Astroscale Holdings (186A) Investor update summary

Strategy and repeatable business

• Strategic shift targets repeatable defense and commercial missions, platform reuse and tighter cost control to improve profitability.

• Defense demand is supported by space security priorities; inspection and refueling demonstrations are intended to build repeatable service opportunities.

• GEO life-extension services could address ~20–30 satellite retirements per year; management estimates ~80% of GEO satellites are serviceable, subject to technical assessments.

• Potential LEXI operating satellites are expected to generate life-extension fees of $10–15mm per satellite per year, based on current negotiations and precedents.

Contract wins and platform progress

• UK MOD awarded a £15mm defense mission, the first direct contract from the ministry and first defense mission as prime contractor; it may lead to repeat orders.

• France’s CNES-backed EOL demonstration, awarded to the French subsidiary by Exotrail, is valued at €13.2mm through 2030 and involves docking with and deorbiting a Eutelsat OneWeb satellite.

• The APS-R U.S. Space Force refueling demonstration is planned for FY2027; a successful fuel-transfer demonstration could support repeatable refueling business.

• A JMOD responsive-space prototype is progressing toward FY2028 completion; multiple spacecraft orders may follow launch and demonstration.

• ELSA-M, APS-R, GRPO-D and LEXI development is progressing toward planned launches or completion in FY2027–FY2028; launch services have been secured.

Financial strategy and operating performance

• FY2027 Q1 YTD bookings were ¥224mm; ¥5.4bn of bookings had been confirmed since August 2026, including CNES at ¥2.3bn and UK MOD at ¥3.1bn.

• FY2027 Q1 YTD project income was ¥2.024bn, IFRS revenue ¥1.195bn, gross profit ¥72mm and gross margin 6.0%; operating loss was ¥2.750bn.

• The July 2026 backlog mix was 94% fully funded, with a 2.6-year weighted average project duration; the strategy targets faster conversion into project income.

• Progress-based revenue recognition is targeted where project progress can be reasonably estimated, allowing gross profit recognition during execution rather than only in the final contract year.

• Subsidy-project development costs are expected to be covered by government income from FY2028; other SG&A is targeted to remain in the low ¥9.0bn range annually.