MDA Space (MDA) Investor presentation summary

Strategic position and market opportunity

• 2021–2025 revenue CAGR was 36%; 2025 revenue reached $1.633B, up 51% YoY, and adjusted EBITDA was $324M, up 49%, at a 19.8% margin.

• LTM revenue mix at Sept. 30, 2026: Satellite Systems 70%, Robotics & Space Operations 17%, and Geointelligence 13%.

• The global space economy is projected to reach $1.8T by 2035, from $636B in 2025, at an 11% CAGR; demand drivers include connectivity, defence, exploration, and new space applications.

• Global government space-defence spending was cited at $74B for 2025; Canadian defence plans include satellite communications, ISR, space-domain awareness, and sovereign launch capabilities.

• Opportunity pipeline exceeds $40B overall, including more than $30B in Satellite Systems, $3B in Robotics & Space Operations, and $7B in Geointelligence.

Business areas and growth programs

• Satellite Systems generated $1.4B LTM Q3 2026 revenue; its addressable market includes 20%–30% of the 40,000–50,000 satellites projected for launch in 2025–2034.

• MDA AURORA is a software-defined digital satellite line featuring configurable capacity, digital beamforming, and an onboard packet router; Lightspeed and Globalstar are major constellation programs.

• Robotics & Space Operations generated $337M LTM Q3 2026 revenue; programs include Canadarm3, ISS robotic operations, MDA SKYMAKER commercial robotics, and MDA MIDNIGHT space control.

• Geointelligence generated $244M LTM Q3 2026 revenue; MDA CHORUS combines C-band and trailing X-band SAR satellites, with launch scheduled for late 2026.

• BCT acquisition was expected to close in Q4 2026; CLS was expected to close in Q4 2026–Q1 2027. 2026E revenue: $225M for BCT and $465M for CLS; each carried an 18%–20% adjusted EBITDA margin forecast.

Financial performance and outlook

• Q3 2026 revenue was $498M, up 22% YoY; adjusted EBITDA was $96M, up 16%, with a 19.3% margin; adjusted net income was $60M, up 26%.

• Q3 YTD 2026 revenue was $1.461B, up 29% YoY; adjusted EBITDA was $283M, up 24%, at a 19.4% margin; adjusted net income was $163M, up 20%.

• Q3 2026 backlog was $3.949B; book-to-bill was 1.5x since the end of 2022, with an average backlog above $4B over the last 10 quarters.

• 2026 outlook: revenue $1.90B–$1.95B, adjusted EBITDA $355M–$375M, adjusted EBITDA margin 18%–20%, capital expenditures $225M–$275M, and free cash flow neutral to negative.

• Q3 YTD liquidity was $2.9B, including $2.2B cash on hand; Q3 YTD operating cash flow was $353M and free cash flow was negative $116M.