MDA Space (MDA) investor relations material

Executive summary

• Achieved record 2025 revenue of CAD 1.63 billion (or $1,633 million), up 51% year-over-year, primarily driven by Satellite Systems.

• Adjusted EBITDA reached CAD 324 million ($324M), up 49% year-over-year, with a margin of 19.8%.

• Backlog at year-end was CAD 4 billion ($4.0B), supporting strong revenue visibility for 2026 and beyond.

• Strategic investments included Montreal facility expansion, SatixFy acquisition for chip technology, and launch of 49North defense tech organization.

• Pipeline expanded to CAD 40 billion ($40B) in cumulative opportunities over five years, with CAD 10 billion in advanced stages.

Financial highlights

• Q4 2025 revenue was CAD 499 million ($499M), up 44% year-over-year; full-year Adjusted EBITDA was CAD 324 million ($324M), margin 19.8%.

• Adjusted net income for 2025 was CAD 190 million ($190M), up 71% year-over-year; adjusted diluted EPS was $1.46, up 66%.

• Gross margin for 2025 was 25.1%, slightly down from 26.1% in 2024.

• Ended 2025 with net cash of CAD 152 million and total available liquidity of CAD 821 million; net debt to adjusted EBITDA ratio at 0.4x.

• Operating cash flow was $407M; free cash flow totaled $165M, both down from 2024 due to higher capex.

Outlook and guidance

• 2026 revenue expected between CAD 1.7–1.9 billion ($1.7B–$1.9B), ~10% growth at midpoint.

• 2026 Adjusted EBITDA guidance of CAD 320–370 million ($320M–$370M), margin 18–20%.

• CapEx for 2026 projected at CAD 225–275 million ($225M–$275M), focused on Montreal facility, chip development, and commercial initiatives.

• Free cash flow expected to be neutral to negative in 2026 due to working capital and CapEx.