Slide 1: Third Quarter 2025 Earnings Presentation
Can we get an image tied to Sat Systems rather than GEO? Third Quarter 2025 Earnings Presentation November 14, 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: Third Quarter 2025 Financial Highlights
Key Messages THIRD QUARTER 2025 – FINANCIAL HIGHLIGHTS • Backlog of $4.4B at quarter-end, provides revenue visibility for 2025 and beyond • Revenues of $409.8M, up 45% YoY driven by execution on our backlog • Adjusted EBITDA(1) of $82.8M, up 49% YoY; Adjusted EBITDA margin(1) of 20.2% • Adjusted Net
Slide 5: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues $4,578M $4,393M $1,481M $939M September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 LTM Adjusted EBITDA (1) LTM Adjusted Net Income (1) $299M $188M $167M Adj. EBITDA $104M Adj. EBITDA Margin Margin 20.2% 20.1% September 30, 2024 S
Slide 6: Third Quarter 2025 Results
Third Quarter 2025 Results ($M, except per share figures) Q3 2025 Q3 2024 YoY Change ($) YoY Change (%) Revenues $409.8 $282.4 $127.4 45% Gross Profit 108.1 75.7 32.4 43% Gross margin 26.4% 26.8% (1) Adjusted EBITDA 82.8 55.5 27.3 49% (1) Adjusted EBITDA margin 20.2% 19.7% (1) Adjusted Net Income 46
Slide 7: Order Bookings & Backlog
Order Bookings & Backlog LTM Order Bookings (1) Backlog $4,359M $4,596M $4,578M $4,838M $4,568M $4,393M $4,386M $2,895M $2,748M $2,452M $2,526M $2,448M $2,369M $3,312M $3,069M $3,097M $1,325M $1,295M Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-2
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 $428M $410M $353M $334M $300M $259M $253M $168M $205M $185M $128M $53M $70M $26M $33M $18M $19M $6M $7M -$37M Q3-24 Q3-25 YTD
Slide 9: 2025 Financial Outlook Reaffirmed
2025 Financial Outlook Reaffirmed 2025 Financial Outlook 2025 Financial Outlook Financial Metric (November 14, 2025) (August 7, 2025) Revenue $1.57 - $1.63B $1.57 - $1.63B YoY Growth at mid-point ~48% ~48% Adjusted EBITDA $305 - $320M $305 - $320M YoY Growth at mid-point ~45% ~45% Adjusted EBITDA Ma
Slide 10: Appendix
Can we get an image tied to Sat Systems rather than GEO? APPENDIX
Slide 11: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q3-25 Q3-24 YTD 2025 YTD 2024 Net income $24.2 $29.5 $84.5 $54.3 Depreciation and amortization of assets 13.4 9.7 41.0 31.1 Amortization of intangible assets related 30.0 11.6 53.3 35.5 to business combination Income tax expense 14.4 11.1 35.4 20.3
Slide 12: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share figures) Q3-25 Q3-24 YTD 2025 YTD 2024 Net income $24.4 $29.5 $84.5 $54.3 Amortization of intangible assets related to 30.0 11.6 53.3 35.5 business combination Acquisition, integration and reorganization 2.4 - 13.5 - costs Gain on
Slide 13: Appendix – Backlog and Leverage Trends
Appendix – Backlog and Leverage Trends ($M) Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Opening $4,567.9 $4,838.4 $4,385.5 $4,578.1 $4,596.0 $3,312.2 $3,097.0 $3,068.7 $1,093.8 Backlog Revenue (409.8) (373.3) (351.0) (346.6) (282.4) (242.0) (209.1) (205.0) (204.7) 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?