible assets related 11.7 11.6 23.3 23.9 to business combination Income tax expense 8.6 3.5 21.0 9.2
Slide 12: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share figures) Q2-25 Q2-24 YTD Q2-25 YTD Q2-24 Net income $27.2 $11.0 $60.1 $24.8 Amortization of intangible assets related to 11.7 11.6 23.3 23.9 business combination Acquisition, integration and reorganization 7.6 - 11.1 - costs Gain o
Slide 13: Appendix – Backlog and Leverage Trends
Appendix – Backlog and Leverage Trends ($M) Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Opening $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 $1,093.8 $1,232.4 Backlog Revenue (373.3) (351.0) (346.6) (282.4) (242.0) (209.1) (205.0) (204.7) (196.0) 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?