Slide 1: Q4 2025 Investor Update
Q4 2025 INVESTOR UPDATE Sir Peter Beck, CEO Adam Spice, CFO February 26, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Exchange Commission (the “SEC”), including under the heading “Risk Factors” in FORWARD Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December This presentation may contain certain “forward-looking statements” within the 31, 2025, which was filed with th
Slide 3: Financial Highlights
OVERVIEW FINANCIAL HIGHLIGHTS FY 2025 FY 2025 Q4 2025 FY 2025 Q4 2025 RECORD STRONG RECORD ANNUAL ANNUAL RECORD RECORD GROSS REVENUE GROWTH QUARTER BACKLOG MARGIN $602M 38% $180M $1.85B 38% 44.3% Revenue for full Revenue growth Revenue for Q4 2025. At end of Q4 2025. A 73% Q4 2025 Q4 2025 year 2025.
Slide 4: Business Highlights FY2025
OVERVIEW BUSINESS HIGHLIGHTS FY2025 ELECTRON NEUTRON SPACE SYSTEMS ACQUISITIONS Qualified Hungry Hippo Awarded $816m Acquired Geost (Q325): 21 launches Expands national security fairing (followed by arrival prime contract to build New annual record capability with move into to LC-3 in Q126) missile
Slide 5: Electron
SECTION OC) 1 ELECTRON
Slide 6: Small Launch Leader, Again
ELECTRON SMALL LAUNCH LEADER, AGAIN Electron remains the only reliable, high launch cadence rocket dedicated to small satellites. Zero new entrants in western small launch market: There were no successful orbital launches of a new small rocket in 2025. Q 4 2 0 2 5 L A U N C H R E C O R D 6 Rocket La
Slide 7: Hypersonic Testing Is a National Priority
ELECTRON HYPERSONIC TESTING IS A NATIONAL PRIORITY ROCKET LAB IS DELIVERING 3 HASTE launches in 2025. Next one on the pad for Q126 launch. Rocket Lab is the only credible provider that has demonstrated the ability to meet Department of War hypersonic launch targets at the rates needed for Golden Dom
Slide 8: Record Year for New Launch Contracts
ELECTRON RECORD YEAR FOR NEW LAUNCH CONTRACTS 30+ LAUNCHES BOOKED IN 2025 4x launch deal signed with DIVERSIFIED BlackSky in Q4. Brings total CUSTOMERS Electron launches booked by • U.S. national security BlackSky to 17. and defense • Commercial constellations Signed launch contract • New and return
Slide 9: Space Systems
SECTION 02 SPACE SYSTEMS
Slide 10: Rocket Lab Is the Preferred Disruptive New Prime
SPACE SYSTEMS ROCKET LAB IS THE PREFERRED DISRUPTIVE NEW PRIME $816M contract to build Space Largest single Additional subsystem Vertical integration Rocket Lab Development Agency contract in Rocket opportunities as strategy working. securing large constellation of 18 Lab history. $1.3B of merchant
Slide 11: Mars Mission Success
SPACE SYSTEMS MARS MISSION SUCCESS Two Rocket Lab-built MISSION SUCCESS: satellites for NASA ✓ On time and the University of ✓ On budget California Berkeley’s ✓ Deployment ESCAPADE mission ✓ Commissioning, successfully launched, ✓ Trajectory correction commissioned, and maneuvers headed to Mars. Pre
Slide 12: Opportunity: Mars Telecommunications Orbiter
SPACE SYSTEMS OPPORTUNITY: MARS TELECOMMUNICATIONS ORBITER ROCKET LAB DELIVERS A RARE COMBINATION PRODUCITON PROVEN RECORD VERTICALLY READY OF DELIVERY INTEGRATED MTO is fundamental to NASA’s Mars objectives: • Search for signs of ancient life • Understand the Red Planet's climate and geology • Prep
Slide 13: Spacecraft Built for NASA On-Orbit Fueling Mission
SPACE SYSTEMS SPACECRAFT BUILT FOR NASA ON-ORBIT FUELING MISSION Vertically integrated launch On-orbit technology + spacecraft mission. demonstration of a cryogenic fluid management system for One of only two U.S. NASA to advance technologies companies with the ability that could support human to bu
Slide 14: Introducing Silicon Solar Arrays
SPACE SYSTEMS INTRODUCING SILICON SOLAR ARRAYS FOR: ✓ SPACE-BASED DATA CENTERS ✓ COMMERCIAL MEGA CONSTELLATIONS ✓ NATIONAL SECURITY PROGRAMS The satellite industry is projected to grow seven Rocket Lab already has the world’s largest Also enables hybrid solar array solutions times by 2035.* installe
Slide 15: Strategic Acquisitions
SPACE SYSTEMS STRATEGIC ACQUISITIONS MYNARIC OPTICAL GEOST PRECISION LASER OPTICS SUPPORT INC PAYLOADS COMPONENTS LTD (GERMANY) (UNITED STATES) (UNITED STATES) (NEW ZEALAND) IN PROGRESS CLOSED Q126 CLOSED Q325 CLOSED Q126 Undergoing regulatory review Leader in design and manufacture of Leading devel
Slide 16: Unlocking High Value Satellite Opportunities
SPACE SYSTEMS UNLOCKING HIGH VALUE SATELLITE OPPORTUNITIES Vertically integrated, high- Key to Golden Dome, Space Geost – acquired Aug 2025 Optical Support, Inc – acquired Feb performance RF and optical Superiority, ISR, and other future 2026 Key to SDA T3TRK win. Now payload technology unlocks prol
Slide 17: Selected by Missile Defense Agency
SPACE SYSTEMS SELECTED BY MISSILE DEFENSE AGENCY FOR SHIELD Indefinite delivery/indefinite $151 billion shared quantity (IDIQ) contract from contract ceiling. the MDA awarded in Q4 2025 for the Scalable Homeland Positions Rocket Lab to Innovative Enterprise Layered compete for future launch Defense
Slide 18: Building the Future of Space and Defense
SPACE SYSTEMS BUILDING THE FUTURE OF SPACE AND DEFENSE Secretary of War Highlighted the critical Pete Hegseth toured support Rocket Lab Rocket Lab Engine provides to the Development warfighter today and Complex in Long our growing role in Beach CA for Arsenal enabling future of Freedom Tour. capabil
Slide 19: Neutron
SECTION 03 NEUTRON
Slide 20: Stage 1 Tank Update
NEUTRON STAGE 1 TANK UPDATE 01 02 03 04 Stage 1 tank ruptured during The investigation identified that a The next tank is in production now The design change, production hydrostatic pressure trial in manufacturing defect resulted in a using the AFP machine, completely time for the new tank, and Janu
Slide 21: Hungry Hippo Qualified and at Launch Complex 3
NEUTRON HUNGRY HIPPO QUALIFIED AND AT LAUNCH COMPLEX 3 Neutron’s fairing successfully qualified in Q4 2025. Delivered to Assembly and Integration Complex in Virginia in Q1 2026. Up next: Avionics and fluids systems integration, end-to-end systems testing, canards and TPS installation ahead of integr
Slide 22: Neutron Thrust Structure Qualified
NEUTRON NEUTRON THRUST STRUCTURE QUALIFIED Successfully qualified and ready to receive full set of Archimedes flight engines. One of the most complex parts of Neutron. Must be able to withstand 2.1 million pounds of thrust during tests - more than 44 Electrons combined. Next up: fluids and avionics
Slide 23: Interstage Qualification Underway
NEUTRON INTERSTAGE QUALIFICATION UNDERWAY Neutron’s 13m interstage is undergoing qualification testing at Space Structures Complex before shipping to LC-3, where it will be integrated with the Hungry Hippo fairing and remaining Neutron vehicle structures. 23 Rocket Lab | Q4 2025 Financial Update
Slide 24: Launch Complex Preparing for Stage 2 Testing
NEUTRON LAUNCH COMPLEX 3 PREPARING FOR STAGE 2 TESTING Stage 2 test tower mounted on the launch mount at LC-3 ready for arrival of Stage 2 and upcoming integrated stage tests on the pad. Ongoing pad activation and operations rehearsals continue in preparation for a very busy period at LC-3 as variou
Slide 25: Archimedes Engine Testing Intensifies
NEUTRON ARCHIMEDES ENGINE TESTING INTENSIFIES Archimedes engines being put through extreme test conditions to verify performance and reliability in edge cases. Twin test cells at Stennis running in parallel to prepare first full set of engines for flight. 25 Rocket Lab | Q4 2025 Financial Update
Slide 26: Significant Progress Toward Launch
NEUTRON SIGNIFICANT PROGRESS TOWARD LAUNCH Major structures reaching and passing qualification phase. Flight hardware is entering final integration for the first time. LAUNCH VEHICLE LAUNCH INFRASTRUCTURE AVIONICS & SOFTWARE: Qualified and ready for integration. LANDING BARGE Under construction HUNG
Slide 27: Financial Highlights and Outlook
SECTION 04 FINANCIAL HIGHLIGHTS AND OUTLOOK
Slide 28: Review of Revenue and Gross Margins
FINANCIAL HIGHLIGHTS Annual revenue increased 38% or $166M year-on-year, REVIEW OF REVENUE AND GROSS MARGINS driven by an increase in launches from 16 to 21 as well as growth in our Space Systems business, driven primarily by increased contribution from our SDA Transport Layer Tranche II contract an
Slide 29: Review of Revenue, Gross Margins and Spend Trend
FINANCIAL HIGHLIGHTS REVIEW OF REVENUE, GROSS MARGINS AND SPEND TREND Consistent annual expansion on both GAAP and Non- GAAP gross margins reflects significant progress towards achieving our target model for the business. GROSS MARGIN EXPANSION 60% GAAP GM Non-GAAP GM 40% 40% 32% 34% 28% 27% 16% 21%
Slide 30: Review of Backlog
FINANCIAL HIGHLIGHTS REVIEW OF BACKLOG Q4 backlog increase of 69% quarter-over- quarter, or $751M, driven primarily by our new $1.85 BILLION Backlog as of Q4 2025. SDA Tranche III Tracking Layer contract award, partially offset by strong revenue growth from both segments. Q3’25 ENDING BACKLOG: $1.1B
Slide 31: Review of Operating Expenses
FINANCIAL HIGHLIGHTS GAAP and Non-GAAP SG&A increased year-on-year REVIEW OF OPERATING EXPENSES driven by higher staff costs across multiple functions, including the impact from the Geost acquisition, paired with increased IT and legal expenditures in part related to compliance efforts to support ra
Slide 32: EPS, Non-GAAP Free Cash Flow, and Adj EBITDA
FINANCIAL HIGHLIGHTS GAAP EPS loss increased, primarily due to the absence of a nonrecurring event in Q3 related to the partial release EPS, NON-GAAP FREE CASH FLOW, AND ADJ EBITDA of the valuation allowance against our corporate deferred tax assets stemming from the Geost QUARTER-ON-QUARTER acquisi
Slide 33: Q1 2026 Outlook
FINANCIAL HIGHLIGHTS Q1 2026 OUTLOOK Q1 2026 Q1 2026 GAAP Q1 2026 GAAP Q1 2026 REVENUE OUTLOOK AND NON-GAAP AND NON-GAAP ADJUSTED EBITDA GROSS MARGINS OPERATING EXPENSE • Expect revenue to range • Expect GAAP gross margin • Expect GAAP Operating • Expect Interest Income, net of between $185 million
Slide 34: Upcoming Investor Events
GENERAL UPCOMING INVESTOR EVENTS Citizen’s JMP Cantor Global Roth 38th Annual Needham Jefferies 5th Annual Technology Technology & Laguna Technology, Media Virtual Space Conference Industrial Growth Conference & Consumer Summit Conference Conference (Virtual) Mar. 3, 2026 Mar. 10, 2026 Mar. 22-24, 2
Slide 35: Q&A
Q&A
Slide 36: Thank You
THANK YOU rocketlabcorp.com